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Exam 28: The Balanced Scorecard and Corporate Social Responsibility

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Question 61

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Which of the following statements about performance metrics is false?

A) Performance metrics are used to assess performance in achieving the strategic objectives.
B) Performance metrics are needed for 80% of the strategic objectives.
C) Each strategic objective needs at least one performance metric.
D) Performance metrics may be financial or nonfinancial in nature.

E) None of the above
F) A) and C)

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Question 62

True/False

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James, an accountant at Forta Company, is preparing an income statement at the end of the year. It will be included in the company's annual report to be released to the public. This is an example of the managerial accounting function at Forta.

A) True
B) False

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Question 63

Multiple Choice

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Carolina, the accountant for Duke Manufacturing, tells Jacob, who works in customer service for Duke, that that their company's customer satisfaction rating predicts sales revenue in dollars. Carolina's comment indicates that the customer satisfaction rating is

Certain corporate social responsibility efforts, such as protecting the environment for future generations, are also referred to as sustainability efforts.

Operating income and cash flow are examples of metrics used to assess quality control.

The signs that a manager is subject to motivated reasoning include all of the following except

Accounting metrics, such as cash flow, are often used to simplify the business decision-making process.

A strategy map plays an important role for a company using the balanced scorecard approach to its performance measurement system. Which of the following is not a function of the strategy map?

Explain the process of strategic learning.

Sometimes the phrase "corporate social responsibility" is used interchangeably with the phrase

Which of the following is not one of the four performance perspectives included in the balanced scorecard?

Sometimes a strategy map is referred to as a supply chain map.

What is the Global Reporting Initiative?

A company's balanced scorecard may include

Match the following descriptions with the correct term (a-c). -Provides evidence of possible future performance A)Leading indicator B)Lagging indicator C)BSC performance perspectives

List the three components of the triple bottom line.

The tendency for managers to compare the performance of divisions within a company to each other using the same metrics regardless of each division's unique characteristics is known as _____ bias.

Miguel works at LoftCo, Inc., and has been asked to help lead the development of the company's new balanced scorecard. He and his multifunctional team developed strategic objectives and performance metrics for each of the four perspectives. This work constitutes the complete set of steps in developing a BSC performance management system.

The triple bottom line approach to sustainability includes all of the following reporting categories except _____ performance.

List the three types of cognitive or psychological bias to which decision making with the balanced scorecard may be subject.