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