Have a conversation with an Owner-Manager of a business in Australia or a Manager in an organisation such as a Bank, Retail Store, Restaurant, Hotel, Factory etc. Ask the Owner-Manager or the Manager the following questions: i) Does the business collect and use cost information for planning and control purposes? How often? (3 marks) ii) Who is responsible for the collection of cost information? Be as specific as possible. (3 mark) iii) What type of cost information does the business collect? Provide examples incl. types of reports. (3 marks) iv) How important does the Owner-Manager or the Manager believe cost information are to the Business's success? Explain. (3 marks)
Have a conversation with an Owner-Manager of a business in Australia or a Manager in an organisation such as a Bank, Retail Store, Restaurant, Hotel, Factory etc. Ask the Owner-Manager or the Manager the following questions: i) Does the business collect and use cost information for planning and control purposes? How often? (3 marks) ii) Who is responsible for the collection of cost information? Be as specific as possible. (3 mark) iii) What type of cost information does the business collect? Provide examples incl. types of reports. (3 marks) iv) How important does the Owner-Manager or the Manager believe cost information are to the Business's success? Explain. (3 marks)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Have a conversation with an Owner-Manager of a business in Australia or a Manager in an organisation such as a Bank, Retail Store, Restaurant, Hotel, Factory etc.
Ask the Owner-Manager or the Manager the following questions:
i) Does the business collect and use cost information for planning and control purposes? How often? (3 marks)
ii) Who is responsible for the collection of cost information? Be as specific as possible. (3 mark)
iii) What type of cost information does the business collect? Provide examples incl. types of reports. (3 marks)
iv) How important does the Owner-Manager or the Manager believe cost information are to the Business's success? Explain. (3 marks)
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