1. Give four examples of firms you think would be significant users of cost management information and explain why.
2. Give three examples of firms you think would not be significant users of cost management information and explain why.
3. What is meant by the term cost management? Who in the typical firm or organization is responsible for cost management?
4. List four functions of management. Explain what type of cost management information is appropriate for each.
5. Which is the most important function of management, and why?
6. Identify the different types of business firms and other organizations that use cost management information and explain how the information is used.
7. The owner of a small software company felt his accounting system was useless. He stated, "accounting systems only generate historical costs. Historical costs are useless in my business because everything changes so rapidly."
a. Are historical costs useless in rapidly changing environments? Explain.
b. Should accounting systems be limited to historical costs? Explain.
8. How do management accountants support strategic decisions?
9. Define strategic cost management.
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