Financial Managerial Accounting 11th Edition Ebook Download, Free Principles Of. Financial Managerial Accounting 11th Edition Download Pdf, Free Pdf. Managerial Accounting 11th Edition Warren. Download Financial Managerial Accounting 11th Edition Pdf financial managerial accounting 11th edition chapter . financial managerial accounting 11th edition solutions is available in our digital library an online Financial And Managerial Accounting 14th edition (PDF).

Financial And Managerial Accounting 11th Edition Pdf

Language:English, German, Japanese
Published (Last):25.09.2015
ePub File Size:19.44 MB
PDF File Size:18.58 MB
Distribution:Free* [*Sign up for free]
Uploaded by: LAKIESHA

Thank you for reading financial managerial accounting 11th edition answers. Maybe you have Financial and Managerial Accounting 12th Edition Free Pdf. Download Financial and Managerial Accounting Pdf Ebook. Financial and Managerial Accounting Pdf Market-leading FINANCIAL AND MANAGERIAL. Financial and Managerial Accounting - PDF Book financial managerial accounting 11th edition answers Managerial Accounting Garrison 12th. Edition Solution.

Third, concentrate improvement ef- time studying for a course in which forts on strengthening the weakest link.

Find ways to increase the number of surgeries that they have an A average or one in can be performed in a day. Fourth, if the improvement efforts are successful, eventually the which they have a C average. At that point, the new weakest link i. This simple sequential process provides a powerful strat- egy for continuous improvement. The TOC approach is a perfect complement to other im- provement tools such as TQM and process reengineering—it focuses improvement efforts where they are likely to be most effective.

It turned out, after investigation, that the constraint was not the emergency room itself; it was the housekeeping staff. To cut costs, managers at the hospital had laid off housekeeping workers. This created a bot- tleneck in the emergency room because rooms were not being cleaned as quickly as the emergency room staff could process new patients. Thus, laying off some of the lowest paid workers at the hos- pital had the effect of forcing the hospital to idle some of its most highly paid staff and most ex- pensive equipment!

Manage- ment of the plant is acutely aware of the necessity to actively manage its constraints. For example, when materials are a constraint, management may go to a secondary vendor and download materi- als at a higher cost than normal.

When a machine is the constraint, a weekend shift is often added on the machine.

Principles of management test bank pdf

If a particular machine is chronically the constraint and management has exhausted the possibilities of using it more effectively, then additional capacity is downloadd. For example, when the constraint was the plastic extruding machines, a new extruding machine was ordered. However, even before the machine arrived, management had determined that the constraint would shift to the blenders once the new extruding capacity was added. Therefore, a new blender was al- ready being planned.

International Competition Over the last several decades, competition has become worldwide in many industries. This has been caused by reductions in tariffs, quotas, and other barriers to free trade; im- provements in global transportation systems; and increasing sophistication in interna- tional markets.

These factors work together to reduce the costs of conducting international trade and make it possible for foreign companies to compete on a more equal footing with local companies.

Reductions in trade barriers have made it easier for agile and aggressive companies to expand outside of their home markets. As a result, very few companies can afford to be complacent.

A company may be very successful today in its local market relative to its lo- cal competitors, but tomorrow the competition may come from halfway around the globe. As a matter of survival, even companies that are presently doing very well in their home markets must become world-class competitors.

On the bright side, the freer international movement of goods and services presents tremendous export opportunities for those com- panies that can transform themselves into world-class competitors. And, from the stand- point of consumers, heightened competition promises an even greater variety of goods, at higher quality and lower prices.

It would be very difficult for a company to become world-class if it plans, directs, and controls its operations and makes decisions using a second-class management accounting system. An excellent management accounting system will not by itself guarantee success, but a poor management accounting system can stymie the best efforts of people in an organization to make the company truly competitive.

It is noteworthy that ele- ments of well-designed management accounting systems have originated in many countries. More and more, managerial accounting has become a worldwide discipline.

For example, Spain, Italy, and Greece have relied on less formal management accounting systems than other European countries. According to Professor Norman B. Spain also followed this pattern and relied more on personal relationships and oral inquisitions than on hard data for control. In the case of France, these were codified in law. In England, management accounting practice was influenced by economists, who emphasized the use of accounting data in decision making.

