管理会计M23HORN555323SEC23Word下载.docx
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管理会计M23HORN555323SEC23Word下载.docx
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Marketshare,customersatisfaction.
Internal-business-processesperspective:
Manufacturingleadtime,yield,on-timeperformance,numberofnewproductlaunches,andnumberofnewpatentsfiled.
Learning-and-growthperspective:
employeesatisfaction,information-systemavailability.
23-2Thesixstepsindesigninganaccounting-basedperformancemeasureare:
1.Chooseperformancemeasuresthatalignwithtopmanagement’sfinancialgoals
2.ChoosethetimehorizonofeachperformancemeasureinStep1
3.ChooseadefinitionofthecomponentsineachperformancemeasureinStep1
4.ChooseameasurementalternativeforeachperformancemeasureinStep1
5.Chooseatargetlevelofperformance
6.Choosethetimingoffeedback
23-3TheDuPontmethodhighlightsthatROIisincreasedbyanyactionthatincreasesreturnonsalesorinvestmentturnover.ROIincreaseswith:
1.increasesinrevenues,
2.decreasesincosts,or
3.decreasesininvestments,
whileholdingtheothertwofactorsconstant.
23-4Yes.Residualincome(RI)isnotidenticaltoreturnoninvestment(ROI).ROIisapercentagewithinvestmentasthedenominatorofthecomputation.RIisanabsolutemonetaryamountwhichincludesanimputedinterestchargebasedoninvestment.
23-5Disagree.Itusestheweightedaveragecostofcapitalofthefirmwhichwillincludethecostofequityaswellasthecostofdebt.Economicvalueadded(EVA)isaspecifictypeofresidualincomemeasurethatiscalculatedasfollows:
=
–
23-6DefinitionsofinvestmentusedinpracticewhencomputingROIare:
1.Totalassetsavailable
2.Totalassetsemployed
3.Totalassetsemployedminuscurrentliabilities
4.Stockholders’equity
23-7Disagree.Currentcostisthecostofpurchasinganassettodayidenticaltotheonecurrentlyheldifanidenticalassetcancurrentlybepurchased;
itisthecostofpurchasinganassetthatprovidesservicesliketheonecurrentlyheldifanidenticalassetcannotbepurchased.Historical-cost-basedmeasuresofROIcomputetheassetbaseastheoriginalpurchasecostofanassetminusanyaccumulateddepreciation.
Somecommentatorsarguethatcurrentcostisorientedtocurrentprices,whilehistoricalcostispast-oriented.
23-8Specialproblemsarisewhenevaluatingtheperformanceofdivisionsinmultinationalcompaniesbecause
a.Theeconomic,legal,political,social,andculturalenvironmentsdiffersignificantlyacrosscountries.
b.Governmentsinsomecountriesmayimposecontrolsandlimitsellingpricesofproducts.
c.Availabilityofmaterialsandskilledlabor,aswellascostsofmaterials,labor,andinfrastructuremaydiffersignificantlyacrosscountries.
d.Divisionsoperatingindifferentcountrieskeepscoreoftheirperformanceindifferentcurrencies.
23-9Insomecases,thesubunit’sperformancemaynotbeagoodindicatorofamanager’sperformance.Forexample,companiesoftenputthemostskillfuldivisionmanagerinchargeoftheweakestdivisioninanattempttoimprovetheperformanceoftheweakdivision.Suchaneffortmayyieldresultsinyears,notmonths.Thedivisionmaycontinuetoperformpoorlywithrespecttootherdivisionsofthecompany.Butitwouldbeamistaketoconcludefromthepoorperformanceofthedivisionthatthemanagerisperformingpoorly.
Asecondexampleofthedistinctionbetweentheperformanceofthemanagerandtheperformanceofthesubunitistheuseofhistoricalcost-basedROIstoevaluatethemanagereventhoughhistoricalcost-basedROIsmaybeunsatisfactoryforevaluatingtheeconomicreturnsearnedbytheorganizationsubunit.Historicalcost-basedROIcanbeusedtoevaluateamanagerbycomparingactualresultstobudgetedhistoricalcost-basedROIs.
23-10Moralhazarddescribessituationsinwhichanemployeepreferstoexertlesseffort(ortoreportdistortedinformation)comparedwiththeeffort(oraccurateinformation)desiredbytheownerbecausetheemployee’seffort(orvalidityofthereportedinformation)cannotbeaccuratelymonitoredandenforced.
23-11No,rewardingmanagersonthebasisoftheirperformancemeasuresonly,suchasROI,subjectsthemtouncontrollableriskbecausemanagers’performancemeasuresarealsoaffectedbyrandomfactorsoverwhichtheyhavenocontrol.Amanagermayputinagreatdealofeffortbutherperformancemeasuremaynotreflectthiseffortifitisnegativelyaffectedbyvariousrandomfactors.Thus,whenmanagersarecompensatedonthebasisofperformancemeasures,theywillneedtobecompensatedfortakingonextrarisk.Therefore,whenperformance-basedincentivesareused,theyaregenerallymorecostlytotheowner.Themotivationforhavingsomesalaryandsomeperformance-basedbonusincompensationarrangementsistobalancethebenefitsofincentivesagainsttheextracostsofimposinguncontrollableriskonthemanager.
