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Ch. 1 HW Solutions - CHAPTER 1 INTRODUCTION THE ROLE...

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CHAPTER 1 INTRODUCTION: THE ROLE, HISTORY, AND DIRECTION OF MANAGEMENT ACCOUNTING QUESTIONS FOR WRITING AND DISCUSSION 1. A management accounting information sys- tem is an information system that produces outputs using inputs and processes needed to satisfy specific managerial objectives. 2. The inputs of a management accounting in- formation system are economic events. The processes transform the inputs into outputs and are such things as collecting, measur- ing, storing, analyzing, reporting, and man- aging. Typical outputs include special re- ports, product costs, customer costs, per- formance reports, budgets, and personal com- munication. 3. The three objectives of a management ac- counting information system are as follows: To provide information for costing out ser- vices, products, and other objects of interest to management; to provide information for planning, controlling, evaluation, and con- tinuous improvement; and to provide inform- ation for decision making. 4. All organizations—manufacturing, mer- chandising, and services—must have a good management accounting information system. Management accounting concepts and procedures are not restricted to any one type of organization. 5. The users of management accounting in- formation are managers and workers within the organization. Anyone internal to an or- ganization is a potential user of manage- ment accounting information.
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