Question

Please answer the following questions: a) Many academic scholars believed that 'Strategic information must be in balance with operational information about an enterprise. Thus the balanced scorecard is the most useful management accounting tool.' Required: Please critically discuss the above statement with reference to academic literature. In your discussion, you should also refer to Kaplan and Norton BSC model (1992) below. Financial "To succeed financially, how should we appear to our shareholders?" Ορεινή Moses L Business Processes Customer "To achieve our vision, how should we appear to our customers?" ves Objectives Moss Targets Vision and Strategy "To satisfy our shareholders and customers what must we excel Objectives Instalves at?" Learning and Growth "To achieve our vision, how will we sustain our ability to change and improve?" Objectives Memes Targets Intatives 113 marks

Answer 1

balance score card is the most useful accounting tool

The balanced scorecard is a measurement system that can be used to monitor and enhance performance within the financial, customer, internal business processes, and learning and growth segments of a business.

The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.

The balanced scorecard is a set of performance targets and results that show an organization's performance in meeting its objectives to its stakeholders. .The concept of a balanced scorecard is to measure how well the organizationA balanced scorecard is a strategic management performance metric used to identify and improve various internal business functions and their resulting external outcomes. Balanced scorecards are used to measure and provide feedback to organizations.

The Balanced Scorecard (or balance score card) is a strategic performance measurement model which is developed by Robert Kaplan and David Norton. ... In addition, it can help provide information on the chosen strategy more, manage feedback and learning processes and determine the target figures.

The Balanced Scorecard (or balance score card) is a strategic performance measurement model which is developed by Robert Kaplan and David Norton. Its objective is to translate an organization’s mission and vision into actual (operational) actions (strategic planning).

In addition, it can help provide information on the chosen strategy more, manage feedback and learning processes and determine the target figures. The (operational) actions are set up with measurable indicators that provide support for understanding and adjusting the chosen strategy. The starting points of the balanced scorecard are the vision and the strategy that are viewed from four perspectives: the financial perspective, the customer perspective, the internal business processes and learning & growth.

As companies improve their quality and response time, they eliminate the need to build, inspect, and rework out-of-conformance products or to reschedule and expedite delayed orders. Eliminating these tasks means that some of the people who perform them are no longer needed. Companies are understandably reluctant to lay off employees, especially since the employees may have been the source of the ideas that produced the higher quality and reduced cycle time. Layoffs are a poor reward for past improvement and can damage the morale of remaining workers, curtailing further improvement. But companies will not realize all the financial benefits of their improvements until their employees and facilities are working to capacity—or the companies confront the pain of downsizing to eliminate the expenses of the newly created excess capacity.

budgeting system

BUDGET SYSTEM AND CONCEPTS AND GLOSSARY. The budget system of the United States Government provides the means by which the Government decides how much money to spend and what to spend it on, and how to raise the money it has decided to spend. Once these decisions are made, the budget system ensures they are carried out

Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. Budgeting is simply balancing your expenses with your income.

Four Main Types of Budgets/Budgeting Methods. There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based. These four budgeting methods each have their own advantages and challenges, which will be discussed in more detail in this guide.

Mint is the go-to budgeting app for people that want their budgeting work done for them. Mint is one of the oldest budgeting systems and has stood the test of time. With Mint, you can safely link your accounts and your transactions will automatically be deducted from your budget.

Priority-Based Budgeting Method

You can either start making the budget from scratch or use a previous one as a base. Priority-based budgeting is a good option as it helps you determine which items are most essential to your needs.