l1 : intro Flashcards
1
Q
what is the purpose of management accounting?
A
to inform internal decisions & provide feedback and control on operating performance
2
Q
what is the balanced scorecard approach?
A
looks at strategic measures as well as trad. financial measures to get more balanced view of performance. can examine areas like internal processes (capacity utilisation, quality), customers (customer satisfaction & retention), shareholders (dividends, contribution, margin)
3
Q
what are the two ways the management process can be classified by?
A
- by time scale (long term / strategic decisions OR short term / tactical decisions)
- by stage (planning, implementation, control)
