Our Shop

Solution Manual for Managerial Accounting 11th CANADIAN Edition by Garrison

£13.00

Edition: 11th Edition

Format: Downloadable ZIP Fille

Resource Type: Solution manual

Duration: Unlimited downloads

Delivery: Instant Download

Solution Manual for Managerial Accounting 11th CANADIAN Edition by Garrison

Chapter 1

Managerial Accounting

and the Business Environment

Learning Objectives

 

  • 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.

 

Chapter Overview

 

This chapter serves four main purposes:

 

  • 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.

 

 

Service-Related Examples

 

Company                                                                                                       Type of Business                           Text Reference

Certified Professional Accountants     Accounting                                    Introduction

Canadian Pacific                               Railway                                   In Business

CIBC                                                 Bank                                             Ethics/Discussion Case

 

 

Assignment Topic Grid

Chapter 1

 

Problem Topic LO1: Functions of managers LO2: Financial vs. managerial accounting   LO3: Lean production and enterprise risk

  management

  LO4: Nature and importance of ethics for

  accountants

LO5: Intrinsic motivation, extrinsic incentives, and cognitive biases Service industry Writing component CPA adapted
E1-1 Functions Performed by Managers ü ?
E1-2 Financial and Managerial Accounting ü ?
E1-3 Enterprise Risk Management ü ?
P1-4 Cognitive Biases ü ?
P1-5 Planning and Control Activities ü J ?
P1-6 Ethics in Business ü ?
P1-7 Corporate Social Responsibility ü ?
P1-8 Intrinsic Motivation and Extrinsic Incentives ü ?
P1-9 Value Chain Analysis ü

 

Quick Comparison

SettingsSolution Manual for Managerial Accounting 11th CANADIAN Edition by Garrison removeSolution Manual for Fundamentals of Cost Accounting 6th Edition by Lanen removeSolution Manual for Managerial Accounting for Managers 5th Edition by Noreen removeSolution Manual for Financial and Managerial Accounting 8th Edition By Wild removeSolution Manual for Ethical Obligations and Decision-Making in Accounting 5th Edition By Mintz removeTest Bank for Introductory Financial Accounting for Business 1st Edition By Edmonds remove
Image
SKU
Rating
Price

£13.00

£17.00

£17.00

£17.00

£17.00

£13.00

Stock
Availability
Add to cart

DescriptionEdition: 11th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 6th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadEdition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Wild Edition: 8th Edition Format: Downloadable ZIP Fille Resource Type: Solution Manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Mintz Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution Manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Edmonds Edition: 1st Edition Format: Downloadable ZIP Fille Resource Type: Test bank Duration: Unlimited downloads Delivery: Instant Download
Content

Solution Manual for Managerial Accounting 11th CANADIAN Edition by Garrison

Chapter 1 Managerial Accounting and the Business Environment Learning Objectives  
  • 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.
  Chapter Overview   This chapter serves four main purposes:  
  • 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.
    Service-Related Examples   Company                                                                                                       Type of Business                           Text Reference Certified Professional Accountants     Accounting                                    Introduction Canadian Pacific                               Railway                                   In Business CIBC                                                 Bank                                             Ethics/Discussion Case     Assignment Topic Grid Chapter 1  
Problem Topic LO1: Functions of managers LO2: Financial vs. managerial accounting   LO3: Lean production and enterprise risk   management   LO4: Nature and importance of ethics for   accountants LO5: Intrinsic motivation, extrinsic incentives, and cognitive biases Service industry Writing component CPA adapted
E1-1 Functions Performed by Managers ü ?
E1-2 Financial and Managerial Accounting ü ?
E1-3 Enterprise Risk Management ü ?
P1-4 Cognitive Biases ü ?
P1-5 Planning and Control Activities ü J ?
P1-6 Ethics in Business ü ?
P1-7 Corporate Social Responsibility ü ?
P1-8 Intrinsic Motivation and Extrinsic Incentives ü ?
P1-9 Value Chain Analysis ü
 

Solution Manual for Fundamentals of Cost Accounting 6th Edition by Lanen

Chapter 1 Cost Accounting: Information for DecisionMaking     Learning Objectives  
  1. Describe the way managers use accounting information to create value in organizations.
 
