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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

Balanced scorecard
Costco Wholesale Corporation (COST) operates membership warehouses throughout the United States and the world. Fifteen Costco metrics and recent initiatives are as follows
1. Increasing same store sales
2. Improving safety procedures for warehouse prepared foods
3. Reducing the number of product returns
4. Researching consumer preferences
5. Increasing the number of warehouses with gas pumps
6. Offering training programs for all new employees
7. Offering awards for employees with more the five years of service
8. Improving Costco online consumer experience
9. Increasing gross profit percentage
10. Changing containers from square to round to increase the number of containers that can be shipped on a pallet
11. Developing a company-owned coffee roasting operation
12. Using floor-ready packaging from suppliers
13. Reducing warehouse energy usage for floor lighting
14. Increasing the use of automation to increase efficiencies
15. Increasing the average revenue per member
Assign each item to one of the four dimensions of the balanced scorecard
1.learning and innovation
2.customer
3-internal process 4.financial

To determine

Concept Introduction:

Balance score card is an approach which provides information to management to assist strategic implementation. It emphasizes the need to provide the user with an information.

Learning and Innovative:

Learning mainly focuses on educating the employees and managers and giving them proper training so the value of company increases in the future.

Innovation mainly focuses on developing new products by proper research and development & improving existing product.

Internal process:

Internal processes give attention to internal operations of business and improve them by reducing wastage to the acceptable level and work with full efficiency.

Customer perspective:

Customer services mainly focuses on providing best services and giving more than the customers' expectations with regards to company's products.

Financial:

Financial perspective mainly focuses on operating income, revenue and profit growth, return from capital employed etc. financial perspective is usually integrated with other perspective because in balance scorecard it is assumed that financial perspective is inadequate.

Assign four dimensions of the balance scorecard to metrics and recent initiatives.

Explanation
    Sr. No.ParticularsPerspective
    1.Increasing same store sales.Financial
    2.Improving safety procedures for warehouse prepared foods.Internal process
    3.Reducing the number of product returns.Customer
    4.Researching consumer preferences.Innovative and learning
    5.Increasing the number of warehouses with gas pumps.Customer
    6.Offering training programs for all new employees.Innovative and learning
    7.Offering awards for employees with more the five years of services.Innovative and learning
    8...

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