Question 1

Perfect manufacturing cycle efficiency would yield a ratio of zero - that is, no processing time would be non-value-added.

Accepted Answer

A) True 
 B)False

Question 2

Explain the difference between a leading indicator and a lagging indicator and give one example of each relating to your performance in this class.

Accepted Answer

A lagging indicator is a measure that ca

Question 3

Which of the following is not a measure that relates to the customer perspective?

Accepted Answer

A) Customer satisfaction 
B) Customer loyalty index 
C) Customer profitability 
D) Response time to customer requests 
A) Customer satisfaction 
B) Customer loyalty index 
C) Customer profitability 
D) Response time to customer requests

Question 4

Which of the following is not a measure that relates to the learning and growth perspective?

Accepted Answer

A) Revenue growth 
B) Revenue per employee 
C) Training dollars spent per employee 
D) Technology spending per employee 
A) Revenue growth 
B) Revenue per employee 
C) Training dollars spent per employee 
D) Technology spending per employee

Question 5

Which of the following is not a reason companies use key performance indicators?

Accepted Answer

A) To mandate to report company performance to stakeholders 
B) To increase accuracy of business decisions 
C) To improve company performance 
D) To identify costs that may be non-value-added 
A) To mandate to report company performance to stakeholders 
B) To increase accuracy of business decisions 
C) To improve company performance 
D) To identify costs that may be non-value-added

Question 6

Which of the following organizations would benefit from benchmarking?

Accepted Answer

A) Equipment manufacturer 
B) Law firm 
C) Community college 
D) All of these answer choices are correct. 
A) Equipment manufacturer 
B) Law firm 
C) Community college 
D) All of these answer choices are correct.

Question 7

Midland Industries is the manufacturer of metal-frame backyard pools and pool accessories.The controller of the company recognizes that the success of the company depends on both financial and nonfinancial measures.Place an "X" in the appropriate columns to indicate whether the following measures are leading or lagging and financial or nonfinancial.

Accepted Answer

The answer of Midland Industries is the manufacturer of metal-frame...

Question 8

Before a balanced scorecard can be developed, managers must

Accepted Answer

A) be clear about the strategy they are trying to achieve. 
B) understand the lagging and leading indicators that affect operations. 
C) utilize a performance dashboard to develop operational goals. 
D) utilize SMART measures. 
A) be clear about the strategy they are trying to achieve. 
B) understand the lagging and leading indicators that affect operations. 
C) utilize a performance dashboard to develop operational goals. 
D) utilize SMART measures.

Question 9

Measures that provide managers with information they need to take timely, corrective action are referred to as

Accepted Answer

A) budget indicators. 
B) variance indicators. 
C) cycle indicators. 
D) leading indicators. 
A) budget indicators. 
B) variance indicators. 
C) cycle indicators. 
D) leading indicators.

Question 10

The steps involved in building a balanced scorecard are

Accepted Answer

A) selecting measures, setting targets for measures, and adjusting the scorecard as strategies change. 
B) selecting measures, setting targets for measures, and changing objectives that do not meet scorecard measures. 
C) setting targets for measures, adjusting objectives to meet the scorecard, and eliminating processes that do not meet objectives. 
D) selecting measures, focusing on financial measures, and changing objectives that do not meet scorecard measures. 
A) selecting measures, setting targets for measures, and adjusting the scorecard as strategies change. 
B) selecting measures, setting targets for measures, and changing objectives that do not meet scorecard measures. 
C) setting targets for measures, adjusting objectives to meet the scorecard, and eliminating processes that do not meet objectives. 
D) selecting measures, focusing on financial measures, and changing objectives that do not meet scorecard measures.

Question 11

The time between an order's placement and its shipment is referred to as the delivery cycle time.

Accepted Answer

A) True 
 B)False

Question 12

Countless measures could be captured and reported to managers.The best measures are SMART: specific, measurable, actionable, relevant, and timely.Listed below are examples of poorly constructed performance measures.For each component of SMART, provide two better measures for each performance measure.

Accepted Answer

The answer of Countless measures could be captured and reported...

Question 13

Measuring and evaluating performance is important to managers.They need to explore how individual and performance measures and other measures can be combined to create a better tool for measuring past performance and driving the future achievement of strategic goals.
Required:
Define the following terms and give one example of each that you can use in your accounting class.
a.Lagging indicator
b.Leading indicator
c.Nonfinancial measure
d.Benchmarking
e.Best practices

Accepted Answer

a.Lagging indicator - measures that can

Question 14

Which of the following does benchmarking not focus on?

Accepted Answer

A) Identifying best practices 
B) Studying best practices 
C) Analyzing best practices 
D) Eliminating non-value-added processes 
A) Identifying best practices 
B) Studying best practices 
C) Analyzing best practices 
D) Eliminating non-value-added processes

Question 15

On January 4th, Stevens Manufacturing received an order for 30 uniforms.The following information pertained to that order.   Calculate the value-added time.

Accepted Answer

A) 385 hours 
B) 350 hours 
C) 390 hours 
D) 390.75 hours 
A) 385 hours 
B) 350 hours 
C) 390 hours 
D) 390.75 hours

Question 16

Qualitative indicators tend to be based on

Accepted Answer

A) feelings or accounting records. 
B) feelings or perceptions. 
C) accounting records or perceptions. 
D) perceptions or clarifications. 
A) feelings or accounting records. 
B) feelings or perceptions. 
C) accounting records or perceptions. 
D) perceptions or clarifications.

