You have been elected president of your university\'s newly chartered accounting

Question

You have been elected president of your university's newly chartered accounting honor society. The society is a chapter of a national organization that has the following mission: "To promote the profession of accountancy as a career and to imbue members with hight ethical standards."

a. Determine the balanced scorecard categories that you believe would be appropriate for the honor society. (Categories (perspectives) being: financial, internal business, customer, and learning and growth.

b. Under each category, determine between four and six important performance measures.

c. How would you choose benchmarks against which to compare your chapter to others of the nation organization?

Explanation / Answer

Financial perspectives Improve Stock Holder Perspectives Residual Income EVA ROS CT ROI Net Income Customer or Member perspectives Improve Member Relations- Member Retention Member Satisfaction Member profitability Market Share Internal Business Perspective Improve overall ethics in accounting Evolve more standadized accounting profession practices Increase the efficiency of record keeping Remove duplicity of records Improve awareness of accounting records. Learning and Growth Perspective Improve the productivity Increase cost savings from new Accounting practices. Reducing the time required to maintain records.

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