Solution Manual for Financial and Managerial Accounting 8th Edition By Wild

Solution Manual for Financial and Managerial Accounting 8th Edition By Wild

Chapter 1

1. The purpose of accounting is to provide decision makers with relevant and reliable information to help them make better decisions. Examples include information for people making investments, loans, and business plans.
2. Technology reduces the time, effort, and cost of recordkeeping. There is still a demand for people who can design accounting systems, supervise their operation, analyze complex transactions, and interpret reports. Demand also exists for people who can effectively use computers to prepare and analyze accounting reports. Technology will never substitute for qualified people with abilities to prepare, use, analyze, and interpret accounting information.
3. External users and their uses of accounting information include: (a) lenders, to measure the risk and return of loans; (b) shareholders, to assess whether to buy, sell, or hold their shares; (c) directors, to oversee the organization; (d) employees and labor unions, to judge the fairness of wages and assess future employment opportunities; and (e) regulators, to determine whether the organization is complying with regulations. Other users are voters, legislators, governmentofficials, contributors to nonprofits, suppliers, and customers.
4. Business owners and managers use accounting information to help answer questions such as: What resources does an organization own? What debts are owed? How much income is earned? Are expenses reasonable for the level of sales? Are customers’ accounts being promptly collected?
5. Service businesses include: Standard and Poor’s, Dun & Bradstreet, Merrill Lynch, Southwest Airlines, CitiCorp, Humana, Charles Schwab, and Prudential.  Businesses offering products include Nike, Reebok, Gap, Apple, Ford Motor Co., Philip Morris, Coca-Cola, Best Buy, and WalMart.
6. The internal role of accounting is to serve the organization’s internal operating functions. It does this by providing useful information for internal users in completing their tasks more effectively and efficiently. By providing this information, accounting helps the organization reach its overall goals.
7. Accounting professionals offer many services including auditing, management advice, tax planning, business valuation, and money management.
8. Marketing managers are likely interested in information such as sales volume, advertising costs, promotion costs, salaries of sales personnel, and sales commissions.
9. Accounting is described as a service activity because it serves decision makers by providing information to help them make better business decisions.
10. Some accounting-related professions include consultant, financial analyst, underwriter, financial planner, appraiser, FBI investigator, market researcher, and system designer.

Solution Manual for Managerial Accounting 11th CANADIAN Edition by Garrison

• Describe the functions performed by managers.
• Identify the major differences and similarities between financial and managerial accounting.
• Explain the basic concepts of lean production and enterprise risk management.
• Explain the nature and importance of ethics for accountants and the role of corporate social responsibility.
• Explain how intrinsic motivation, extrinsic incentives, and cognitive biases affect employee behaviour.

• It explains the nature of managerial accounting in providing internal accounting information to support the work of management—planning, directing and motivating, and controlling.
• It describes the nature of organizations and the role of management accountants in an organization.
• It explains how companies are responding to a changing business environment by improving business process with the following four approaches:
  • Lean Production
  • Enterprise Risk Management
• It discusses the importance of upholding ethical standards.

Solution Manual for Managerial Accounting for Managers 5th Edition by Noreen

1. Direct materials are an integral part of a finished product and their costs can be conveniently traced to it.
2. Indirect materials are generally small items of material such as glue and nails. They may be an integral part of a finished product but their costs can be traced to the product only at great cost or inconvenience.
3. Direct labor consists of labor costs that can be easily traced to particular products. Direct labor is also called “touch labor.”
4. Indirect labor consists of the labor costs of janitors, supervisors, materials handlers, and other factory workers that cannot be conveniently traced to particular products. These labor costs are incurred to support production, but the workers involved do not directly work on the product.
5. Manufacturing overhead includes all manufacturing costs except direct materials and direct labor. Consequently, manufacturing overhead includes indirect materials and indirect labor as well as other manufacturing costs.

1. Variable cost: The variable cost per unit is constant, but total variable cost changes in direct proportion to changes in volume.
2. Fixed cost: The total fixed cost is constant within the relevant range. The average fixed cost per unit varies inversely with changes in volume.
3. Mixed cost: A mixed cost contains both variable and fixed cost elements.

1. Unit fixed costs decrease as the activity level increases.
2. Unit variable costs remain constant as the activity level increases.
3. Total fixed costs remain constant as the activity level increases.
4. Total variable costs increase as the activity level increases.

1. Cost behavior: Cost behavior refers to the way in which costs change in response to changes in a measure of activity such as sales volume, production volume, or orders processed.
2. Relevant range: The relevant range is the range of activity within which assumptions about variable and fixed cost behavior are valid.

Solution Manual for Payroll Accounting 2019 5th Edition By Landin

1. K
2. H
3. B
4. F
5. I
6. J
7. A
8. D
9. G
10. C
11. E

1. D
2. A
3. F
4. C
5. G
6. J
7. B
8. I
9. H
10. E

1. Answers will vary. Some concerns include data privacy and integrity in the software switchover, tax and employee pay integrity on the new software, and employee pay methods.

2. Answers will vary. Liza could choose to ignore her sorority sister’s request, claiming professional responsibility. She could also discontinue active participation in the sorority. In any case, Liza must not consent to her sorority sister’s request for confidential information.

1. Large companies face issues with multiple departments, employee access to online personnel portals, employee data security, and timekeeping accuracy.
2. For small companies, the cost of outsourcing the payroll function needs to be considered. On one hand, a small company may not have personnel who are proficient with payroll regulations and tax reporting requirements, which leaves a company vulnerable to legal actions and stringent fines. However, engaging a payroll service company may be cost prohibitive. The decision to outsource the payroll for a small company should take into accountthe number of personnel, locations, and types of operations in which the company engages.

Solution Manual for Fundamental Accounting Principles 24th Edition by Wild

Solution Manual for Fundamentals of Financial Accounting 6th Edition by Phillips

1. The time value of money is the idea that a dollar received today is worth more than a dollar to be received at any later date because it can be invested today to earn interest over time.
2. Future value—The future value of a number of dollars is the amount that it will increase to in the future at i interest rate for n periods. The future value is the principal plus accumulated interest compounded each period.

3. $10,000 x 2.59374 = $25,937 (rounded to the nearest dollar).
4. $8,000 x .38554 = $3,084 (rounded to the nearest dollar).
5. An annuity is a term that refers to equal periodic cash payments or receipts of an equal amount each period for two or more periods. In contrast to a future value of $1, or a present value of $1 (which involves a single contribution or amount), an annuity involves a series of equal contributions for a series of equal periods. An annuity may refer to a future value or a present value.

7. $1,000 x 14.48656 = $14,487. (rounded to the nearest dollar)