Explain the meaning of the term 'critical success factors' in a business giving-新东方在线职业题库

新东方在线题库 > ACCA英国注册会计师试题 > F2 > Chapter20-22 > Explain th...

Explain the meaning of the term 'critical success factors' in a business giving examples of such factors.

Chapter21Performancemeasurement

Critical success factors are those areas of a business and its environment which are critical to the achievement of its goals and objectives. A company may, for example, express its main goal as being a world-class business in its chosen areas of operation. Management should identify critical success factors since failure in any one such factor may prevent or inhibit the advancement of the company and the achievement of its goals.

多做几道

What does an adverse variable overhead efficiency variance indicate and what might be the cause?

Explain briefly the possible causes of

(i) A favourable material usage variance

(ii) A favourable labour rate variance

(iii) An adverse sales volume contribution variance.

What is the relationship between the labour efficiency variance and the variable overhead efficiency variance? Why might the monetary value be different?

Explain the meaning and relevance of interdependence of variances when reporting to managers.

A balanced scorecard measures performance 什om four perspectives: customer satisfaction, growth, financial success and process efficiency. Briefly explain these processes.

最新试题

该科目易错题

该题目相似题

A pie chart is being produced to represent the sales from different regional offices of abusiness: $000North 125North West 180East 241South 691South East 147Total 1,384What would be the angle of the East divisions section on the pie chart (to the nearest whole degree)? O
Bytes Limited operates an IT consultancy business and uses a coding system for its elements of cost (materials, labour or overheads) and then further classifies each element by nature (direct or indirect cost):Element of cost Code Nature of cost CodeMaterials A Direct 100 Indirect 200Labour B Direct 100 Indirect 200Overheads C Direct 100 Indirect 200What would the codes be for the following costs? Cost CodeSalary of trainee IT consultant Planning costs to renew lease of the office Wages of the office manager Cleaning materials used by cleaner
How would a clothes retailer classify the following costs?Cost Materials Labour ExpensesDesigner skirts Heating costs Depreciation of fixtures and fittings Cashier staff salaries
Your firm values inventory using the weighted average cost method. At 1 October 20X8, there were 60 units in inventory valued at $12 each. On 8 October, 40 units were purchased for $15 each, and a further 50 units were purchased for $18 each on 14 October. On 21 October, 75 units were sold for $1,200.What was the value of closing inventory at 31 October 20X8? $ O
Are the following statements true or false?Statement True FalseIn periods of rising prices, FIFO gives a higher valuation ofclosing inventory than LIFO or AVCO. In periods of falling prices, LIFO gives a higher valuation ofissues of inventory than FIFO or AVCO. AVCO would normally be expected to produce a valuation ofclosing inventory somewhere between valuations FIFO and LIFO. FIFO costs issues of inventory at the most recent purchase price. AVCO costs issues of inventory at the oldest purchase price. LIFO costs issues of inventory at the oldest purchase price. FIFO values closing inventory at the most recent purchase price. LIFO values closing inventory at the most recent purchase price. AVCO values closing inventory at the latest purchase price.
When opening inventory was 8,500 litres and closing inventory was 6,750 litres, a firm had a profit of $62,100 using marginal costing.Assuming that the fixed overhead absorption rate was $3 per litre, what would be the profit using absorption costing? $______
Which of the following relate to marginal costing and which to absorption costing? Marginal costing Absorption costingThe cost of a product includes an allowance for fixed production costs. The cost of a product represents the additional cost of producing an extra unit. The following data are for questions 155 and 156The budget for Bright's first month of trading, producing and selling boats was as follows: $000Variable production cost of boats 45Fixed production costs 30Production costs of 750 boats 75Closing inventory of 250 boats (25)Production cost of 500 sold 50Variable selling costs 5Fixed selling costs 25 80Profit 10Sales revenue 90The budget has been produced using an absorption costing system.
Describe four types of standard.
A balanced scorecard measures performance 什om four perspectives: customer satisfaction, growth, financial success and process efficiency. Briefly explain these processes.
Explain two factors that should be considered when designing divisional performance measures.