Solution Manual Horngren's Accounting, The Managerial Chapters, 14th Edition | Tracie Miller-Nobles & Brenda Mattison | Complete Chapters 1–9 Latest Version Update | Graded A+

,
,ChapterQM:1
IntroductionQtoQManagerialQAccounting

ReviewQQuestions
1. WhatQisQtheQprimaryQpurposeQofQmanagerialQaccounting?

TheQprimaryQpurposeQofQmanagerialQaccountingQisQtoQprovideQinformationQtoQhelpQmana
gersQplan,Qdirect,Qcontrol,QandQmakeQdecisions.

2. ListQsixQdifferencesQbetweenQfinancialQaccountingQandQmanagerialQaccounting.

FinancialQaccountingQandQmanagerialQaccountingQdifferQonQtheQfollowingQ6Qdimensions:Q(1)Q
primaryQusers,Q(2)QpurposeQofQinformation,Q(3)QfocusQandQtimeQdimensionQofQtheQinformatio
n,Q(4)QrulesQandQre-Qstrictions,Q(5)QscopeQofQinformation,QandQ(6)Qbehavioral.

3. ExplainQtheQdifferenceQbetweenQlineQpositionsQandQstaffQpositions.

LineQpositionsQareQdirectlyQinvolvedQinQprovidingQgoodsQorQservicesQtoQcustomers.QStaff
QpositionsQsupportQlineQpositions.

4. ExplainQtheQdifferencesQbetweenQplanning,Qdirecting,QandQcontrolling.

PlanningQmeansQchoosingQgoalsQandQdecidingQhowQtoQachieveQthem.QDirectingQinvolvesQrunni
ngQtheQday-to-
dayQoperationsQofQaQbusiness.QControllingQisQtheQprocessQofQmonitoringQoperationsQandQkeep
ingQtheQcompanyQonQtrack.

5. ListQtheQfourQIMAQstandardsQofQethicalQpracticeQandQbrieflyQdescribeQeach.

TheQfourQIMAQstandardsQofQethicalQpracticeQandQaQdescriptionQofQeachQfollow.
I. Competence.
MaintainQanQappropriateQlevelQofQprofessionalQleadershipQandQexpertiseQbyQen
hancingQknowledgeQandQskills.
PerformQprofessionalQdutiesQinQaccordanceQwithQrelevantQlaws,Qregulations,QandQte
chnicalQstandards.
ProvideQdecisionQsupportQinformationQandQrecommendationsQthatQareQaccurate,Qclear,Qconci
se,

, andQtimely.
RecogniseQandQhelpQmangeQrisk.
II. Confidentiality.
KeepQinformationQconfidentialQexceptQwhenQdisclosureQisQauthorizedQorQlegallyQrequired.
InformQallQrelevantQpartiesQregardingQappropriateQuseQofQconfidentialQinformation.Q Mo
nitorQtoQensureQcompliance.
RefrainQfromQusingQconfidentialQinformationQforQunethicalQorQillegalQadvantage.
III. Integrity.
MitigateQactualQconflictsQofQinterest.QRegularlyQcommunicateQwithQbusinessQassociatesQto
QavoidQapparentQconflictsQofQinterest.QQAdviseQallQpartiesQofQanyQpotentialQconflicts.
RefrainQfromQengagingQinQanyQconductQthatQwouldQprejudiceQcarryingQoutQdutiesQethically.
AbstainQfromQengagingQinQorQsupportingQanyQactivityQthatQmightQdiscreditQtheQprofession.
ContributeQtoQaQpositiveQethicalQcultureQandQplaceQintegrityQofQtheQprofessionQabove
QpersonalQinterest.

5,Qcont.
IV. Credibility.
CommunicateQinformationQfairlyQandQobjectively.
ProvideQallQrelevantQinformationQthatQcouldQreasonablyQbeQexpectedQtoQinfluenceQan
QintendedQuser’sQunderstandingQofQtheQreports,Qanalyses,QorQrecommendations.
ReportQanyQdelaysQorQdeficienciesQinQinformation,Qtimeliness,Qprocessing,QorQinternalQ
controlsQinQconformanceQwithQorganizationQpolicyQand/orQapplicableQlaw.
CommunicateQanyQprofessionalQlimitationsQorQotherQconstraintsQthatQwouldQprecludeQr
esponsi-QbleQjudgmentQorQsuccessfulQperformanceQofQanQactivity.

6. DescribeQaQserviceQcompanyQandQgiveQanQexample.

ServiceQcompaniesQsellQtime,Qskills,QandQknowledge.QExamplesQofQserviceQcompaniesQinclude
QphoneQserviceQcompanies,Qbanks,QcleaningQserviceQcompanies,QaccountingQfirms,QlawQfirms,Q
medicalQphysi-Qcians,QandQonlineQauctionQservices.

7. DescribeQaQmerchandisingQcompanyQandQgiveQanQexample.

MerchandisingQcompaniesQresellQproductsQtheyQbuyQfromQsuppliers.QMerchandisersQkeepQanQin
ventoryQofQproducts,QandQmanagersQareQaccountableQforQtheQpurchasing,Qstorage,QandQsaleQof
QtheQproducts.QEx-
QamplesQofQmerchandisingQcompaniesQincludeQtoyQstores,QgroceryQstores,QandQclothingQstores.


8. HowQdoQmanufacturingQcompaniesQdifferQfromQmerchandisingQcompanies?

MerchandisingQcompaniesQresellQproductsQtheyQpreviouslyQboughtQfromQsuppliers,QwhereasQma
nufac-
QturingQcompaniesQuseQlabor,Qequipment,Qsupplies,QandQfacilitiesQtoQconvertQrawQmaterialsQint
oQnewQfin-