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Solution Manual for Introduction to Managerial Accounting 7CE Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan A+ $12.99
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Solution Manual for Introduction to Managerial Accounting 7CE Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan A+
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Introduction to Managerial Accounting 7CE Peter C
Institución
Introduction To Managerial Accounting 7CE Peter C
Book
Introduction to Managerial Accounting
Solution Manual for Introduction to Managerial Accounting 7CE Peter C.
Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh
Vaidyanathan A+
,,
Solution Manual for Introduction to Managerial Accounting 7CE Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan.
Solution Manual for Introduction to Managerial Accounting 7CE Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan.
Solution Manual for Introduction to Managerial Accounting 7CE Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan.
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Created by: A Solution
Solution Manual for Introduction to Managerial Accounting 7CE Peter C.
Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh
Vaidyanathan A+
Chapter 1
An Introduction to Managerial Accounting
Solutions to Questions
1-1 Managerial accounting is concerned with providing information primarily to managers for their
use internally in the organization for the purposes of strategy, planning, implementation and control.
Financial accounting is concerned with providing information primarily to investors, creditors, and others
outside of the organization.
1-2 Essentially, the manager carries out three major activities in an organization: planning,
implementation, and control. All three activities involve decision- making and use managerial accounting
information. This is depicted in Exhibit 1- 1.
1-3 The Planning, Implementation and Control Cycle involves the following steps: (1) formulating
plans which often includes preparing budgets, (2) overseeing day-to- day activities which includes
organizing, directing and motivating people, resource allocation and decision making, and (3) controlling
which includes providing feedback via performance reports.
1-4 In contrast to financial accounting, managerial accounting: (1) focuses on the needs of the
manager; (2) places more emphasis on the future; (3) emphasizes relevance and timeliness, rather than
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verifiability and precision; (4) emphasizes the segments of an organization; (5) is not governed by IFRS
or ASPE; and (6) is not mandatory.
1-5 The lean business model focuses on continuous improvement by eliminating waste in the
organization. Companies that adopt the lean business model usually implement one or more of the
following management practices.
• Just-in-time (JIT): A production and inventory control system in which materials are purchased
and units are produced only as needed to meet actual customer demand.
• Total quality management (TQM): An approach to continuous improvement that focuses on
serving customers and uses teams of front- line workers to systematically identify and solve problems.
• Process re-engineering: An approach to improvement that involves completely redesigning
business processes in order to eliminate unnecessary steps, reduce errors, and reduce costs.
• Theory of constraints (TOC): A management approach that emphasizes the importance of
managing constraints.
1-6 Benefits
• Improves operational processes that makes the business efficient
• It leads to reduction or elimination of waste
• It improves profitability and reduces costs
• It reduces the turnaround time to fulfill customer orders improving customer satisfaction
Limitations
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• Production schedule can get hampered if any external shocks lead to supply chain disturbance
• Lean processes must be complimented with agile processes to adapt swiftly to changing customer
needs.
1-7 Pros
• Funds tied up in maintaining inventory can be used elsewhere
• Areas previously used to store inventories are made available for other more productive uses
• The time required to fill an order is reduced, resulting in quicker response to customers and
consequentially greater potential sales
• Defect rates are reduced resulting in less waste and greater customer satisfaction
• More effective operations
Cons
• Increased number of purchase orders to buy raw materials and/or other components used in
manufacturing products
• There is little room for errors and defects in products because this could throw the production
facility off schedule
• There is a high reliance and dependence on suppliers to meet delivery deadlines as well as supply
products that have no defects and require minimal inspection
1-8 Agree. Ethical behaviour is the foundation of a successful market economy. If we cannot trust
people to act ethically in their business dealings with us, we will be inclined to invest less, scrutinize
more and waste money and time (scarce resources) trying to protect ourselves. Ethical standards and
Codes of Conduct aid the smooth running of the economy. In addition, the lack of regulatory
requirements (IFRS, ASPE) regarding managerial accounting makes ethical behaviour even more critical.
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Solutions to Exercises
Exercise 1-1 (LO1 CC2)
Item Financial Managerial Accounting
Accounting
a) Preparing budgeted statements of X
income and financial position for
the next year
b) Analyzing the profitability of a new X
project
c) Preparing the income statement X
and balance sheet
d) Preparing a weekly performance X
report for the product manager
e) Costing and pricing a new product X
Exercise 1-2 (LO1 CC1)
Planning Implementation Control
a) Doing a cost–benefit analysis X
of buying new planes versus
leasing them
b) Estimating the cost of utilities X
to be incurred during the next
quarter
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