  1. Distinguish between the uses and users of cost accounting and financial accounting information.
 
  1. Explain how cost accounting information is used for decision making and performance evaluation in organizations.
 
  1. Identify current trends in cost accounting.
 
  1. Understand ethical issues faced by accountants and ways to deal with ethical problems that you face in your career.
    Chapter Overview  
  1. VALUE CREATION IN ORGANIZATIONS
  • Why Start with Value Creation?
  • Value Chain
  • Supply Chain and Distribution Chain
  • Using Cost Information to Increase Value
  • Accounting and the Value Chain
 
  1. ACCOUNTING SYSTEMS
  • Financial Accounting
  • Cost Accounting
  • Cost Accounting, GAAP, and IFRS
  • Customers of Cost Accounting
  III.       OUR FRAMEWORK FOR ASSESSING COST ACCOUNTING SYSTEMS
  • The Manager’s Job Is to Make Decisions
  • Decision Making Requires Information
  • Finding and Eliminating Activities That Don’t Add Value
  • Identifying Strategic Opportunities Using Cost Analysis
  • Owners Use Cost Information to Evaluate Managers
 
  1. COST DATA FOR MANAGERIAL DECISIONS
  • Costs for Decision Making
  • Costs for Control and Evaluation
    • Budgeting
  • Different Data for Different Decisions
 
  1. TRENDS IN COST ACCOUNTINGthroughout the value chain
  • Cost Accounting in Research and Development (R&D)
  • Cost Accounting in Design
  • Cost Accounting in Purchasing
  • Cost Accounting in Production
  • Cost Accounting in Marketing
  • Cost Accounting in Distribution
  • Cost Accounting in Customer Service
  • Enterprise Resource Planning
  • Creating Value in the Organization
 
  1. KEY FINANCIAL PLAYERS IN THE ORGANIZATION
      Chapter Overview, continued   VII.     CHOICES: ETHICAL ISSUES FOR ACCOUNTANTS
  • What Makes Ethics So Important?
  • Ethics
  • The Sarbanes-Oxley Act of 2002 and Ethics
  VIII.    COST ACCOUNTING AND OTHER BUSINESS DISCIPLINES  
  1. APPENDIX: INSTITUTE OF MANAGEMENT ACCOUNTANTS CODE OF ETHICS
  • Statements of Ethical Professional Practice
  • Principles
  • Standards
    • Resolving Ethical Issues
  Chapter Outline   LO 1-1   Describe the way managers use accounting information to create value in organizations.   VALUE CREATION IN ORGANIZATIONS  
  • Why Start with Value Creation?
 
  • Goal of cost accounting is to assist manages in achieving the maximum value for their organizations.
 
  • Value Chain
 
  • The value chain is the set of activities that transforms raw resources into the goods and services end users purchase and consume.
 
  • It includes the treatment or disposal of any waste generated by the end users.
 
  • Value-added activities are those that customers perceive as adding utility to the goods or services they purchase.
 
  • Exhibit 1.1 identifies the individual components of the value chain and providesexamples of the activities in each component, along with some of the costs associatedwith these activities.Although the list of value chain components suggests a sequential process, many of the components overlap.
 
  • Research and development (R&D): The creation and development of ideas related to new products, services, or processes.
 
  • Design: The detailed development and engineering of products, services, or processes.
 
  • Purchasing: The acquisition of goods and services needed to produce a good or service.
 
  • Production: The collection and assembly of resources to produce a product or deliver a service.
 
  • Marketing and Sales: The process of informing potential customers about the attributes of products or services that leads to their sale.
 
  • Distribution: The process for delivering products or services to customers.
 
  • Customer service: The support activities provided to customers for a product or service.
  • Before product ideas are formulated,no value exists. Once an idea is established, however, value is created.
 
  • Whenresearch and development of the product begins, value increases.
 
  • As the productreaches the design phase, value continues to increase.
 
  • Each component adds value tothe product or service.
 
  • Administrative functions, such as human resource management and accounting, are not included as part of the value chain; they are included instead in every business function of the value chain.
 
  • Supply Chain and Distribution Chain
 
  • The supply chainincludes the set of firms and individualsthat sells goods and servicesto the firm. (See Business Application box “Choosing Where to Produce in the Supply Chain.”)
 
  • The distribution chainincludes the set of firms and individualsthat buys and distributesgoods and services fromthe firm.
 
  • These suppliers and customers are on the firm’s boundaries. Thus, the supply chain and distribution chain are the parts of the value chain outside the firm.
 
  • Using Cost Information to Increase Value
 
  • The measurement and reporting of costs is avaluable activity.
 
  • Cost information that is received too late to help managersmakedecisionswould not add value.
 
  • Accounting and the Value Chain
 
  • Cost accounting focuses on how the individual stages contribute to the value and how to work with other managers to improve performance.

