Homework Clinic
Social Science Clinic => Accounting => Topic started by: appyboo on Jul 5, 2018
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What is benchmarking, and how is it useful to a company?
What will be an ideal response?
Question 2
The Other Accounts column in the cash receipts journal is used for recording debits to any account for which thereis no special debit column.
a. True
b. False
Indicate whether the statement is true or false
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Answer to Question 1
Answer: Benchmarking is the continuous process of comparing the levels of performance in producing products and services and executing activities against the best levels of performance in competing companies or in companies having similar processes. Companies can examine aspects of their own operations in comparison to similar operations and see if they are operating at a disadvantage. Benchmarking might provide targets and opportunities to cut costs, and might even show where they have a competitive advantage over similar companies.
Answer to Question 2
False