Open-book management increases the transparency of information within an organization, which often requires accountants to change

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Open-book management

• increases the transparency of information within an organization, which often requires accountants to change from a mind-set of guarding to shar¬ ing information.

• creates challenges and opportunities for accoun¬ tants to make information understandable to fi¬ nancially unsophisticated employees, which frequently involves the creation of games and meetings.

• decentralizes both authority to make decisions and responsibility for decision results, which can be implemented by tying rewards to performance. LO.1

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Cost Accounting Foundations And Evolutions

ISBN: 9780324235012

6th Edition

Authors: Michael R. Kinney, Jenice Prather-Kinsey, Cecily A. Raiborn

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