Managerial Accounting
3rd Edition
ISBN: 9780077826482
Author: Stacey M Whitecotton Associate Professor, Robert Libby, Fred Phillips Associate Professor
Publisher: McGraw-Hill Education
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Question
Chapter 1, Problem 3MC
To determine
Concept introduction:
Management’s Function:
Following are the function of management
- Planning: Planning stands for thinking in advance about what to do, how to do, when to do and by whom it is to be done
- Implementing: It is the next process after planning to implement all the plans to achieve the desired goal or objective.
- Leading: It is the process where leader motivates their follower to follow a path from which all gets benefit.
- Controlling: It is the work which is done after the completion of a particular assignment in this we put control over the unwanted or wasteful things.
To choose:
The correct option
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Check out a sample textbook solutionStudents have asked these similar questions
Scenario building is an extension of:
O a. flexible goal setting.
b. management by objectives.
Oc. operational planning.
O d. crisis planning.
e. contingency planning.
Which of the following terms is used to describe the process of developing the organization’s objectives and translating those into courses of action?
a.planning
b.improving
c.supervising
d.decision making
Which of the following are basic phases of the management process?
a.supervising and directing
b.planning and controlling
c.decision making and supervising
d.organizing and directing
Chapter 1 Solutions
Managerial Accounting
Ch. 1 - What is the primary difference between financial...Ch. 1 - Prob. 2QCh. 1 - Why are traditional, GAAP-based financial...Ch. 1 - Prob. 4QCh. 1 - consider the area within a 3-mile radius of your...Ch. 1 - What are the three basic functions of management?Ch. 1 - How are the three basic management functions...Ch. 1 - What are ethics and why is ethical behavior...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - Prob. 12QCh. 1 - Why are businesses starting to incorporate...Ch. 1 - What factors does sustainability accounting...Ch. 1 - Think about your activities over the last week....Ch. 1 - Prob. 16QCh. 1 - Why is it important for managers to be able to...Ch. 1 - Prob. 18QCh. 1 - Prob. 19QCh. 1 - Explain the difference between relevant and...Ch. 1 - Prob. 21QCh. 1 - What are prime costs? Why have they decreased in...Ch. 1 - Prob. 23QCh. 1 - Why can't prime cost and conversion cost be added...Ch. 1 - Prob. 25QCh. 1 - Prob. 26QCh. 1 - Prob. 27QCh. 1 - Prob. 28QCh. 1 - Prob. 29QCh. 1 - Prob. 1MCCh. 1 - Prob. 2MCCh. 1 - Prob. 3MCCh. 1 - Prob. 4MCCh. 1 - Prob. 5MCCh. 1 - What is Garcia's total manufacturing cost? a....Ch. 1 - Prob. 7MCCh. 1 - What is Garcia's manufacturing overhead? a....Ch. 1 - Prob. 9MCCh. 1 - Which of the following would not be treated as a...Ch. 1 - MINI-EXERCISES Comparing Financial and Managerial...Ch. 1 - Prob. 4MECh. 1 - Prob. 5MECh. 1 - Prob. 6MECh. 1 - Prob. 8MECh. 1 - Prob. 9MECh. 1 - Prob. 10MECh. 1 - Identifying Direct and Indirect Costs for a...Ch. 1 - Prob. 12MECh. 1 - Identify sustainability issues affecting the...Ch. 1 - Classifying Costs Seth's Skateboard Company incurs...Ch. 1 - Calculation Costs Cotton White, Inc., makes...Ch. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Classifying Costs Blockett Company makes...Ch. 1 - Prob. 10ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Explaining Effects of Cost Misclassification Donna...Ch. 1 - Prob. 4.1GAPCh. 1 - Prob. 4.2GAPCh. 1 - Prob. 4.3GAPCh. 1 - Prob. 3.1GBPCh. 1 - Prob. 3.2GBPCh. 1 - Classifying Costs, Calculating Total Costs, and...Ch. 1 - Prob. 4.2GBPCh. 1 - Classifying Costs, Calculating Total Costs, and...
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- What is operational feasibility and what problems must management address to achieve it?arrow_forwardThree phases of the management process are controlling, planning, and decision making. Match the following descriptions to the proper phase:Phase of management process DescriptionControlling a. Monitoring the operating results of implemented plans and comparing the actual results with expected results.Planning b. Inherent in planning, directing, controlling, and improving.Decision making c. Long-range courses of action.arrow_forwardWhat is the beginning & end function of management process? a. Directing & Controlling b. Staffing & Directing c. Planning & Controlling d. Planning & Staffingarrow_forward
- How should managers estimate and interpretcost information?arrow_forwardWhat is the purpose of the Management’s Discussion and Analysis?arrow_forwardManagers in which of the following responsibility centers are held responsible forprofits? (You may select more than one answer.)a. Revenue centersb. Cost centersc. Profit centersd. Investment centersarrow_forward
- Which one of the following is related to the decision making function of management a. Performance reports b. Budgeting c. Choosing among alternatives d. None of the given answers e. Establishing goalsarrow_forward_______________________involves the steps taken by management to increase the likelihood that the objectives setdown at the planning stage are attained.arrow_forwardHow does the external analysis affect other components of the strategic management process?arrow_forward
- Which function of Management is concerned with an effective procurement of human resources and managing them properly? O a. Staffing O b. Organizing O c. Planning O d. Controllingarrow_forwardevaluate the key elements of a human resource management strategy.arrow_forwardAt which step or steps in the decision-making process do qualitative considerations generally have the greatest impact?a. Specifying the criterion and identifying the alternatives. b. Developing a decision model. c. Collecting the data. d. Making a decision. e. Identifying the alternativesarrow_forward
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