I need 6 responses to class mates discussion questions. 150 word min

The balanced scorecard concept measures the financial and non financial progress of an organization (Kimmel & Weygandt, 2017). Where finances measure quantifiable monetary performance, non financial measures track the performance of the company from different perspectives. While the use of financial measures is important, it can often be short sighted and miss the bigger picture that a more varied perspective will offer. These different perspectives can focus on the customer experience, internal processes, or the learning and growth of the company and its employees (Kimmel & Weygandt, 2017). While the financial perspective will focus on statistics pertaining to income, return on assets and investments, and stockholder earnings, the customer perspective gathers data on the customer experience, retention, and satisfaction. The internal process perspective focuses on the effectiveness of the work being done and learning and growth focus on improving employee knowledge and skills (Kimmel & Weygandt, 2017). Between these different measures, companies can obtain a more holistic picture of their strengths and weaknesses.

Kimmel, P. D., & Weygandt, J. J. (2017). Survey of accounting. Hoboken, NJ: John Wiley & Sons.

-Stephen

Hello Everyone,

Most companies recognize that both financial and non financial measures can provide useful insights into what is happening in the company (Kimmel & Weygandt, 2017). As a result, many companies now use a broad-based measurement approach, called the balanced scoreboard, to evaluate performance (Kimmel & Weygandt, 2017). The balance scoreboard incorporates finacial and non financial measures in a integrated system that links performance measurement with a company’s strategic goals (Kimmel & Weygandt, 2017). The balanced scoreboard evaluates the company performance from a series of “perspectives” (Kimmel & Weygandt, 2017). The four most commonly employed perspectives are financial, customer, internal process and learning and growth perspective (Kimmel & Weygandt, 2017). Two examples of non financial measures that might be included in a balanced scoreboard is performance measures and customer relationships.

References

Kimmel, P. D., & Weygandt, J. J. (2017). Survey of accounting. Hoboken, NJ: John Wiley & Sons. 

-Shawmae

The balanced scorecard can be both a financial and nonfinancial measure. The general purpose is to motivate employees and allow for a way to evaluate their performance. They generally have 4 perspectives that pertain to the companies goals and how to get to their goals. Those are:

1.  Customer – This measurement allows for management to evaluate if the organization is meeting the customers needs and expectations. 

2.  Business Process – This measurement allows for memangement to evaluate the efficiency of existing business protocols. 

3.  Growth & Learning – This measurement allows for management to evaluate how effective the training employees are receiving. 

4.  Financial – This measurement allows for management to measure their financial performance evaluating shareholders and creditors. 

Nonfinancial measures that might be included can be described as a business process. These are setup to ensure that business protocols are effective. An example of this could be a company’s process for an employee diagnosed with coronavirus. The effectiveness could be measured by if anyone else is tested positive. Another example could be employee surveys. These could be sent out to evaluate how happy an employee is in their job. Their satisfaction in their job, pay, benefits, etc. 

-EMMA

Standard cost is the estimated cost of a process, resource or item that normally occurs during production of a product or performance of a service. Theroetically it is amount that the company will have to spend to produce a product or perform service under normal conditions. Benefits of using standard cost system are as follows…Helps in Managerial planning and decision making- Standard cost are formulated on the basis of cost incurred in the past. Management can use standard cost in preparing accurate budgets and in estimating and in estimating cost for jobs. Variances help in judging the effectiveness of cost control. The variance analysis helps to understand the reason, if it was higher prices or inefficient purchasing. Reduction in production cost- Employees can be mindful of the costs and seek improved method of completing the tasks. If the employees are involved in reducing the cost, only then the company can become successful in controlling the cost. Easier inventory measurements- Standard cost systems helps in easier inventory valuation than actual cost system. Under standard cost, the company charges excess cost to variance accounts after comparing actual with standard. Economical costing and record keeping- It helps reduce clerical labour and expense by avoiding comprehensive record keeping. In standard cost system, no special calculation is required to determine the actual cost during the period. Companies can prepare in advance with standard quantities and standard unit cost for material, labor and overhead which are requisite to produce a product.

Kimmel, P. D., & Weygandt, J. J. (2017). Survey of accounting. Hoboken, NJ: John Wiley & Sons.

-Ramona

Hi Class,

a standard cost is an estimated expense that normally occurs during the production of a product or performance of a service. In other words, this is theoretically the amount of money a company will have to spend to produce a product or perform a service under normal conditions. Nike is a company that will benefit from standard cost since one of the focal points is expense control. Contrasting standard expenses and real expenses show territories where expenses have gone crazy making the administration take action to correct things. Standard cost helps Nike measure the newest improvements such as rising cost. How often do you buy Nike products and notice a change in their pricing?

Best,

Karen

Kimmel, P. D., & Weygandt, J. J. (2017). Survey of accounting. Hoboken, NJ: John Wiley & Sons

-karen

Standard costs provide an average cost for an item that simplifies the planning and the measurement of performance. Rather than calculating the individual cost of every item produced, a company can use a standard number and base their decisions off of that. Companies do need to be aware that actual costs will vary and need to be accounted for (Kimmel & Weygandt, 2017). A company such as IBM could use a standard cost for each product they produce. This will simplify the process of planning production numbers, price setting, and inventorying. Because these products are made up of numerous different components and require multiple processes, actual costs will vary. IBM would then track variances after production to show favorable or unfavorable differences. Because IBM tracks differences after the fact, they are free to use standard costs to estimate earnings and production numbers as well as establish pricing info. This process would be especially useful for IBM because of the volume of products they produce. Although actual prices will vary, the average cost is easier to work with.

Kimmel, P. D., & Weygandt, J. J. (2017). Survey of accounting. Hoboken, NJ: John Wiley & Sons.

-Stephen

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