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Performance Management
StandardCosting
Short RunDecisions
Pricing Quality
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Goals link to performance objectives that link to measures that link to targets.
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What is a balanced scorecard?
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Performance evaluated based on flexible budgets.
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What is a cost center?
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Investment centerCost centerProfit center
Revenue centerDiscretionary cost center
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What is a responsibility center?
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Performance evaluated based on EVA, RI, and ROI.
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What is an Investment center?
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A company performance measure was 11.11 percent based on total sales of $4,000; operating income of $1,000; beginning assets invested of $6,000; ending assets
invested of $12,000; and a desired ROI of 8%.
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What is the company’s ROI?
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The purpose of this performance evaluation method is to control cost.
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What is standard costing?
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Both job order costing and process costing can use this performance evaluation method.
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What is standard costing?
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One type of budget is based on one specific level of output, whereas the other type of budget can be prepared for various levels of
output.
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What is the difference between a static budget and a flexible budget?
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A variance that would be calculated in a manufacturing
organization but not in a service organization.
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What is a material variance?
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The distinctive element of a flexible budget.
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What is the flexible budget formula (A@S@S)?
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Decisions whose effects will be felt over the course of the next year.
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What is a short run decision?
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A cost that changes between alternatives.
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What is a differential cost?
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Payroll and IT are a strong candidates for this action.
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What is outsourcing?
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If a segment has a negative segment margin, management
should take this action.
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When should a segment be eliminated?
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This short run decision is based on the contribution margin per
limited resource.
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What is a sales mix decision?
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Computed by subtracting the desired profit from the target price.
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What is target cost?
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A pricing method used by automobile repair businesses.
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What is the time and materials pricing method?
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This method’s objective is to earn a profit equal to a specified
rate of return on assets.
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What is the return on assets pricing method’s objective?
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An example of a pricing policy objective.
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What is maintain or gain market share?
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Establishes the price at which goods and services are
exchanged among a company’s divisions or segments.
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What is transfer pricing?
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Prevention costs and appraisal costs.
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What are conformance costs?
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Costs incurred after the delivery of a defective product or service.
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What are external failure costs?
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Costs of activities that measure, evaluate, or audit products,
processes, or services to ensure conformity to quality standards.
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What are appraisal costs?
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Defective parts per million (by product line).
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What is an example of a nonfinancial measure of quality?
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The time between acceptance of a customer’s order and final delivery of the product to a
customer.
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What is delivery cycle time?