Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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Chapter 10, Problem 10.2C
To determine
Concept Introduction:
A Manager and shareholder can't use same information for making their decision. Theirs decisions are different. A shareholder need not to decide on day to day basis while a manager have to do same. A manager require more information than a shareholder for working.
To Prepare:
To decide whether statement of vice president is correct or not.
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Please read the e-textbook on Managerial Accounting Basics (pp.643-646, indicated as page 304 305 in VitalSource) and answer the following
question.
Managers explain and voluntarily disclose the forecasted financial information to the external financial users at the beginning of the period. The purpose
to provide the forecasted financial information is to help the external investors interpret managers' forecasted earnings by examining the profitability of
the firm when the investors forecast the earnings and make investment decision.
Discuss the extent to which you agree/disagree with that trend? You should support your reasoning with example(s).
Which of the following statements are true?
a. Screening projects of the company and determining whether they are profitable or not is part of the financial manager’s investing role.
b. A financial manager emphasizes that one of the roles of their department is to transact in the financial markets.
c. In an organizational chart, a financial manager who is concerned with determination of product cost and cost control function must be under the Treasurer’s Function.
d. A financial manager who is tasked to assessment the company’s credit capacity. In an organizational chart, he must be under the controller.
As a company's management accountant you would:
Select one:
а.
Be involved in the yearly reporting of financial performance
b.
Be primarily concerned with the reporting of past data
C.
Prepare plans and forecasts for the future activities of the business
d.
Be primarily concerned with providing information to shareholders on how management are
doing
Chapter 10 Solutions
Survey of Accounting (Accounting I)
Ch. 10 - Which 01 the following is not considered a cost of...Ch. 10 - Which of the following costs would be included as...Ch. 10 - A company estimated $420,000 of factory overhead...Ch. 10 - If the factory overhead account has a negative...Ch. 10 - When using job order costing for a professional...Ch. 10 - List three differences in how managerial...Ch. 10 - For a company that produces desktop computers,...Ch. 10 - How is product cost information used by managers?Ch. 10 - a.Name two principal types of cost accounting...Ch. 10 - What kind of firm would use a job order cost...
Ch. 10 - Prob. 6CDQCh. 10 - Prob. 7CDQCh. 10 - Describe the Source 01 the data for increasing...Ch. 10 - Prob. 9CDQCh. 10 - a.How is a predetermined factory overhead rate...Ch. 10 - a.What is (1) overapplied factory overhead and (2)...Ch. 10 - At the end of the fiscal year, there s a...Ch. 10 - What is the difference between a product cost and...Ch. 10 - Prob. 14CDQCh. 10 - Prob. 15CDQCh. 10 - How can activity based costing be used in service...Ch. 10 - Classifying costs as materials, labor, or factory...Ch. 10 - Classifying costs as materials, labor, or factory...Ch. 10 - Classifying costs as factory overhead Which of the...Ch. 10 - Classifying costs as product or period costs For...Ch. 10 - Prob. 10.5ECh. 10 - Transactions in a job order cost system Five...Ch. 10 - Cost flow relationships The following information...Ch. 10 - Cost of materials issuances An incomplete...Ch. 10 - Recording issuing of materials Materials issued...Ch. 10 - Amounts for materials Big Timber Furniture Company...Ch. 10 - Prob. 10.11ECh. 10 - Recording factory labor costs The weekly time...Ch. 10 - Recording direct labor and factory overhead...Ch. 10 - Factory overhead rates and account balances...Ch. 10 - Predetermined factory overhead rate Novus Engine...Ch. 10 - Predetermined factory overhead rate Mt Ellis...Ch. 10 - Recording jobs completed The following account...Ch. 10 - Determining manufacturing costs Wagner Printing...Ch. 10 - Financial statements of a manufacturing firm The...Ch. 10 - Job order cost accounting entries for a service...Ch. 10 - Prob. 10.21ECh. 10 - Prob. 10.22ECh. 10 - Just-in-time principles Jupiter Shirt Company...Ch. 10 - Activity-based costing for a hospital Deer Lodge...Ch. 10 - Activity-based costing in an insurance company...Ch. 10 - Classifying costs The following is a list of costs...Ch. 10 - Schedules for unfinished jobs and completed jobs...Ch. 10 - Schedules for unfinished jobs and completed jobs...Ch. 10 - Schedules for unfinished jobs and completed jobs...Ch. 10 - Schedules for unfinished jobs and completed jobs...Ch. 10 - Schedules for unfinished jobs and completed jobs...Ch. 10 - Schedules for unfinished jobs and completed jobs...Ch. 10 - Job cost sheet Hallmark Furniture Company...Ch. 10 - Job cost sheet Hallmark Furniture Company...Ch. 10 - Analyzing manufacturing cost accounts Summer...Ch. 10 - Analyzing manufacturing cost accounts Summer...Ch. 10 - Flow of costs and income statement R-Tunes Inc. is...Ch. 10 - Flow of costs and income statement R-Tunes Inc. is...Ch. 10 - Unit cost analysis The management of Colfax...Ch. 10 - Prob. 10.2MBACh. 10 - Prob. 10.3MBACh. 10 - Prob. 10.4MBACh. 10 - Prob. 10.1CCh. 10 - Prob. 10.2CCh. 10 - Prob. 10.3.1CCh. 10 - Classifying costs Reboot Inc. provides computer...Ch. 10 - Prob. 10.4.1CCh. 10 - Factory overhead rate Fabricator Inc., a...Ch. 10 - Factory overhead rate Fabricator Inc., a...Ch. 10 - Prob. 10.5CCh. 10 - Just-in-time principles Warm Space Inc....
