Solutions for Horngren's Cost Accounting, A Managerial Emphasis, 3rd Australian Edition Horngren (All Chapters included)
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Complete Solutions Manual for Horngren's Cost Accounting, A Managerial Emphasis, 3rd Australian Edition by Charles Horngren, Srikant M. Datar, Madhav V. Rajan, William Maguire, Rebecca Tan ; ISBN13: 9781488612640. (Full Chapters included Chapter 1 to 21). Exercises and Problems included.
Chapter ...
Horngren's Cost Accounting,
A Managerial Emphasis
3rd Australian Edition
by Charles Horngren
Complete Chapter Solutions Manual
are included (Ch 1 to 21)
** Immediate Download
** Swift Response
** All Chapters included
** Exercises and Problems
,Chapter 1
Management accounting in context
Assignment material
Questions
1.1 Explain the way in which cost accounting, management accounting, activity
management and financial reporting are inter-related.
Solution:
Management accounting measures, analyses and reports financial and non-financial
information that helps managers make decisions to achieve an organisation’s goals. It
focuses on internal reporting and is not restricted by Australian generally accepted
accounting practice (GAAP).
Financial accounting focuses on reporting to external parties such as investors, government
agencies and banks. It measures and records business transactions and provides financial
statements that are GAAP-based.
Other differences include (1) management accounting emphasises the future (not the past)
and (2) management accounting influences the behaviour of managers and other employees
(rather than primarily reporting economic events).
1.2 ‘Management accounting should not fit the straitjacket of financial reporting.’ Explain
your response to this statement and give an example.
Solution:
While financial accounting is constrained by GAAP, management accounting is not. The
result is that:
• management accounting allows managers to charge interest on owners’ capital to
help judge a division’s performance, even though such a charge is not allowed under
GAAP
• management accounting can include assets or liabilities (such as ‘brand names’
developed internally) that are not recognised under GAAP
• management accounting can use asset or liability measurement rules (such as
present values or resale prices) that are not permitted under GAAP.
1.3 Explain the way in which a management accountant is able to help to form strategy.
9781488612640/Horngren/Cost
Accounting 3e 1
, Solution:
Management accountants can help to formulate strategy by providing information about the
sources of competitive advantage—for example, the cost, productivity or efficiency
advantage of their company relative to competitors or the premium that a company can
charge when it adds features that differentiate its products or services.
1.4 Describe the business functions in the value chain.
Solution:
The business functions in the value chain are:
• Research and development—generating and experimenting with ideas related to
new products, services or processes.
• Design of products, services and processes—the detailed planning and
engineering of products, services or processes.
• Production—acquiring, coordinating and assembling resources to produce a
product or deliver a service.
• Marketing (including sales)—promoting and selling products or services to
customers or prospective customers.
• Distribution—delivering products or services to customers.
• Customer service—providing after-sales support to customers.
1.5 Explain the term ‘supply chain’ and its importance to the management of activities.
Solution:
Supply chain describes the flow of goods, services and information from the initial sources of
materials and services to the delivery of products to consumers, regardless of whether those
activities occur in the same organisation or in other organisations.
Cost management focuses on the most effective and efficient use of resources, in order to
make benefit-cost trade-offs. Companies are most effective when they integrate and
coordinate activities across (1) all companies in the supply chain and (2) all business
functions within their own value chain.
1.6 ‘Management accounting deals only with costs.’ Do you agree? Explain your answer.
Solution:
‘Management accounting deals only with costs.’ This statement is misleading at best and
wrong at worst. Management accounting measures, analyses and reports financial and non-
financial information that helps managers define the organisation’s goals and make
decisions to fulfil them. Management accounting also analyses revenues from products and
customers in order to assess product and customer profitability. Therefore, while
management accounting does use cost information, it is only a part of the organisation’s
information recorded and analysed by management accountants.
1.7 Explain the way in which management accountants help to improve quality and to
ensure that products are delivered on time.
Solution:
9781488612640/Horngren/Cost
Accounting 3e 2
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