ACC 604 ACC604 Chapter 1 Homework Answers (National University)
ACC 604 Homework Chapter 1 (National University)
1. How does managerial accounting differ from financial accounting?
2. Pick any major television network and describe some planning and control activities that its managers would engage in.
3. If you had to decide whether to continue making a component part or to begin buying the part from an overseas supplier, what quantitative and qualitative factors would influence your decision?
4. Why do companies prepare budgets?
5. Why is managerial accounting relevant to business majors and their future careers?
6. Why is managerial accounting relevant to accounting majors and their future careers?
7. Pick any large company and describe its strategy using the framework in the chapter.
8. Why do management accountants need to understand their company’s strategy?
9. Pick any large company and describe three risks that it faces and how it responds to those risks.
10. Provide three examples of how a company’s risks can influence its planning, controlling, and decision-making activities.
11. Pick any large company and explain three ways that it could segment its companywide performance.
12. Locate the website of any company that publishes a corporate social responsibility report (also referred to as a sustainability report). Describe three nonfinancial performance measures included in the report. Why do you think the company publishes this report?
13. Why do companies that implement Lean Production tend to have minimal inventories?
14. Why are leadership skills important to managers?
15. Why is ethics important to business?
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(TCO 3) Managers are often required to make decisions about the future based