ACC 801 Study Guide - Midterm Guide: Customer Retention, Statistical Hypothesis Testing, Balanced Scorecard

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The responsibility accounting model: it has four essential elements: assigning responsibility, establishing performance measures or benchmarks, evaluating performance, assigning rewards. The responsibility accounting model emphasizes financial performance evaluation and rewarding performance of organizational units. Responsibility accounting system adds a process perspective to the financial perspective of the functional based responsibility accounting system. A strategy-based responsibility accounting system translates the strategy of the organization into operational objectives and measures. The balanced scorecard is a strategic-based performance management system that typically identifies objectives and measures for four different perspectives. The balanced scorecard activity-based versus strategic-based responsibility accounting. In effect, responsibility accounting changed from a one-dimensional system -the financial perspective to a two-dimensional system -process perspective and financial perspective. Also from a control system to a performance management system: no tie to strategy. Strategic based responsibility accounting system: translates the strategy of an organization into operational objectives and measures in the form of the balanced scorecard.

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