The Nordic countries tended to import management accounting ideas from both Germany and England. A number of factors have been acting in recent years to make management accounting prac- tices more similar within Europe and around the world.

These forces include: E-Commerce Suggested Reading Widespread use of the Internet is a fairly new phenomenon, and the impact it will even- While the internet is reshaping how tually have on business is far from settled.

For a few brief months, it looked like dot. But, of course, the bubble burst and few of the startups are now in busi- For example, D. Keith Denton dis- ness. With the benefit of hindsight, it is now clear that the managers of the dot. And , pp.

At the time of this writing, it is still not clear if a successful business model will emerge for Internet-based companies. It is generally believed that site. The Internet has important advan- Review, March , pp. The financial institution does not have to tie up staff filling out forms—that can be done directly by the consumer over the Internet. However, it is unlikely that a successful blockbuster business will ever be built around the concept of selling low-value, low-margin, and bulky items like groceries over the Internet.

The managers and companies involved in these scandals have suffered mightily—from huge fines to jail terms and financial collapse. And the recognition that ethical behavior is absolutely es- Reinforcing Problems sential for the functioning of our economy has led to numerous regulatory changes and Learning Objective 4 calls for new legislation.

But why is ethical behavior so important? This is not a matter Exercise 1—3 Basic 15 min. Problem 1—5 Basic 20 min. Without that lubricant, the economy would operate much less efficiently—less would be Problem 1—7 Medium 20 min. As James Problem 1—8 Medium 30 min. Surowiecki writes: Suggested Reading [F]lourishing economies require a healthy level of trust in the reliability and fairness For a brief discussion of how large of everyday transactions.

If you assumed every potential deal was a rip-off or that the frauds and bankruptcies, such as products you were downloading were probably going to be lemons, then very little business WorldCom, affect other stakehold- ers, see Joseph Bower and Stuart would get done. For an Review, December , pp.

Suppose that unethical farmers, distributors, and grocers knowingly tried to sell wormy apples as good apples and that grocers refused to take back wormy apples. What would you do? Go to another grocer? But what if all grocers acted in this way? What would you do then? You would probably either stop downloading apples or you would spend a lot of time inspecting apples before downloading them.

So would everyone else. Now notice what has happened. Because farmers, distributors, and grocers cannot be trusted, sales of apples would plummet and those who did download apples would waste a lot of time meticulously inspecting them. Everyone loses. Farmers, distributors, and gro- ceries make less money, consumers enjoy fewer apples, and consumers waste time look- ing for worms. One commentator argues that integrity is particularly critical in companies whose as- sets are largely intangible: In the new, digital, trust-based economy, the stakes are extraordinarily high.

Experience shows that this asset is built slowly and painfully but can be lost in an eye blink, and in losing it, you lose everything. But the firm also had legitimate businesses and actual assets. There is no room for fudging on this because the consequences of not having the electricity when consumers switch on their lights are dire. This means that the firms with whom Enron was trading electricity. And trust Enron they did, to the tune of billions of dollars of trades every year.

As everyone recognizes, the announcement caused investors to lower their valuations of the firm. Less understood, however, was the more important impact of the announcement; by revealing some of its reported earnings to be a house of cards, Enron sabotaged its reputation. The effect was to undermine even its legitimate and previously prof- itable operations that relied on its trustworthiness.

This is why Enron melted down so fast. When that reputation was wounded, energy traders took their business elsewhere. Energy traders lost their faith in Enron, but what if no other company could be trusted to deliver on Suggested Reading its commitments to provide electricity as contracted? In that case, energy traders would have For an overview of the parties that nowhere to turn. As a direct result, energy producers with surplus generating capacity would be un- must all function properly for corpo- rate governance to be credible, see able to sell their surplus power.

So a general , pp. Jonathan M.

