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Managers need to know enough about accounting concepts and their applications, that they can understand and interpret financial data and make the best decisions possible. Suppose a manager in a manufacturing plant goes to the chief Accountant in the organization and asks for the manufactured per unit cost of a product, and the accounting manager stresses the point that "if you sell for less than this, you will lose money". Suppose the manager then decides to sell some of this product for less than that cost. Do you think the manager is demonstrating a knowledge of accounting concepts or just making a mistake that will lose money for the company. Explain.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9416554

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