Solutions Manual For Managerial Accounting: Creating Value in a Dynamic Business Environment, 13th Edition by Hilton, Chapters 1 - 17, Complete|ISBN: 9781259969515 |Newest edition

Chapter 1-
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Managerial Accounting, 13/e
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,17



CHAPTER 1 MK




The Crucial Role of Managerial Accounting in a Dynamic Business Environmen
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t

FOCUS ON ETHICS (Located before the Chapter Summary in the text.)
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The focus-on- MK




ethics inset for Chapter 1 is the IMA Statement of Ethical Professional Practice. Instructors
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can use this list of ethical principles and standards to lead a class discussion. The discussion c
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an also range to consideration of how these standards may have been violated by accountants a
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nd managers involved in the various ethical scandals uncovered over the past several years. It is al
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so useful to discuss the pros and cons of the procedures for ―Resolving Ethical Issues‖ that IMA
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suggests for its members when they believe they know about ethical lapses in their organization
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s.

We also introduce here the connection to the ―Ethics Unwrapped‖ video series that can suppl
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ement the discussion of ethics in the context of each chapter. In each chapter of the text, we hav
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e suggested topic videos in the series that align with that chapter. Discussion guidance and questi
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ons relating to the videos can be found on the ―Ethics Unwrapped‖ site at the URL provided. This r
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esource is provided by permission from the University of Texas at Austin, McCombs School of Bu
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siness.

ANSWERS TO REVIEW QUESTIONS MK MK MK




1-1 The explosion in e- MK MK MK




commerce will affect managers in significant ways. One effect will be a drastic reduction in
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paperwork. Millions of transactions between businesses are conducted electronically with
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no hard- MK MK




copy documentation. Along with this method of communicating for business transactions
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comes the very significant issue of information security. Businesses need to find ways to p
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rotect confidential information in their own computers, in cloud computing data centers, and
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while moving across the internet, while at the same time sharing the information neces
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5-2 sary to complete transactions. Another effect of e-
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, commerce is the dramatically increased speed with which business transactions can be con
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ducted. In addition, there will be dramatic changes in the way managerial accounting pro
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cedures are carried out, one example
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Managerial Accounting, 13/e
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, being cloud-based budgeting, which is the enterprise-
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wide and electronic completion of a company‘s budgeting process using cloud-
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based software and data storage.
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1-2 Plausible goals for the organizations listed are as follows:
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(a) Amazon.com: (1) To achieve and maintain profitability, and (2) to grow on- MK MK MK MK MK MK MK MK MK MK MK




line sales of their many products. Amazon is also famous (infamous) for wanting to h
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ave every product in the world on its site.
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(b) American Red Cross: (1) To raise funds from the general public sufficient to have resourc
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es available to meet any disaster that may occur, and (2) to provide assistance to
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people who are victims of a disaster anywhere in the world on short notice.
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(c) General Motors: (1) To earn income sufficient to provide a good return on the invest
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ment of the company's stockholders, and (2) to provide the highest-
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quality product possible. MK MK




(d) Wal-
Mart: (1) To penetrate the retail market in virtually every location in the United S
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tates, and (2) to grow over time in terms of number of retail locations, total assets,
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and earnings. Also, to be competitive with Amazon in the e-retail space.
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(e) City of Seattle: (1) To maintain an urban environment as free of pollution as possib
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le, and (2) to provide public safety, police, and fire protection to the city's citizens.
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(f) Hertz: (1) To be a recognizable household name associated with rental car servic
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es, and (2) to provide reliable and economical transportation services to the compan
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y's customers. MK




1-3 The four basic management activities are listed and defined as follows:
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(a) Decision making: Choosing among the available alternatives.
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(b) Planning: Developing a detailed financial and operational description o
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f anticipated operations.
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(c) Directing operations: Running the organization on a day-to-day basis.
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(d) Controlling: Ensuring that the organization operates in the intended manner and achie
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ves its goals. MK MK




5-4 Solutions Manual MK