Answer:
1.Barry's customers are the people who belong to the departments where the internal electronic component is produced.
2.The plant manager's charge to Barry to be more sensitive to his customers means that it is necessary to take care of all the needs of the department's customers. Once the needs of all the customers are satisfied soon there will be a very good impact on the production.
The increased sensitivity could improve the company's time-based competitive ability by producing the electronic components with in time.
3.The cost management plays a vital role in helping Barry to be more sensitive to his customers:
• Making the correct decisions from the financial information
• Forecasting the future demand
• Cost management helps Barry in Global competition
• Cost management is an essential instrument in the growth of service sector
Answer:
Prepare a letter:
September 27, 2013
Dear Miss Lily,
It is an absolute pleasure to know that you are considering a course in either financial accounting or cost management as part of your interest in working for a hotel industry, here are some inputs with respect to the cost management and financial management role in an organization.
Cost management provides the detailed cost information that management needs to control current operations and plan for the future and financial accounting is used to prepare accounting information for people outside the organization and not involved in the day-to-day running of the company.
Financial accounting:
The role of financial accounting at hotel is mainly to provide information of financial results mainly to external users.
The function of financial accountant does not involve in providing information for day to day activities. The financial accountant outputs are used by shareholders, investors, suppliers and creditors.
As a financial accountant, one has to represent the company to the outsiders and record financial success during the period and financial results at the end. The frequency of information is needed at annual level when it comes to financial accounting.
Cost management:
The role of cost manager is providing necessary information on a day to day basis and supporting in planning, controlling and decision making activities. The reports generated by cost manager is used internally i.e. manager, customer, auditors and suppliers.
Compared to financial accountant, cost manager role is wider as he is the one who involves in each and every cost related aspects internally which forms as a basis for planning and decision making.
Thanks,
Shilpa.
Answer:
RID: 2980 | 01/10/2013 Discuss ethical dilemma:
John and patty are both cost accounting managers and both are at the same position, John was informed by divisional controller that he had recommended patty to be promoted to controller position and John as well know what exist in patty's mind that patty has accepted a position as controller in another organization.
John now ended up in ethical dilemma; he should follow the ethics and maintain confidentiality. John should not inform patty's plan to the divisional manager though disclosing this information is beneficial to John, as John could have the chances of getting promoted instead of patty.
Considering IMA code of ethics John should leave the response to patty itself and allow her to take her own decision, if she still go for changing her job then John will be promoted.