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Solution Manual for Managerial Accounting 7th Edition by Wild

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Solution Manual for Managerial Accounting 7th Edition by Wild

The solutions manual holds the correct answers to all questions within your textbook, therefore, It could save you time and effort. Also, they will improve your performance and grades. Most noteworthy, we do not restrict access to educators and teachers, as a result, students are allowed to get those manuals.

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  • This is not the textbook, likewise, it is a supplementary manual for the textbook.

 

Title
Financial and Managerial Accounting
Edition
7th Edition
Authors
Wild, Shaw, Chiappetta
Resource
Solutions Manual
Publisher
McGraw Hill Education
ISBN
ISBN1259726703
SKU
C1259726703SM

Other Expressions for Solutions Manual

Solutions manual could be also called answer book, key answers, answer keys, textbook solutions and also textbook answers manual.

  • WILD FINANCIAL AND MANAGERIAL ACCOUNTING 7/E SOLUTIONS MANUAL.
  • FINANCIAL AND MANAGERIAL ACCOUNTING SOLUTIONS MANUAL PDF.

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DescriptionEdition: 7th 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 DownloadBy: Wild Edition: 8th Edition Format: Downloadable ZIP Fille Resource Type: Test bank Duration: Unlimited downloads Delivery: Instant DownloadEdition: 8th 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: Mintz Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution Manual Duration: Unlimited downloads Delivery: Instant Download
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Solution Manual for Managerial Accounting 7th Edition by Wild

The solutions manual holds the correct answers to all questions within your textbook, therefore, It could save you time and effort. Also, they will improve your performance and grades. Most noteworthy, we do not restrict access to educators and teachers, as a result, students are allowed to get those manuals.
  • Noteworthy, both students and instructors can obtain this Solutions Manual.
  • FREE sample available for download.
  • Complete Solutions Manual guranteed. All Chapters included.
  • This is a digital downloadable product, therefore, no shipping address required.
  • Instant delivery. Also, file format comversion available upon request.
  • This is not the textbook, likewise, it is a supplementary manual for the textbook.
 
Title
Financial and Managerial Accounting
Edition
7th Edition
Authors
Wild, Shaw, Chiappetta
Resource
Solutions Manual
Publisher
McGraw Hill Education
ISBN
ISBN1259726703
SKU
C1259726703SM

Other Expressions for Solutions Manual

Solutions manual could be also called answer book, key answers, answer keys, textbook solutions and also textbook answers manual.
  • WILD FINANCIAL AND MANAGERIAL ACCOUNTING 7/E SOLUTIONS MANUAL.
  • FINANCIAL AND MANAGERIAL ACCOUNTING SOLUTIONS MANUAL PDF.

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 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 userg.E    External user
b.E   External userh.E    External user
c.E   External useri.I     Internal user
d.E   External userj.E    External user
e.I     Internal userk.E    External user
f.E   External userl.E    External user

