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16 Cards in this Set

  • Front
  • Back
financial, customer, learning and growth, and internal business
Perspectives on the Balanced Scorecard
controlling costs, evaluating management performance, and setting selling prices of finished goods
Usefullness of Standard Costs
Return on Investment (ROI) is calculated as...
before tax operating income/total assets
cost centers, revenue centers, profit centers, and investment centers
4 classifications of responsibility centers
name the one common component when calculating ROI, RI, and EVA
total assets
frees top managers' time; supports use of expert knowledge; improves customer relations; provides training; improves motivation and retention
advantages of decentralization
type of budget that:
is a series of static budgets;
can be prepared for each type of budget included in the master budget;
increases budgeted amount for variable costs as production increases
flexible budget
a subunit responsible for generating profits and efficiently managing the division's invested capital (assets)
investment center
two variances that are considered when developing standards for DM and DL
standards
difference between cost centers and profit centers
Cost = reports costs only
Profit = reports costs and revenue
performance measurement approach that uses both financial and non-financial measurements in an integrated system
Balanced Scorecard
a formal written summary of managements' plans for a specified future time period, expressed in financial terms
Budget
directs management's attention to important differences between actual results and planned amounts
Management by Exception
management's attemp to align the goals of subunit managers with the goals of top management
Goal Congruence
summary performance measure that helps management assess whether the company is achieving its long and short-term goals
Key Performance Indicators
ROI can be broked down into which two financial measures
Sales Margin and Capital Turnover