COST ACCOUNTING
BALANCED SCORECARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Compensation calculation tool.
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Financial strategy used by managers.
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Administrative tool that unites a strategy and its execution.
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Detailed explanation-1: -A balanced scorecard is a strategic management performance metric that helps companies identify and improve their internal operations to help their external outcomes. It measures past performance data and provides organizations with feedback on how to make better decisions in the future.
Detailed explanation-2: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.
Detailed explanation-3: -Definition: Balanced Scorecard is a performance-based metric tool which is used extensively by various businesses across sectors to align activities to the vision or the overall goal of the organization. The approach is very effective in setting, as well as tracking key objectives of the organisation.
Detailed explanation-4: -The balanced scorecard measures your company’s performance from four perspectives-financial, customer, internal processes, and learning and growth. A strategy map is a visual framework for the corporate objectives within those four areas.