COST ACCOUNTING
BALANCED SCORECARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Track actions, Describe, Communicate.
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Describe and communicate your strategy, Measure your strategy, Track actions.
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Communicate your strategy, Track actions, Describe.
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Detailed explanation-1: -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-2: -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-3: -The balanced scorecard system aims to provide a more comprehensive view to stakeholders by complementing financial measures with additional metrics that gauge performance in areas such as customer satisfaction and product innovation.
Detailed explanation-4: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.