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How are variances reported in income statements prepared

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1. Kerry James says that the balanced scorecard was created to replace financial measures as the primary mechanism for performance evaluation. He says that it uses only nonfinancial measures. Is this true?

2. What are some examples of nonfinancial measures used by companies to evaluate performance?

3. (a) How are variances reported in income statements prepared for management? (b) May standard costs be used in preparing financial statements for stockholders? Explain.

Reference no: EM13887970

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