Define a cost management system and indicate how it should help managers
A cost management system is a set of formal methods developed for planning and controlling an organization's cost activities relative to the goals and objectives of the organization. A cost management system should determine how effective and efficient the organization's activities are and identify the cost of resources consumed in performing these activities. The system should also identify and evaluate any new activities that may improve future performance of the organization while being aware of the changing environment in which the business operates.
You might also like to view...
One of the options in a product-management organization is to eliminate product manager positions for minor products and assign two or more products to each remaining manager. Under what conditions is this alternative feasible?
A) when the product mix is highly diverse B) when there are very few products in the company's portfolio C) when two or more products serve a similar set of needs D) when customers fall into different user groups E) when the company produces many products for many markets
One major advantage of focus groups is that they may be directed at understanding a wide variety of issues such as reactions to a new food product, brand logo, or television ad
Indicate whether the statement is true or false
In a job order costing system, the transfer of overhead costs to the Work in Process Inventory account must take place before product unit costs can be computed
Indicate whether the statement is true or false
To implement the market fulfillment approach, an agent would first identify a client and then identify an unmet need in the market that client could fulfill
Indicate whether the statement is true or false