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Lies, Damned Lies, and Cost Accounting by Reginald Tomas Lee

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CHAPTER 10

Revisiting the Objective—Cash and Decision-Making

There comes a point when you have to ask the question, “What is my objective?” when it comes to financial decision-making. Companies spend an inordinate amount of time creating, analyzing, and trying to affect accounting data. They make substantial investments in large departments with many people, and in IT systems that sometimes seem almost singularly focused on creating and keeping track of accounting data. Consultants have made many billions, if not trillions, of dollars helping companies to cost better, calculate better cost data, and reduce their costs.

When you look at each of the cost accounting approaches that exist, what the people who designed them and use them fail to see ...

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