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Management Accounting 6th Edition By Will Seal, Carsten Rohde, Ray Garrison, Eric Noreen (Solution Manaual) $15.49
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Management Accounting 6th Edition By Will Seal, Carsten Rohde, Ray Garrison, Eric Noreen (Solution Manaual)

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Management Accounting, 6e Will Seal, Carsten Rohde, Ray Garrison, Eric Noreen (Solution Manaual) Management Accounting, 6e Will Seal, Carsten Rohde, Ray Garrison, Eric Noreen (Solution Manaual)

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  • March 22, 2023
  • 40
  • 2022/2023
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  • Management Accounting, 6e Will Seal, Carsten Rohde
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Management Accounting, 6e Will Seal, Carsten Rohde, Ray Garrison, Eric Noreen (Solutions Manual All Chapters ) (Download link at the end of this File) Chapter 1 Management Accounting and the Business Environment 1
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1 Management accounting is concerned with providing information to managers for their use internally in the organi
s
ation. Financial accounting is concerned with providing information to stockho
lders, creditors, and others outside of the organi
s
ation. 1
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2 Essentially, the manager carries out three major activities in an organi
s
ation: planning, directing and motivating, and controlling. All three activities involve decision making. 1
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3 The Plannin
g and Control Cycle involves the following steps: formulating plans, implementing plans, measuring performance, and evaluating differences between planned and actual performance. 1
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4 The manager relies on feedback to assure that activities are under contro
l; that is, to assure that things are going according to plan. 1
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5 A line position is one that is directly related to the achievement of the basic objectives of the organi
s
ation. A staff position is not directly related to the achievement of those objectiv
es; rather, it is supportive in nature, providing services and assistance to other parts of the organi
s
ation. 1
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6 In contrast to financial accounting, management accounting: (1) focuses on the needs of the manager; (2) places more emphasis on the future; (
3) emphasi
s
es relevance and flexibility, rather than precision; (4) emphasi
s
es the segments of an organi
s
ation; (5) is not governed by UK GAAP; and (6) is not mandatory. 1
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7 Companies use budgets to translate plans into formal quantitative terms. Budgets are used for various purposes, such as forcing managers to plan ahead, allocating resources across departments, coordinating activities across departments, establishing goals that motivate people, and evaluating and rewarding employees. These various purpo
ses often conflict with one another, which makes budgeting one of management’s most challenging activities. 1
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8 The introduction of new technology, globali
s
ation and deregulation has a huge impact on management accounting practices. In response to these ch
anges, new management accounting techniques like, JIT, TQM and process re
-
engineering etc. can enhance quality, reduce cost, increase output, eliminate delays in responding to customers and ultimately increase profits. 1
-
9 I
n comparison with traditional m
anufacturing, where the product is easy to see and touch, products in service industries are less tangible. Services cannot be stored in inventory so that managers in service industries may be less interested in product cost but, rather, which customers ar
e profitable and which customers are not. M
anagers of service companies require accurate and timely information from management accounting systems
. They need this for improving the quality, timeliness, and efficiency of the activities they perform and t
o make decisions about their individual products, services, and customers. 1
-
10 First, there is a compliance motive – companies may find that they are forced through regulation and green taxes to manage environmental resources more carefully. Second, eco
-
efficiency not only may save the planet but reduce the business costs. Finally, there may be strategic reasons – companies may have customers who demand green business policies and who are increasingly suspicious of ‘environmental window dressing’ through environmental reporting. 1
-
1
1 If ethical standards were not generally adhered to, there would be undesirable consequences for everyone. Essentially, abandoning ethical standards would lead to a lower standard of living with lower quality goods and service
s, less to choose from, and higher prices. In short, following ethical rules is not just a matter of being ‘nice’; it is absolutely essential for the smooth functioning of an advanced market economy. Exercise 1
-
1 (10 minutes) 1. Line 2. Directing and motivatin
g 3. Budgets 4. Planning 5. Staff 6. Decentrali
s
ation 7. Precision; Nonmonetary data 8. Management accounting; Financial accounting 9. Feedback 10. Chief Accountant 11. Performance report

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