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Managerial Accounting Today<\/h3>\n\n
As many large organizations compete in global markets which are highly deregulated, many companies have implemented strategic management programs. <\/p>\n\n
Click through the pages to review the elements of this topic.<\/p>\n","coverMedium":{"params":{"decorative":true,"contentName":"Image","expandImage":"Expand Image","minimizeImage":"Minimize Image","title":"Photo by Shridhar Gupta on Unsplash","file":{"path":"images\/file-663523f148f68.jpg","mime":"image\/jpeg","copyright":{"license":"U"},"width":4267,"height":2845}},"library":"H5P.Image 1.1","metadata":{"contentType":"Image","license":"U","title":"Untitled Image"},"subContentId":"1f6a237f-0957-46b9-9c1f-bd8d85f0f6a2"}},"chapters":[{"params":{"content":[{"content":{"params":{"text":"
As many large organizations compete in global markets which are highly deregulated, many companies have implemented strategic management programs. Such programs aim to improve quality, reduce costs and gain a competitive position in the global marketplace through establishing long-term goals and by analyzing the business environment in which it operates. <\/p>\n\n
Companies analyze their internal operations and resources, their customers, suppliers, and competitors, as well as the laws and regulations with which they operate. These new approaches require modifications to traditional management accounting, which has been criticized for being too narrow, too quantitative and solely aimed at financial reporting. Modern management accounting contributes to the formulation of policies and guides the decision-making process in an ever-changing business environment. <\/p>\n\n
One such change in North America is the shift toward providing services rather than goods. Approximately 80% of Canadian and US workers are employed by service-based companies. Services, unlike goods, are consumed immediately by customers. Service-industry managers are turning to managerial accounting to answer key operating questions, such as \u201cwhat fees structure should be used?\u201d, \u201chow much overhead should be allocated to specific jobs?\u201d, and \u201chow should the quality of services provided be measured?\u201d. <\/p>\n"},"library":"H5P.AdvancedText 1.1","metadata":{"contentType":"Text","license":"U","title":"Untitled Text"},"subContentId":"0806d385-f3ec-4805-b8f8-fe07d8e5bd4a"},"useSeparator":"auto"}]},"library":"H5P.Column 1.18","metadata":{"contentType":"Column","license":"U","title":"Managerial Accounting Today"},"subContentId":"defbcd21-7fb8-4410-a1e7-8525be554a02"},{"params":{"content":[{"content":{"params":{"introPage":{"showIntroPage":false,"startButtonText":"Start Quiz","introduction":""},"progressType":"dots","passPercentage":50,"questions":[{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
To increase regulatory compliance<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
To reduce quality standards<\/div>\n"},{"correct":true,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
To establish long-term goals and gain competitive advantage<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
To limit analysis of the business environment<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":true,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"
What is a primary aim of strategic management programs implemented by companies competing in global markets?<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Multiple Choice"},"subContentId":"39b67695-3f3a-41e0-9992-0928f1f1d9a7"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
It focuses solely on financial reporting<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
It is less quantitative in its approach<\/div>\n"},{"correct":true,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
It contributes to policy formulation and decision-making<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
It does not analyze internal operations or resources<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":true,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"
How does modern management accounting differ from traditional management accounting?<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Multiple Choice"},"subContentId":"cab4930c-8f8c-4f97-882e-faaec9e21af3"},{"params":{"media":{"disableImageZooming":false},"answers":[{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
Their products have a longer shelf life<\/div>\n"},{"correct":true,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
Approximately 80% of Canadian and US workers are employed in this sector<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
