COST ACCOUNTING
BALANCED SCORECARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Strategic management system that defines a strategy-based responsibility accounting system
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An activity management system that defines an activity-based responsibility accounting system
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A function management system that defines a function-based responsibility accounting system
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An inventory management system that defines an inventory-based responsibility accounting system
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Detailed explanation-1: -A balanced scorecard (BSC) is defined as a management system that provides feedback on both internal business processes and external outcomes to continuously improve strategic performance and results.
Detailed explanation-2: -The balanced scorecard (BSC) is a strategic planning and management system. Organizations use BSCs to: Communicate what they are trying to accomplish. Align the day-to-day work that everyone is doing with strategy.
Detailed explanation-3: -A strategy-based responsibility accounting system translates the strategy of the organization into operational objectives and measures.
Detailed explanation-4: -The balanced scorecard communicates your strategy so everyone knows where you want to go and how they can help your organization get there. Strategic alignment means every department, team, and even individual employee are all working towards common organizational performance goals.