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Test Bank - for Managerial Accounting 4th Edition by Charles E. Davis, Elizabeth Davis, All Chapters |Complete Guide A+ $15.49
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Test Bank - for Managerial Accounting 4th Edition by Charles E. Davis, Elizabeth Davis, All Chapters |Complete Guide A+
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Test Bank - for Managerial Accounting 4th Edition by Charles E. Davis, Elizabeth Davis, All Chapters |Complete Guide A+Test Bank - for Managerial Accounting 4th Edition by Charles E. Davis, Elizabeth Davis, All Chapters |Complete Guide A+ Test Bank - for Managerial Accounting 4th Edition by Charles...

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  • December 16, 2024
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1-1 Test’Bank’for’Davis’&’Davis,’Managerial’Accounting,’4/e



TEST BANK ’




Managerial Accounting 4th Edition
’ ’ ’




By Charles Davis Elizabeth Davis Chapter 1 - 13
’ ’ ’ ’ ’’’ ’ ’ ’

, 1-2 Test’Bank’for’Davis’&’Davis,’Managerial’Accounting,’4/e



Table Of Contents
’ ’




1. Accounting as a Tool for Management
’ ’ ’ ’ ’ ’



2.Cost Behavior and Cost Estimation
’ ’ ’ ’



3. Cost-Volume-Profit Analysis and Pricing Decisions
’ ’ ’ ’ ’



4. Product Costs and Job Order Costing
’ ’ ’ ’ ’ ’



5. Planning and Forecasting
’ ’ ’



5A: Planning and Forecasting in a Retail Setting* (online only)
’ ’ ’ ’ ’ ’ ’ ’ ’



6. Performance Evaluation: Variance Analysis
’ ’ ’ ’



7. Activity-Based Costing and Activity-Based Management
’ ’ ’ ’ ’



8. Using Accounting Information to Make Managerial Decisions
’ ’ ’ ’ ’ ’ ’



9. Capital Budgeting
’ ’



10. Decentralization and Performance Evaluation
’ ’ ’ ’



11. Performance Evaluation Revisited: A Balanced Approach
’ ’ ’ ’ ’ ’



12. Financial Statement Analysis
’ ’ ’



13. Statement of Cash Flows
’ ’ ’ ’ ’

,1-3 Test’Bank’for’Davis’&’Davis,’Managerial’Accounting,’4/e


Chapter’1
Accounting’as’a’Tool’for’Management

CHAPTER’LEARNING’OBJECTIVES

1. Define’managerial’accounting’(Unit’1.1)
There’are’several’formal’definitions’of’managerial’accounting.’A’simple’one’is’“the’ge
neration’of’relevant’information’to’support’management’s’decision-
making’activities.”
2. Describe’the’differences’between’managerial’and’financial’accounting’(
Unit’1.1)
Managerial’accounting’s’primary’users’are’managers’and’decision’makers’within’an’organ
ization,’whereas’financial’accounting’is’aimed’primarily’at’external’users.’Unlike’GAAP’tha
t’guides’financial’accounting,’there’are’no’mandated’rules’in’managerial’accounting.’Man
agerial’accounting’reports’focus’on’operating’segments,’while’financial’accounting’statem
ents’report’results’for’the’organization’as’a’whole.’Managerial’accounting’is’concerned’m
ore’with’projecting’future’results’than’reporting’past’results.’Managerial’information’is’pr
epared’to’take’advantage’of’a’window’of’opportunity,’even’if’some’accuracy’must’be’sacrif
iced.’Financial’accounting’information’is’balanced’to’the’penny’and’is’delivered’after’the’e
nd’of’the’accounting’period.
3. List’and’describe’the’four’functions’of’managers’(Unit’1.1)
Planning’means’setting’a’direction’for’the’organization.’Long-
term,’or’strategic’planning’provides’direction’for’a’five-’to’ten-year’period.’Short-
term’or’operational’planning’provides’more’detailed’guidance’for’the’coming’year;’it’trans
lates’the’company’s’strategy’into’action’steps.’Controlling’is’the’monitoring’of’day-to-
day’operations’to’identify’any’problems’that’require’corrective’action.’Evaluating’is’the’pr
ocess’of’comparing’a’particular’period’s’actual’results’to’planned’results,’for’the’purpose’o
f’assessing’managerial’performance.’Decision’making’means’choosing’between’alternativ
e’courses’of’action.
4. Explain’how’the’selection’of’a’particular’business’strategy’determines’the’in
formation’that’managers’need’to’run’an’organization’effectively’(Unit’1.2)
To’run’a’business’effectively,’managers’need’information’that’shows’how’well’operati
ons’are’meeting’the’organization’s’strategic’goals.’For’instance,’if’the’organization’s’str
ategy’is’to’be’a’low-
cost’producer,’information’about’product’costs’and’cost’variances’will’be’more’useful’t
o’managers’than’information’about’research’and’development.

, 1-4 Test’Bank’for’Davis’&’Davis,’Managerial’Accounting,’4/e


5. Discuss’the’importance’of’ethical’behavior’in’managerial’accounting’(Unit’1.
3)
Ethical’behavior’means’knowing’right’from’wrong’and’then’doing’the’right’thing.’Many’co
mpanies’and’most’professional’organizations’have’codes’of’conduct’to’guide’employees’’
actions.’Acting’unethically’can’lead’to’illegal’activity’and’ultimately’to’the’destruction’of’t
he’firm.’Furthermore,’research’has’shown’that’a’public’commitment’to’ethical’behavior’c
an’lead’to’superior’financial’performance.

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