Chapter 1 Managerial Accounting, the Business Organization, and Professional Ethics

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CHAPTER 1
COVERAGE OF LEARNING OBJECTIVES

| |FUNDA- |CRITICAL THINKING | |CASES, EXCEL, | | |MENTAL |EXERCISES AND EXERCISES| |COLLAB., & INTERNET | | |ASSIGN-MENT | | |EXERCISES | | |MATERIAL | | | | |LEARNING OBJECTIVE | | |PROBLEMS | | |LO1: Describe the major users and uses of |A1, B1 |33 |39, 40, 42 |55 | |accounting information. | | | | | |LO2: Explain why ethics is important to management|A3 |37, 38 |47, 49, 40 |51, 55 | |accountants. | | | | | |LO3: Describe the cost-benefit and behavioral | | |41, 43 | | |issues involved in designing an accounting system.| | | | | |LO4: Explain the role of budgets and performance |A2, B2 |32 |45 |53 | |reports in planning and control. | | | | | |LO5: Discuss the role accountants play in the |A1, B1 |30, 31, 34, 35, 36 |39, 42, 44 | | |company’s value chain functions. | | | | | |LO6: Contrast the functions of controllers and |B3 |29, 36 |39, 45, 46 |50 | |treasurers. | | | | | |LO7: Explain why accounting is important in a | |30, 31 | |52, 55 | |variety of career paths. | | | | | |LO8: Identify current trends in management | | | |54 | |accounting. | | | | | |LO9: Appreciate the impor- |A3, B4 |37, 38 |47, 48, 49 |51, 52, 55 | |tance of ethical conduct to professional | | | | | |accountants. | | | | |

CHAPTER 1
Managerial Accounting, the Business Organization, and Professional Ethics

1-A1(10-15 min.)

Because the accountant's duties often are not sharply defined, some of these answers could be challenged: 1.Scorekeeping. Determining a depreciation schedule is simply an exercise in preparing financial statements to report the results of activities. 2.Problem solving. Helps a manager assess the impact of a decision. 3....
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