Managerial Accounting: Managerial accounting is the process to convert business data into quantitative information. It helps to evaluate the various options available to make informed decisions. To explain: Whether the statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is correct or not.

Question

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Answer 1

Question

Chapter 19, Problem 1Q

(a)

To determine

Managerial Accounting: Managerial accounting is the process to convert business data into quantitative information. It helps to evaluate the various options available to make informed decisions.

To explain: Whether the statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is correct or not.

(a)

Expert Solution

Explanation of Solution

The statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is incorrect because it is for internal use only.

Managerial accounting provides information only to managers and internal users in the company.
It does not provide information to outside parties of a company like vendors or general public so this statement is incorrect.

Conclusion

The beneficiaries of management accounting only include managers and other internal users of a company.

(b)

To determine

To explain: Whether the statement “managerial accounting serves only manufacturing firms” is correct or not.

(b)

Expert Solution

Explanation of Solution

The statement “managerial accounting serves only manufacturing firms” is incorrect because it is used by other types of firms also.

Managerial accounting is useful for effective and efficient operations in business.
Effective and efficient operations are required in every business, firm or company to achieve their goals.
So managerial accounting is useful for other than manufacturing firms as well.

Conclusion

It is incorrect to say that managerial accounting serves only manufacturing firms

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Answer 2

Question

Chapter 19, Problem 1Q

(a)

To determine

Managerial Accounting: Managerial accounting is the process to convert business data into quantitative information. It helps to evaluate the various options available to make informed decisions.

To explain: Whether the statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is correct or not.

(a)

Expert Solution

Explanation of Solution

The statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is incorrect because it is for internal use only.

Managerial accounting provides information only to managers and internal users in the company.
It does not provide information to outside parties of a company like vendors or general public so this statement is incorrect.

Conclusion

The beneficiaries of management accounting only include managers and other internal users of a company.

(b)

To determine

To explain: Whether the statement “managerial accounting serves only manufacturing firms” is correct or not.

(b)

Expert Solution

Explanation of Solution

The statement “managerial accounting serves only manufacturing firms” is incorrect because it is used by other types of firms also.

Managerial accounting is useful for effective and efficient operations in business.
Effective and efficient operations are required in every business, firm or company to achieve their goals.
So managerial accounting is useful for other than manufacturing firms as well.

Conclusion

It is incorrect to say that managerial accounting serves only manufacturing firms

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Answer 3

Question

Chapter 19, Problem 1Q

(a)

To determine

Managerial Accounting: Managerial accounting is the process to convert business data into quantitative information. It helps to evaluate the various options available to make informed decisions.

To explain: Whether the statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is correct or not.

(a)

Expert Solution

Explanation of Solution

The statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is incorrect because it is for internal use only.

Managerial accounting provides information only to managers and internal users in the company.
It does not provide information to outside parties of a company like vendors or general public so this statement is incorrect.

Conclusion

The beneficiaries of management accounting only include managers and other internal users of a company.

(b)

To determine

To explain: Whether the statement “managerial accounting serves only manufacturing firms” is correct or not.

(b)

Expert Solution

Explanation of Solution

The statement “managerial accounting serves only manufacturing firms” is incorrect because it is used by other types of firms also.

Managerial accounting is useful for effective and efficient operations in business.
Effective and efficient operations are required in every business, firm or company to achieve their goals.
So managerial accounting is useful for other than manufacturing firms as well.

Conclusion

It is incorrect to say that managerial accounting serves only manufacturing firms

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Answer 4

Question

Chapter 19, Problem 1Q

(a)

To determine

Managerial Accounting: Managerial accounting is the process to convert business data into quantitative information. It helps to evaluate the various options available to make informed decisions.

To explain: Whether the statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is correct or not.

(a)

Expert Solution

Explanation of Solution

The statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is incorrect because it is for internal use only.

Managerial accounting provides information only to managers and internal users in the company.
It does not provide information to outside parties of a company like vendors or general public so this statement is incorrect.

