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Steps of choosing an accounting based performance measure
Consider the overall goal of the organization as a whole. It is important to choose a measure of accomplishment that represents top management goals. Such measures include operating income, net income, Return on investment (ROI), sales, etc. Determine whether the measure should be maximized or minimized.
1) Select definitions for such items as income and investments (i.e. should income be based on variable or absorption costing? Must central overheads be allocated? should investments consist of total assets, net assets or net worth?)
2) How should items such as income and investments be measured (i.e. should we use historical costs, replacement costs, realizable or current values?)
3) Determine the standards that should be applied (i.e. should all divisions be required to earn the same rate of return on all investments?)
4) What timing of feedback is needed? Should it be monthly or quarterly?
What is kaizen Kaizen is the Japanese term for continuous improvement. The kaizen concept was pioneered by in Japan by Toyota as daily challenge to all its to improve their pro
By electronic fund transfer the collection float can be completely removed the other benefit of electronic fund transfer is instant updating of accounts and reporting of balances a
The Work in Process account for Monty's Company contained the following entries: Work in Process Account Debit of $40,000 for direct raw materials Debit of $60,000 for direct labor
Question: A friend of yours is revising for his examination in management accounting and needs some help from you. He asks you the following questions. Write brief notes on eac
What is Direct material cost variance It can be defined as the difference between the standard costs of direct material specified and the actual cost of direct material used.
Explain the growth, index, sectoral, gilt and money market methods? (i) What are the key variations among the open ended and close ended methods? What are the plus and minuses
Coefficient of Determination (r 2 ) If the regression line calculated by the least square method were to fit the actual observations perfectly, then all observed points would l
Question 1: a. Distinguish between Advertising and Public Relation? b. Discuss the methods adopted by a Public Relation company in promoting the image of a destination in th
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