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

Which of the following relates to management accounts and which to financial accounts? Management accounts Financial accountsPrepared yearly For internal use Contains future information
In which ways do management accountants helps manager of a business? YES NOControl Plan Co-ordinate Make decisions Motivate
The following represent transactions on the material account for a company for the month of March 20X8: $000sIssued to production 144Returned to stores 5The material inventory at 1 March 20X8 was $23,000 and at 31 March 20X8 was $15,000. How much material was purchased in March 20X8? $ O
Data relating to a particular stores item are as follows:Average daily usageMaximum daily usageMinimum daily usageLead time for replenishment of inventoryReorder quantityWhat is the reorder level (in units) that avoids inventory stockouts?400 units 520 units 180 units 10 to 15 days 8,000 units units O
Which method of inventory valuation is being described?Characteristic FIFO LIFO AVCOPotentially out of date valuation on issues. The valuation of inventory rarely reflects the actualpurchase price of the material. Potentially out of date closing inventory valuation. This inventory valuation method is particularly suitedto inventory that consist of liquid materials e.g. oil. This inventory valuation method is particularly suitedto inventory that has a short shelf life e.g. dairy products. This inventory valuation method is suited to a wheat farmerwho has large silos of grain. Grain is added to and taken fromthe top of these silos. In times of rising prices this method will give higher profits. In times of rising prices this method will give lower profits. In times of rising prices this method gives a middle level ofprofits compared to the other two. Issues are valued at the most recent purchase cost. Inventory is valued at the average of the cost of purchases. Inventory is valued at the most recent purchase cost.
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.
Describe four types of standard.
What would an adverse materials price variance and a favourable materials usage variance indicate and what might this be caused by?
Explain why it might be preferable for Managers not to be involved in setting their own budgets when meeting the budget is used as a basis for performance measurement.
What are the problems of only using financial performance indicators for measuring the performance of a company?