Exam (elaborations)

Solutions for Managerial Accounting, 13th Canadian Edition Garrison (All Chapters included)

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Course
Accounting

Institution
Accounting

Complete Solutions Manual for Managerial Accounting, 13th Canadian Edition by Ray H. Garrison, Theresa Libby, Alan Webb ; ISBN13: 9780357717417. (Full Chapters included Chapter 1 to 14).... Chapter 1: Managerial Accounting and the Business Environment. Chapter 2: Cost Terms, Concepts, and Classif...

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Uploaded on December 11, 2023
Number of pages 979
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Type Exam (elaborations)
Contains Questions & answers

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13th canadian edition
13ce
garrison
9780357717417
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appendix
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Managerial Accounting
13th Canadian Edition
by Ray H. Garrison

Complete Chapter Solutions Manual
are included (Ch 1 to 14)

** Immediate Download
** Swift Response
** All Chapters included
** Cases solutions included
** Exercises and Problems
** Excel Solutions

,Chapter 1
Managerial Accounting and
the Business Environment

Solution to Discussion Case

Benefits to employees of having a code of conduct:
• Creates clarity as to how all employees are expected to behave. This should help
employees avoid behaviours that the company prohibits.
• Provides protection for employees when dealing with superiors given the guide-
lines related to protection from discrimination and harassment.
• Establishes guidelines for workplace safety, which should help protect the health
of employees.
• Provides information on the consequences of code violations, which will help un-
derstand employees understand the outcomes of prohibited behaviours, if de-
tected.
• Provides guidance as to what employees should do if they witness a violation of
the code and protects those employees who do report an incident.

Disadvantages to CIBC of having a code of conduct:
• May create the impression among employees that they are not trusted by senior
management to act appropriately.
• The obligation to report violations could create a culture of suspicion and mis-
trust among employees.
• Enforcing the code may be costly and time consuming in large organizations
such as CIBC. For example, investigations of possible violations could take
weeks.
• CIBC may be at a competitive disadvantage versus firms that have a less ‘restric-
tive’ code of behaviour.

, Solutions to Questions

1-1 Given rapid changes to the competitive Cavity Protection toothpaste, Crest Extra Whit-
environment in many industries, having infor- ening toothpaste, and Crest Sensitivity tooth-
mation on a timely basis to make decisions is paste).
critical. For example, getting timely information
on customer reactions to product changes, price 1-7 Managerial accounting plays an im-
changes, new marketing campaigns, and so on, portant role in strategic management by provid-
is necessary to allow managers to decide if fur- ing information to allow managers to effectively
ther changes are needed and to make plans for implement strategy and to monitor progress to-
those changes. wards achieving strategic objectives. For exam-
ple, performance measurement systems usually
1-2 Directing activities involve mobilizing contain metrics related to the organization’s tar-
people to carry out plans and run routine opera- get customers (e.g., customer satisfaction) to
tions on a day-to-day basis. Controlling activities whom the value proposition is being delivered.
involve ensuring that the plan is actually carried
out and is appropriately modified as circum- 1-8 Planning, controlling, directing and moti-
stances change. As such, controlling is an ‘after vating, and decision making must be performed
the fact’ test versus plan. within the context of a company’s strategy. For
example, if a company that competes as a prod-
1-3 A budget is a detailed quantitative plan uct leader plans to grow too quickly, it may di-
for the acquisition and use of financial and other minish quality and threaten the company’s cus-
resources over a specified future time period. tomer value proposition. A company that com-
petes in terms of operational excellence would
1-4 Predictive analytics could be used to es- select control measures that focus on time-
timate any number of metrics such as sales vol- based performance, convenience, and cost. A
umes, customer returns, customer satisfaction, company that competes in terms of customer in-
warranty returns, product defects and so on. timacy may decide against outsourcing em-
ployee training to cut costs because it might di-
1-5 A performance reports compares actual minish the quality of customer service.
results to expected or budgeted results and is
prepared on a periodic basis (e.g., monthly). Be- 1-9 The six business functions that make
cause it allows managers to see if actual results the value chain are: (1) research and develop-
have departed from the plan, it can allow them ment; (2) product design; (3) manufacturing;
to take corrective action where necessary. Per- (4) marketing; (5) distribution; and (6) customer
formance reports can also be used to evaluate service.
the performance of employees or business seg-
ments such as product lines. As such, perfor- 1-10 Examples of things socially responsible
mance reports can be a very important part of organizations should provide for their employees
the control process in any organization. include: (1) safe and comfortable working condi-
tions; (2) fair compensation; (3) job-training and
1-6 The Royal Bank of Canada could seg- opportunities for advancement; and (4) non-dis-
ment its companywide performance by individ- criminatory treatment and the right to file griev-
ual customer, by geographic area (e.g., province ances;
or country), and by product line (e.g. asset
management, personal loans, mortgages, etc.). 1-11 Airlines face the risk that large spikes in
Procter & Gamble could segment its perfor- fuel prices will lower their profitability. There-
mance by product category (e.g., beauty and fore, they need to estimate future fuel prices
grooming, household care, and health and well- and create a business plan based on these esti-
being), product line (e.g., Crest, Tide, and mates. Monitoring actual fuel prices as com-
Bounty), and stock keeping units (e.g., Crest pared to plan may lead to decisions to change
ticket prices, for example. Further, exposure to

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Exam (elaborations)

Solutions for Managerial Accounting, 13th Canadian Edition Garrison (All Chapters included)

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