They primarily focus on goods rather than services<\/div>\n"},{"correct":false,"tipsAndFeedback":{"tip":"","chosenFeedback":"","notChosenFeedback":""},"text":"
Their services are not immediately consumed by customers<\/div>\n"}],"overallFeedback":[{"from":0,"to":100}],"behaviour":{"enableRetry":true,"enableSolutionsButton":true,"enableCheckButton":true,"type":"auto","singlePoint":false,"randomAnswers":true,"showSolutionsRequiresInput":true,"confirmCheckDialog":false,"confirmRetryDialog":false,"autoCheck":false,"passPercentage":100,"showScorePoints":true},"UI":{"checkAnswerButton":"Check","submitAnswerButton":"Submit","showSolutionButton":"Show solution","tryAgainButton":"Retry","tipsLabel":"Show tip","scoreBarLabel":"You got :num out of :total points","tipAvailable":"Tip available","feedbackAvailable":"Feedback available","readFeedback":"Read feedback","wrongAnswer":"Wrong answer","correctAnswer":"Correct answer","shouldCheck":"Should have been checked","shouldNotCheck":"Should not have been checked","noInput":"Please answer before viewing the solution","a11yCheck":"Check the answers. The responses will be marked as correct, incorrect, or unanswered.","a11yShowSolution":"Show the solution. The task will be marked with its correct solution.","a11yRetry":"Retry the task. Reset all responses and start the task over again."},"confirmCheck":{"header":"Finish ?","body":"Are you sure you wish to finish ?","cancelLabel":"Cancel","confirmLabel":"Finish"},"confirmRetry":{"header":"Retry ?","body":"Are you sure you wish to retry ?","cancelLabel":"Cancel","confirmLabel":"Confirm"},"question":"
What is a characteristic feature of service-based companies, as mentioned in the passage?<\/p>\n"},"library":"H5P.MultiChoice 1.16","metadata":{"contentType":"Multiple Choice","license":"U","title":"Multiple Choice"},"subContentId":"3258d931-811b-45f7-a4c9-bcebb5050053"}],"disableBackwardsNavigation":false,"randomQuestions":false,"endGame":{"showResultPage":true,"showSolutionButton":true,"showRetryButton":true,"noResultMessage":"Finished","message":"Your result:","scoreBarLabel":"You got @finals out of @totals points","overallFeedback":[{"from":0,"to":100}],"solutionButtonText":"Show solution","retryButtonText":"Retry","finishButtonText":"Finish","submitButtonText":"Submit","showAnimations":false,"skippable":false,"skipButtonText":"Skip video"},"texts":{"prevButton":"Previous question","nextButton":"Next question","finishButton":"Finish","submitButton":"Submit","textualProgress":"Question: @current of @total questions","jumpToQuestion":"Question %d of %total","questionLabel":"Question","readSpeakerProgress":"Question @current of @total","unansweredText":"Unanswered","answeredText":"Answered","currentQuestionText":"Current question","navigationLabel":"Questions"},"override":{"checkButton":true}},"library":"H5P.QuestionSet 1.20","metadata":{"contentType":"Question Set","license":"U","title":"Question Set"},"subContentId":"0fd2f0ab-a69e-4957-963b-fc2b0a41f421"},"useSeparator":"auto"}]},"library":"H5P.Column 1.18","metadata":{"contentType":"Column","license":"U","title":"Check for Understanding"},"subContentId":"d370b950-a446-46de-b642-034f47586865"}],"behaviour":{"baseColor":"#1768c4","defaultTableOfContents":true,"progressIndicators":true,"progressAuto":true,"displaySummary":true,"enableRetry":true},"read":"Read","displayTOC":"Display 'Table of contents'","hideTOC":"Hide 'Table of contents'","nextPage":"Next page","previousPage":"Previous page","chapterCompleted":"Page completed!","partCompleted":"@pages of @total completed","incompleteChapter":"Incomplete page","navigateToTop":"Navigate to the top","markAsFinished":"I have finished this page","fullscreen":"Fullscreen","exitFullscreen":"Exit fullscreen","bookProgressSubtext":"@count of @total pages","interactionsProgressSubtext":"@count of @total interactions","submitReport":"Submit Report","restartLabel":"Restart","summaryHeader":"Summary","allInteractions":"All interactions","unansweredInteractions":"Unanswered interactions","scoreText":"@score \/ @maxscore","leftOutOfTotalCompleted":"@left of @max interactions completed","noInteractions":"No interactions","score":"Score","summaryAndSubmit":"Summary & submit","noChapterInteractionBoldText":"You have not interacted with any pages.","noChapterInteractionText":"You have to interact with at least one page before you can see the summary.","yourAnswersAreSubmittedForReview":"Your answers are submitted for review!","bookProgress":"Book progress","interactionsProgress":"Interactions progress","totalScoreLabel":"Total score","a11y":{"progress":"Page @page of @total.","menu":"Toggle navigation menu"}}