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MANAGERIAL ACCOUNTING 11TH EDITION BY GARRISON ALL CHAPTERS TEST BANK |UPDATED

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MANAGERIAL ACCOUNTING 11TH EDITION BY GARRISON ALL CHAPTERS TEST BANK |UPDATED

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  • August 31, 2024
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MANAGERIAL ACCOUNTING 11TH EDITION BY
GARRISON ALL CHAPTERS TEST BANK
|UPDATED

,Chapter 1 v




Managerial Accounting and the Business
v v v v



Environment
v




Solutions vto vQuestions

vallows va vcompany vto vproduce vin vsmaller vbatches,
1-1 Managerial vaccounting vis vconcerned vwith vwhich vin vturn vreduces vthe vlevel vof vinventories.
vproviding vinformation vto vmanagers vfor vuse vSecond, vre- vduced vsetup vtime vallows va vcompany

vwithin vthe vorganization. vFinancial vaccounting vis vto vspend vmorevtime vproducing vgoods vand vless

vcon- vcerned vwith vproviding vinformation vto vtime vgetting vready vto vproduce. vThird, vthe vability

vstockholders,vcreditors, vand vothers voutside vof vthe vto vrapidly vchange

vorganization.



1-2 Essentially, vmanagers vcarry vout vthree
vma- vjor vactivities vin van vorganization: vplanning,

vdirectingvand vmotivating, vand vcontrolling. vAll

vthree vactivitiesvinvolve vdecision vmaking.



1-3 The vPlanning vand vControl vCycle vinvolves
vformulating vplans, vimplementing vplans,

vmeasuringvperformance, vand vevaluating

vdifferences vbetweenvplanned vand vactual

vperformance.



1-4 A vline vposition vis vdirectly vrelated vto vthe
vachievement vof vthe vbasic vobjectives vof vthe

vorgani- vzation. vA vstaff vposition vis vnot vdirectly

vrelated vto vthevachievement vof vthose vobjectives;

vrather, vit vis vsup- vportive, vproviding vservices vand

vassistance vto vothervparts vof vthe vorganization.



1-5 In vcontrast vto vfinancial vaccounting,
vmana- vgerial vaccounting: v(1) vfocuses von vthe

vneeds vof vthe vmanager; v(2) vplaces vmore

vemphasis von vthe vfuture;

(3) vemphasizes vrelevance vand vflexibility, vrather
vthan vprecision; v(4) vemphasizes vthe vsegments vof

vanvorganization; v(5) vis vnot vgoverned vby vGAAP;

vand

(6) is vnot vmandatory.

1-6 A vnumber vof vbenefits vaccrue vfrom
vreducedvsetup vtime. vFirst, vreduced vsetup vtime
© vThe vMcGraw-Hill vCompanies, vInc.,
v2006.
Solutions vManual, vChapter
v1 1

,from vmaking vone vproduct vto vmaking vanother val-
vlows vthe vcompany vto vrespond vmore vquickly vto

vcus-vtomers. vFinally, vsmaller vbatches vmake vit

veasier vto vspot vmanufacturing vproblems vbefore

vthey vresult vinva vlarge vnumber vof vdefective vunits.



1-7 The vmain vbenefits vof va vsuccessful vJIT
vsys-vtem vare vreductions vin: v(1) vfunds vtied vup vin

vinven- vtories; v(2) vspace vrequirements; v(3)

vthroughput vtime; vand v(4) vdefects.



1-8 TQM vgenerally vapproaches vimprovement
vin va vseries vof vsmall vsteps vthat vare vplanned vand

vim-vplemented vby vteams vof vfront-line vworkers.

vProcessvReengineering vinvolves vcompletely

vredesigning vbusiness vprocesses vfrom vthe vground

vup—often vwith vthe vuse vof voutside vconsultants.



1-9 If vProcess vReengineering vis vsuccessful,
vfewer vworkers vare vneeded. vIf vmanagement

vre- vsponds vby vlaying voff vworkers, vmorale vwill

valmost vcertain vsuffer.



1-10 Some vbenefits vfrom vimprovement
vefforts vcome vfrom vcost vreductions, vbut vthe

vprimary vbene-vfit vis voften van vincrease vin

vcapacity. vAt vnon-con- vstraints, vincreases vin

vcapacity vjust vadd vto vthe val- vready-existing

vexcess vcapacity. vTherefore, vim- vprovement

vefforts vshould vordinarily vfocus von vthe vconstraint.



1-11 If vpeople vgenerally vdid vnot vact vethically
vin vbusiness, vno vone vwould vtrust vanyone velse

vand vpeople vwould vbe vreluctant vto venter vinto

vbusiness vtransactions. vThe vresult vwould vbe vless

vfunds vraisedvin vcapital vmarkets, vfewer vgoods vand

vservices vavail-vable vfor vsale, vlower vquality, vand

vhigher vprices.




© vThe vMcGraw-Hill vCompanies, vInc., v2006. vAll vrights
vreserved.
Managerial vAccounting, v11th
2 vEdition

, Exercise 1-1 (10 minutes)
v v v




1. Line
2. Directing and motivating
v v



3. Budgets
4. Planning
5. Staff
6. Decentralization
7. Precision; Nonmonetary data
v v



8. Managerial accounting; Financial accounting
v v v



9. Feedback
10. Controller
11. Performance report v



12. Chief Financial Officer
v v




© vThe vMcGraw-Hill vCompanies, vInc.,
v2006.
Solutions vManual, vChapter
v1 3

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