Conclusion

The beneficiaries of management accounting only include managers and other internal users of a company.

(b)

To determine

To explain: Whether the statement “managerial accounting serves only manufacturing firms” is correct or not.

(b)

Expert Solution

Explanation of Solution

The statement “managerial accounting serves only manufacturing firms” is incorrect because it is used by other types of firms also.

Managerial accounting is useful for effective and efficient operations in business.
Effective and efficient operations are required in every business, firm or company to achieve their goals.
So managerial accounting is useful for other than manufacturing firms as well.

Conclusion

It is incorrect to say that managerial accounting serves only manufacturing firms

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 1Q

(a)

To determine

Managerial Accounting: Managerial accounting is the process to convert business data into quantitative information. It helps to evaluate the various options available to make informed decisions.

To explain: Whether the statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is correct or not.

(a)

Expert Solution

Explanation of Solution

The statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is incorrect because it is for internal use only.

Managerial accounting provides information only to managers and internal users in the company.
It does not provide information to outside parties of a company like vendors or general public so this statement is incorrect.

Conclusion

The beneficiaries of management accounting only include managers and other internal users of a company.

(b)

To determine

To explain: Whether the statement “managerial accounting serves only manufacturing firms” is correct or not.

(b)

Expert Solution

Explanation of Solution

The statement “managerial accounting serves only manufacturing firms” is incorrect because it is used by other types of firms also.

Managerial accounting is useful for effective and efficient operations in business.
Effective and efficient operations are required in every business, firm or company to achieve their goals.
So managerial accounting is useful for other than manufacturing firms as well.

Conclusion

It is incorrect to say that managerial accounting serves only manufacturing firms

Answer 6

Chapter 19, Problem 1Q

(a)

To determine

Managerial Accounting: Managerial accounting is the process to convert business data into quantitative information. It helps to evaluate the various options available to make informed decisions.

To explain: Whether the statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is correct or not.

(a)

Expert Solution

Explanation of Solution

The statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is incorrect because it is for internal use only.

Managerial accounting provides information only to managers and internal users in the company.
It does not provide information to outside parties of a company like vendors or general public so this statement is incorrect.

Conclusion

The beneficiaries of management accounting only include managers and other internal users of a company.

Answer 7

Chapter 19, Problem 1Q

(a)

To determine

Managerial Accounting: Managerial accounting is the process to convert business data into quantitative information. It helps to evaluate the various options available to make informed decisions.

To explain: Whether the statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is correct or not.

Answer 8

(a)

Expert Solution

Explanation of Solution

The statement “managerial accounting is a field of accounting that provides economic information for all interested parties” is incorrect because it is for internal use only.

Managerial accounting provides information only to managers and internal users in the company.
It does not provide information to outside parties of a company like vendors or general public so this statement is incorrect.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Conclusion

The beneficiaries of management accounting only include managers and other internal users of a company.

Answer 13

(b)

To determine

To explain: Whether the statement “managerial accounting serves only manufacturing firms” is correct or not.

(b)

Expert Solution

Explanation of Solution

The statement “managerial accounting serves only manufacturing firms” is incorrect because it is used by other types of firms also.

Managerial accounting is useful for effective and efficient operations in business.
Effective and efficient operations are required in every business, firm or company to achieve their goals.
So managerial accounting is useful for other than manufacturing firms as well.

Conclusion

It is incorrect to say that managerial accounting serves only manufacturing firms

Answer 14

(b)

To determine

To explain: Whether the statement “managerial accounting serves only manufacturing firms” is correct or not.

Answer 15

(b)

Expert Solution

Explanation of Solution

The statement “managerial accounting serves only manufacturing firms” is incorrect because it is used by other types of firms also.

Managerial accounting is useful for effective and efficient operations in business.
Effective and efficient operations are required in every business, firm or company to achieve their goals.
So managerial accounting is useful for other than manufacturing firms as well.