Western Sydney Steaks (WSS), a national fast-food chain, has experienced a number of problems in the past few years, and management is considering the adoption of a balanced scorecard as part of a turnaround effort. You are one of the renowned Management Accountants in the city. WSS's CEO has requested you to submit a report highlighting the potential benefits of using balanced scorecard over traditional management accounting tools. You need address the following specific requirements:

Required:

1.Briefly explain the concept of a balanced scorecard. Discuss the general factors that are included in a typical balanced scorecard.(5 marks)

2.Independent of your answer in requirement 1, assume that WSS is very concerned about customer satisfaction. List four different (and specific) customer satisfaction measures that may be appropriate for the firm (and for other fast-food providers).(5 marks)

3.Independent of requirement 1, assume that WSS wants to return to former levels of profitability. List several financial measures that would allow management to assess success or failure with respect to the following goals: (1) pay creditors on a timely basis, (2) keep shareholders happy, and (3) improve profitability over time at stores that have been open at least one year.(5 marks)