Cost Management
8th Edition
ISBN: 9781259917028
Author: BLOCHER, Edward
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 1Q
To determine
Provide four examples of firms that uses cost management information and explain the reasons for using cost management information.
Expert Solution & Answer
Explanation of Solution
Cost management information: Cost management information contains financial information regarding costs and revenues and non-financial information regarding quality, productivity, customer retention and other main factors for the organization.
“Some of the examples of firms that uses cost management information and reasons for using cost management information are as follows”:
Company W: To reduce costs by streamlining restocking and sales.
A municipality or public agency: To maintain costs at a lower rate for providing the best possible service with the given funds available.
P and G or any similar large, diversified manufacturer: To measure the profitability of its wide range of different products.
Company D: To maintain costs at a lower rate by developing manufacturing performance, by using target costing, and other management skills.
Corporation C: To maintain costs at a lower rate by using activity analysis to recognize main operations and to find those that add little or no value.
A small machine shop: To ascertain whether it must repair or replace a machine.
A dance studio: To examine and select among different compensation plans for its teachers; and to ascertain whether it must open a new studio.
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Chapter 1 Solutions
Cost Management
Ch. 1 - Prob. 1QCh. 1 - Give three examples of firms you believe would...Ch. 1 - What does the term cost management mean? Who in...Ch. 1 - Name three professional cost management...Ch. 1 - Prob. 5QCh. 1 - List the four functions of management. Explain...Ch. 1 - Which is the most important function of...Ch. 1 - Identify the different types of business firms and...Ch. 1 - Name a firm or organization you know of that you...Ch. 1 - Prob. 10Q
Ch. 1 - The management accountant is a full business...Ch. 1 - What are some factors in the contemporary business...Ch. 1 - Contrast past and present business environments...Ch. 1 - Name the 13 contemporary management techniques and...Ch. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - What would you consider to be the strategy of The...Ch. 1 - What is a commodity? Give some examples of what...Ch. 1 - Prob. 20QCh. 1 - Consider the three broad categories of firms:...Ch. 1 - Michael Porter argues a firm cannot be at the same...Ch. 1 - Prob. 23QCh. 1 - Prob. 24BECh. 1 - Prob. 25BECh. 1 - Management accounting, as defined by the IMA, uses...Ch. 1 - Prob. 27BECh. 1 - Walmart, Costco, and Dollar General are retailers...Ch. 1 - Cost management has evolved from a focus on...Ch. 1 - A management method in which managers and...Ch. 1 - Prob. 31BECh. 1 - Prob. 32BECh. 1 - Firms that want to grow quickly in the global...Ch. 1 - The strategy map can be compared to the balanced...Ch. 1 - Prob. 35BECh. 1 - Strategy; Real Estate Services As a management...Ch. 1 - Strategy; Food Producer The Yee-Haw Pickle Company...Ch. 1 - Risk Management; Enterprise Sustainability; Lean...Ch. 1 - Contemporary Management Techniques Tim Johnson is...Ch. 1 - Balanced Scorecard Johnson Industrial Controls...Ch. 1 - Banking, Strategy; Skills A large U.S.-based...Ch. 1 - Prob. 42ECh. 1 - Professional Organizations and Certification Ian...Ch. 1 - Ethics; Product Quality HighTech Inc. manufactures...Ch. 1 - Prob. 45PCh. 1 - Prob. 47PCh. 1 - Prob. 48PCh. 1 - Strategy; Service Company Full Frame is a...Ch. 1 - Strategy; Cost-Cutting in the Pharmaceutical...Ch. 1 - Prob. 55P
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