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Marketing management (mkt 622) CH 1 The Manager And Management Accounting

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Sandra Watson
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The Hashemite University

Marketing management (mkt 622)

a management accountant can help formulate a strategy by

THE MANAGER AND MANAGEMENT ACCOUNTING
See the front matter of this Solutions Manual for suggestions regarding your choices of
assignment material for each chapter.
1-1 Management accounting measures, analyzes and reports financial and nonfinancial
information that helps managers make decisions to fulfill the goals of an organization. It focuses
on internal reporting and is not restricted by generally accepted accounting principles (GAAP).
Financial accounting focuses on reporting to external parties such as investors,
government agencies, and banks. It measures and records business transactions and provides
financial statements that are based on generally accepted accounting principles (GAAP).
Other differences include (1) management accounting emphasizes the future (not the
past), and (2) management accounting influences the behavior of managers and other employees
(rather than primarily reporting economic events).
1-2 Financial accounting is constrained by generally accepted accounting principles.
Management accounting is not restricted to these principles. The result is that
management accounting allows managers to charge interest on owners’ capital to help
judge a division’s performance, even though such a charge is not allowed under
GAAP,
management accounting can include assets or liabilities (such as ―brand names‖
developed internally) not recognized under GAAP, and
management accounting can use asset or liability measurement rules (such as present
values or resale prices) not permitted under GAAP.
1-3 Management accountants can help to formulate strategy by providing information about
the sources of competitive advantage—for example, the cost, productivity, or efficiency
advantage of their company relative to competitors or the premium prices a company can charge
relative to the costs of adding features that make its products or services distinctive.
1-4 The business functions in the value chain are
Research and development—generating and experimenting with ideas related to new
products, services, or processes.
Design of products and processes—the detailed planning, engineering, and testing of
products and processes.
Production—procuring, transporting, storing and assembling resources to produce a
product or deliver a service.
Marketing—promoting and selling products or services to customers or prospective
customers.
Distribution—processing orders and shipping products or services to customers.
Customer service—providing after-sales service to customers.

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Marketing management (mkt 622) CH 1 The Manager And Management Accounting

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