Problem 8 1a accounting

Even though the standards were specifically developed for management accountants, they have much broader application. All rights reserved. The standards have two ing Number 1C, Standards of Ethical parts. The first part provides general guidelines for ethical behavior. In a nutshell, a man- Conduct for Practitioners of Manage- ment Accounting and Financial Man- agement accountant has ethical responsibilities in four broad areas: First, to maintain a agement issued by the Institute of high level of professional competence; second, to treat sensitive matters with confiden- Management Accountants, Mont- tiality; third, to maintain personal integrity; and fourth, to be objective in all disclosures.

We recommend that you stop at this point and read the stan- and the management accounting dards in Exhibit 1—5. EXHIBIT 1—5 Practitioners of management accounting and financial management have an obligation Standards of Ethical Conduct for to the public, their profession, the organization they serve, and themselves, to maintain Practitioners of Management the highest standards of ethical conduct.

In recognition of this obligation, the Institute of Accounting and Financial Management Accountants has promulgated the following standards of ethical conduct Management for practitioners of management accounting and financial management. Adherence to these standards, both domestically and internationally, is integral to achieving the Objectives of Management Accounting.

Practitioners of management accounting and financial management shall not commit acts contrary to these standards nor shall they condone the commission of such acts by others within their organizations. Practitioners of management accounting and financial management have a responsibility to: Practitioners of management accounting and financial management concluded have a responsibility to: Resolution of Ethical Conflict.

In applying the standards of ethical conduct, practi- tioners of management accounting and financial management may encounter prob- lems in identifying unethical behavior or in resolving an ethical conflict. When faced with significant ethical issues, practitioners of management accounting and financial management should follow the established policies of the organization bearing on the resolution of such conflict. If these policies do not resolve the ethical conflict, such practitioner should consider the following courses of action: If a satisfactory resolution cannot be achieved when the problem is initially presented, submit the issues to the next higher managerial level.

Except where legally prescribed, communication of such problems to authorities or individuals not employed or engaged by the organization is not considered appropriate. After resignation, depending on the nature of the ethical conflict, it may also be appropriate to notify other parties. Objectives of Management Accounting, Statement No. The ethical standards provide sound, practical advice for management accountants Suggested Reading and managers.

Most of the rules in the ethical standards are motivated by a very practical See Otto B. Consider the following specific examples of the consequences Management Accounting Quarterly, of not abiding by the standards: Fall , pp. Then top showing links between the impor- managers would be reluctant to distribute such information within the company and, tance placed by individuals on elements of the IMA code of ethics as a result, decisions would be based on incomplete information and operations and their own ethical judgments in would deteriorate.

Then contracts would tend to go to suppliers who pay the highest bribes rather than to the most competent suppliers. Would you like to fly in aircraft whose wings were made by the subcontractor who paid the highest bribe? Would you fly as often? What would happen to the airline in- dustry if its safety record deteriorated due to shoddy workmanship on contracted parts and assemblies?

Felo and nancial statements, they would have little basis for making informed decisions. Steven A. Implications of Sar- panies and may not be willing to invest at all. As these examples suggest, if ethical standards were not generally adhered to, everyone would suffer—businesses as well as consumers.

Essentially, abandoning ethical standards would lead to a lower standard of living with lower-quality goods and services, less to choose from, and higher prices. In short, following ethical rules such as those in the Stan- dards of Ethical Conduct for Practitioners of Management Accounting and Financial Management is absolutely essential for the smooth functioning of an advanced market economy. Research 9, , pp. A man- dealing with fairness and ethics. They were the truth-tellers.

Instead, CFOs became corporate spokesmen, guiding stock analysts in their quarterly earnings estimates— and then making sure that those earnings estimates were beaten using whatever was necessary, in- cluding accounting tricks and in some cases outright fraud. CFOs at companies like Enron who allegedly became entangled in such corrupt practices found themselves under arrest and in hand- cuffs.

What is needed? Greater personal integrity and less emphasis on meeting quarterly earnings estimates. Instead, they give broad Suggested Reading guidelines. For an interesting discussion of Unfortunately, the single-minded emphasis placed on short-term profits in some com- the negative effects of overempha- panies may make it seem like the only way to get ahead is to act unethically. McCuddy, Karl E. Fact or Fiction?

