Join Earl Kay Stice for an in-depth discussion in this video Performance evaluation example: Optometrist, part of Accounting Fundamentals.
One tool that's often used in managerial…accounting in the field of performance…evaluations is a tool called the balanced scorecard.…Now I want to show you what I mean by the…balanced scorecard.…The balanced scorecard, in brief, is a way…to organize the performance measurements…in your company to make sure you measure…all aspects of your business, not just one thing.…It's like this, here's a story that I was…told one time.…Imagine that you get on an airplane and the pilot…comes over and says, "Ladies and gentlemen…"thank you for flying with us. We noticed,…"my co-pilot and I, that we've got a lot…"of dials and knobs and readouts up here…"in the cockpit and it's really just too confusing.…
"We can't really understand them all.…"So we've selected three. Altitude, fuel,…"and air speed. We figure we can focus on one…"of those three. So what we would like you to do…"as passengers, tell us, which one of those…"three. Altitude, fuel, or air speed…"you would want us to focus on, up here…"in the cockpit and we'll focus on that one…
- What is accounting?
- Working with balance sheets and income statements
- Determining the costs of products
- Performing break-even analysis
- Determining average and marginal tax rates
- Understanding tax deductions and credits
Skill Level Appropriate for all
1. Basics of Accounting
2. Financial Accounting
3. Managerial Accounting
4. Income Taxes
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