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Solutions Manual Managerial Accounting: Creating Value in a Dynamic Business Environment, 13th Edition by Hilton Chapters 1 - 17 Complete$12.49
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The Crucial Role of Managerial Accounting in
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a Dynamic Business Environment
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FOCUS ON ETHICS (Located before the Chapter Summary in the text.)
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The focus-on-
E
ethics inset for Chapter 1 is the IMA Statement of Ethical Professional Practice. Instructors
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can use this list of ethical principles and standards to lead a class discussion. The disc
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ussion can also range to consideration of how these standards may have been viol
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ated by accountants and managers involved in the various ethical scandals uncovered
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over the past several years. It is also useful to discuss the pros and cons of the procedu
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res that IMA suggests for its members when they believe they know about ethical lapse
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s in their organizations.
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ANSWERS TO REVIEW QUESTIONS E E E
1-1 The explosion in e- E E E
commerce will affect managers in significant ways. One effect will be a drastic re
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duction in paper work. Millions of transactions between businesses are now bein
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g conducted electronically with no hard-
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copy documentation. Along withthis method of communicating for business tr
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ansactions comes the very significant issue of information security. Businesses
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need to find ways to protect confidential information in their own computers,
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in cloud computing data centers, and while moving across the internet, while
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Eat the same time sharing the information necessary to complete transactions. An
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other effect of e- E E E
commerce is the dramatically increased speed with which business transactions c
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an be conducted. In addition, there will be dramatic changes in the way manager
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ial accounting procedures are carried out, one example being cloud-
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based budgeting, which is the enterprise-
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wide and electroniccompletion of a company’s budgeting process using cloud-
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based software and data storage.E E E E
, 1-2 Plausible goals for the organizations listed are as follows:
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(a) Amazon.com: (1) To achieve and maintain profitability, and (2) to grow
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on-
line sales of their many products. Amazon is also famous (infamous) for wan
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ting to have every product in the world on its site.
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(b) American Red Cross: (1) To raise funds from the general public sufficient to
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have resources available to meet any disaster that may occur, and (2) to
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provide assistance to people who are victims of a disaster anywhere in the world
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on short notice.
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(c) General Motors: (1) To earn income sufficient to provide a good return o
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n the investment of the company's stockholders, and (2) to provide the highe
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st-quality product possible. E E
(d) Wal-
Mart: (1) To penetrate the retail market in virtually every location in the United S
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tates, and (2) to grow over time in terms of number of retail locations, total asse
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ts, and earnings. Also, to be competitive with Amazon in the e-retail space.
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(e) City of Seattle: (1) To maintain an urban environment as free of pollutio
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n as possible, and (2) to provide public safety, police, and fire protection to t
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he city's citizens.
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(f) Hertz: (1) To be a recognizable household name associated with rental c
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ar services, and (2) to provide reliable and economical transportation services to
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the company's customers.
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1-3 The four basic management activities are listed and defined as follows:
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(a) Decision making: Choosing among the available alternatives.
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(b) Planning: Developing a detailed financial and operational descript
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ion ofanticipated operations.
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(c) Directing operations: Running the organization on a day-to-day basis.
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(d) Controlling: Ensuring that the organization operates in the intended man
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ner andachieves its goals.
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