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managersarrow_forwardManagerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAParrow_forwardWhen financal statements are used by shareholders and irwestors to evaluate the performance of a company's top execuoves it is referred to as the function of financial reports. Minde Choice proxy tectrical. Semedsho friminetealarrow_forward
- The objectives of financial reporting for business enterprises are based on the need for conservative information the needs of the users of the information the need to report on management’s stewardship the need to comply with financial accounting standardsarrow_forwardYou are a financial consultant. You are hired by a manufacturing company to assess its performance Based on financial ratios. Your task is to come up with the following: (1) financial analysis using financial ratios on liquidity, solvency or stability, and profitability; (2) trend analysis, both vertical and horizontal; and (3) comparative financial statements. The analysis should be benchmarked with competitors. Prepare a report indicating your comments on the financial health and performance of the company (as benchmarked with competitors) using the following liquidity ratios: (1) current ratio, (2) receivable turnover, (3) inventory turnover, and (4) quick ratio. Give your insights into the relative solvency or stability of the company (as benchmarked with the competitors) using the following ratios: (1) debt ratio, (2) times interest earned ratio, and (3) debt - equity ratio, Also, assess the relative profitability of the company (as benchmarked with competitors) using the…arrow_forwardWho are the primary users of a company's management accounting information? A its customers to understand the pricing of the product. B its creditors to understand the credibility of the business. C its employees to plan and control operations. D its investors to make their investment decisions.arrow_forward
- The person MOST likely to use management accounting information is a: Select one: O a. banker evaluating a credit application. Ob. shareholder evaluating a stock investment. Oc assembly department supervisor. Od. governmental taxing authority.arrow_forwardComparing managerial accounting and financial accounting Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all. a. Accounting systems that must follow GAAP b. External parties for whom financial accounting reports are prepared. c. The role managers play when they are monitoring day-to-day operations and keeping the company on track. d. Internal decision makers. e. Accounting system that provides information on a company’s past performance. f. Accounting system not restricted by GAAP. g. The management function that involves choosing goals and deciding how to achieve them.arrow_forwardManagerial accounting is concerned with an organisation's internal financial procedures, while financial accounting is concerned with the organisation's dealings with its customers and other outside financial entities. Managerial accountants concentrate their efforts on short-term growth initiatives that are directly related to economic upkeep. In the context of the above, critically evaluate the five (5) roles of managerial accounting in business decision-making with examples.arrow_forward
- Which statement is correct: Select one: a. Management accounting’s focus and emphasis is on past-oriented reports. b. The purpose of financial information in management accounting is to communicate organization's financial position to investors, banks, regulators, and suppliers. c. All statements are correct. d. Management accounting focuses on measuring, analyzing, and reporting financial and nonfinancial information to help managers estimate future revenue, costs, and other measures to forecast activities and formulate strategies to increase the competitive advantage of the organization. e. In management accounting, rules of measurement reporting require financial statements, e.g. prepared for the budgeting purpose, to be prepared in accordance of GaAAP.arrow_forwardFollowing are aspects of accounting information. Classify each as pertaining more to financial accounting or to managerial accounting.arrow_forwardIn discussing a firm's latest financial statements, a manager says that it is the "results on the bottom line" that really count. What does the manager mean?arrow_forward
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