Cost Ch 1 Notes Blank

Cost Ch 1 Notes Blank - Chapter 1 Notes Learning Objectives...

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Chapter 1 Notes Learning Objectives — This chapter has four learning objectives. 1. Understand how cost management supports strategic planning and decision making 2. Understand the importance of ethical behavior in decision making 3. Describe and understand the steps in strategic decision making 4. Apply benefit-cost and variance analysis to help evaluate an organization’s strategic plans Cost Management is: 1. It is a philosophy that: ________________________________ _______________________________ __________________ __ 2. It represents a ____________ attitude that ________________ 3. It uses a set of ____________ techniques that ______________ Cost Accounting - Chapter 1 Notes Page 1
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4. A cost management system ____________________________ Characteristics of Cost Management Analysts: 1.___________________________________________________ 2.___________________________________________________ 3.___________________________________________________ There are eight broad management decisions to be made in the area of cost management: 1. The organization’s ______________________________________ 2.The __________ of the organization and the __________ of the operations must be determined. 3.The use of resources Cost Accounting - Chapter 1 Notes Page 2
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4.___________________________________________ must be implemented. 5. Results _______________________________________________ 6. Individuals and sub-units _________________________________ 7. Plans and results ________________________________________ 8. Decision making and ____________________________________ Chapter 1 discusses the first 4 broad management decisions listed above. Choose the organization’s long-term strategy.
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This note was uploaded on 06/11/2008 for the course ACCT 308 taught by Professor Wormer during the Spring '08 term at CofC.

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Cost Ch 1 Notes Blank - Chapter 1 Notes Learning Objectives...

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