Solution Manual Financial and Managerial Accounting for Decision Makers, 4th Edition by Hanlon - Chapters 1-24, 9781618533616 Rationals Included

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FinancialgandgManagerialgAccounting:gManagerialgChapters,g7eg(Miller-
Nobles)gChaptergM:1 IntroductiongtogManagerialgAccounting

LearninggObjectivegM:1-1

1) Managerialgaccountinggfocusesgongprovidingginformationgforginternalgplanninggandgcont
rol.gAnswer:g TRUE
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

2) Financialgaccountinggpreparesgreportsgforginternalgpurposes,gwhereasgmanagerialgaccountinggprovi
desginformationgtogexternalgstakeholders.
Answer:g g FALSE
Explanation:g Thegreversegisgtrue.gFinancialgaccountinggservesgexternalgstakeholderginformationgneeds
gwhilegmanagerialgaccountinggservesgthegneedsgofgmanagersgandginternalgstaff.
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

3) Financialgstatementsgpreparedgforginvestorsgandgcreditorsgoftengincludegforward-
lookingginformationgbecausegtheygmakegdecisionsgbasedgongagcompany'sgfuturegprospects.
Answer:g g FALSE
Explanation:g Financialgstatementsgprovidegmostlyghistoricalginformation;grelevantgandgfaithfullygrepresent
ativeginformationgandgfocusedgongthegpast.
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

4) ManagerialgaccountinggreportinggbygagpublicgfirmgisgrequiredgtogfollowgthegrulesgofgG
AAP.gAnswer:g FALSE
Explanation:g ManagerialgaccountingginformationgisgnotgguidedgbygGAAPgbutgrathergbygthegconceptgofgus
efulnessgtogmanagementgforgdecisiongmakinggpurposes.
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)




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5) Financialgreportinggisgtypicallygmuchgmoregdetailedgthangmanagerialgaccounti
ng.gAnswer:g FALSE
Explanation:g Financialgreportinggisgtypicallyglessgdetailedgthangmanagerialgaccountingginformati
on.gFinancialgaccountinggreportinggisgusuallygsummarygreports,gpreparedgprimarilygongthegcomp
anygasgagwhole,gusuallygongagquarterlygorgannualgbasis.
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

6) Managerialgaccountinggprovidesgfinancialgstatementsgthatgreportgresultsgofgoperations,gfinan
cialgposition,gandgcashgflowsgbothgtogmanagersgandgtogexternalgstockholders.
Answer:g g FALSE
Explanation:g Managerialgaccountinggprovidesgtheginformationgneededgtogplangandgcontrolgoperations
gandgthereforegservesgtheginformationgneedsgofginternalgpartiesgsuchgasgmanagersgandgstaff.
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

7) Whichgofgthegfollowinggisgagfocusgofgmanagerialgaccounting?
A) toggenerategagcompany'sgfinancialgstatementsgforgtaxgreporting
B) togprovideginformationgtogbusinessgmanagersgtogassistgthemgingcontrollinggtheirgbusinesses
C) togprovideginformationgtogshareholdersgtogassistgthemgwithgtheirginvestmentgdecisions
D) togensuregthatgthegreportsgproducedgforginternalgandgexternalgbusinessgpurposesgaregGAAPgcomp
liantgAnswer:g B
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

8) Whichgofgthegfollowinggstatementsgisgtruegofgmanagerialgaccounting?
A) Thegexternalgstakeholdersgofgagcompanygaregthegprimarygusersgofgmanagerialgaccounting.
B) Managerialgaccountingginformationgisgusedgtoghelpgmanagersgplan,gdirectgandgcontrolgtheirgoperations.
C) AngexternalgauditgbygangindependentgCPAgisgrequiredgforgmanagerialgaccountingginformation.
D) ManagerialgaccountingginformationgmustgcomplygwithgGenerallygAcceptedgAccountinggPrincipl
es.gAnswer:g B
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)




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9) Managerialgaccountingginformationgforgagcompanygisgprimarilygusedgbyg .
A) itsgcustomersgtogunderstandgthegpricinggofgthegproduct
B) itsgcreditorsgtogunderstandgthegcredibilitygofgthegbusiness
C) itsgemployeesgtogplan,gdirectgandgcontrolgoperations
D) itsginvestorsgtogmakegtheirginvestmentgdecisio
nsgAnswer:g C
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

10) Whichgofgthegfollowinggstatementsgisgtruegofgfinancialgaccounting?
A) Itgprovidesginformationgtoginvestorsgneededgforgtheirginvestmentgdecisions.
B) Itgprovidesgfuturegfocusedginformationgneededgforgmanaginggandgdelegatinggoperations.
C) Itgfocusesgongdetailedgreportsgforgpartsgofgthegcompanygrathergthangthegwholegcompany.
D) Itgfocusesgongplanning,gdirectinggandgcontrollinggday-to-
daygoperations.gAnswer:g A
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

11) Whichgofgthegfollowinggisgthegprimarygfocusgofg managerialgaccounting?
A) providingginformationgthatgmanagersgneedgtogmakegoperationalgdecisions
B) providingghistoricalgdatagtoginvestorsgandgcreditors
C) providinggsummarizedgresultsgofgoperations
D) providingginformationgtogcomplygwithglawsgandgregulationsgofggovernmentgbod
iesgAnswer:g A
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

12) Whichgofgthegfollowinggisgthegprimarygfocusgofgfinancialgaccounting?
A) providingginformationgthatgmanagersgneedgtogmakegoperationalgdecisions
B) providinggsummarizedginformationgongoperationalgresultsgtoginvestorsgandgcreditors
C) providingginformationgtogmanagersgtogassistgingplanning,gdirectinggandgcontrollinggoperations
D) providingghighlygdetailedginformationgongproductglines,gregions,gandgdivisi
onsgAnswer:g B
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

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13) ConniegisganalyzinggthegfinancialgstatementsgofgMegaMartgandgBullseyegCompany.g Shegwantsg
toginvestgingonegofgthegcompaniesgandgisgtryinggtogdecidegwhichgcompanyghasgthegbettergpastgperfo
rmance.gConniegisgexaminingg .
A) managerialgaccountingginformation
B) financialgaccountingginformation
C) regulatorygaccountingginformation
D) organizationalgaccountingginformatio
ngAnswer:g B
Explanation:g g Financialgaccountingginformationgisgfocusedgongexternalgusersgandgpastgperformance.
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

14) Whogisgagprimarygusergofgmanagerialgaccountingginformation?
A) investors
B) companygmanagers
C) creditors
D) governmentgauthoritie
sgAnswer:g B
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)

15) Whichgofgthegfollowinggstatementsgisgtruegofgmanagerialgaccounting?
A) ItgisgrequiredgtogfollowgGAAP.
B) Thegfocusgisgongthegfuture.
C) AngexternalgauditgbygangindependentgCPAgisgrequiredgforgmanagerialgaccountingginformation.
D) Summarygreportsgaregpreparedgprimarilygforgthegcompanygasgagwh
ole.gAnswer:g B
Diff:g1
LO:g g M:1-1
AACSB:g Applicationgofgknowledg
egAICPAgFunctional:g Reporting
PEgQuestiongType:g g Concept
H2:g g WhygIsgManagerialgAccountinggImportant?g(H1)




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