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Cornerstones of Cost Management (C...

4th Edition
Don R. Hansen + 1 other
Publisher: Cengage Learning
ISBN: 9781305970663

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BuyFindarrow_forward

Cornerstones of Cost Management (C...

4th Edition
Don R. Hansen + 1 other
Publisher: Cengage Learning
ISBN: 9781305970663
Chapter 1, Problem 3DQ
Textbook Problem
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Identify and discuss the factors that affect the focus and practice of cost management.

To determine

Identify and discuss the factors that affect the focus and practice of cost management.

Explanation of Solution

Cost management: Cost management is concerned with allocating costs and using the information for planning, controlling, decision making and continues improvement.

  • Global competition, advances in information technology, customer orientation, growth in service industry, total quality management, efficiency and time as a competitive factor are the factors that affects the focus and practice of cost management. Global competition is the term used when the companies are competing with the best of best.
  • Some of the crucial factors for managing costs are time, accurateness and relevant accounting information. Growth in service industry resulted in the need for increased management accounting information for improving the quality and productivity. An improvement in information technology led to the establishment of integrated databases that permits several users to develop self-reports depending upon their specific needs and wants...

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Cornerstones of Cost Management (Cornerstones Series)
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