NOVA CC - ACC 211: Connect for Financial and Managerial Accounting with PROCTORIO PLUS
9th Edition
ISBN: 9781265725976
Author: John Wild; Ken Shaw
Publisher: McGraw-Hill Learning Solutions
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Textbook Question
Chapter 14, Problem 1E
Exercise 14-1 Sources of accounting information C1
Indicate in the following chart the most likely source of information for each business. Use M for
Business Decision | Primary information Source |
Determine whether to lend to a company…………………… | |
Evaluate a purchasing department’s performance…………….. | |
Report financial performance to board of directors……………….. | |
Estimate product cost for a new line of shoes…………………. | |
Plan the budget for next quarter……………. | |
Measure profitability of an individual store………………… | |
Prepare financial reports according to GAAP………………… | |
Determine location and size for a new plant……………………. | |
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34
National Detergent Company SAOG evaluate their financial performance through various reports which are provided to them. Find out one of the following accounting prepare and provide special types of reports which are used by the top level management of an organization?
a.
Cost accounting
b.
In All these accounting
c.
Management accounting
d.
Financial accounting
Which of the following is most associated with managerial accounting?
a.is prepared for users outside the organization
b.always reports on the entire entity
c.must follow GAAP
d.may rely on estimates and forecasts
Which of the following measures a company's ability to pay its current liabilities?
A. times interest earned
B. earnings per share
C. current ratio
D. inventory turnover
Chapter 1 Strategic Cost Management and Management Accounting
PROBLEMS
1.1
Enumerate the four areas covered by Standards of Ethical Conduct for Manageme
Accountants and how these areas are defined?
On
on
1.2
lanno
Consider the following short descriptions. Indicate whether each description more
closely relates to a major feature of financial accounting (use FA) or management accounting
(use MA)
a. Behavioral impact is secondary
b. Is constrained by generally accepted accounting principles
c. Has a future orientation
d. Is characterized by detailed reports
e. Field is more sharply defined
f. Has less flexibility
on
1-3
For each of the following, indicate whether the employee has line (L) or staff (S)
responsibility
a. Production superintendent
b. Cost accountant
C. Market research analyst
d. District sales manager
Head of the legal department
f. President
e.
Financial accounting information and management accounting information have a
number of distinguishing characteristics.
1-4
1.…
Chapter 14 Solutions
NOVA CC - ACC 211: Connect for Financial and Managerial Accounting with PROCTORIO PLUS
Ch. 14 - Prob. 1QSCh. 14 - QS 14-4 Direct and indirect costs C2
Diez Company...Ch. 14 - Classifying product costs C2 Identify each of the...Ch. 14 - QS 14-6 Product and period costs C3
Identify each...Ch. 14 - Prob. 6QSCh. 14 - Exercise 14-1 Sources of accounting information C1...Ch. 14 - Prob. 5ECh. 14 - Prob. 10ECh. 14 - Prob. 13ECh. 14 - Prob. 14E
Ch. 14 - Prob. 15ECh. 14 - Prob. 16ECh. 14 - Exercise 14-17 Lean business practice C6 Many...Ch. 14 - Prob. 3PSACh. 14 - Problem 14-3B Schedule of cost of goods...Ch. 14 - Describe the managerial accountant’s role in...Ch. 14 - Distinguish between managerial and financial...Ch. 14 - Prob. 3DQCh. 14 - Prob. 4DQCh. 14 - Distinguish between (a) factory overhead and (b)...Ch. 14 - Prob. 6DQCh. 14 - What product cost is both a prime cost and a...Ch. 14 - APPLE Assume that we tour Apple’s factory where it...Ch. 14 - Prob. 9DQCh. 14 - Prob. 10DQCh. 14 - Prob. 11DQCh. 14 - Prob. 12DQCh. 14 - Prob. 13DQCh. 14 - Prob. 14DQCh. 14 - Prob. 15DQCh. 14 - Prob. 16DQCh. 14 - What are the three categories of manufacturing...Ch. 14 - List several examples of factory overhead.Ch. 14 - Prob. 20DQCh. 14 - GOOGLE Prepare a proper title for the annual...Ch. 14 - Prob. 22DQCh. 14 - Prob. 23DQCh. 14 - Prob. 24DQCh. 14 - Prob. 2BTN
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- QUESTION 25 One of the reasons that businesses use accounting is it: O a. supplies information that permits informed judgements and decisions Ob.s casy to understand product information Ocs required by the government d. is a simple way to track company performancearrow_forwardQuestion 3 Managerial accounting activity adds value to an organization by pursuing five major objectives, which excludes: A. Providing information for decision making and planning B. Assisting managers in directing and controlling operational activities C. Measuring the performance of activities within an organization D. Providing information for external users of financial report of the organisation O a Providing information for external users of financial reports of the organisation Ob Assisting managers in directing and controlling operational activities Measuring the performance of activities within an organization O d Providing information for decision making and planning Question 4 Joy & Co. produces a product.Variable cost per unit is $15.Joy wants to, sell 14,000 units. Its total fixed cost is $47,000. It wants to make a profit of $14,000. What is the Selling Price per Unit? A. $60 B. $40 C. $30 D. $20 $30 O b $20 $40 O d $60 O O O Oarrow_forwardRequirements Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled (a. Plan or d. Controlling). 1. 2₁ 3. Are the statements below more descriptive of managerial accounting or financial accounting information? Each of the statements below paraphrases an ethical responsibility. Match each statement to the standard of ethical professional practice being fulfilled c. Integrity, or d. Credibility). Each standard may be used more than once or not at all. Requirement 1. Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled c. Directing, or d. Controlling). Statement 1. Identifying alternative courses of action and choosing among them 2. Running the company on a day-to-day basis 3. Determining whether the company's units are operating according to plan Setting goals and objectives for the company and determining strategies…arrow_forward
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- Choose a company and describe how a specific issue, policy, or procedure (for example, granting merchandise returns, establishing sales prices) might look if the business is structured as a centralized business.arrow_forwardAn important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.arrow_forwardWhich of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managersarrow_forward
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Consolidated financial statements; Author: The Finance Storyteller;https://www.youtube.com/watch?v=DTFD912ZJQg;License: Standard Youtube License