23-12Benchmarkingorrelativeperformanceevaluationistheprocessofevaluatingamanager’sperformanceagainsttheperformanceofothersimilaroperations.Theidealbenchmarkisanotheroperationthatisaffectedbythesamenoncontrollablefactorsthataffectthemanager’sperformance.Benchmarkingcancelstheeffectsofthecommonnoncontrollablefactorsandprovidesbetterinformationaboutthemanager'
sperformance.
23-13Whenemployeeshavetoperformmultipletasksaspartoftheirjobs,incentiveproblemscanarisewhenonetaskiseasytomonitorandmeasurewhiletheothertaskismoredifficulttoevaluate.Employerswantemployeestointelligentlyallocatetimeandeffortamongvarioustasks.If,however,employeesarerewardedonthebasisofthetaskthatismoreeasilymeasured,theywilltendtofocustheireffortsonthattaskandignoretheothers.
23-14DisclosuresrequiredbytheSecuritiesandExchangeCommissionare:
a.Asummarycompensationtableshowingthesalary,bonus,stockoptions,otherstockawards,andothercompensationearnedbythefivetopofficersinthepreviousthreeyears
b.Theprinciplesunderlyingtheexecutivecompensationplans,andtheperformancecriteria,suchasprofitability,salesgrowth,andmarketshareusedindeterminingcompensation
c.Howwellacompany’sstockperformedrelativetothestocksofothercompaniesinthesameindustry
23-15Thefourleversofcontrolinanorganizationarediagnosticcontrolsystems,boundarysystems,beliefsystems,andinteractivecontrolsystems.
∙Diagnosticcontrolsystemsarethesetofcriticalperformancevariablesthathelpmanagerstrackprogresstowardthestrategicgoal.Thesemeasuresareperiodicallymonitoredandactionisusuallyonlytakenifameasureisoutsideitsacceptablelimits.
∙Boundarysystemsdescribestandardsofbehaviorandcodesofconductexpectedofallemployees,particularlybydefiningactionsthatareoff-limits.Boundarysystemspreventemployeesfromperformingharmfulactions.
∙Beliefsystemsarticulatethemission,purpose,andcorevaluesofacompany.Theydescribetheacceptednormsandpatternsofbehaviorexpectedofallmanagersandotheremployeeswithrespecttoeachother,shareholders,customers,andcommunities.
∙Interactivecontrolsystemsareformalinformationsystemsthatmanagersusetofocusanorganization’sattentionandlearningonkeystrategicissues.Theyformthebasisofongoingdiscussionanddebateaboutstrategicuncertaintiesthatthebusinessfacesandhelppositiontheorganizationfortheopportunitiesandthreatsoftomorrow.
23-16(30min.)ROI,comparisonsofthreecompanies.
1.Theseparatecomponentshighlightseveralfeaturesofreturnoninvestmentnotrevealedbyasinglecalculation:
a.Theimportanceofinvestmentturnoverasakeytoincomeisstressed.
b.Theimportanceofrevenuesisexplicitlyrecognized.
c.Theimportantcomponentsareexpressedasratiosorpercentagesinsteadofdollarfigures.Thisformofexpressionoftenenhancescomparabilityofdifferentdivisions,businesses,andtimeperiods.
d.ThebreakdownstressesthepossibilityoftradingoffinvestmentturnoverforincomeasapercentageofrevenuessoastoincreasetheaverageROIatagivenlevelofoutput.
2.(Filled-inblanksareinboldface.)
CompaniesinSameIndustry
A
B
C
Revenue
Income
Investment
Incomeasa%ofrevenue
Investmentturnover
Returnoninvestment
$1,000,000
$100,000
$500,000
10%
2.0
20%
$500,000
$50,000
$5,000,000
0.1
1%
$10,000,000
$5,000,000
0.5%
2.0
IncomeandinvestmentaloneshedlittlelightoncomparativeperformancesbecauseofdisparitiesinsizebetweenCompanyAandtheothertwocompanies.Thus,itisimpossibletosaywhetherB'
slowreturnoninvestmentincomparisonwithA’sisattributabletoitslargerinvestmentortoitslowerincome.Furthermore,thefactthatCompaniesBandChaveidenticalincomeandinvestmentmaysuggestthatthesameconditionsunderliethelowROI,butthisconclusioniserroneous.Bhashighermarginsbutalowerinvestmentturnover.Chasverysmallmargins(1/20thofB)butturnsoverinvestment20timesfaster.
I.M.A.ReportNo.35(page35)states:
“Introducingrevenuestomeasurelevelofoperationshelpstodisclosespecificareasformoreintensiveinvestigation.CompanyBdoesaswellasCompanyAintermsofincomemargin,forbothcompaniesearn10%onrevenues.ButCompanyBhasamuchlowerturnoverofinvestmentthandoesCompanyA.WhereasadollarofinvestmentinCompanyAsupportstwodollarsinrevenues
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