USING ACCOUNTING INFORMATION FOR DECISION MAKING—PERFORMANCE REPORT AND THE BALANCED SCORECARD

March 16, 2024March 16, 2024 Discipline: Accounting

PERFORMANCE REPORT AND THE BALANCED SCORECARD

For this Assignment, you will continue in your role of a consultant to provide information about using accounting information for decision making to a fictional organization so it can better prepare for the future. Last week, you submitted the first of two reports on financial information and budgeting. This week, you will submit the second report, which will focus on performance reports and balanced scorecards.

To prepare for this Assignment:

  • Download the Week 2 Part 1 Assignment Template.
  • Download the Week 2 Part 2 Assignment Template.
  • will provide part of the data to complete the calculation for this week’s Assignment. To access that information, refer to Doc Sharing. 

ANALYZING THE PERFORMANCE REPORT—PREPARING A FLEXIBLE BUDGET

For the first part of your report, you will examine a performance report based on the static budget about which the owners are very concerned. They feel that the unfavorable variances that are reflected in the report indicate an area that needs to be addressed, but they are looking to you for a better understanding and concurrence. To access this performance report, refer to the data that your Instructor provided in Doc Sharing for this week’s Assignment.

To complete this part, address the following:

  • Using the Week 2 Part 2 Assignment Template and the data provided by your Instructor in the Doc Sharing area, prepare a performance report that includes a flexible budget.
    • Note: In addition to submitting your work in Excel, you will insert your performance report into your main document.
  • In your report, analyze why the original report was incorrect and explain the conclusion you reached based on the performance report.
  • Then identify at least three questions regarding the performance report and include a rationale for why you asked each question.

THE BALANCED SCORECARD

One of the owners read recently that the balanced scorecard is a strategic-based performance management system and is wondering if it would be beneficial to implement a balanced scorecard approach. For the second part of your report, you will provide an analysis of how using the balanced scorecard can benefit the company. To complete this part, address the following:

  • Explain how the balanced scorecard communicates strategy and provide examples.
  • Examine the four quadrants on the balanced scorecard, how they are related, and what their impact is on financial performance.


Submit your completed business report and accompanying Excel file. Your report should be 3 pages in length (excluding title page and references) and should address the following:



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