Accountants cannot measure opportunity cost

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Reference no: EM132201810

1. Budgeting can be an important management tool if implemented properly. Identify the positive results when budgets are used properly. Since budgets affect people, identify the negative aspects if budgets are not implemented properly.

2. “Accountants cannot measure opportunity cost. Only managers have the knowledge to measure it”. Do you agree with this statement? Justify your answer.

3. Managers base pricing decisions on both cost and market factors. In addition, they must also consider ethical and legal issues. Describe the influence that ethics and the law have on pricing decisions.

4. “Accountants want a flexible budget because costs are difficult to predict. They need the flexibility to change budgeted costs as input prices change”. Does flexible budget serve this purpose? Justify your answer.

Reference no: EM132201810

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