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                <text>Teaching the strategic management course can be a challenge for many professors. In most business schools, strategic management is a “capstone” course that requires students to draw on insights from various functional courses they have completed (such as marketing, finance, and accounting) in order to understand how top executives make the strategic decisions that drive whether organizations succeed or fail. Although students have taken these functional courses, many students have very little experience with major organizational choices.</text>
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                <text>You are probably asking yourself the question, "When and where will I use statistics?" If you read any newspaper, watch television, or use the Internet, you will see statistical information. There are statistics about crime, sports, education, politics, and real estate. Typically, when you read a newspaper article or watch a television news program, you are given&#13;
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                <text>Accounting is often called the language of business because it uses a unique vocabulary to communicate information to decision makers. In this chapter, we will discuss what financial accounting is and briefly introduce how financial information is communicated through financial statements. Then we will study how financial transactions are analyzed and reported on financial statements. Accounting is the process of identifying, measuring, recording, and communicating an organization’s economic activities to users. Users&#13;
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                <text> Process: Cost systems&#13;
 Learning objectives&#13;
After studying this chapter, you should be able to:&#13;
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• Distinguish between process and job costing systems.&#13;
• Discuss the concept of equivalent units in a process cost system.&#13;
• Compute equivalent units of production and unit costs under the average cost procedure.&#13;
• Prepare a production cost report for a process cost system and discuss its relationship to the&#13;
Work in Process Inventory account.&#13;
• Distinguish between normal and abnormal spoilage.&#13;
• Compute equivalent units of production and unit costs under the first-in first-out (FIFO)&#13;
system (Appendix 19-A).&#13;
• Discuss how joint costs are allocated to joint products (Appendix 19-B).&#13;
This chapter continues the discussion of cost accumulation systems. In Chapter 18, we explained &#13;
and illustrated job costing. The  job cost system (job costing) accumulates  costs incurred to&#13;
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