Discuss the importance of accurate and relevant costs information in managerial decision making.
Discuss the importance of accurate and relevant costs information in managerial decision making.
Homework Answers
Importance of accurate and relevant costs information in managerial decision making:-
1. To take a decision regarding adding or dropping the product line and other segments.
2. To form make or buy decision.
3. To decide whether to accept or reject a new order.
4. To utilize the resources in the best possible way.
5. To help in deciding about sell or process further decision.
| Hi mate, |
| I would be grateful to you if you can provide a thumbs up and write one beautiful comment. It will improve my rating and let me continue my journey here. |
| In case of doubt, please comment. I will consider myself fortunate if I can help you. |
| All the best for your bright future. |
Add Answer to:
Discuss the importance of accurate and relevant costs
information in managerial decision making.
In managerial accounting, costs can be classified by behavior, traceability decision-making, external reporting , prime costs...
In managerial accounting, costs can be classified by behavior, traceability decision-making, external reporting , prime costs vs conversion costsand Function Wise Classification. Discuss all the above cost classifications and explain the importance of each classification (300 words)
6. Discuss the importance of reasoning in the decision-making process.
6. Discuss the importance of reasoning in the decision-making process.
1) When making Managerial decisions, explain what financial and non-financial information is involved in the decision...
1) When making Managerial decisions, explain what financial and non-financial information is involved in the decision making process? 2) Explain the following concepts utilized in Incremental Analysis--Relevant Costs, Opportunity Costs and Sunk Costs? 3) What is the purpose of incremental analysis used by a company? 4) Why do we only look at relevant costs in accepting or rejecting a special order at a set price? What assumptions are made in this decision-making process? 5) What factors do we look at...
Discuss the importance of and use of planning, decision making, and training in health organizations and provide...
Discuss the importance of and use of planning, decision making, and training in health organizations and provide examples of each. How can planning, decision making, and training aid in developing organizational culture in health organizations?
Which of the following statements is false about information used for decision making? A. imprecise but...
Which of the following statements is false about information used for decision making? A. imprecise but relevant information can be useful for decision making B. precise but irrelevant information is worthless for decision making C. relevant information can be reasonably accurate but not precisely so D. relevant information should be totally accurate or it is useless
Investors primarily use managerial accounting information for decision-making purposes. True False
Investors primarily use managerial accounting information for decision-making purposes. True False
Relevant costs in decision-making: are future costs that represent differences between decision alternatives. result from past...
Relevant costs in decision-making:
are future costs that represent differences between decision alternatives. result from past decislons. O should not influence the decislon. O none of the above.
True or False: Cost behavior is the most important characteristic of costs for managerial decision making....
True or False: Cost behavior is the most important characteristic of costs for managerial decision making. True or False: The quality of the cost equation depends on collecting appropriate data.
1. Discuss the value of organizational research to decision making for the accountants in a business....
1. Discuss the value of organizational research to decision making for the accountants in a business. How does research affect management control? 2. In this discussion question, you will describe the importance of non-financial measures for an organization. How does an organization decide on what and how many non-financial performance measures are relevant to their success? Discuss how non-financial measures compare and contrast to financial statements to assist management and shareholders in decision making. Following the directions of your facilitator,...
1) Which of the following is NOT a step in the managerial decision-making process? A) Determine...
1) Which of the following is NOT a step in the managerial decision-making process? A) Determine the decision alternatives. B) Calculate the payback period. C)Identify the decision problem. D) Evaluate the costs and benefits of the alternatives. 2) A relevant cost is: A) a cost that differs across decision alternatives. B) a cost that is the same regardless of the alternative the manager chooses. C) a cost that has already been incurred. D) the foregone benefit of choosing to do...
Relevant costs in decision-making:
are future costs that represent differences between decision alternatives. result from past decislons. O should not influence the decislon. O none of the above.
Most questions answered within 3 hours.
-
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 29 minutes ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 1 hour ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 2 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 2 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 3 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 3 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 3 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 3 hours ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 3 hours ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 4 hours ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 4 hours ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 4 hours ago