Solutions for Horngren's Financial & Managerial Accounting, The Managerial Chapters, 8th edition by Miller-Nobles
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Course
Managerial Accounting
Institution
Managerial Accounting
Complete Solutions Manual for Horngren's Financial & Managerial Accounting, The Managerial Chapters, 8th edition 8e by Tracie Miller-Nobles - All Managerial Chapters Solutions are included - Chap 1 to 11
Introduction to Managerial Accounting
Job Order Costing
Process Costing
Lean Management S...
Horngren's Financial & Managerial Accounting, The Managerial Chapters
8e - All Chapters solutions included
Chapter M:1
Introduction to Managerial Accounting
Review Questions
1. What is the primary purpose of managerial accounting?
The primary purpose of managerial accounting is to provide information to help managers plan,
direct, control, and make decisions.
2. List six differences between financial accounting and managerial accounting.
Financial accounting and managerial accounting differ on the following 6 dimensions: (1) primary
users, (2) purpose of information, (3) focus and time dimension of the information, (4) rules and re-
strictions, (5) scope of information, and (6) behavioral.
3. Explain the difference between line positions and staff positions.
Line positions are directly involved in providing goods or services to customers. Staff positions
support line positions.
4. Explain the differences between planning, directing, and controlling.
Planning means choosing goals and deciding how to achieve them. Directing involves running the
day-to-day operations of a business. Controlling is the process of monitoring operations and keeping
the company on track.
5. List the four IMA standards of ethical practice and briefly describe each.
The four IMA standards of ethical practice and a description of each follow.
I. Competence.
• Maintain an appropriate level of professional leadership and expertise by enhancing
knowledge and skills.
• Perform professional duties in accordance with relevant laws, regulations, and technical
standards.
• Provide decision support information and recommendations that are accurate, clear, concise,
and timely.
• Recognise and help mange risk.
II. Confidentiality.
• Keep information confidential except when disclosure is authorized or legally required.
• Inform all relevant parties regarding appropriate use of confidential information. Monitor to
ensure compliance.
• Refrain from using confidential information for unethical or illegal advantage.
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