Which of the following are potential benefits of using multi-dimensional performance reporting? I Managers are less likely to miss facets of performance that impact financial results. Il Performance measures can be more easily refined as strategies are changed and a better understanding of what works and what doesn't work is obtained. Ill In developing the system managers will focus on understanding cause and effect relationships in the way the business operates resulting in the discovery of opportunities for improvements. O Only I and II. O Only II and Ill. O Only I and Ill. O I, Il and III.The main issues to consider when implementing a balanced scorecard include all the following except: () Individual measures should flow from the goals and objectives established by upper management O Individual measures should be mutually reinforcing () The performance measurement system and the employee evaluation and compensation system should not be linked. O Top managers must fully support its implementationWhen performance is measured along a variety of dimensions such as financial, customer, internal business process and learning and growth, the system is referred to as: O IFRS Financial accounting Balanced scorecard O Return on investmentDepartmental overhead rates may not correctly assign overhead costs due to: O the use of direct labour-hours in allocating overhead costs to products rather than machine time or quantity of materials used. O the high correlation between direct labour-hours and the incurrence of overhead costs. O overreliance on volume as a basis for allocating overhead costs where products differ regarding the number of units produced, lot size, or complexity of production. O difficulties associated with identifying cost pools for the first stage of the allocation process.In analyzing mixed costs, the most accurate cost formula can be derived by using the: O high-low method O scatter graph method O least-squares regression method O engineering methodThe managers in charge of production would generally be responsible for controlling the variance. O Labour rate O Material price O Labour efficiency O StaticWhich of the following statements about standard costs is FALSE? O) As long as standards are viewed by employees as being reasonable, they can promote economy and efficiency. O Standard costs can greatly complicate bookkeeping. Standard costs fit naturally in an integrated system of "responsibility accounting." () Standards should be reviewed periodically for their continued relevance.A cost driver is: O the largest single category of cost in a company. O a fixed cost that cannot be avoided. O a factor that causes variations in a cost. O an indirect cost that is essential to the business.A plant operating at capacity would suggest that most likely: O) every machine and person in the plant is working at the maximum possible rate. O) only some specific machines or processes are operating at the maximum rate possible. O fixed costs will need to change to accommodate increased demand. O managers should produce those products with the highest contribution margin in order to deal with the constrained resource.Which of the following variances is caused by a difference between the denominator activity in the predetermined overhead rate and the standard hours allowed for the actual production of the period? O fixed overhead budget variance. O fixed overhead volume variance. O variable overhead efficiency variance. O variable overhead spending variance