Zane Brady, manager of XLT Manufacturing Ltd, which is a large firm that sells a unique product declares: “It is not worth the effort to conduct customer profitability analysis.” As the management accountant, argue whether you agree or disagree with Zane Brady. Provide as much detail/examples as possible.
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Zane Brady, manager of XLT Manufacturing Ltd, which is a large firm that sells a unique product declares: “It is not worth the effort to conduct customer profitability analysis.” As the
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- Aaron McKinney is a cost accountant for Majik Systems Inc. Martin Dodd, Vice President of Marketing, has asked Aaron to meet with representatives of Majik Systems major competitor to discuss product cost data. Martin indicates that the sharing of these data will enable Majik Systems to determine a fair and equitable price for its products. Would it be ethical for Aaron to attend the meeting and share the relevant cost data? Explain your answer.B) The C.E.O. explains that the company is facing severe competition in the market place and has heard about the use of Cost Volume Profit Analysis to assist in the decision making process. He is however unsure about the analysis and how it can be of use in the business, and is seeking your help to determine: 1) What is C.V.P. Analysis and how it can be used to improve the profitability of the business. The C.E.O. then asks your advice on two sets of actions currently being considered by the company to increase its Net Income. The company currently has sales of $ 350,000, representing 5,000 units. Its variable costs are $ 250,000 and the fixed costs are $ 60,000. The alternatives being considered are: a) Increase Selling Price by 10% b) Reduce variable cost to 70% of Sales. You are asked to: 1) Compute the Net Income that will be earned under each alternative. 2) Advise the CEO as to which alternative would best suit the company's requirements.Suppose that a company called Futuristics, Inc hires you to work in Supply Cha Management. Your new manager sets up a meeting to discuss the Surfers, Inc. account. The meeting opens with the manager stating, "I just reviewed the financial report on Surfers, Inc. It really doesn't cost much to serve them, does i Which of the following would be an appropriate response to the manager's statement? Traditional accounting methods are perfect to help us make decisions about serving the Surfers, Inc. account Activity-based costing would be better to report the Surfers, Inc. results to the financial community Traditional cost accounting gives us a good measure for comparing by customer Activity-based costing could better show us how much it really costs to serve Surfers, Inc. Activity-based costing takes depreciation into account to enable us to know when to replace machinery
- Indicate whether each of the following statements is true or false. 1. When designing an accounting system, you need to think about the needs and knowledge of both the top managers and various other users. TrueFalse 2. When the environment changes as a result of technological advances, increased competition, or government regulation, an accounting system does not have to be sufficiently flexible to meet the changes in order to save money. TrueFalse 3. In developing an accounting system, cost is relevant. The benefits obtained from the information disseminated must outweigh the cost of providing it. TrueFalseAaron is a cost accountant for Majik Systems Inc. Martin the VP of marketing has asked Aaron to meet with the represenatives of Majik Systems major competitor to discuss product cost data. Martin indicates that the sharing of data will enable Majik Systems to determin a fair and equitable price for its products. Would it be ethical for Aaron to attend the meeting and share the relevant cost data? Why or Why not?2) Assume that ABC Company planned to conduct the market survey to know the opinions of the customers on the price they want to pay based on the functionality and quality of the products of the company. After knowing the price they took some control measures to achieve the desired profit. Being the accounting specialization student, explain the costing method followed by the ABC Company to get required profit.
- Assume that ABC Company planned to conduct the market survey to know the opinions of the customers on the price they wants to pay based on the functionality and quality of the products of the company. After knowing the price they took some control measures to achieve the desired profit. Being the accounting specialization student, explain the costing method followed by the ABC Company to get required profit.Mark is working as a Project Engineer in one of the IT firm. In providing IT services to a potential customer, Mark writes a business proposal claiming that he has enough manpower to provide the IT service but actually his organization does not. Which of the following aspect of measure of excellence in the production of the technical document is NOT met in the situation? O a. Mark's business proposal seems to miss measure of accuracy. O b. Mark's business proposal is not providing the feature of correctness. O c. Mark's business document fails in the aspect of conciseness as it needs to be useful for the potential customer O d. None of the above Ahmed is leading a project team in his organization to deliver some business solutions to his valuable client. In order for Ahmed to ensure that he keeps his project on track, Ahmed must: O a. Update any modified work schedules so that every member can access it easily O b. Stress all decisions made during their meetings orally than in written…Indicate whether each of the following statements is true or false. 1. When designing an accounting system, we need to think about the needs and knowledge of both the top managers and various other users. 2. When the environment changes as a result of technological advances, increased competition, or government regulation, an accounting system does not have to be sufficiently flexible to meet the changes in order to save money. In developing an accounting system, cost is relevant. The benefits obtained from the information disseminated must outweigh the cost of providing it. 3. >
- Aaron McKinney is a cost accountant for Majik Systems Inc. Martin Dodd, Vice President of Marketing, has asked Aaron to meet with representatives of Majik Systems major competitor to discuss product cost data. Martin indicates that the sharing of these data will enable Majik Systems to determine a fair and equitable price for its products. Would it be ethical for Aaron to attend the meeting and share the relevant cost data? Explain your answer.In managerial decision-making, a company must collect relevant information to use in the evaluation process. Some of this information may relate to non-financial issues. All the following relate to non-financial information, except for: Multiple Choice Environmental effects. Potential sales. Competition with a customer. Compliance with the law. Availability of credit.Many accounting and accounting-related professionals are skilled in financial analysis, but most are not skilled in manufacturing. This is especially the case for process manufacturing environments (for example, a bottling plant or chemical factory). To provide professional accounting and financial services, one must understand the industry, product, and processes. We have an ethical responsibility to develop this understanding before offering services to clients in these areas. Required Write a one-page action plan, in memorandum format, discussing how you would obtain an understanding of key business processes of a company that hires you to provide financial services. The memorandum should specify an industry, a product, and one selected process and should draw on at least one reference, such as a professional journal or industry magazine.