When Using the Balanced Scorecard Approach to Assess a Firm's

question 57

Multiple Choice

When using the balanced scorecard approach to assess a firm's performance, which of the following is NOT a key question that managers need to answer?

• A) How do customers view us?
• B) How do we reduce the economic value created?
• C) What core competencies do we need?
• D) How do shareholders view us?

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Definitions:

General Ledger Accounts

These are the main accounts where all the business transactions of a company are recorded, serving as a permanent record organized by account.

Trial Balance

A financial worksheet that gathers the balances from all accounts into debit and credit columns, verifying the mathematical accuracy of a company's accounting system.

Recording Process

The method of capturing and documenting financial transactions in the accounting records.

Journalizing

The process of recording business transactions in the journal or books of original entry in accounting.