EBK MANAGERIAL ACCOUNTING
5th Edition
ISBN: 8220103613811
Author: TIETZ
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.36ACT
Discussion Questions
- 1. What are the three main areas of management’s responsibility? How are these three areas interrelated? How does
managerial accounting support each of the responsibility areas of managers? - 2. What is the Sarbanes-Oxley Act of 2002 (SOX)? How does SOX affect financial accounting? How does SOX impact managerial accounting? Is there any overlap between financial and managerial accounting in terms of the SOX impact? If so, what are the areas of overlap?
- 3. Why is managerial accounting more suitable for internal reporting than for financial accounting?
- 4. How can what is taught in managerial accounting help you in other careers other than accounting?
- 5. A company currently has all of its managerial accountants reporting to the controller. What might be inefficient about this organizational structure? How might the company restructure? What benefits would the restructuring offer?
- 6. What skills are required of a management accountant? In what college courses are these skills taught or developed? What skills would be further developed in the workplace?
- 7. What is the Institute of Management Accountants (IMA)? What is the American Institute of Certified Public Accountants? How could being a member of a professional organization help a person’s career?
- 8. How might a Certified Management Accountant (CMA) certification benefit a person in his or her career? What skills are assessed on the CMA exam?
- 9. What are the four ethical standards in the Institute of Management Accountants’ Statement of Ethical Professional Practice? Describe the meaning of each of the four standards. How does each of these standards impact planning, directing, and controlling?
- 10. What business trends are influencing managerial accounting today? How do these trends impact management accountants’ roles in the organization?
- 11. The effect of sustainability on the planet (environment) is probably the most visible component of the triple bottom line. For a company with which you are familiar, list two examples of its sustainability efforts related to the planet.
- 12. One controversial area regarding sustainability is whether organizations should use their sustainability progress and activities in their advertising. Do you think a company should publicize its sustainability efforts? Why or why not?
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Chapter 1 Solutions
EBK MANAGERIAL ACCOUNTING
Ch. 1 - (Learning Objective 1) Which of the following...Ch. 1 - (Learning Objective 2) Managerial accounting...Ch. 1 - (Learning Objective 3) Which of the following...Ch. 1 - (Learning Objective 3) Of the following skills,...Ch. 1 - (Learning Objective 4) Which of the following...Ch. 1 - Prob. 6QCCh. 1 - Prob. 7QCCh. 1 - Prob. 8QCCh. 1 - (Learning Objective 5) Which of the following is...Ch. 1 - (Learning Objective 5) All of the following are...
Ch. 1 - Managers responsibilities (Learning Objective 1)...Ch. 1 - Contrast managerial and financial accounting...Ch. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Prob. 1.5SECh. 1 - Prob. 1.6SECh. 1 - Violations of ethical standards (Learning...Ch. 1 - Identify current competitive tools (Learning...Ch. 1 - Identify ethical standards violated (Learning...Ch. 1 - Define key terms (Learning Objectives 1, 2, 3, 4,...Ch. 1 - Define key terms (Learning Objectives 1 2)...Ch. 1 - Prob. 1.12AECh. 1 - Identify users of accounting information (Learning...Ch. 1 - Classify ethical responsibilities (Learning...Ch. 1 - Equipment purchase cost-benefit analysis (Learning...Ch. 1 - Lean production cost-benefit analysis (Learning...Ch. 1 - Identify sustainability efforts as impacting...Ch. 1 - Prob. 1.18BECh. 1 - Prob. 1.19BECh. 1 - Identify users of accounting information (Learning...Ch. 1 - Classify ethical responsibilities (Learning...Ch. 1 - Equipment purchase cost-benefit analysis (Learning...Ch. 1 - Lean production cost-benefit analysis (Learning...Ch. 1 - Prob. 1.24BECh. 1 - Management processes and accounting information...Ch. 1 - Ethical dilemmas (Learning Objective 4) Barb Perot...Ch. 1 - ERP cost-benefit analysis (Learning Objective 5)...Ch. 1 - Online order system cost-benefit analysis...Ch. 1 - Continuation of P1-28A: revised estimates...Ch. 1 - Management processes and accounting information...Ch. 1 - Ethical dilemmas (Learning Objective 4) ETHICS...Ch. 1 - ERP cost-benefit analysis (Learning Objective 5)...Ch. 1 - Online order system cost-benefit analysis...Ch. 1 - Continuation of P1-33B: revised estimates...Ch. 1 - Discuss how managerial accounting can be used at...Ch. 1 - Discussion Questions 1. What are the three main...Ch. 1 - Prob. 1.37ACTCh. 1 - Prob. 1.38ACTCh. 1 - Ethics and casual conversations (Learning...Ch. 1 - Using managerial accounting information to manage...
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- Please solve for items circuled in RED. Thank you.arrow_forwardQuestion text A company sells a product with an associated warranty. (The customer must separately purchase the warranty at the time the related product is purchased). After the sale of a particular warranty, the company records the following journal entry: Cash 500 Warranty Liability 500 What error now exists in the company’s financial statements? Select one: a. Liabilities are understated. b. Liabilities are overstated. C. Net income is understated. d. No error exists, as the entry has been properly recorded.arrow_forwardIndicate whether each of the following statements is true or false. Bribery in the world of business typically happens when an organization or representative of an organization gives financial benefits to an official to gain favor or manipulate a business decision. The Foreign Corrupt Practices Act was implemented in the aftermath of disclosures that businesses were violating the IMA Code of Ethics. Managers are required to follow specific rules issued by the IMA for internal financial reporting. Ethics is more than obeying laws. The Sarbanes-Oxley Act addressed public company accounting reform.arrow_forward
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