Answer True or False 1. A strategic audit is done to evaluate the functional unit of the business and grades it according to its business alignment goals. 2. Strategic Audit evaluates your current strategy by performing a Financial analysis test which reassesses the business strength and weakness and threats. 3. A strategic audit helps assess the resources of a company whereby if your goals do not match with your current resources, one has to change either the business goals or either stretch out on the supplies available 4. It is not important to perform regular strategic audits and measure implementation in order to keep on top of shifts in the environment and ensure you are always on the right path. 5. The most important requirement for the data used in the strategic review process is that they be objective. In addition, the criteria should be familiar, well-understood, and accepted measures of financial performance 6. Political variables have a significant effect on Strategy formulation and implementation 7. Accountants are most responsible for the success and failure of an organization. 8. The internal environment in which a business operates can create opportunities that a business can exploit, as well as threats that could damage a business. 9. Value Chain Analysis describes the activities that take place in a business and relate them to an analysis of the competitive strength of the business. 10. Performance Analysis analyses the overall balance of the strategic business units of a business. In developing a sustainability strategy, why do you think Vision, Mission and Values are the starting point?
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Answer True or False
1. A strategic audit is done to evaluate the functional unit of the business and grades it
according to its business alignment goals.
2. Strategic Audit evaluates your current strategy by performing a Financial analysis test
which reassesses the business strength and weakness and threats.
3. A strategic audit helps assess the resources of a company whereby if your goals do not
match with your current resources, one has to change either the business goals or either
stretch out on the supplies available
4. It is not important to perform regular strategic audits and measure implementation in
order to keep on top of shifts in the environment and ensure you are always on the right
path.
5. The most important requirement for the data used in the strategic review process is that
they be objective. In addition, the criteria should be familiar, well-understood, and
accepted measures of financial performance
6. Political variables have a significant effect on Strategy formulation and implementation
7. Accountants are most responsible for the success and failure of an organization.
8. The internal environment in which a business operates can create opportunities that a business can exploit, as well as threats that could damage a business.
9. Value Chain Analysis describes the activities that take place in a business and relate them to an analysis of the competitive strength of the business.
10. Performance Analysis analyses the overall balance of the strategic business units of a business.
In developing a sustainability strategy, why do you think Vision,
Mission and Values are the starting point?
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