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SOLUTION MANUAL Managerial Accounting Tools for Business Decision Making 9th Edition by Jerry J. Weygandt, Paul D. Kimmel Chapters 1 - 14, CompleteSOLUTION MANUAL Managerial Accounting Tools for Business Decision Making 9th Edition by Jerry J. Weygandt$12.99
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SOLUTION MANUAL Managerial Accounting Tools for Business Decision Making 9th Edition by Jerry J. Weygandt, Paul D. Kimmel Chapters 1 - 14, CompleteSOLUTION MANUAL Managerial Accounting Tools for Business Decision Making 9th Edition by Jerry J. Weygandt
SOLUTION MANUAL
Managerial Accounting Tools for Business Decision Making
9th Edition by Jerry J. Weygandt, Paul D. Kimmel
Chapters 1 - 14, Complete
SOLUTION MANUAL
Managerial Accounting Tools for Business Decision Making
9th Edition by Jerry J. Weygandt, Paul D. Kimmel
Chapters 1 - 14, C...
, Managerial Accounting Tools for Business Decision Making IIll IIll IIll IIll IIll IIll IIll
CHAPTER 1 IIll
Managerial Accounting IIll
Learning Objectives IIll
1. Identify the features of managerial accounting and the functions of management.
IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll
2. Describe the classes of manufacturing costs and the differences between product and
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IIll periodcosts. Il
3. Demonstrate how to compute cost of goods manufactured and prepare financial statements IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll
IIll for amanufacturer.
IIll Il
4. Discuss trends in managerial accounting. IIll IIll IIll IIll
ANSWERS TO QUESTIONS IIll IIll
1. (a) Not true. Managerial accounting is a field of accounting that provides economic and
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financial information for managers and other internal users.
IIll IIll IIll IIll IIll IIll IIll IIll
(b) Joe is incorrect. Managerial accounting applies to all types of businesses—service,
IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll
merchandising, and manufacturing.
IIll IIll IIll
LO1 BT: C Difficulty: Easy
I I l l IIll I I l l IIll I I l l TOT: 3 min. AACSB: NoneIIll IIll IIll IIll IIll I I l l AICPA FC: Measurement, Analysis and Interpretation IMA: Cost
I Ill IIll IIll IIll IIll IIll IIll
Management
IIll
2. (a) Financial accounting is concerned primarily with external users such as stockholders,
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creditors, and regulators. In contrast, managerial accounting is concerned primarily with
IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll
internal users such as officers and managers.
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(b) Financial statements are the end product of financial accounting. These statements are IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll
prepared quarterly and annually. In managerial accounting, internal reports
IIll may be IIll IIll IIll IIll IIll IIll IIll IIll I I l l I I l l
prepared as frequently as needed.
IIll IIll IIll IIll IIll
(c) The purpose of financial accounting is to provide general-purpose information for external
IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll
users. The purpose of managerial accounting is to provide special-purpose information
IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll IIll
for specific internal decisions.
IIll IIll IIll IIll
LO1 BT: C Difficulty: Easy
I I l l IIll I I l l IIll I I l l TOT: 5 min. AACSB: NoneIIll IIll IIll IIll IIll I I l l AICPA FC: Measurement, Analysis and Interpretation IMA: Cost
IIll I Ill IIll IIll IIll IIll IIll
Management
IIll
3. Differences in the content of the reports are as follows: IIll IIll IIll IIll IIll IIll IIll IIll IIll
IIll Financial IIll Managerial
, Pertains to business as a whole and
IIll IIll IIll IIll IIll IIll Pertains to subunits of the business
IIll IIll IIll I Ill IIll
ishighly aggregated.
IIll Il IIll andmay be very detailed.
IIll Il IIll IIll IIll
Limited to accrual accounting and cost data.
IIll IIll IIll IIll IIll IIll Extends beyond accrual accounting
Generally accepted accounting principles. IIll IIll IIll system to any relevant data.
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