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These are known as performance indicators. Some of the performance indicators that can be used by the firm are as follows. This parameter is used to measure company performance when some changes are bring in an organization that directly affects company sales Ying, and Zhengfei, If revenue of the firm elevate then it can be said that measures that were implemented by the firm are giving fruitful results.
Profitability- Some times firm management apply cost curtail techniques in an organization in order to reduce their cost of production. Hence, profit of the firm get increase because sales price of the product remain same even cost of the production is reduced by the firm.
Objectives- It is another performance indicator that is used by the firms in order measure extent to which improvements happened in the specific variable. If these objectives are achieved then it is assumed that firm is performing better or vice verse.
In this regard firm will need to make heavy capital expenditure. But in long term company cost of production will fall sharply.
Hence, it can be said that this measure of cost curtailment is dearer in nature. By innovating production process quality of the product is also improved.
By adding something new and replacing old techniques of production quality of produced units can be improved to large extent.
Many times an organization cover a large area in order to reach destination place. This lead to increase in transportation cost. Hence, by using this technique transportation cost can be reduced to large extent. All these things enhance value of the product because by innovating production process cost of production is reduced for the firm and quality of product is also improved.
Hence, this enhance value of the product. The entire process of budget preparation is unique in nature. Below budget process is presented and its nature is also reflected in this process. Determination of standards- At this stage standards for the budget are determined by the managers.
In this regard standards are determined using various sort of information. In this regard past data is analyzed and it is identified that objectives were achieved or not.
Of not achieved then what was the reasons behind non achievement of the objectives.
By doing this management gets a valuable insights about determination of standards. On other hand, managers evaluate current business environment and identify current trends on same. Now after that managers compare current business environment trends with those that were earlier.
At that time objectives were achieved or not is also identified Jorion, If not then probable reasons are searched that are already identified in this stage.
On basis of such comparison managers set a standards that are challenging and achievable in nature. This is major nature of budget.Get instant Homework Help for your questions, 24/7 online Tutors for assignment help and support, worlds largest Database of notes, documents and many more. Management Accounting Assignment Help Service Management Accounting involves the process of preparing managerial reports and accounts serving to provide accurate and timely financial and statistical information that is necessary for managers to make crucial decisions in the business enterprise/5(K).
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