Management Accounting, April , pp. He is known to have proudly declared: For a while, Dunlap was able to show consis- tent improvements in quarterly earnings at Sunbeam, but only later did his methods for achieving this record come to light. John A. Byrne describes what happened: By the fourth quarter, as it became more difficult to meet the numbers, a new and rather men- acing management technique was invented.

Your life de- pends on hitting that number. Commissions were withheld from independent sales reps. Bills went un- paid. As Sunbeam moved toward the holiday season, its struggle to make its numbers be- came more desperate.

The retailers did not have to pay for the grills or accept delivery of them for six months. At meetings, executives recalled, Dunlap would say: And Russ, you cover it with your ditty bag. She finally resigned after unsuccessfully attempting to send a warning memo to the board of directors. A few months later, the accounting ploys Dunlap had been using to bolster earnings came unraveled, leading to a dramatic boardroom ouster.

The com- pany and its employees still suffer from the aftermath. Employees usually know when top executives are saying one thing and doing another and they also know that these attitudes spill over into other areas. Working in companies where top managers pay little attention to their own ethical rules can be extremely unpleasant.

Sev- eral thousand employees in many different organizations were asked if they would recommend their company to prospective employees.

Jeffrey L. Where cross-border activities are involved, the IFAC ethical requirements must be followed if they are stricter than the ethical requirements of the country in which the work is being performed.

The Act requires that companies devise and maintain a system of internal controls sufficient to ensure that all transactions are properly executed and recorded. The Act specifically prohibits giving bribes, even if giving bribes is a common practice in the country in which the company is doing business.

Re- searchers have run many variations of the following experiment. Two randomly selected players who do not know each other are placed in different rooms. The individuals cannot see or hear each other and are never introduced to each other.

However, under the rules of the experiment, the second player is allowed to refuse the offer and in that case, neither player gets anything. The game is played only once for each pair of players.

What would a greedy person do? How- ever, in repeated experiments of this sort, people cast as player one were usually far more generous than this and people cast as player two often rejected small offers, even though that left them with nothing. Even more interestingly, responses differed across cultures. The Quichua Indians subsist in a slash-and-burn agricultural society with little trading, whereas farmers from Hamilton, Missouri, live in a fully developed capitalist market econ- omy.

This experiment has been repeated in many communities around the world and the consis- tent result is that greed i. It is not clear what is the cause and what is the effect. Do markets make people act less greed- ily or is suppression of greed a prerequisite to a fully developed market economy? At any rate, ruth- less greed seems to be much more a hallmark of people who live in undeveloped, precapitalist societies than of those who live in fully developed market economies.

International Federation of Accoun- tants, July , p. In addition to the prestige that accompanies a professional designation, CMAs are often given greater responsibilities and higher compensation than those who do not have such a designation. To become a Certified Management Accountant, the following four steps must be completed: Pass all four parts of the CMA examination within a three-year period.

The table applies specifically to men. Karl E. Summary Summary Managerial accounting assists managers in carrying out their responsibilities, which include planning, di- recting and motivating, and controlling. Since managerial accounting is geared to the needs of managers rather than to the needs of outsiders, it differs substantially from financial accounting. Managerial accounting is oriented more toward the fu- ture, places less emphasis on precision, emphasizes segments of an organization rather than the organiza- tion as a whole , is not governed by generally accepted accounting principles, and is not mandatory.

The organization chart depicts who works for whom in the organization and which units perform staff functions rather than line func- tions.

Accountants perform a staff function—they support and provide assistance to others inside the organization. The business environment in recent years has been characterized by increasing competition and a relentless drive for continuous improvement. JIT emphasizes the importance of reducing inventories to the barest minimum possible.

This reduces working capital requirements, frees up space, reduces throughput time, reduces defects, and eliminates waste. TQM involves focusing on the customer, and it employs systematic problem solving using teams made up of front-line workers.

By emphasizing teamwork, a focus on the customer, and facts, TQM can avoid the organizational infighting that might otherwise block improvement. Process Reengineering involves completely redesigning a business process in order to elimi- nate non-value-added activities and to reduce opportunities for errors.

