ASSIGNMENT CLASSIFICATION TABLE

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CHAPTER 1

Managerial Accounting

ASSIGNMENT CLASSIFICATION TABLE

Study Objectives Self-Study

Questions Do It!Review

Exercises A Problems B Problems

*1. Explain the distinguishing features of managerial accounting.

1, 6, 7, 8 1 3, 7, 8

*2. Identify the three broad functions of management and the role of management accountants in an organizational structure.

3 1 5, 6

*3. Explain the importance of business ethics.

2, 10 1 4

*4. Identify changes and trends in managerial accounting.

4, 5, 9 2 9

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BLOOM’S TAXONOMY TABLE

© 2015 For Instructor Use Only 1-2 Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems

Study Objective Knowledge Comprehension

Application Analysis Synthesis

Evaluation

*

• Explain the distinguishing features

of managerial accounting.

D-1, E-8 E-3, E-7

*

• Identify the three functions of

management and the role of management accountants in an organizational structure.

D-1, E-5, E-6

*

• Explain the importance of business

ethics.

D-1, E-4

*

• Identify changes trends in

managerial accounting.

D-2, E-9

Managerial Accounting: Tools for Business Decisio n-Making, Fourth Canadian Edition Weygandt, Kimmel, Kieso, Aly

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SOLUTIONS TO DO IT! REVIEW

D1-1

• False. Preparation of budgets is part of managerial accounting.
• False. Financial accounting reports pertain to the entity as a whole and are

highly aggregated. It is managerial accounting reports that pertain to subunits of the business and are very detailed.

• False. Financial accounting must adhere to Generally Accepted Accounting

Principles and are subject to an audit by chartered accountants.

• True.
• True.
• True.

D1-2

• (f) Just-in-time (JIT) inventory
• (a) Activity-based costing
• (c) Total quality management (TQM)
• (d) Research and development, and product design
• (e) Service industries
• (b) Balanced scorecard

Managerial Accounting: Tools for Business Decisio n-Making, Fourth Canadian Edition Weygandt, Kimmel, Kieso, Aly

Solutions Manual © 2015 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited 1-4

SOLUTIONS TO EXERCISES

E1-3

Financial Accounting Managerial Accounting

Primary users External users Internal users

Types of reports Financial statements Internal reports

Frequency of reports Monthly, quarterly and annually As frequently as needed

Purpose of reports General-purpose Special-purpose information for specific decisions

Content of reports Generally accepted accounting principles Relevance to decisions

Verification Annual audit by CPA (chartered professional accountant) No independent audits

E1-4

The four specific standards are:

(1) Competence (2) Confidentiality (3) Integrity (4) Objectivity

E1-5

(a) (1) Planning.(b) (2) Directing.(c) (3) Controlling.