CHAPTER 1 (Pages 4-29)
Stewardship: Stewardship is  developing records and controls to safeguards assets and  reporting
on the firms financial condition and how it has changed (5).
Total Quality Management [TQM]: TQM is simply knowing how to
Solutions Ch2 Qs 1,9,11
1. What gives a company economic value?
Economic value is the ability to make more money, now and in the future, subject to acceptable risk and effort.
The objective of good management is to create and maintain value. A company has
Ch3 Q 2,4,5,11,13,16,17,19
4. What are the important characteristics distinguishing variable costs from
Stable relationships within the relevant range:
Variable costs are constant per unit. When were talking about
production volume, for examp
Accy 2 Solns P-I2
I2. KO1, 3, & 4: Different uses drive the types of costs measured. The invisible hand of
the market place assumes market prices can promote efficient, value-adding management.
A perfect market reveals all the information needed for purch
Solutions to Ch 1 Qs 1,2,4,17
1. What is stewardship, and why is it an important management function?
Stewardship is an old English term referring to managing assets owned by others. The steward is responsible
for maintaining and increasing the asset's va