TEST BANK FOR Managerial Accounting 4th Edition by Charles E. Davis, Elizabeth Davis ISBN: 978-1119577669 COMPLETE GUIDE ALL CHAPTERS COVERED 100% VERIFIED A+ GRADE ASSURED!!!!NEW LATEST UPDATE!!!!!

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TESTBANK
ManagerialAccounting4thEdition
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ByCharlesDavisElizabethDavis
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TableOfContents
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1. Accountingasa Toolfor Management 5% 5%




2. CostBehaviorand CostEstimation
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3. Cost-Volume-Profit Analysis and Pricing Decisions 5% 5% 5% 5%




4. ProductCostsandJobOrderCosting
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5. PlanningandForecasting 5
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5A:PlanningandForecastinginaRetailSetting*(onlineonly)
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6. Performance Evaluation: Variance Analysis 5% 5% 5%




7. Activity-Based Costing and Activity-Based Management
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8. UsingAccounting Information to Make Managerial Decisions
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9. CapitalBudgeting 5
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10. Decentralization and Performance Evaluation 5% 5% 5%




11. Performance Evaluation Revisited: A Balanced Approach
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12. FinancialStatementAnalysis 5
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13. StatementofCash Flows 5
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Chapter 1 5%




Accounting as a Tool for Management 5% 5% 5% 5% 5%




CHAPTER LEARNING OBJECTIVES vj 5%




1. Define managerial accounting (Unit 1.1) 5% 5% 5% 5%




There are several formal definitions of managerial accounting. A simple one is “theg ene
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ration of relevant information to support management’s decision-
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making activities.” 5%




2. Describe the differences between managerialandfinancial accounting(5
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Unit 1.1) vj




Managerial accounting’s primary users are managers and decision makers within an org
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a nization, whereas financial accounting is aimed primarily at external users. Unlike GAA
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P t hat guides financial accounting, there are no mandated rules in managerial accountin
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g. M anagerial accounting reports focus on operating segments, while financialaccountin
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g stat ements report results for the organization as a whole. Managerial accounting is co
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ncerne d more with projecting future results than reporting past results. Managerial info
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rmation is prepared to take advantage of a window of opportunity, evenif some accurac
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y must be sacrificed. Financial accounting information is balanced to the penny and is del
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ivered afte r the end of the accounting period.
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3. List and describe the four functions of managers (Unit 1.1)
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Planning means setting a direction for the organization. Long-
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term, or strategic planningprovides direction for a five- to ten-year period. Short-
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term or operational planning provides more detailed guidance for the coming year; it tran
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slates the company’s strategy into action steps. Controlling is the monitoring of day-to-
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day operations to identify any problems that require corrective action. Evaluating is the p
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rocess of comparing a particular period’s actual results to planned results, for the purpose
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%of assessing managerial performance. Decision making means choosing between alterna
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tive courses of action.
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4. Explain how the selection of a particular business strategy determines thei
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nformation that managers need to run an organization effectively (Unit 1.2 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%




)
To run a business effectively, managers need information that shows how well operat
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i ons are meeting the organization’s strategic goals. For instance, if the organization’s
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st rategy is to be a low-
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cost producer, information about product costsand cost variances will be more usef
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ul to managers than information about researchand development.
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5. Discuss the importance ofethicalbehaviorinmanagerial accounting (Unit1.
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Ethical behavior means knowing right from wrong and then doing the right thing. Many
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c ompanies and most professional organizations have codes of conduct to guide employ
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ee s’ actions. Acting unethically can lead to illegal activity and ultimately to the destru
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ction of the firm. Furthermore, research has shown that a public commitment toethical
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behavi or can lead to superior financial performance.
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