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1. If return on investment is a measure used in balance scorecard, under which perspective would it be listed?

Customer perspective

Innovation and Learning perspective

Business process perspective

Financial Perspective

2.Rex Airlines is a small domestic airline operating on regional routes in several Australian states.

Which of the following competitive strategies best describes its approach?

Differentiation Focus

Focus

Cost Focus

Differentiation

3.Independence Arcade Ltd is considering implementing "Balance Scorecard" strategy and the management accountant has been asked to list four key concepts in implementing the strategy. Tom Forest, the management accountant has come up with the following statements.

Which one of the following statements is correct about implementing a Balance Scorecard?

The cause-and-effect relationship among the different performance perspectives must be precise and tested

Performance perspectives and indicators of critical success factors should be driven by the organisation's mission, vision, and strategy

The scorecard should include only four performance perspectives, including

learning and growth, internal business process, customers and financial

The scorecard should include a balanced set of financial, quantitative, objective, and lagging indicators

4.Results and enablers are features of which one of the following?

Triple Bottom Line Reporting (TBL)

Competitive benchmarking

Total Quality Management (TQM)

The European Foundation for Quality Management (EFQM) excellence

5.Margie Henderson joined as the business partner at Novitas Insurance Ltd. Immediately upon assuming duties Margie identified some issues around implementation of performance management systems at Novitas. In an email to the CFO Michael Allday, Margie highlighted the following points:

1. Failure by the senior management team to achieve consensus leading to different groups pursuing different agendas

2. Strategy that is not linked to resource allocation decisions 3. Not establishing goals and context for managing risk

4. Individual and team performance measures are not linked to organisational performance measures

The points highlighted by Margie to Michael are:

Point 3 is incorrect and irrelevant

Points 2, 3 and 4 are correct and relevant

Points 1, 2 and 3 are correct and relevant

Are all correct and relevant

6.Which of the following options best describes the situation where actual performance is compared to budget, to identify variation and correct the variation?

None of the other choices

Diagnostic controls

Interactive controls

Variance analysis

7.David Burke is manager of claims processing for Continental Health Care System. His performance is evaluated using various measures agreed upon in advance with Diane Lewis, general manager. Diane asked David to recommend several measures to evaluate the performance of his unit next year.

Which one of the following performance measures would likely have the least positive effect on David's motivation and performance?

Average processing time per claim

Percentage of claims processed accurately the first time

Total dollar amount of claims processed per month

Processing cost per claim

8. Which one of the performance frameworks in the options below, focuses on?

i. Leadership

ii. Customers

Performance Prism

Six Sigma

European Foundation for Quality Management (EFQM)

Results and Determinants framework

9.A company that has traditionally be seen as 'Stuck in the Middle' decides to implement a new strategic direction based on differentiation. Which of the following strategies would best underpin success for such a direction?

Focus on quality products

Developing new products to target specific segments of the market

Development of new premium products with unique design and features

Offer good quality products at a lower cost

10.Which one of the following statements about non-financial performance measures is not correct?

Non-financial measures do not involve the calculation or recording of any numbers

The most appropriate non-financial measures vary, depending upon the nature of the organisation

The use of non-financial performance measures helps to address the deficiencies of measurements such as Return on Investment (ROI)

Non-financial measures should correspond as far as possible with the aims of the organisation as a whole

11.What is the most important purpose of a balanced scorecard?

Set priorities

Develop strategy

Measure performance

Develop cause-and-effect linkages

12.NSB Company's actual and budgeted sales performance over the last three years is

shown in the table below.

BOC is a close competitor of NSB and BOC's operations are very similar to that of NSB. In assessing NSB's most recent performance, which one of the following is correct?

20x7 20x6 20x5

NSB Actual Sales 2600000 2100000 2000000

NSB Budget Sales 2650000 2300000 1750000

BOC Actual Sales 2300000 2000000 1850000

Trend for Performance Performance against target Performance against benchmark

I. Improving Better Better

II. Worsening Worse Worse

III. Improving Worse Better

IV. Worsening Worse Better

IV

III

I

II

13. Ted Goodwill, the management accountant at SRR Distribution Ltd is planning on building a customer feedback system into a company's daily operations and then sharing the feedback with a sales or service representative and his or her supervisors (employees most responsible for creating the customer's experience). Ted expects them to investigate further to find the root causes of an individual customer's problem, and, whenever possible, "fix" the problem as soon as possible. Which of the following strategies is Ted trying to implement?

Balance Scorecard

Integrated Reporting

Sustainability Reporting

Net Promoter Score

14. You recently accepted a role as the Commercial Business Partner of Better Health Ltd. The CEO of Better Health, Sherene Morrison is a Surgeon by profession and you are trying to explain to Sherene that the company should focus on value creation. Which one of the following statements best describes value creation?

I. Increasing shareholder value through dividends and capital gain II. The willingness of customers to pay more for the value added in a product/service

than it costs an organisation to add that value

III. Using knowledge and skill to improve efficiencies

II and III only

I, II and III

I and II only

ll only

15.In which one of the following examples of cost benefit analysis are the benefits most likely to exceed the costs?

The financial controller of shoe manufacturing company with 120 employees controls costs through assigning responsibility to the managers of 32 different cost centres. She spends three days each month with the cost centre managers discussing expenditure compared to budget

The owner of a retail clothing store calculates the profit on each item of clothing sold in order to determine which items are most profitable. She spends about three hours per evening on these calculations

A small vegetable distribution company reports variance analysis on the cost of purchases compared with an average standard cost based on historic averages. An accountant works full-time on the detailed variance analysis and reporting variances to management

A Taxation firm estimates the time required by staff to complete tax returns on behalf of clients, and reports labour variances between estimate and actual. A partner reviews the variance report on a weekly basis and identifies staff members whose time is consistently above estimate