Decisions
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1. Do you agree with the following statements:
"Generally accepted accounting principles (GAAP) assist the development of management accounting systems and Six Sigma is an important management philosophy, but it has little effect on management accountants."
Explain your answer.
2. What is the distinction between the quantitative and qualitative aspects of decisions? What do you see as the advantages of each?
3. "Evaluating performance, decision by decision, is costly. Aggregate measures, such as the income statement, are frequently used." How might the wide use of income statements affect managers' decisions about buying equipment?
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Solution Summary
This solution provided an opinion with the GAAP, quantitatitve and qualitative decisions and performance.
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1. Do you agree with the following statements:
Generally accepted accounting principles (GAAP) assist the development of management accounting systems and Six Sigma is an important management philosophy, but it has little effect on management accountants.
I disagree with this statement for a number of reasons. The first is that anyone that is in accounting will rely on GAAP in order to do their job effectively. Each person will rely on the principals as a means in which to make sure that people are doing it with excellence and maintaining high ethical standards through the process. No matter form of accountancy one uses, he or she will always rely on the GAAP. This means that a person cannot avoid it no matter where he or she works at in a company. They will rely on it to stay current fresh in the midst of market condidtions changing so rapdily. However, this has every effect with the profession itself because many believe this to give them guidance in their field, especially when issues arise that one has to decipher from on a regular basis. Without having the GAAP, accountants would not have a clue on what it is they ...
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