The Steps for Implementing a Balanced Scorecard

question 106

Multiple Choice

The steps for implementing a balanced scorecard:

• A)Are different in for-profit and not-for-profit organizations
• B)Should be customized for individual organizations
• C)Should not vary if the implementation is to be effective
• D)Begin with developing measures in each perspective

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Definitions:

Net Income

The total profit of a business after all expenses and taxes have been deducted from total revenue.

Closing the Revenue

The process of transferring the balances from the revenue accounts to permanent accounts at the end of an accounting period.

Building Account

An account used to track the costs associated with constructing a building over a period of time.

Original Investments

Original investments refer to the initial amount of money invested in an asset, project, or enterprise by its owners or shareholders.