Question 17

Which of the following strategies relate to the learning and growth perspective?

Accepted Answer

A) Develop reputation for quick turnaround 
B) Infuse corporate culture of quality throughout workforce 
C) Achieve operational excellence 
D) Retain and grow customer base 
A) Develop reputation for quick turnaround 
B) Infuse corporate culture of quality throughout workforce 
C) Achieve operational excellence 
D) Retain and grow customer base

Question 18

In selecting the measures for the balanced scorecard, managers should choose between four and seven measures for each perspective to avoid

Accepted Answer

A) strategy overload. 
B) reporting overload. 
C) information overload. 
D) scorecard overload. 
A) strategy overload. 
B) reporting overload. 
C) information overload. 
D) scorecard overload.

Question 19

Which of the following statements is correct regarding benchmarking?

Accepted Answer

A) Benchmarking is the practice of using a company's own data to identify the processes and practices in which it outperforms its competitors. 
B) Benchmarking involves selecting measures, setting targets for measures and adjusting the benchmark as strategies change. 
C) Benchmarking participants should adhere to the Benchmarking Code of Conduct which provides general principles to follow during the benchmarking process. 
D) Benchmarking is the development of a hypothetical scorecard. 
A) Benchmarking is the practice of using a company's own data to identify the processes and practices in which it outperforms its competitors. 
B) Benchmarking involves selecting measures, setting targets for measures and adjusting the benchmark as strategies change. 
C) Benchmarking participants should adhere to the Benchmarking Code of Conduct which provides general principles to follow during the benchmarking process. 
D) Benchmarking is the development of a hypothetical scorecard.

Question 20

A performance dashboard is most helpful when it

Accepted Answer

A) directly links employee satisfaction with customer satisfaction. 
B) identifies and measures cause-and-effect relationships. 
C) is customized for particular managers. 
D) identifies whether a measure is leading or lagging. 
A) directly links employee satisfaction with customer satisfaction. 
B) identifies and measures cause-and-effect relationships. 
C) is customized for particular managers. 
D) identifies whether a measure is leading or lagging.

Perfect manufacturing cycle efficiency would yield a ratio of zero - that is, no processing time would be non-value-added.

Explain the difference between a leading indicator and a lagging indicator and give one example of each relating to your performance in this class.

Which of the following is not a measure that relates to the customer perspective?

Which of the following is not a measure that relates to the learning and growth perspective?

Which of the following is not a reason companies use key performance indicators?

Which of the following organizations would benefit from benchmarking?

Before a balanced scorecard can be developed, managers must

Measures that provide managers with information they need to take timely, corrective action are referred to as

The steps involved in building a balanced scorecard are

The time between an order's placement and its shipment is referred to as the delivery cycle time.

Which of the following does benchmarking not focus on?

On January 4th, Stevens Manufacturing received an order for 30 uniforms.The following information pertained to that order. Calculate the value-added time.

Qualitative indicators tend to be based on

Which of the following strategies relate to the learning and growth perspective?

In selecting the measures for the balanced scorecard, managers should choose between four and seven measures for each perspective to avoid

Which of the following statements is correct regarding benchmarking?

A performance dashboard is most helpful when it

Accounting As a Tool for Management

Cost Behavior and Cost Estimation

Costvolumeprofit Analysis and Pricing Decisions

Product Costs and Job Order Costing

Planning and Forecasting in a Manufacturing Setting

Performance Evaluation: Variance Analysis

Activity-Based Costing and Activity-Based Management

Using Accounting Information to Make Managerial Decisions

Using Accounting Information to Make Managerial Decisions

Capital Budgeting

Performance Evaluation Revisited: a Balanced Approach

Financial Statement Analysis

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Exam 11: Decentralization and Performance Evaluation

Perfect manufacturing cycle efficiency would yield a ratio of zero - that is, no processing time would be non-value-added.

Explain the difference between a leading indicator and a lagging indicator and give one example of each relating to your performance in this class.

Which of the following is not a measure that relates to the customer perspective?

Which of the following is not a measure that relates to the learning and growth perspective?

Which of the following is not a reason companies use key performance indicators?

Which of the following organizations would benefit from benchmarking?

Before a balanced scorecard can be developed, managers must

Measures that provide managers with information they need to take timely, corrective action are referred to as

The steps involved in building a balanced scorecard are

The time between an order's placement and its shipment is referred to as the delivery cycle time.

Which of the following does benchmarking not focus on?

On January 4th, Stevens Manufacturing received an order for 30 uniforms.The following information pertained to that order. Calculate the value-added time.

Qualitative indicators tend to be based on

Which of the following strategies relate to the learning and growth perspective?

In selecting the measures for the balanced scorecard, managers should choose between four and seven measures for each perspective to avoid

Which of the following statements is correct regarding benchmarking?

A performance dashboard is most helpful when it

Accounting As a Tool for Management

Cost Behavior and Cost Estimation

Costvolumeprofit Analysis and Pricing Decisions

Product Costs and Job Order Costing

Planning and Forecasting in a Manufacturing Setting

Performance Evaluation: Variance Analysis

Activity-Based Costing and Activity-Based Management

Using Accounting Information to Make Managerial Decisions

Using Accounting Information to Make Managerial Decisions

Capital Budgeting

Performance Evaluation Revisited: a Balanced Approach

Financial Statement Analysis

Filters