Process Reengineering re- lies more on outside specialists than TQM and is more likely to be imposed by top management. Since the constraint is whatever is holding back the organization, improvement efforts usu- ally must be focused on the constraint in order to be really effective. Ethical standards serve a very important practical function in an advanced market economy.

Without widespread adherence to ethical standards, material living standards would fall. Ethics are the lubrication that keep a market economy functioning smoothly. The Standards of Ethical Con- duct for Practitioners of Management Accounting and Financial Management provide sound, prac- tical guidelines for resolving ethical problems that might arise in an organization. Glossary Glossary At the end of each chapter, a list of key terms and their definitions is provided for your review.

These terms are printed in boldface where they are defined in the chapter. Carefully study each term to be sure you understand its meaning. The list for Chapter 1 follows. Benchmarking A study of organizations that are among the best in the world at performing a par- ticular task. An effective CFO is a key member of the top management team whose advice is sought in all major decisions.

Examples include a product line, a sales territory, a division, or a department. Such positions provide service or assistance to line positions or to other staff positions. Throughput time is also known as cycle time. Budgets Controller Decentralization Directing and motivating Feedback Financial accounting Line Managerial accounting Nonmonetary data Performance report Planning Precision Staff Chief Financial Officer Choose the term or terms above that most appropriately complete the following statements: A position on the organization chart that is directly related to achieving the basic objectives of an organization is called a position.

When , managers oversee day-to-day activities and keep the organization func- tioning smoothly. The plans of management are expressed formally in.

A position provides service or assistance to other parts of the organization and does not directly achieve the basic objectives of the organization. The delegation of decision-making authority throughout an organization by allowing man- agers at various operating levels to make key decisions relating to their area of responsibility is called.

Managerial accounting places less emphasis on and more emphasis on than financial accounting. The accounting and other reports coming to management that are used in controlling the or- ganization are called.

The manager in charge of the accounting department is generally known as the. A detailed report to management comparing budgeted data with actual data for a specific time period is called a.

The is the member of the top management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users. A production system in which units are produced and materials are downloadd only as needed to meet actual customer demand is called. Increasing the rate of output of a as the result of an improvement effort is un- likely to have much effect on profits.

The activities involved in getting equipment ready to produce a different product are called a. In Process Reengineering, two objectives are to simplify and to eliminate. A is any series of steps that are followed in order to carry out some task in a business.

Shortly af- ter taking the job, she was shocked to overhear an employee bragging to a friend about short- changing customers. She confronted the employee who then snapped back: Besides, everyone does it and the customers never miss the money. What would be the practical consequences on the fast-food industry and on consumers if cashiers generally shortchanged customers at every opportunity? The university is headed by a president who has five vice presidents reporting to him.

These vice presidents are responsible for, respectively, auxiliary services, admissions and records, academics, financial services controller , and the physical plant. In addition, the university has managers over several areas who report to these vice presidents.

These include managers over central downloading, the university press, and the university bookstore, all of whom report to the vice president for auxiliary services; managers over computer services and over accounting and finance, who report to the vice president for financial services; and man- agers over grounds and custodial services and over plant and maintenance, who report to the vice president for physical plant.

The university has four colleges—business, humanities, fine arts, and engineering and quan- titative methods—and a law school. Each of these units has a dean who is responsible to the acad- emic vice president. Each college has several departments. Prepare an organization chart for Bristow University. Which of the positions on your chart would be line positions? Why would they be line posi- tions? Which would be staff positions?

Which of the positions on your chart would have need for accounting information? Two years ago, the board of directors of Richmond approved a large-scale remodeling of its stores to attract a more upscale clientele.

Before finalizing these plans, two stores were remodeled as a test. Linda Perlman, assistant controller, was asked to oversee the financial reporting for these test stores, and she and other man- agement personnel were offered bonuses based on the sales growth and profitability of these stores. While completing the financial reports, Perlman discovered a sizable inventory of outdated goods that should have been discounted for sale or returned to the manufacturer.

She discussed the situa- tion with her management colleagues; the consensus was to ignore reporting this inventory as ob- solete, since reporting it would diminish the financial results and their bonuses. According to the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management, would it be ethical for Perlman not to report the inventory as ob- solete? Would it be easy for Perlman to take the ethical action in this situation? The company also develops and markets parts to the major automobile compa- nies.