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

Chapter 1 Managerial Accounting and Cost Concepts Questions   1-1       The three major types of product costs in a manufacturing company are direct materials, direct labor, and manufacturing overhead. 1-2
  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.
1-3       A product cost is any cost involved in purchasing or manufacturing goods. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead. A period cost is a cost that is taken directly to the income statement as an expense in the period in which it is incurred.   1-4
  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.
1-5
  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.
1-6
  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.
1-7       An activity base is a measure of whatever causes the incurrence of a variable cost. Examples of activity bases include units produced, units sold, letters typed, beds in a hospital, meals served in a cafe, service calls made, etc. 1-8       The linear assumption is reasonably valid providing that the cost formula is used only within the relevant range. 1-9       A discretionary fixed cost has a fairly short planning horizon—usually a year. Such costs arise from annual decisions by management to spend on certain fixed cost items, such as advertising, research, and management development. A committed fixed cost has a long planning horizon—generally many years. Such costs relate to a company’s investment in facilities, equipment, and basic organization. Once such costs have been incurred, they are “locked in” for many years. 1-10     Yes. As the anticipated level of activity changes, the level of fixed costs needed to support operations may also change. Most fixed costs are adjusted upward and downward in large steps, rather than being absolutely fixed at one level for all ranges of activity. 1-11     The traditional approach organizes costs by function, such as production, selling, and administration. Within a functional area, fixed and variable costs are intermingled. The contribution approach income statement organizes costs by behavior, first deducting variable expenses to obtain contribution margin, and then deducting fixed expenses to obtain net operating income. 1-12     The contribution margin is total sales revenue less total variable expenses. 1-13     A differential cost is a cost that differs between alternatives in a decision. An opportunity cost is the potential benefit that is given up when one alternative is selected over another. A sunk cost is a cost that has already been incurred and cannot be altered by any decision taken now or in the future. 1-14     No, differential costs can be either variable or fixed. For example, the alternatives might consist of purchasing one machine rather than another to make a product. The difference between the fixed costs of purchasing the two machines is a differential cost.

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

Chapter 1

Accounting in Business QUESTION
  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.
QUICK STUDIES Quick Study 1-1 (10 minutes)
1. f    Technology
2. c    Recording
3. h    Recordkeeping (bookkeeping)
  Quick Study 1-2 (10 minutes)
a. E   External user g. E    External user
b. E   External user h. E    External user
c. E   External user i. I     Internal user
d. E   External user j. E    External user
e. I     Internal user k. E    External user
f. E   External user l. E    External user
 

Solution Manual for Ethical Obligations and Decision-Making in Accounting 5th Edition By Mintz

Chapter 1 -- Discussion Questions Suggested Discussion and Solutions
  1. A common ethical dilemma used to distinguish between philosophical reasoning methods is the following. Imagine that you are standing on a footbridge spanning some trolley tracks. You see that a runaway trolley is threatening to kill five people. Standing next to you, in between the oncoming trolley and the five people, is a railway worker wearing a large backpack. You quickly realize that the only way to save the people is to push the man off the bridge and onto the tracks below. The man will die, but the bulk of his body and the pack will stop the trolley from reaching the others. (You quickly understand that you can’t jump yourself because you aren’t large enough to stop the trolley, and there’s no time to put on the man’s backpack.) Legal concerns aside, would it be ethical for you to save the five people by pushing this stranger to his death? Use the deontological and teleological methods to reason out what you would do and why.
Is it Ethical to Save Five People at the Expense of One? Lessons from the Talmud The Trolley Problem is a thought experiment in ethics, first introduced by Philippa Foot in 1967. Others have also extensively analyzed the problem including Judith Jarvis Thomason, Peter Unger, and Frances Kamm as recently as 1996.  The authors used these problems in ethics class to challenge students’ moral intuition. The choice is between saving five lives at the cost of taking one life. Before we get to the “answers,” we want to explain how one researcher is using MRI technology to map brain responses while analyzing the dilemma. Joshua Greene at Harvard University was more concerned to understand why we have the intuitions, so he used functional Magnetic Resonance Imaging, or fMRI, to examine what happens in people’s brains when they make these moral judgments. Greene found that people asked to make a moral judgment about “personal” violations, like pushing the stranger off the footbridge, showed increased activity in areas of the brain associated with the emotions. This was not the case with people asked to make judgments about relatively “impersonal” violations like throwing a switch. Moreover, the minority of subjects who did consider that it would be right to push the stranger off the footbridge took longer to reach this judgment than those who said that doing so would be wrong. Interesting results to say the least. Many do not believe it to be ethical to intentionally end someone else's life whether it is to save others or not.  Most do not believe it is a moral responsibility to sacrifice one life in order that others may go on.  If you push someone in the way to save others, you may as well say you killed a man.  How could you forgive yourself? The man has a family and people who love him, so how could you explain your actions to his family? We have no right to sacrifice the life of one person to save others. There is a saying from the Talmud, an authoritative record of rabbinic discussions on Jewish law, Jewish ethics, customs, legends and stories: “Whoever destroys a soul, it is considered as if he destroyed an entire world. And whoever saves a life, it is considered as if he saved an entire world.” We have no right to decide who lives and who dies. Yes, if we can save one person without harming others we have a moral obligation to do so. However, to save one life while sacrificing others is an arbitrary act in many ways. What if the one sacrificed is a humanitarian, well-respected and well-known person who works tirelessly for the poor and others who can’t help themselves? What if those saved are criminals who committed murder and escaped from prison. You see the dilemma? Who are we to judge who is a good person, and be saved, and who is a bad person? We should focus on leading the best possible life we can; to serve others whether through medicine, the clergy, the law, a teacher, nurse, or first-responder. Utilitarianism might be used to rationalize saving the life of five people by sacrificing one person’s life. We could say that more people benefit than are harmed by taking that action. This is consistent with act utilitarianism. On the other hand, a rule utilitarianism approach would posit that certain rules should never be violated in the name of maximizing net benefits. One rule is that it is wrong to take a life of another. Thus, rule utilitarianism is a modifying force on the literal application of act utilitarianism.

