Get a brief summary for the following question and the references:
1. In some companies, managers get workers involved in setting standards. What are the benefits of worker involvement in setting the standards?
2. Why are transfer prices necessary? Explain
3 . For governmental agencies, a budget places a legal limit on expenditures. As employees are asked for input into the budgeting process, what types of biases are likely to be encountered? Explain why these biases exist.
4. Describe the process you would go through to develop a budget for your college expenses.
5. Explain the importance of separation of duties to a system of internal controls.
6. Three students share a house. Having better things to do than clean house, they hire someone to come in and clean once each week. How should they share the costs of the housekeeper? One simple solution is to share the cost equally. Suppose, however, that one student's bedroom is twice as large as each of the other students' bedrooms. The second student has a small bedroom and uses the house only four days per week. The third student uses the house all week, has a small bedroom, generally acknowledged to be the cleanest of the three. Sharing the cost equally is simple, but is it fair? Explain