logo

Report on Cost Accounting

4 Pages704 Words137 Views
   

Added on  2020-05-04

Report on Cost Accounting

   Added on 2020-05-04

ShareRelated Documents
Cost Accounting 1Cost AccountingStudent NameUniversityCourseDate
Report on Cost Accounting_1
Cost accountingIntroductionThe balanced scorecard can be defined as a management system that strives for thetranslation of the strategic goals of the organization into a well-defined set of objectives ofperformance that are ascertained, evaluated and altered if essential to ensure that theorganizational goals are met. A major highlight of the balanced scorecard approach is that themetrics that deal with the financial accounting perspective must be in tune with the strategicgoals so that the companies are in momentum (Horngren et. al, 2014). In short, the balancedscorecard 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.PerspectivesA balanced scorecard looks at the organization through four various perspectives so that the health of the organization can be measured. Every perspective stresses on a different aspect of 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. Technology plays a major role in learning, as well as growth. People from the organization must be aware of the latest trends and employees must collaborate and share knowledge. The organization should plan 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 in 2
Report on Cost Accounting_2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Performance Improvement and Management in Health & Social Care
|15
|3938
|54

system of measuring performance of an organization PDF
|5
|1432
|29

Advantages and Critique of Balanced Scorecard in Management Accounting
|7
|1086
|454

Strategic Management Assignment PDF
|6
|2019
|31

Balanced Scorecard and Management Accounting Practice
|10
|3166
|64

Management Accounting Balanced Scorecard
|14
|4478
|27