CHAPTER 1 The Changing Role of Managerial Accounting in a Dynamic Business Environment ANSWERS to Review Questions 1-1 The explosion in e-commerce will affect managerial accounting in significant ways. One effect will be a drastic reduction in paper work. Millions of transactions between businesses will be conducted electronically with no hard-copy documentation. Along with this method of communicating for business transactions comes the very significant issue of information security. Businesses
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Chapter 1 H.W. Quiz Questions 1. Data differ from information in which way? b. Information is output‚ and data are input. 2. Which of the following is NOT a characteristic that makes information useful? c. It is inexpensive 3. Which transaction cycle includes interactions between an organization and its suppliers? b. expenditure cycle 4. Which of the following is NOT a means by which information improves decision making? a. increases information overload 5. In the value chain concept‚ upgrading
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Chapter 1 Marketing: Creating and Capturing Customer Value 1) All of the following are accurate descriptions of modern marketing‚ EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers’ needs. E) Marketing is used by for-profit and not-for-profit organizations. Answer: C Diff: 2 Page Ref: 2 and 4 Skill: Concept
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CHAPTER 1 OUTLINE “The first job we have is to turn out quality merchandise that consumers will buy and keep on buying. If we produce it efficiently and economically‚ we will earn a profit‚ in which you will share.” - William Cooper Procter Quality assurance ...is any action directed toward providing customers with goods and services of appropriate quality. HISTORY OF QUALITY * Egyptian * Zhou Dynasty * Age of craftmanship * Early 20th Century: (1900s) * Quality
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Questions 1.) Identify the key elements of the resistance to change described in this situation. At the beginning the relation between the management and the employees was good. The employees had a 35-hour week and earned an average annual salary of $ 32.000 which was really for this part of France. But everything turned and the resistance to change began with the plan to cut 15 % of workforce and other decisions with Nestlé. Lack of communication and the company’s inability to inform the employees
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Questions Chapter 1 1. How does managerial accounting differ from financial accounting? The essential difference between managerial accounting and financial accounting is that managerial accounting attends the needs of managers inside the organization‚ while financial accounting serves the needs of those outside the organization. There are also specific guidelines that are used (GAAP/IFRS) in financial accounting and is mandatory whereas there are no guidelines in managerial accounting and is
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Brianna Bautista Instructor Jones Business 105 11 February 2012 C.L.U.E Chapter 1 1. Whether you are already working or about to enter today’s workplace. Communication skills are critical to your career success. a. Whether you are already working or about to enter today’s workplace‚ communication skills are critical to your career success. (Fragment) 2. Surveys of employers consistently show that communication skills are important to job success
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1 Principles of Marketing Marketing: Managing Profitable Customer Relationships Learning Objectives After studying this chapter‚ you should be able to: 1. Define marketing and outline the steps in the marketing process 2. Explain the importance of understanding customers and the marketplace‚ and identify the five core marketplace concepts 3. Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy
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Chapter 1: Introduction Tourism nowadays represents the largest form of temporary migration in the world‚ tourism can be seen as the world’s largest industry. The World Tourism Organization (WTO) has recognised that heritage and culture have become a component in almost 40% of all international trips undetaken. * Heritage tourism is defined as; ’an immersion in the natural history‚ human heritage‚ arts‚ philosophy and institutions of another region or country’. The meaning of heritage
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Feasibility Study of Establishing Cindy’s Fast Food Branch Along Plaza of Balanga‚ Bataan 1. General Objectives 1.1. Description of the Business Project The proposed business will need a two-storey building in a 2‚000 square-meter lot with a parking space at the rear. The customer will drive in the left entrance greeted by the water-sprinkled Indian trees partly shielding the establishment from the fumes coming from the busy street. Embraced by the multi-colored lights‚ the trees will set the
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