Advanced Managerial Accounting
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Directions: Answer all four of the questions. Please submit your work in Word or PDF formats only. You can submit an Excel file to support calculations, but please “cut and paste” your solutions into the Word or PDF file. Be sure to show how you did your calculations. Also, please be sure to include your name at the top of the first page of your file. You can use any sources you wish, except for other people. Please be sure to document any source you use. The assignment is due by 9:00 AM on Wednesday, October 29th. Please run spell check and proofread your answers. If you have any questions, please e-mail me at [email protected] or [email protected]. Good luck!
Assume the CFO of your organization approaches you to ask your advice about implementing and using the Balanced Scorecard at your organization. a) List and describe the four perspectives of the Balanced Scorecard.
1. learning and growth perspective
2. the business process perspective
3. The customer perspective
4. The financial perspective
b) What steps would you encourage him or her to take in order to successfully implement and use the Scorecard to manage the organization? As part of your answer, be sure to describe any roadblocks to be avoided. Be specific in describing the steps and roadblocks. First get other members of management to support the strategy and to make it a point that employees know how much support there is for the implementation. How can he do this? He must aim to measure all the After everyone is on the same page, he can focus on the design elements.
The ABC Audit Company performs financial statement audits for public and private companies. It competes and plans to grow by performing high-quality
audits and by completing the audits faster than other firms. There are many other accounting firms in the industry capable of auditing public and private companies. ABC believes it needs to continuously improve its audit processes and that having satisfied employees who have earned their CPA license are both critical to its long-term success.
List, describe, and justify eight metrics (2 in each of the Balanced Scorecard perspectives) that you believe ABC should include in its Balanced Scorecard.
How can a manager use the “strategic analysis of operating income” to determine if a firm has successfully implemented its strategy? Be sure to provide specific examples.
Do you believe this firm’s quality initiatives have been successful? Be sure to justify your opinion with specific information from the quality report.