It employs many metallurgists and skilled technicians because most of its products are made from highly sophisticated alloys.

The company recently signed two large contracts; as a result, the workload of Wayne Wash- burn, the general manager, has become overwhelming. Johnson will oversee the testing of new alloys in the Product Planning Department and be given the authority to make decisions as to the use of these alloys in product development; he will also be responsible for maintaining the production schedules for one of the new contracts.

In addition to these duties, he will be required to meet with the supervisors of the production departments regularly to consult with them about production problems they may be experiencing. Positions within organizations are often described as having a line authority or b staff au- thority. Describe what is meant by these two terms. Of the responsibilities assigned to Mark Johnson as assistant to the general manager, which tasks have line authority and which have staff authority?

Identify and discuss the conflicts Mark Johnson may experience in the production departments as a result of his new responsibilities.

Search form

CMA, adapted PROBLEM 1—7 Ethics in Business [LO4] Consumers and attorney generals in more than 40 states accused a prominent nationwide chain of auto repair shops of misleading customers and selling them unnecessary parts and services, from brake jobs to front-end alignments. In the face of declining revenues, shrinking market share, and an increasingly competitive market. The automotive service advisers were given product-specific sales quotas—sell so many springs, shock ab- sorbers, alignments, or brake jobs per shift—and paid a commission based on sales.

Suppose all automotive repair businesses routinely followed the practice of attempting to sell customers unnecessary parts and services. How would this behavior affect customers? How might customers attempt to protect them- selves against this behavior? How would this behavior probably affect profits and employment in the automotive service industry? All three have been with WIW for about five years. Hi, Charlie, come on in.

Diane said you had a confidential matter to discuss. Well, Tony is right. You know we have been trying to implement just-in-time and have been trying to get our inventory down.

We still have to look at the overall cost. A-1 is more of a jobber than a warehouse. In addition, some of the orders were late and not com- plete. Now look, Charlie, we get quick delivery on most items, and who knows how much we are saving by not having to stock this stuff in advance or worry about it becoming obsolete. Is there anything else on your mind?

Well, J. Sure he is. He understands this JIT approach. Charlie to himself: Can I legally or ethically ignore this apparent conflict of interests? Would Charlie be justified in ignoring this situation, particularly since he is not the purchas- ing agent? State the specific steps Charlie should follow to resolve this matter. If you have ever held a job—even a summer job—describe the ethical climate in the organization where you worked.

Did employees work a full day or did they arrive late and leave early? Did employees hon- estly report the hours they worked?

Several such worksheets are illustrated. Following completion of an accounting cycle, a business may close its books for the period. Chapter 4: The Reporting Cycle - principlesofaccounting. Nobody working in business can afford financial illiteracy. Accounting: Principles of Financial Accounting Coursera Management accounting principles MAP were developed to serve the core needs of internal management to improve decision support objectives, internal business processes, resource application, customer value, and capacity utilization needed to achieve corporate goals in an optimal manner.

Another term often used for management accounting principles for these purposes is managerial costing principles. Management accounting principles - Wikipedia What is 'Managerial Accounting'.

Managerial accounting, also known as cost accounting, is the process of identifying, measuring, analyzing, interpreting, and communicating information to managers for the pursuit of an organization's goals.

The key difference between managerial and financial accounting is managerial accounting information is aimed Managerial Accounting - Investopedia Principles. Because financial accounting reports are for objective outside sources, they must abide by the generally accepted accounting principles GAAP , according to Accounting for Management. Management Accounting vs.

Financial Accounting Chron.As everyone recognizes, the announcement caused investors to lower their valuations of the firm. Steven A. Problem A 40 minutes Part 1. Since the basic objective of Good Vibrations is to sell recorded music at a profit, those managers whose areas of responsibility are directly related to the sales effort occupy line positions.

The same principles are used with subsequent changes to the test banks.

VELVA from Tacoma
I do enjoy sharing PDF docs roughly . Please check my other articles. I take pleasure in american handball.