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Report on Cost Accounting

Added on - 03 May 2020

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Cost Accounting1Cost AccountingStudent NameUniversityCourseDate
Cost accountingIntroductionThebalancedscorecard can be defined as a management system that strives for thetranslation of the strategic goals of the organization into awell-definedset of objectives ofperformance that are ascertained, evaluated and altered if essential to ensure that theorganizational goals are met. A major highlight of thebalancedscorecard approach is that themetrics thatdealwith the financial accounting perspective must be in tunewiththe strategicgoals so that the companies are in momentum (Horngren et. al, 2014). In short, thebalancedscorecard is a system based on the management and is a way of peering at the organization thatstress on the goals of the organization. It is of paramount importance as it helps in selecting thecorrect things to ascertain that enables to reach the goals.PerspectivesAbalancedscorecard looks at the organization through four various perspectives so thatthe health of the organization can be measured. Every perspective stresses on a different aspectof the company that leads to a creation of the balanced view of the company.Different perspectivesFirstly, the perspective of learning and growth tames the total corporate culture. Technologyplays a major role in learning, as well as growth. People from the organization must be aware ofthe latest trends and employees must collaborate and share knowledge. The organization shouldplan in a manner that provides a boost in the competitive arena (Horngren et. al, 2014).Secondly, the perspective of internal business processes needs to be dealt with. This projects howefficiently the business is progressing. Efficiency is an important consideration as it helps in2
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