Management Accounting

SCS – L3 – Q9- Strategy implementation

Describe four perspectives of the Balanced Scorecard for Printworks Ltd.

Question

Case Study: PrintWorks Incorporated
You are the Management Accountant of PrintWorks Incorporated, a local printing and publishing house located in the regional capital of Kumasi. Your CEO has asked you to brief him further on the balanced scorecard approach.

Required:
(a)(i) In a memo to the CEO, describe FOUR perspectives of a balanced scorecard.

(a)(ii) In a memo to the CEO, explain THREE problems usually associated with the use of this approach for strategic management.

(b) Identify and explain THREE of these inherent characteristics and how they facilitate Management by Objectives (MBO).

Answer

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Tags: Balanced Scorecard, Management Accounting, Performance Measurement, Strategic management
Level: Level 3

Topic: Financial management

MA – L2 – Q56 – Performance analysis

Discuss methods and qualities of good performance measurement in management accounting.

Question

PERFORMANCE MANAGEMENT
Methods used in measuring performance
Financial Performance: analyse profitability, liquidity and risk. Financial Indicators include Profit, Revenue, Costs, Share Price and cash flow.
Non-Financial Performance: This can usefully be applied to employees and product/service quality. Non-Financial Indicators may include Quality of Service, Measures of customer satisfaction, Lateness.
Qualities of Good Performance Measurement

A GOOD MEASURE:	DESCRIPTION:
Is quantitative	The measure can be expressed as an objective value
Is easy to understand	The measure conveys at a glance what it is measuring, and how it is derived
Encourages appropriate behaviour	The measure is balanced to reward productive behaviour and discourage “game playing”
Is visible	The effects of the measure are readily apparent to all involved in the process being measured
Is defined and mutually understood	The measure has been defined by and/or agreed to by all key process participants (internally and externally)
Encompasses both outputs and inputs	The measure integrates factors from all aspects of the process measured
Measures only what is important	The measure focuses on a key performance indicator that is of real value to managing the process
Is multidimensional	The measure is properly balanced between utilisation, productivity, and performance, and shows the trade-offs
Uses economies of effort	The benefits of the measure outweigh the costs of collection and analysis
Facilitates trust	The measure validates the participation among the various parties

Answer

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Tags: Financial Performance, Management Accounting, Non-financial performance, Performance indicators, Performance Measurement
Level: Level 2

MA – L2 – Q10 – Performance analysis

Explain benchmarking and its benefits, describe its implementation in a purchasing department, and discuss potential implementation challenges.

Question

AMINU COMPANY

AMINU Company manufactures and distributes generic paper-based products and currently has an annual turnover of GH¢10 million.

At present, the management of AMINU Company are uncertain whether the purchasing department is maximising its potential in terms of purchasing efficiency and effectiveness.

The management are currently considering the introduction of a system of benchmarking to measure the performance of the purchasing department.

Required:

(a) Explain the term ‘benchmarking’ and briefly discuss the potential benefits that can be obtained as a result of undertaking a successful programme of benchmarking.

(b) Describe how a system of benchmarking could be introduced to measure the performance of the purchasing department.

(c) Discuss the problems that the management of AMINU Company might encounter in implementing a system of benchmarking and recommend how such problems should be successfully addressed.

Answer

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Tags: Benchmarking, Cost Management, Management Accounting, Performance Measurement, Purchasing efficiency
Level: Level 2

Topic: Performance Analysis

MA – L2 – Q9 – Models of evaluation Quality

Distinguish between cost control and cost reduction, and discuss the emphasis on cost reduction in management accounting training.

Question

It has been suggested that much of the training of management accountants is concerned with cost control whereas the major emphasis should be on cost reduction.

Required:
(a) Distinguish between cost control and cost reduction;
(b) Discuss the proposition contained in the statement.

Answer

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Tags: Cost Control, Cost Efficiency, Cost Management, Cost Reduction, Management Accounting, Performance Improvement, Quality management
Level: Level 2

Topic: Models of Evaluation Quality

Tag (SQ): Management Accounting

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SCS – L3 – Q9- Strategy implementation

Describe four perspectives of the Balanced Scorecard for Printworks Ltd.

MA – L2 – Q56 – Performance analysis

Discuss methods and qualities of good performance measurement in management accounting.

MA – L2 – Q10 – Performance analysis

Explain benchmarking and its benefits, describe its implementation in a purchasing department, and discuss potential implementation challenges.

MA – L2 – Q9 – Models of evaluation Quality

Distinguish between cost control and cost reduction, and discuss the emphasis on cost reduction in management accounting training.

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SCS – L3 – Q9- Strategy implementation

Describe four perspectives of the Balanced Scorecard for Printworks Ltd.

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MA – L2 – Q56 – Performance analysis

Discuss methods and qualities of good performance measurement in management accounting.

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MA – L2 – Q10 – Performance analysis

Explain benchmarking and its benefits, describe its implementation in a purchasing department, and discuss potential implementation challenges.

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MA – L2 – Q9 – Models of evaluation Quality

Distinguish between cost control and cost reduction, and discuss the emphasis on cost reduction in management accounting training.

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