1.

A finance professor and a marketing professor were recently

comparing notes on their perceptions of corporations. The finance
professor claimed the goal of a corporation should be to maximize the
value to the shareholders. The marketing professor claimed that the
goal of a corporation should be to satisfy the customers. What are the
similarities and differences in these two goals?
ANSWER..
As one can see from the above that marketing and finance are like
husband and wife although they will always have difference of opinion
but they will be together forever as they both are interrelated and they
cannot function in isolation and therefore companies should nee see
marketing and finance as different departments rather they both should be
allowed to work together so as to help company in achieving its pre
defined goals.

2. Evaluate the statement "Managers need accounting information and

need to know how to use it" (5 pts)
ANSWER..
Managers need accounting information to plan, monitor and make
business decisions and also managers need to allocate the financial,
human and capital resources towards competing needs of the business
through the budgeting process and knowing how to use by preparing and
monitoring budgets effectively requires reliable accounting data relating
to the various activities, processes, products, services, segments and
departments of the business and once more management requires
accounting information to monitor the performance of business by
comparison against past performance, competitor analysis, key
performance indicators and industry benchmarks.

3. How do Cost Accountants support strategic decisions? (5 pts)

ANSWER..
By having the most effective system result when the manager decision
maker and the accountant work together until the accountant
understands the decision to be made and the manager understands the
source of information that the accountant will report.

4. How do Management Accountants support strategic decisions? (5

pts)
ANWER.
The management accountant provides input that aids in developing
strategy,building resources and capabilities, and implementing strategy.
To understand the management accountant’s role, we must first
understand the managers tasks in more detail.