Solution Manual for Managerial Accounting 11th CANADIAN Edition by Garrison

Solution Manual for Managerial Accounting 11th CANADIAN Edition by Garrison

Chapter 1

Managerial Accounting

and the Business Environment

Learning Objectives

• Describe the functions performed by managers.
• Identify the major differences and similarities between financial and managerial accounting.
• Explain the basic concepts of lean production and enterprise risk management.
• Explain the nature and importance of ethics for accountants and the role of corporate social responsibility.
• Explain how intrinsic motivation, extrinsic incentives, and cognitive biases affect employee behaviour.

Chapter Overview

This chapter serves four main purposes:

• It explains the nature of managerial accounting in providing internal accounting information to support the work of management—planning, directing and motivating, and controlling.
• It describes the nature of organizations and the role of management accountants in an organization.
• It explains how companies are responding to a changing business environment by improving business process with the following four approaches:
  • Lean Production
  • Enterprise Risk Management
• It discusses the importance of upholding ethical standards.

Service-Related Examples

Company                                                                                                       Type of Business                           Text Reference

Certified Professional Accountants     Accounting                                    Introduction

Canadian Pacific                               Railway                                   In Business

CIBC                                                 Bank                                             Ethics/Discussion Case

Assignment Topic Grid

Chapter 1