Most of the measurements of performance we get from accounting systems is design

Question

Most of the measurements of performance we get from accounting systems is designed to help managers control he perato·of the r ancatonun inker measurement is vald and defintely essential, t is also essential that managers and employees throughout the organization develop measurement systems or regimes that will focus upon enabling them to learn and improve in their performance against the strategies that need to be implemented to satisfy customer wants and needs and drive the organization's success going forward. This latter type of measurement is what many Japanese corporations pay most attention to in their efforts to lead and manage towards growing success and sustained compettive advantage Select one O True O False There are four concepts,tools, or activities within the fnance and accounting functions that are important for effective strategy implementation, acquiring needed capita, developing projected financial statements, preparing financial budgets, and evaluating the worth of a business. Unfortunately, these concepts, tools,or activties can only be engaged by the professional staffs wthin the finance and accounting functions, so there is ltte opportunity to involve other employees or utlize 'learning organization approaches with these activties Select one True False

Explanation / Answer

1) Answer: True

Explanation: For organization’s success, both types of measurements of performance are important - the one that we get from the accounting systems and the one that the managers and the employees develop for themselves on the basis of which they are able to learn and improve their performance required to satisfy the customer’s needs. Many Japanese corporations credit their success to effective implementation of both of these measurements of performance.

2) Answer: False

Explanation: Although it is true that the core finance and accounting functions such as acquiring needed capital, developing projected financial statements, preparing financial budgets and evaluating the worth of a business can only be performed by the professional staffs working within the finance and accounting domain, still the managers of the organization can implement the learning organization approaches within these activities by providing cross-functional trainings, increasing inter-departmental interactions and discussing reports generated through financial accounting functions so that the employees from other domains can also understand the basic financial performance and the worth of business of their organization.

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