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MANAGERIAL ACCOUNTING 11TH EDITION BY GARRISON ALL CHAPTERS TEST BANK |UPDATED
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MANAGERIAL ACCOUNTING 11TH EDITION BYGARRISON ALL CHAPTERS TEST BANK
|UPDATED
,Chapter 1 v
Managerial Accounting and the Business
v v v v
Environment
v
Solutions vto vQuestions
vallows va vcompany vto vproduce vin vsmaller vbatches,
1-1 Managerial vaccounting vis vconcerned vwith vwhich vin vturn vreduces vthe vlevel vof vinventories.
vproviding vinformation vto vmanagers vfor vuse vSecond, vre- vduced vsetup vtime vallows va vcompany
vwithin vthe vorganization. vFinancial vaccounting vis vto vspend vmorevtime vproducing vgoods vand vless
vcon- vcerned vwith vproviding vinformation vto vtime vgetting vready vto vproduce. vThird, vthe vability
vstockholders,vcreditors, vand vothers voutside vof vthe vto vrapidly vchange
vorganization.
1-2 Essentially, vmanagers vcarry vout vthree
vma- vjor vactivities vin van vorganization: vplanning,
vdirectingvand vmotivating, vand vcontrolling. vAll
vthree vactivitiesvinvolve vdecision vmaking.
1-3 The vPlanning vand vControl vCycle vinvolves
vformulating vplans, vimplementing vplans,
vmeasuringvperformance, vand vevaluating
vdifferences vbetweenvplanned vand vactual
vperformance.
1-4 A vline vposition vis vdirectly vrelated vto vthe
vachievement vof vthe vbasic vobjectives vof vthe
vorgani- vzation. vA vstaff vposition vis vnot vdirectly
vrelated vto vthevachievement vof vthose vobjectives;
vrather, vit vis vsup- vportive, vproviding vservices vand
vassistance vto vothervparts vof vthe vorganization.
1-5 In vcontrast vto vfinancial vaccounting,
vmana- vgerial vaccounting: v(1) vfocuses von vthe
vneeds vof vthe vmanager; v(2) vplaces vmore
vemphasis von vthe vfuture;
(3) vemphasizes vrelevance vand vflexibility, vrather
vthan vprecision; v(4) vemphasizes vthe vsegments vof
vanvorganization; v(5) vis vnot vgoverned vby vGAAP;
vand
(6) is vnot vmandatory.
1-6 A vnumber vof vbenefits vaccrue vfrom
vreducedvsetup vtime. vFirst, vreduced vsetup vtime
© vThe vMcGraw-Hill vCompanies, vInc.,
v2006.
Solutions vManual, vChapter
v1 1
,from vmaking vone vproduct vto vmaking vanother val-
vlows vthe vcompany vto vrespond vmore vquickly vto
vcus-vtomers. vFinally, vsmaller vbatches vmake vit
veasier vto vspot vmanufacturing vproblems vbefore
vthey vresult vinva vlarge vnumber vof vdefective vunits.
1-7 The vmain vbenefits vof va vsuccessful vJIT
vsys-vtem vare vreductions vin: v(1) vfunds vtied vup vin
vinven- vtories; v(2) vspace vrequirements; v(3)
vthroughput vtime; vand v(4) vdefects.
1-8 TQM vgenerally vapproaches vimprovement
vin va vseries vof vsmall vsteps vthat vare vplanned vand
vim-vplemented vby vteams vof vfront-line vworkers.
vProcessvReengineering vinvolves vcompletely
vredesigning vbusiness vprocesses vfrom vthe vground
vup—often vwith vthe vuse vof voutside vconsultants.
1-9 If vProcess vReengineering vis vsuccessful,
vfewer vworkers vare vneeded. vIf vmanagement
vre- vsponds vby vlaying voff vworkers, vmorale vwill
valmost vcertain vsuffer.
1-10 Some vbenefits vfrom vimprovement
vefforts vcome vfrom vcost vreductions, vbut vthe
vprimary vbene-vfit vis voften van vincrease vin
vcapacity. vAt vnon-con- vstraints, vincreases vin
vcapacity vjust vadd vto vthe val- vready-existing
vexcess vcapacity. vTherefore, vim- vprovement
vefforts vshould vordinarily vfocus von vthe vconstraint.
1-11 If vpeople vgenerally vdid vnot vact vethically
vin vbusiness, vno vone vwould vtrust vanyone velse
vand vpeople vwould vbe vreluctant vto venter vinto
vbusiness vtransactions. vThe vresult vwould vbe vless
vfunds vraisedvin vcapital vmarkets, vfewer vgoods vand
vservices vavail-vable vfor vsale, vlower vquality, vand
vhigher vprices.
© vThe vMcGraw-Hill vCompanies, vInc., v2006. vAll vrights
vreserved.
Managerial vAccounting, v11th
2 vEdition
, Exercise 1-1 (10 minutes)
v v v
1. Line
2. Directing and motivating
v v
3. Budgets
4. Planning
5. Staff
6. Decentralization
7. Precision; Nonmonetary data
v v
8. Managerial accounting; Financial accounting
v v v
9. Feedback
10. Controller
11. Performance report v
12. Chief Financial Officer
v v
© vThe vMcGraw-Hill vCompanies, vInc.,
v2006.
Solutions vManual, vChapter
v1 3
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