Horngren\\\\\\\\\\\\\\\'s Accounting, The Managerial Chapters
Horngren\\\\\\\\\\\\\\\'s Accounting, The Managerial Chapters
Exam (elaborations)
Solution Manual for Horngren's Accounting, The Managerial Chapters, 14th Edition By Tracie Miller-Nobles, Brenda Mattison, Verified Chapters 1 - 9, Complete Newest Version
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Horngren\\\\\\\\\\\\\\\'s Accounting, The Managerial Chapters
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Horngren\\\\\\\\\\\\\\\'s Accounting, The Managerial Chapters
Solution Manual for Horngren's Accounting, The Managerial Chapters, 14th Edition By Tracie Miller-Nobles, Brenda Mattison, Verified Chapters 1 - 9, Complete Newest Version Solution Manual for Horngren's Accounting, The Managerial Chapters, 14th Edition By Tracie Miller-Nobles Brenda Mattison, Verif...
6. Flexible Budgets and Standard Cost Systems
X X X X X
7. Cost Allocation and Responsibility Accounting
X X X X
8. Short-Term Business Decisions X X
9. Capital Investment Decisions
X X
,Chapter M:1 X
Introduction to Managerial Accounting X X X
Review Questions X
1. What is the primary purpose of managerial accounting?
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The primary purpose of managerial accounting is to provide information to help managers plan,di
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rect, control, and make decisions.
X X X X
2. List six differences between financial accounting and managerial accounting.
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Financial accounting and managerial accounting differ on the following 6 dimensions: (1) primaryuse
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rs, (2) purpose of information, (3) focus and time dimension of the information, (4) rules and re-
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strictions, (5) scope of information, and (6) behavioral.
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3. Explain the difference between line positions and staff positions.
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Line positions are directly involved in providing goods or services to customers. Staff positionssu
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pport line positions. X X
4. Explain the differences between planning, directing, and controlling.
X X X X X X X
Planning means choosing goals and deciding how to achieve them. Directing involves running the day-
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to-
day operations of a business. Controlling is the process of monitoring operations and keepingthe com
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pany on track. X X
5. List the four IMA standards of ethical practice and briefly describe each.
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The four IMA standards of ethical practice and a description of each follow.
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I. Competence.
Maintain an appropriate level of professional leadership and expertise by enhancing X X X X X X X X X X X
knowledge and skills. X X
Perform professional duties in accordance with relevant laws, regulations, and technicals
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tandards.
Provide decision support information and recommendations that are accurate, clear, concise,
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, and timely. X
Recognise and help mange risk. X X X X
II. Confidentiality.
Keep information confidential except when disclosure is authorized or legally required.
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Inform all relevant parties regarding appropriate use of confidential information. Monitor to
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ensure compliance. X
Refrain from using confidential information for unethical or illegal advantage.
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III. Integrity.
Mitigate actual conflicts of interest. Regularly communicate with business associates to avoida
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pparent conflicts of interest. Advise all parties of any potential conflicts.
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Refrain from engaging in any conduct that would prejudice carrying out duties ethically.
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Abstain from engaging in or supporting any activity that might discredit the profession.
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Contribute to a positive ethical culture and place integrity of the profession above personali
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nterest.
5, cont.
X
IV. Credibility.
Communicate information fairly and objectively. X X X X
Provide all relevant information that could reasonably be expected to influence an intended
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user’s understanding of the reports, analyses, or recommendations.
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Report any delays or deficiencies in information, timeliness, processing, or internal controlsin
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conformance with organization policy and/or applicable law.
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Communicate any professional limitations or other constraints that would preclude responsi- X X X X X X X X X X
ble judgment or successful performance of an activity.
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6. Describe a service company and give an example.
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Service companies sell time, skills, and knowledge. Examples of service companies include phoneser
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vice companies, banks, cleaning service companies, accounting firms, law firms, medical physi-
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cians, and online auction services.
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7. Describe a merchandising company and give an example.
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Merchandising companies resell products they buy from suppliers. Merchandisers keep an inventoryo
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f products, and managers are accountable for the purchasing, storage, and sale of the products. Ex-
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amples of merchandising companies include toy stores, grocery stores, and clothing stores.
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8. How do manufacturing companies differ from merchandising companies?
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Merchandising companies resell products they previously bought from suppliers, whereas manufac-
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turing companies use labor, equipment, supplies, and facilities to convert raw materials into new fin-
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