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Chapter 16: Q1RQ (page 884)
1. What is the primary purpose of managerial accounting?
Managerial accounting is a field of accounting that has the purpose of providing information to managers and employees.
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How does a manufacturing company calculate cost of goods sold? How is this different from a merchandising company?
Identifying product costs and period costs Classify each cost of a paper manufacturer as either a product cost or a period cost:
f. Cost of TV ads.
Identifying ethical standards
The Institute of Management Accountants鈥� Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) is(are) violated in each situation?
a) You tell your brother that your company will report earnings significantly above financial analysts鈥� estimates.
Describe a service company, and give an example.
Distinguishing between direct and indirect costs Granger Cards is a manufacturer of greeting cards. Classify its costs by matching the costs to the terms.
a. Artists鈥� wages
b. Wages of materials warehouse workers
c. Paper
d. Depreciation on manufacturing equipment
e. Manufacturing plant manager鈥檚 salary
f. Property taxes on manufacturing plant
g. Glue for envelopes
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