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Ira Lisetskai [31]
3 years ago
11

• A student planning a career in business management wondered why it was important to learn cost and management accounting. How

would you respond? Give some examples to support your point of view.
Business
1 answer:
ch4aika [34]3 years ago
6 0

Explanation:

Let us understand what a cost accounting and management accounting deals with and how both are related to business management.

Cost accounting:

  • It deals with expenses and cost assessment in terms for producing or buying products.
  • Gives an idea of how to measure profit.
  • To determine the selling price and this would be challenging and profitable to the business and to the market.

Management accounting:

This helps the business people to make decisions, assess performance, and it is one step ahead of cost accounting.

Any business management people has to deal with money, take decision, assess the market, measure profit. So it is important to get a knowledge on Cost and management accounting.

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Israel kirzner believes entrepreneurs have a unique capability, which he calls _________ ________, to spot existing opportunitie
Hatshy [7]
Israel kirzner believes entrepreneurs have a unique capability, which he calls entrepreneurial alertness, to spot existing opportunities for businesses.
Israel<span> Meir </span>Kirzner<span> is a British-born American economist. we can define the unique ability of </span>Entrepreneurial alertness that some people have as to recognize competitive limitations or imperfections in markets.
7 0
2 years ago
A savings account earns 8% interest. If $1,000 is invested, how many years is it until each of the following amounts is on depos
guapka [62]

Answer:

a. 4 years

b. 19 years

c. 19 years

d. 25 years

Explanation:

The number of years, n is calculated for each future value as follows :

a. $1,360

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $1,360

n = ?

Using a Financial Calculator, the number of years, n is 3.9953 or 4 years

b. $2,720

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $2,720

n = ?

Using a Financial Calculator, the number of years, n is 13.00 or 13 years

c. $4,316

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $4,316

n = ?

Using a Financial Calculator, the number of years, n is 19.00 or 19 years

d. $6,848

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $6,848

n = ?

Using a Financial Calculator, the number of years, n is 24.9991 or 25 years

3 0
3 years ago
Genevieve is a member of the board of directors and the chief financial officer of The Shoe Fits, Inc. Under the duty of care sh
iren2701 [21]

Answer:

B. oversee every aspect of the business, including such things as ordering merchandise and arranging for janitorial services

Explanation:

6 0
3 years ago
On August 5, 2021, Blossom Furniture shipped 50 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set
Gennadij [26K]

Answer:

$15,960

Explanation:

The total profit on units sold for the consignor:

= Sales Value - Cost of Goods Sold - Shipping Expenses - Commission - Advertising Expenses - Installation and setup costs

= (40 × $720) - (40 × $220) - [$1,850 × (40/50)] - ($28,800 × 5%) - $470 - $650

= $28,800 - $8,800 - $1,480 - $1,440 - $470 - $650

= $15,960

5 0
3 years ago
When a company strives to achieve lower overall costs than rivals and appeals to a broad spectrum of customers, it pursues Multi
dybincka [34]

Answer:

an overall low-cost provider strategy.

Explanation:

Competitive advantage can be defined as conditions, factors or circumstances that allow a business firm (organization) to manufacture finished goods or services better and perhaps cheaper than other (rival) firms in the same industry. Thus, it's responsible for putting a business firm in a superior or more favorable position than rival firms.

This ultimately implies that, a competitive advantage has a significant impact on a business because it increases its level of sales, revenue generation and profit margin when compared to rival firms in the same industry.

A overall low-cost provider strategy is a strategic business model that's typically focused on a broad customer base (segment) while still making profit by providing low-cost goods and services to the customers, as well as underpricing rivals in the same industry.

This ultimately implies that, it is a business strategy that involves lowering the price of goods and services in order to stimulate demand, generate more revenue, draw more customers and gain a competitive advantage over competitors or rivals in the same industry.

Hence, when a company strives to achieve lower overall costs than its rivals in the same industry and appeals to a broad spectrum of customers, it is considered to pursue an overall low-cost provider strategy.

6 0
3 years ago
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