COST ACCOUNTING
STANDARD COSTING AND VARIANCE ANALYSIS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The learning and growth perspective focuses on the need for continual improvement of existing products and techniques
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The goal of reducing staff turnover would be used in the learning and growth perspective
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The balanced scorecard uses only non-financial performance measures
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The goal of increasing return on capital employed would be used in the financial perspective
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The four perspectives in the balance scorecard are customer, internal effectiveness, profit and learning and growth
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Detailed explanation-1: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.
Detailed explanation-2: -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-3: -Financial Perspective: The balanced scorecard uses financial performance measures, such as net income and return on investment, because all for-profit organisations use them.
Detailed explanation-4: -What Are the Four Perspectives of the Balanced Scorecard? The four perspectives of a balanced scorecard are learning and growth, business processes, customer perspectives, and financial data.