Solution Manual for Management Accounting 8th Edition by Langfield-Smith

CHAPTER 1

Management Accounting: Information for Creating Value and Managing Resources ANSWERS TO REVIEW QUESTIONS   1.1    There are many possible answers to the question. Qantas, the national airline of Australia, has faced a number of changes in its business environment over the last 20 years, including deregulation of the domestic aviation industry. This resulted in increased competition as new companies attempted to enter the industry. The most notable of these was Compass, which madetwo failed attempts to succeed in the market and gain market share by savagely cutting prices. Qantas’major competitor, Ansett Australia, collapsed in 2001, resulting in Qantas having almost a monopoly for a short period. A powerful UK airline, Virgin, has also entered the market, with a history of taking legal action against market leaders who attempt to intimidate them using predatory pricing. Further, Impulse Airlines, a local airline, started operations, only to be eventually taken over by Qantas. On top of all this, the international terrorism crisis of 11 September 2001 saw a substantial contraction of international air travel for a period of many months, leading to the collapse of several United States airlines many times the size of Qantas. Other changes to the business environment have included:
  • unrest and war in the Middle East and speculation in oil,resulting in volatility and serious increases in fuel prices
  • bombings in Bali in 2002 and 2005
  • the outbreak of severe acute respiratory syndrome (SARS) in 2003
  • natural disasters, such as the Asian tsunami in 2004
  • the heavy subsidisation of competing national carriers, especially by Middle Eastern countries
  • the entry of Tiger Airways into Australia
  • extra capacity gained by Virgin Blue
  • the shifting of significant parts of engineering maintenance operations offshore
  • publicity surrounding a series of safety and engineering concerns, and an audit by the Civil Aviation Safety Authority(CASA) in 2008, finding that maintenance by Qantas was not up to its own standards, and
  • financial uncertainty arising from the 2008 credit crisis and share market collapse.
In more recent times, two different volcanoes have caused the cancellation of flights forseveral days, and the explosion of an engine in a new range of aircraft, the A380, in November 2010 caused the grounding of that fleet until January 2011 while the reason was explored and overcome (see the ‘Real life’ in ‘Comparing two alternative investment projects’ in Chapter 21). 1.2    The explosion in e-commerce will affect management accounting in significant ways.One effect will be a drastic reduction in paperwork.Millions of transactions between businesses will be conducted electronically with no hard-copy documentation.Along with this method of communicating for business transactions comes the very significant issue of information security.Businesses need to find ways to protect confidential information in their own computers, while at the same time sharing the information necessary to complete transactions.Another effect of e-commerce is the dramatically increased speed with which business transactions can be conducted.In addition to these business-to-business transactional issues, there will be dramatic changes in the way management accounting procedures are carried out, one example being e-budgeting,the enterprise-wide electronic completion of a company’s budgeting process. 1.3    Management accounting information prepared on a regular basis includes product costs, profitability reports, and also individual resource costs such as materials purchased and used, labour costs and the costs incurred in providing and managing facilities. On an ad hoc basis, management accounting reports may be prepared to estimate future cash flows relating to the impact of purchasing and operating a new piece of equipment and the expected outcome from changing the product mix. 1.4    Management accounting is defined as ‘processes and techniques that are focused on the effective and efficient use of organisational resources to support managers in their task of enhancing both customer value and shareholder value’. Value creation is a central focus for contemporary managers. Customer value refers to the value that a customer places on particular features of a good or service (and which is what leads to them purchase the product). Shareholder value is the value that shareholders, or owners, place on a business,usually expressed in the form of increased profitability, increased share prices or increased dividends. 1.5    The important differences between management accounting and financial accounting are listed below. (a)   Management accounting information is provided to managers and employees within the organisation, whereas financial accounting information is provided to interested parties outside the organisation. (b)   Management accounting reports are unregulated, whereas financial accounting reports are legally required and must conform to Australian accounting standards and corporations law. (c)   The primary source of data for management accounting information is the organisation’s basic accounting system, plus data from many other sources. These sources will yield data such as rates of defective products manufactured, physical quantities of material and labour used in production, occupancy rates in hotels and hospitals and average take-off delays in airlines. The primary source of data for financial accounting information is almost exclusively the organisation’s basic accounting system, which accumulates financial information. (d)   Management accounting reports often focus on sub-units within the organisation, such as departments, divisions, geographical regions or product lines. These reports are based on a combination of historical data, estimates and projections of future costs. The data may be subjective and there is a strong emphasis on reporting information that is relevant and timely. Financial accounting reports tend to focus on the enterprise in its entirety. These reports are based almost exclusively on verifiable transaction data. The focus is often on reliability rather than relevance and the reports are not timely. 1.6    The cost accounting system is one part of an organisation’s overall accounting system, the purpose of which is to estimate the cost of goods and services, as well as the cost of organisational units such as departments. Cost information accumulated by the cost accounting system is used for both management accounting and financial accounting purposes. Management accounting uses include setting prices, controlling operations and making product-related decisions. Financial accounting uses include valuation of inventory and cost of goods sold for the manufacturer’s balance sheet and income statement respectively. Management accounting is broader than just the preparation and reporting of financial

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 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.
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