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Financial Perspective
How do we produce value for our shareholders? This perspective covers traditional measures e.g. growth, liability, shareholder value. But these are set once the key areas for improvement have been identified and the balanced score card is the main monthly report. The score card is balanced in the sense that managers are required to think in terms of all perspective to prevent improvement being made in one area at the expense of another. Significant features of this approach are:
What value can management derive from a Balance Scorecard? How does the management accountant contribute?
Account analysis (Inspection of accounts) method: This method requires that departmental managers and the accountant inspect each item of expenditure within the accounts for s
Importance of a budget A Budget is a plan expressed in monetary terms. It is prepared prior to the budget period and may show income, expenses and the capital to be used i.e. a
Requirements of a good budgeting system Following are the requirement of a good budgeting system: 1) Budgeting process should be backed and supported by the chief executive
Product life cycle costing It is an approach used to give a long term picture of product line profitability feedback on the effectiveness of life cycle planning and cost data t
The Rohr Company’s old equipment for making subassemblies is worn out. The company is considering two courses of action: (a) Completely replacing the old equipment with new equipme
disadvantages of transfer pricing
Disadvantages of participatory budgets They consume more time and therefore are more expensive The advantage of management participation may be negated by failure t
Benefit of product life cycle costing The benefits of product life cycle costing are summarized as follows: 1) The product life cycle costing results in earlier actions to g
Acceptance and Allocation of Resources Managers, subsequent a review and analysis of all decision packages, will establish the level of resources to be assigned to each decisi
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