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CHAPTER 2 Basic Cost Management Concepts FOCUS ON ETHICS (Located before the Chapter Summary in the text.) Was WorldCom’s controller just following orders? The WorldCom controller allegedly did not perform his professional duties in accordance with relevant laws, regulations, and ethical standards for practitioners of managerial accounting and financial management. The justification that the controller makes for this alleged unethical duping of investors, that he was ordered to do so by senior management, is an insufficient defense of his actions. He was legally and ethically obliged to find and correct accounting errors, and to make an accurate representation of the firm’s financial position to his fellow managers, the board of directors, and the investing public. Sometimes, because of negligence or conflicts of interest, senior management may accidentally or purposely give unethical instructions. The controller is obliged under these circumstances to uphold his professional integrity and insist on an appropriate treatment of the accounting information.
ANSWERS TO REVIEW QUESTIONS 2-1
Product costs are costs that are associated with manufactured goods until the time period during which the products are sold, when the product costs become expenses. Period costs are expensed during the time period in which they are incurred.