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(a)
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)
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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.
The beneficiaries of
(b)
To explain: Whether the statement “managerial accounting serves only manufacturing firms” is correct or not.
(b)
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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.
It is incorrect to say that managerial accounting serves only manufacturing firms
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Chapter 19 Solutions
Accounting Principles 12th Edition
- Home Insert Draw Page Layout Formulas Data Review View Automate Developer Calibri (Body) 12 ✓ Α Αν Conditional Formatting ✓ ☑Insert v Σ Custom Paste B I U ✓ ✓ $ ✓ %9 0 .00 →0 Format as Table ✓ Cell Styles ▾ Delete ✓ Format ✓ C26 fx A B D E F G 1 Instruction: 2 1. Please complete the following budget plan using appropriate cell references format (the cells highlighted in grey) 3 2. Please use fill handler to complete the table. E.g. in cell C16, build one formula and generate other formulas to D16 and E16 with fill handler. 4 3. For "Cost of Goods Sold" section (before "COGS Subtotal"), build one formula in cell C19, and generate formulas until E21. Overhead (B21) is 20% (B10) of the labor cost (B20). 5 4. For "COGS Subtotal", build one formula in C22, and generate the formulas to E22. 6 5. Similar requirements for "Selling Expenses" and "Projected Earnings" section. 7 6. Please be noted, for all items under "Cost of Goods Sold", and "Selling Expenses" the cost is per ONE shoe, not per…arrow_forwardProvide correct solution and accountingarrow_forwardSolve this question accountingarrow_forward
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