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TEST BANK For Managerial Accounting: Creating Value in a Dynamic Business Environment, 13th Edition by Hilton | Verified Chapter's 1 - 17 | Complete$15.99
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TEST BANK For Managerial Accounting: Creating Value in a Dynamic Business Environment, 13th Edition by Hilton | Verified Chapter's 1 - 17 | Complete Chapter 1: The Changing Role of Managerial Accounting in a Dynamic Business Environment Chapter 2: Basic Cost Management Concepts Chapter 3: Product C...
Solutions Manual for Managerial Accounting:
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Creating Value in a Dynamic BusinessEnviron
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ment, 13th Edition by Hilton
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,Chapter 1: The Changing Role of Managerial Accounting in a Dynamic Business Environme
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ntChapter 2: Basic Cost Management Concepts
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Chapter 3: Product Costing and Cost Accumulation in a Batch Production EnvironmentCha
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pter 4: Process Costing and Hybrid Product-Costing Systems
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Chapter 5: Activity-Based Costing and Management
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Chapter 6: Activity Analysis, Cost Behavior, and Cost Estimatio
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nChapter 7: Cost-Volume-Profit Analysis
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Chapter 8: Variable Costing and the Measurement of ESG and Quality CostsCha
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pter 9: Financial Planning and Analysis: The Master Budget
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Chapter 10: Standard Costing and Analysis of Direct Costs
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Chapter 11: Flexible Budgeting and the Management of Overhead and Support Activity Cost
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sChapter 12: Responsibility Accounting and the Balanced Scorecard
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Chapter 13: Investment Centers and Transfer Pricing Chap
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ter 14: Decision Making: Relevant Costs and Benefits
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Chapter 15: Target Costing and Cost Analysis for Pricing Decisio
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nsChapter 16: Capital Expenditure Decisions
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Chapter 17: Allocation of Support Activity Costs and Joint Costs
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Appendix I: The Sarbanes- hu hu hu
Oxley Act, Internal Controls, and Management AccountingAppendix II: Compound Interest a
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nd the Concept of Present Value
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Appendix III: Inventory Management hu hu hu
,CHAPTER 1 hu
The Crucial Role of Managerial Accounting in a Dy
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namic Business Environment hu hu
FOCUS ON ETHICS (Located before the Chapter Summary in the text.)
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The focus-on-
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ethics inset for Chapter 1 is the IMA Statement of Ethical Professional Practice. Instructors can use
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this list of ethical principles and standards to lead a class discussion. The discussion can
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also range to consideration of how these standards may have been violated by accountan
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ts and managers involved in the various ethical scandals uncovered over the past several ye
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ars. It is also useful to discuss the pros and cons of the procedures that IMA suggests for its
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members when they believe they know about ethical lapses in their organizations.
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ANSWERS TO REVIEW QUESTIONS hu hu hu
1-1 The explosion in e- hu h u h u
commerce will affect managers in significant ways. One effect will be a drastic reduct
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ion in paper work. Millions of transactions between businesses are now being condu
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cted electronically with no hard-
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copy documentation. Along withthis method of communicating for business transact
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ions comes the very significant issue of information security. Businesses need to find
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ways to protect confidential information in their own computers, in cloud computin
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g data centers, and while moving across the internet, while at the same time shari
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ng the information necessary to complete transactions. Another effect of e-
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commerce is the dramatically increased speed with which business transactions can b
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e conducted. In addition, there will be dramatic changes in the way managerial account
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ing procedures are carried out, one example being cloud-
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based budgeting, which is the enterprise- hu hu hu hu hu
wide and electroniccompletion of a company’s budgeting process using cloud-
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based software and data storage. hu hu hu hu
, 1-2 Plausible goals for the organizations listed are as follows:
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(a) Amazon.com: (1) To achieve and maintain profitability, and (2) to grow on- hu hu hu hu hu hu hu hu hu hu hu
line sales of their many products. Amazon is also famous (infamous) for wanting to
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have every product in the world on its site.
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(b) American Red Cross: (1) To raise funds from the general public sufficient to have r
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esources available to meet any disaster that may occur, and (2) to provide assi
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stance to people who are victims of a disaster anywhere in the world on short notice.
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(c) General Motors: (1) To earn income sufficient to provide a good return on the i
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nvestment of the company's stockholders, and (2) to provide the highest-
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quality product possible. hu hu
(d) Wal-
Mart: (1) To penetrate the retail market in virtually every location in the United States, a
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nd (2) to grow over time in terms of number of retail locations, total assets, and earni
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ngs. Also, to be competitive with Amazon in the e-retail space.
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(e) City of Seattle: (1) To maintain an urban environment as free of pollution as po
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ssible, and (2) to provide public safety, police, and fire protection to the city's citiz
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ens.
(f) Hertz: (1) To be a recognizable household name associated with rental car serv
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ices, and (2) to provide reliable and economical transportation services to the compan
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y's customers.
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1-3 The four basic management activities are listed and defined as follows:
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(a) Decision making: Choosing among the available alternatives.
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(b) Planning: Developing a detailed financial and operational description
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ofanticipated operations.
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(c) Directing operations: Running the organization on a day-to-day basis.
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(d) Controlling: Ensuring that the organization operates in the intended manner
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andachieves its goals.
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