BEC 2 Planning Techniques Budgeting and Analysis Flashcards Preview

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Flashcards in BEC 2 Planning Techniques Budgeting and Analysis Deck (63)
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61

Financial and nonfinancial features of an organization that contribute to its success in achieving strategy are referred to as critical success factors

1. Financial solvency and return
2. Customer satisfaction
3. Internal business process
4. Human resource innovation

62

Responsibility accounting

a system of accounting that recognizes various responsibility or decision centers throughout an organization and reflects the plans and actions of each of these centers by assigning particular revenues and costs to the one having the responsibility for making decisions about these revenues and costs.

63

Selling price variance

(Actual selling price - Budgeted selling price) x Actual units sold