The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as .....

INTRODUCTION TO COST ACCOUNTING

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as ____

A	value chain management
B	enterprise resource planning
C	cost management
D	customer value management

Explanation:

Detailed explanation-1: -Cost management is the approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services.

Detailed explanation-2: -Management accounting helps determine the budget forecast for the coming time period. This budget planning can be done at different levels of the company. Budgets can be planned for each project, department, product, location, marketing campaign or any other planned action by the company.

Detailed explanation-3: -Managerial accounting helps managers make operational decisions–intended to help increase the company’s operational efficiency–which also helps in making long-term investment decisions.

Detailed explanation-4: -Management accounting information helps managers calculate a target cost for a product by subtracting from the target price the net income per unit of product that the company wants to earn.

Detailed explanation-5: -Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services.

There is 1 question to complete.