Textbook Answers

Textbook Answers - BUSI 1005 Management Accounting for...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
BUSI 1005 – Management Accounting for Business Students Winter 2008 Student Solutions Manual Table of Contents Ch 1 – Managerial Accounting 2 Ch 2 – Job-Order Cost Accounting 22 Ch 4 – Activity-Based Costing 44 Ch 5 – Decision-Making: Cost-Volume-Profit 67 Ch 6 – Incremental Analysis 96 Ch 7 – Variable Costing: a Decision-Making Perspective 122 Ch 8 – Pricing 148 Ch 9 – Budgetary Planning 172 Ch 10 – Budgetary Control and Responsibility Accounting 199 Ch 11 – Standard Costs and Balanced Scorecard 224 Ch 12 – Planning for Capital Investments 244
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
CHAPTER 1 - Managerial Accounting ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises B Problems * 1. Explain the distinguishing features of manage- rial accounting. 1, 2, 3 1 * 2. Identify the three broad functions of management. 4, 5, 6, 7, 8, 11 2, 3 * 3. Define the three classes of manufacturing costs. 12, 13, 15 4, 5, 7 29B - 32B * 4. Distinguish between product and period costs. 14 6, 7 24B, 25B, 29B - 32B * 5. Explain the difference between a merchandising and a manufacturing income statement. 9, 16, 21 26B - 31B * 6. Indicate how cost of goods manufactured is de- termined. 17, 18, 19, 20 8, 10, 11 26B - 32B * 7. Explain the difference between a merchandising and a manufacturing balance sheet. 10 9 26B, 27B * 8. Identify trends in managerial accounting. 22, 23, 24, 25, 26 2
Background image of page 2
ANSWERS TO QUESTIONS 1. (a) Disagree. Managerial accounting is a field of accounting that provides economic and finan- cial information for managers and other internal users. (b) Tina is incorrect. Managerial accounting applies to all types of businesses—service, mer- chandising, and manufacturing. 2. (a) Financial accounting is concerned primarily with external users such as stockholders, creditors, and regulators. In contrast, managerial accounting is concerned primarily with internal users such as officers and managers. (b) Classified financial statements are the end product of financial accounting. The statements are prepared monthly, quarterly and annually. In managerial accounting, internal reports may be prepared daily, weekly, monthly, quarterly, annually, or as needed. (c) The purpose of financial accounting is to provide general-purpose information for all users. The purpose of managerial accounting is to provide special-purpose information for a particular user for a specific decision. 3. Differences in the content of the reports are as follows: Financial Managerial Pertains to business as a whole and is highly aggregated. Limited to double-entry accounting and cost data. Generally accepted accounting principles. Pertains to subunits of the business and may be very detailed. May extend beyond double-entry account- ing system to any relevant data. Standard is relevance to decisions. In financial accounting, financial statements are verified annually through an independent audit by certified public accountants. There are no independent audits of internal reports issued by mana - gerial accountants.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/15/2010 for the course ACCT 1005 taught by Professor Mr during the Spring '10 term at Carleton CA.

Page1 / 260

Textbook Answers - BUSI 1005 Management Accounting for...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online