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

Powerful Essays
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

You May Also Find These Documents Helpful

  • Better Essays

    across the various functional areas of an organization Managerial accounting: the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision making Financial accounting: the form of accounting concerned with providing information to shareholders, creditors, and others outside the organization The work of managers and their need for managerial accounting information Every organization has managers – someone must be responsible…

    • 2295 Words
    • 10 Pages
    Better Essays
  • Satisfactory Essays

    Managerial Accounting and the Business Environment Chapter 1 © 2010 The McGraw-Hill Companies, Inc. Learning Objective 1 Understand the role of management accountants in an organization. McGraw-­‐Hill/Irwin Slide 2 Organizational Structure Decentralization is the delegation of decisionmaking authority throughout an organization. Corporate Organization Chart Board of Directors President Purchasing Personnel Vice President Operations Chief Financial Officer Controller…

    • 819 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Importance of Business Ethics in Managerial Accounting When companies don't see the importance of business ethics in managerial accounting they usually end up down the same road as Enron: bankrupt. And while that isn't always true, the importance of business ethics in managerial accounting cannot be understated if you want your company to be a success. Why Ethics Is Important in Managerial Accounting The Enron scandal is probably the most well-known example of improper accounting ethics on the…

    • 466 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    1 CHAPTER ONE: ACCOUNTING IN BUSINESS Chapter Outline I. Importance of Accounting—we live in the information age, where information, and its reliability, impacts the financial well-being of us all. A. Accounting Activities Accounting is an information and measurement system that identifies, records and communicates relevant, reliable, and comparable information about an organizations business activities. B. Users of Accounting Information 1. External Information Users—those not directly involved…

    • 1845 Words
    • 8 Pages
    Powerful Essays
  • Powerful Essays

    Chapter 1 Business Ethics

    • 2281 Words
    • 10 Pages

    chapter 1 BUSINESS ETHICS, THE CHANGING ENVIRONMENT, AND STAKEHOLDER MANAGEMENT |TOPICS COVERED | 1.1 Business Ethics and the Changing Environment 1.2 WHAT IS BUSINESS ETHICS? WHY DOES IT MATTER? 1.3 LEVELS OF BUSINESS ETHICS 1.4 FIVE MYTHS ABOUT BUSINESS ETHICS 1.5 WHY USE ETHICAL REASONING IN BUSINESS? 1.6 CAN BUSINESS ETHICS BE TAUGHT AND TRAINED…

    • 2281 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Chapter 1 Cost Accounting: Information for Decision Making Solutions to Review Questions 1-1. Financial accounting is designed to provide information about the firm to external users. External users include investors, creditors, government authorities, regulators, customers, competitors, suppliers, labor unions, and so on. Cost accounting systems are designed to provide information to internal users (managers). This difference is important, because it affects the design of the systems. Financial…

    • 4288 Words
    • 18 Pages
    Good Essays
  • Powerful Essays

    Chapter 1 Managerial Accounting: Tools for Decision Making Discussion QUESTIONS Q1-1. Financial accounting is oriented toward external users and is concerned with general-purpose financial statements. These financial accounting statements are highly aggregated, report on relatively long time periods, are oriented toward the past, and must conform to external standards. These standards emphasize the use of objective data. Management accounting is oriented toward internal users and is…

    • 6002 Words
    • 25 Pages
    Powerful Essays
  • Satisfactory Essays

    Jamie M. Boatwright Business Ethics January 18, 2011 Should Aaron Feuerstein rebuild in Malden and pay his employees in the meantime? What do you think of Feuerstein’s decision? What would you have done had you been in his position? I believe that Aaron Feuerstein should proceed with his plans to rebuild in Malden as well as continue to pay his employees some type of severance pay. Although the company faced tough economic hardships that were not at the fault of the employees, it should not…

    • 322 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Managerial Accounting

    • 2559 Words
    • 7 Pages

    Chapter 1 Managerial accountingis the process of identifying, measuring, analyzing, interpreting, and communicating information in pursuit of an organizations goals. Managerial accounting is an integral part of the management process, and managerial accountants are important strategic partners in an organizations management team. Four fundamental management processes that help organizations attain their goals Decision making, Planning(developing a detailed financial and operational description of…

    • 2559 Words
    • 7 Pages
    Powerful Essays
  • Good Essays

    managerial accounting

    • 952 Words
    • 4 Pages

    Managerial Accounting Chapter # 01 Homework 1 01) How does managerial accounting differ from financial accounting? A: Managerial accounting is concerned with providing information to managers for use inside the organization. Financial accounting is con¬cerned with providing information to stockhold¬ers, creditors, and others outside of the organi¬zation. 02) Pick any major television network and describe some planning and control activities that its managers would engage in. A: Five examples…

    • 952 Words
    • 4 Pages
    Good Essays