Question 3
AB Limited was made ten years ago in order to provide business equipment solutions to local businesses. It has separate divisions for marketing, research, technology, product design and communication services, and now produces and supplies a wide range of business equipment (scanners, copiers, fax machines, printers and similar items).
It has analysed its performance using monthly financial reports which evaluates profitability by type of equipment.
The managing director has currently returned from a course on which it had been suggested that the 'balanced scorecard' would be a useful way of measuring performance.
Required:
(a) Determine the balanced scorecard and how it could be used by AB Limited to measure its performance.
The managing director of AB Limited has overheard someone mentioning that after introducing 'benchmarking' how the performance of their company had improved.
(b) Determine benchmarking and how it could be used to enhance the performance of AB Limited.
Question 4
(a) Discuss the uses of standard costing and briefly examine the reasons why standards have to be reviewed.
(b) Evaluate and briefly analyse as to whether standard costing can be applied to both manufacturing and to service businesses.
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