COST ACCOUNTING
BALANCED SCORECARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an attempt to provide short-run financial results with long-run financial strategies.
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an attempt to balance product quality and cost reduction.
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an attempt to match a company’s own capabilities with the opportunities in the marketplace to accomplish an overall objective.
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an attempt to balance financial and nonfinancial performance measures to evaluate both short-run and long-run performance in a single report.
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Detailed explanation-1: -The balanced scorecard gets its name from: an attempt to balance financial and nonfinancial performance measures to evaluate both short-run and long-run performances in a single report.
Detailed explanation-2: -The balanced scorecard involves measuring four main aspects of a business: Learning and growth, business processes, customers, and finance. BSCs allow companies to pool information in a single report, to provide information into service and quality in addition to financial performance, and to help improve efficiencies.
Detailed explanation-3: -The measurement taken by a balanced scorecard helps the company to improve, innovate. The main reason to include financial performance is how efficient the process is working. Financial performance shows the condition of a company.
Detailed explanation-4: -Answer: The balanced scorecardA balanced set of financial and nonfinancial measures used by organizations to motivate employees and evaluate performance. is a balanced set of measures that organizations use to motivate employees and evaluate performance.