Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Textbook Question
Chapter 7, Problem 7.1BE
The steps in managements decision-making process are listed in random order below. Indicate the order in which the steps should be executed.
_________ Make a decision
_________ Identify the problem and assign responsibility
_________ Review results of the decision
_________ Determine and evaluate possible courses of action
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Knowledge Check 01
Select the correct order of the following steps in the decision-making process.
1. Evaluate the costs and benefits of the alternatives
2. Determine the decision alternatives
3. Identify the decision problem
4. Review the results of the decision
5. Make the decision
QUESTION ONE
Planning sets in motion activities to accomplish the planned objectives. Control
functions direct and monitor activities for deviations from plans (i.e., attainment of
objectives). Planning uses feedback from controls to improve/alter plans and implement
corrective actions where necessary.
Required:
A. Discuss Management by Objectives (MBO) and explain how MBO can contribute to
planning of work.
B. Explain the MBO cycle and give the Strengths and Limitations of (MBO).
C. A company manufactures a single product. Budget and standard cost details for next
year include:
Selling price per unit $24.00
Variable production cost per unit $8.60
Fixed production costs $650,000
Fixed selling and distribution costs $230,400.
Sales commission 5% of selling price
Sales 90,000 units
Required:
I.
Calculate the break-even point in units.
II.
Calculate the percentage by which the budgeted sales can fall before the
company begins to make a loss. The marketing manager has suggested that
the…
15) When managers use the decision process to make decisions, what is the output after using the
prediction method?
A) predictions
C) evaluation
B) decision
D) implementation
Chapter 7 Solutions
Managerial Accounting: Tools for Business Decision Making
Ch. 7 - What steps are frequently involved in managements...Ch. 7 - Prob. 2QCh. 7 - Incremental analysis involves the accumulation of...Ch. 7 - Sydney Greene asks for your help concerning the...Ch. 7 - What data are relevant in deciding whether to...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - What are joint products? What accounting issue...Ch. 7 - Prob. 10Q
Ch. 7 - Your roommate. Gale Dunham, is confused about sunk...Ch. 7 - Prob. 12QCh. 7 - The steps in managements decision-making process...Ch. 7 - Determine incremental changes. (LO 1), AP Bogart...Ch. 7 - At Bargain Electronics, it costs 30 per unit (20...Ch. 7 - Prob. 7.4BECh. 7 - Prob. 7.5BECh. 7 - Prob. 7.6BECh. 7 - Prob. 7.7BECh. 7 - Lisah, Inc., manufactures golf clubs in three...Ch. 7 - Nathan T Corporation is comparing two different...Ch. 7 - Prob. 7.2DICh. 7 - Wilma Company must decide whether to make or buy...Ch. 7 - Prob. 7.4DICh. 7 - Prob. 7.5DICh. 7 - Prob. 7.6DICh. 7 - As a study aid. your classmate Pascal Adams has...Ch. 7 - Use incremental analysis for special-order...Ch. 7 - Moonbeam Company manufactures toasters. For the...Ch. 7 - Prob. 7.4ECh. 7 - Prob. 7.5ECh. 7 - Use incremental analysis for make-or-buy decision....Ch. 7 - Prob. 7.7ECh. 7 - Prepare incremental analysis concerning...Ch. 7 - Anna Garden recently opened her own basketweaving...Ch. 7 - Stahl Inc. produces three separate products from a...Ch. 7 - Kirk Minerals processes materials extracted from...Ch. 7 - Prob. 7.12ECh. 7 - On January 2, 2016, Twilight Hospital purchased a...Ch. 7 - Use incremental analysis for retaining or...Ch. 7 - Veronica Mars, a recent graduate of Bells...Ch. 7 - Cawley Company makes three models of lasers....Ch. 7 - Tharp Company operates a small factory in which it...Ch. 7 - Identify relevant costs for different decisions....Ch. 7 - ThreePoint Sports Inc. manufactures basketballs...Ch. 7 - Use incremental analysis related to make or buy....Ch. 7 - Prob. 7.3APCh. 7 - Compute gain or loss, and determine if equipment...Ch. 7 - Brislin Company has four operating divisions....Ch. 7 - CURRENT DESIGNS Current Designs faces a number of...Ch. 7 - Decision-Making Across the Organization Aurora...Ch. 7 - MiniTek manufactures private-label small...Ch. 7 - Prob. 7.3BYPCh. 7 - Communication Activity Hank Jewell is a production...Ch. 7 - Prob. 7.6BYPCh. 7 - Prob. 7.7BYPCh. 7 - Considering Your Costs and Benefits School costs...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The managerial decision-making process has which of the following as its third step? A. Review, analyze and evaluate the results of the decision. B. Decide, based upon the analysis, the best course of action. C. Identify alternative courses of action to achieve a goal or solve a problem. D. Perform a comprehensive differential (differential) analysis of potential solutions.arrow_forwardList two ways managers can use ABM to make decisions.arrow_forwardName the function of management which involves making decision in advance? a. Staffing b. Organizing c. Directing d. Planningarrow_forward
- 1. Explain what is meant by the term decision model. 2. Distinguish between qualitative and quantitative decision analyses. 3. Choose an organization and a particular decision situation. Then give examples, using that context, of each step in the decision-making process described in this session.arrow_forward_______________________involves the steps taken by management to increase the likelihood that the objectives setdown at the planning stage are attained.arrow_forward___________________________________consists of identifying alternatives, selecting from among thealternatives the one that is best for the organization, and specifying what actions will be taken toimplement the chosen alternativearrow_forward
- Which strategy will you recommend to management? Why? Explain yourrecommendation with reference to your assessment of the strategies.arrow_forwardDiscuss the different variables of CAPM. How would a manager use it in decision making?arrow_forwardThe plans of management are expressed formally in ________________________.arrow_forward
- Three phases of the management process are controlling, planning, and decision making. Match the following descriptions to the proper phase:Phase of management process             DescriptionControlling                     a. Monitoring the operating results of                                  implemented plans and                                         comparing the actual results with                                  expected results.Planning                        b. Inherent in planning, directing,                                     controlling, and improving.Decision making                  c. Long-range courses of action.arrow_forwardExplain what is meant by the term decision model. 2. Distinguish between qualitative and quantitative decision analyses. 3. Choose an organization and a particular decision situation. Then give examples,using that context, of each step in the decision-making process described in thissession.arrow_forward​_______ can be defined as compelling events to go according to plan.  A. Budgeting  B. Management by exception  C. Control  D. Responsibility accountingarrow_forward
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