1. Identify and discuss the factors that are affecting the way cost accounting is practiced. 2....

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1. Identify and discuss the factors that are affecting the way cost accounting is practiced. 2. Explain the relationship between the financial accounting system and the cost management system. 3. You are a management accountant for Burn's Corporation. Ruth Hamilton, the sales representative for one of Burn's suppliers, invited you to attend a professional sporting event. Because you are an avid sports fan, you accepted Ruth's invitation. At the sporting event, Ruth begins talking about Burn's upcoming contract renewals with suppliers. Because there is intense competition and because it is the first bid she will submit to Burn's Corporation, she asks you to review her bid to make sure "it is good enough" before she submits it to the company. In addition, because you are knowledgeable about costs, especially regarding this contract, she asks you to tell her if her bid is "in the ballpark" or "needs improvement." She indicates that if she wins the contract, you will be provided with season tickets for the rest of the year. Required: Considering the Conduct of Cost Accountants, how would you respond to Ruth's request? 4. What is responsibility accounting? Compare and contrast financial-based responsibility accounting with activity-based responsibility accounting. 1. Identify and discuss the factors that are affecting the way cost accounting is practiced. 2. Explain the relationship between the financial accounting system and the cost management system. 3. You are a management accountant for Burn's Corporation. Ruth Hamilton, the sales representative for one of Burn's suppliers, invited you to attend a professional sporting event. Because you are an avid sports fan, you accepted Ruth's invitation. At the sporting event, Ruth begins talking about Burn's upcoming contract renewals with suppliers. Because there is intense competition and because it is the first bid she will submit to Burn's Corporation, she asks you to review her bid to make sure "it is good enough" before she submits it to the company. In addition, because you are knowledgeable about costs, especially regarding this contract, she asks you to tell her if her bid is "in the ballpark" or "needs improvement." She indicates that if she wins the contract, you will be provided with season tickets for the rest of the year. Required: Considering the Conduct of Cost Accountants, how would you respond to Ruth's request? 4. What is responsibility accounting? Compare and contrast financial-based responsibility accounting with activity-based responsibility accounting.

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Factors Affecting the Practice of Cost Accounting a Technological Advancements Technological advancements have significantly impacted the way cost accounting is practiced Automation data analytics and ... View the full answer