Standard_Costs_and_Balanced_Scorecards_Day_3

Standard_Costs_and_Balanced_Scorecards_Day_3 - Standard...

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    Standard Costs and Balanced  Scorecards Day 3
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    Evaluating Variances- A Statistical Control Chart 1 2 3 4 5 6 7 8 9 Variance Measurements Favorable Limit Unfavorable Limit Warning signals for investigation Desired Value Exhibit 10-9
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    Advantages of Standard Costs Key to management by exception approach Allow employees to strive for a target Simplify book keeping Fits in with responsibility accounting system
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    Disadvantages of Standard Costs Information might be outdated Can hurt morale Variances not important for fixed labor Favorable variances aren’t always favorable Other objectives can be overlooked Meeting standards might not be sufficient
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    Introduction Balanced Scorecard Definition- Integrated system of financial and non-financial measures that support the company’s strategy throughout the organization. Used because financial measures are lagging
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Standard_Costs_and_Balanced_Scorecards_Day_3 - Standard...

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