Which of the following steps in the management decision-making process does not generally involve the managerial accountant? Determine possible courses of action Make the appropriate decision based on relevant data Prepare internal reports that review the impact of decisions None of these Which is the first step in the management decision-making process? Determine and evaluate possible courses of action. Review results of the decision. Identify the problem and assign responsibility. Make a decision. Factors that can affect pricing decisions include all of the following except cost considerations. environment. pricing objectives. All of these are factors. In most cases, prices are set by the customers. competitive market. largest competitor. selling company. A company must price its product to cover its costs and earn a reasonable profit in all cases. its early years. the long run. the short run. Prices are set by the competitive market when the product is specially made for a customer. there are no other producers capable of manufacturing a similar item. a company can effectively differentiate its product from others. a product is not easily distinguished from competing products. All of the following are correct statements about the target price except it is the price the company believes would place it in the optimal position for its target audience. is used to determine a product's target cost. is determined after the company has identified its market and does market research. is determined after the company sets its desired profit amount. Why are budgets useful in the planning process? They provide management with information about the company's past performance. They help communicate goals and provide a basis for evaluation. They guarantee the company will be profitable if it meets its objectives. They enable the budget committee to earn their paycheck. A budget is a substitute for management. is an aid to management. can operate or enforce itself. is the responsibility of the accounting department