What is the balanced scorecard?
The balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback both from internal business processes and external outcomes to continuously improve strategic performance. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into operational tasks.
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Team Shirts ordered T-shirts from its supplier in June. The T-shirts were delivered in July. Team Shirts paid the bill in August and sold the T-shirts in September. When should Team Shirts recognize an expense using cash-basis accounting?
A) June B) September C) August D) July
Harris Corporation's inventory of a particular product includes 200 units purchased at a per-unit cost of $50, and another 100 units purchased at a unit cost of $60. If Harris sells 10 units of this product, the cost of goods sold will be:
A. $500. B. $550. C. $660. D. The answer will depend upon the inventory cost flow assumption in use.