The following passage was taken from the scholarly journal for Management Accounting by Marc Epstein, and it reads…
After completing an analysis of inputs and outputs to the production process at Monsanto, former CEO Richard Mahoney said that the company found that it was “throwing away $150-175 million worth of raw materials and energy. Some of it was the laws of physics and chemistry, and some of it was just bad processes.” Monsanto concluded that “the first company to get a handle on full-cost accounting, the first one to learn how to expand the boundaries of traditional accounting into life cycle assessments, will be in a position to set critical worldwide standards for sustainable growth.”
1. Using the article: Epstein, M. J. (1996). Accounting for product take-back. Management Accounting, 78(2), 29-33,.
2. Prepare a position paper regarding the article.
3. Here are the touch-points that should be discussed your research:
a) Barriers to accounting for product take-back.
b) Is product take-back necessary? Is there an urgency for it?
c) Would product take-back ALWAYS result in an increase in operating expenses?
d) The significance of the different categories of corporate environmental costs?
e) Synthesize the textbook discussion in chapter eight on ESG (environmental, social, & governance) to the article of Epstein.
f) How will the adoption of product-take back and its related cost affect financial reporting, i.e., product costing, pricing and design, cost management, and capital investment decision?
g) Do you agree that management accountants’ are best to handle this job? And how will it change their role?
4. Remember that persuasive and compelling arguments should always be supported by authoritative articles or journals. Therefore, find several related journals and articles regarding the topic and integrate them with your assertions and cite them.
5. Your paper should include the essential elements of a position paper, including (a) introduction (b) discussion on the subject matter (c) your position, and (d) conclusion.
6. Your paper should also include the title and reference page. Please observe the APA style 7th, Edition, for the rest of the formatting requirements.
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