Test Bank for Introductory Financial Accounting for Business 1st Edition By Edmonds

Introductory Financial Accounting for Business, 1e (Edmonds) Chapter 1   An Introduction to Accounting ISBN10: 1260299449. ISBN13: 9781260299441.   1) Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States?
  1. A) Securities and Exchange Commission
  2. B) U.S. Congress
  3. C) International Accounting Standards Board
  4. D) Financial Accounting Standards Board
  2) The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage's role in society?
  1. A) Conversion agent
  2. B) Regulatory agency
  3. C) Consumer
  4. D) Resource owner
  3) Which resource providers lend financial resources to a business with the expectation of repayment with interest?
  1. A) Consumers
  2. B) Creditors
  3. C) Investors
  4. D) Owners
  4) Which type of accounting information is intended to satisfy the needs of external users of accounting information?
  1. A) Cost accounting
  2. B) Managerial accounting
  3. C) Tax accounting
  4. D) Financial accounting
  5) Which of the following statements is false regarding managerial accounting information?
  1. A) It is often used by investors.
  2. B) It is more detailed than financial accounting information.
  3. C) It can include nonfinancial information.
  4. D) It focuses on divisional rather than overall profitability.
  6) Financial accounting standards are known collectively as GAAP. What does that acronym stand for?
  1. A) Generally Accepted Accounting Principles
  2. B) Generally Applied Accounting Procedures
  3. C) Governmentally Approved Accounting Practices
  4. D) Generally Authorized Auditing Principles
    7) International accounting standards are formulated by the IASB. What does that acronym stand for?
  1. A) Internationally Accepted Standards Board
  2. B) International Accounting Standards Board
  3. C) International Accountability Standards Bureau
  4. D) International Accounting and Sustainability Board
  8) Which of the following is an example of revenue?
  1. A) Cash received as a result of a bank loan
  2. B) Cash received from investors from the sale of common stock
  3. C) Cash received from customers at the time services were provided
  4. D) Cash received from the sale of land for its original selling price
  9) Which of the following is not an element of the financial statements?
  1. A) Net income
  2. B) Revenue
  3. C) Assets
  4. D) Cash
  10) Algonquin Company reported assets of $50,000, liabilities of $22,000 and common stock of $15,000. Based on this information only, what is the amount of the company's retained earnings?
  1. A) $7,000.
  2. B) $57,000.
  3. C) $13,000.
  4. D) $87,000.
  11) Stosch Company's balance sheet reported assets of $40,000, liabilities of $15,000 and common stock of $12,000 as of December 31, Year 1. Retained earnings on the December 31, Year 2 balance sheet is $18,000 and Stosch paid a $14,000 dividend during Year 2. What is the amount of net income for Year 2?
  1. A) $17,000
  2. B) $19,000
  3. C) $13,000
  4. D) $21,000
Weight
DimensionsN/AN/AN/AN/AN/AN/A
Additional information
Select the fields to be shown. Others will be hidden. Drag and drop to rearrange the order.
  • Image
  • SKU
  • Rating
  • Price
  • Stock
  • Availability
  • Add to cart
  • Description
  • Content
  • Weight
  • Dimensions
  • Additional information
  • Attributes
  • Custom attributes
  • Custom fields
Click outside to hide the comparison bar
Compare