Read e-book online Accounting Control and Financial Strategy: Teachers’ Manual PDF


By Andrew M. McCosh, Michael J. Earl

ISBN-10: 1349040185

ISBN-13: 9781349040186

ISBN-10: 1349040207

ISBN-13: 9781349040209

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Controls can distort, be too narrow, be manipulated or generate conflict. For example, ROI may emphasise the short-term, overlook wider responsibilities, be manipulated or cause inter-unit sub-optimisation. 6. Management control is achieved through line management. Thus motivation may be more important than economic rationality. 7. Financial controls such as ROI, Residual Income or Profit benefit from supporting controls such as component rations, management by objectives or other key result variables.

What is overlooked in the Du Pont case is that their system was built up from the components of ROI which themselves were used as supporting (and therefore balancing) controls. Sales ~ """"'4 ~ Earnings as % of sales - - ~~ ~ y ¢"t,. '<:>. ~¢ <9J- -1 ~v. ;.. Earnings -i Cost of sales Mill cost of sales PLUS Selling expense PLUS Sales -1 Administrative Sales rl Inventories 10 ('~ <><9 J.. ~ y Turnover ¢"t,. '<:>. ~ ~¢ <9J- ~ Total investment - rl WorkIng capital ~ "oS' ~ y PLUS Accounts receivable PLUS Cash Permanent investment Fig.

TEACHING THE CASE Experience suggests the case should be worked through step by step. It does however add interest if a snap poll is taken initially of how students view EPL's prospects. This judgement can then be re-assessed at the end of case discussion. The first step is to draw a picture of EPL from trends and then test· initial hypotheses through ratio analysis and funds flow analysis. At this point a view of past performance can be agreed. Then from signals suggested by the historical analysis, and from triggers in the case, the third step is to work through the projection.

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Accounting Control and Financial Strategy: Teachers’ Manual by Andrew M. McCosh, Michael J. Earl

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