solution manual for Managerial Accounting 12th Canadian Edition by Ray Garrison
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Chapter 1
Managerial Accounting and the Business Environment
Solution to Discussion Case
Benefits to employees of having a code of conduct:
Disadvantages to CIBC of having a code of conduct:
Solutions to Questions
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Chapter 1
Managerial Accounting and the Business Environment
Solution to Discussion Case
Benefits to employees of having a code of conduct:
- Creates clarity as to how all employees are expected to behave. This should help employees avoid behaviours that the company prohibits.
- Provides protection for employees when dealing with superiors given the guidelines related to protection from discrimination and harassment.
- Establishes guidelines for workplace safety, which should help protect the health of employees.
- Provides information on the consequences of code violations, which will help understand employees understand the outcomes of prohibited behaviours, if detected.
- Provides guidance as to what employees should do if they witness a violation of the code and protects those employees who do report an incident.
Disadvantages to CIBC of having a code of conduct:
- May create the impression among employees that they are not trusted by senior management to act appropriately.
- The obligation to report violations could create a culture of suspicion and mistrust among employees.
- Enforcing the code may be costly and time consuming in large organizations such as CIBC. For example, investigations of possible violations could take weeks.
- CIBC may be at a competitive disadvantage versus firms that have a less ‘restrictive’ code of behaviour.
Solutions to Questions
1-1 Given rapid changes to the competitive environment in many industries, having information on a timely basis to make decisions is critical. For example, getting timely information on customer reactions to product changes, price changes, new marketing campaigns, and so on, is necessary to allow managers to decide if further changes are needed and to make plans for those changes.
1-2 Directing activities involve mobilizing people to carry out plans and run routine operations on a day-to-day basis. Controlling activities involve ensuring that the plan is actually carried out and is appropriately modified as circumstances change. As such, controlling is an ‘after the fact’ test versus plan.
1-3 A budget is a detailed quantitative plan for the acquisition and use of financial and other resources over a specified future time period.
1-4 Predictive analytics could be used to estimate any number of metrics such as sales volumes, customer returns, customer satisfaction, warranty returns, product defects and so on.
1-5 A performance reports compares actual results to expected or budgeted results and is prepared on a periodic basis (e.g., monthly). Because it allows managers to see if actual results have departed from the plan, it can allow them to take corrective action where necessary. Performance reports can also be used to evaluate the performance of employees or business segments such as product lines. As such, performance reports can be a very important part of the control process in any organization.
1-6 The Royal Bank of Canada could segment its companywide performance by individual customer, by geographic area (e.g., province or country), and by product line (e.g. asset management, personal loans, mortgages, etc.). Procter & Gamble could segment its performance by product category (e.g., beauty and grooming, household care, and health and well-being), product line (e.g., Crest, Tide, and Bounty), and stock keeping units (e.g., Crest Cavity Protection toothpaste, Crest Extra Whitening toothpaste, and Crest Sensitivity toothpaste).
1-7 Managerial accounting plays an important role in strategic management by providing information to allow managers to effectively implement strategy and to monitor progress towards achieving strategic objectives. For example, performance measurement systems usually contain metrics related to the organization’s target customers (e.g., customer satisfaction) to whom the value proposition is being delivered.
1-2 Directing activities involve mobilizing people to carry out plans and run routine operations on a day-to-day basis. Controlling activities involve ensuring that the plan is actually carried out and is appropriately modified as circumstances change. As such, controlling is an ‘after the fact’ test versus plan.
1-3 A budget is a detailed quantitative plan for the acquisition and use of financial and other resources over a specified future time period.
1-4 Predictive analytics could be used to estimate any number of metrics such as sales volumes, customer returns, customer satisfaction, warranty returns, product defects and so on.
1-5 A performance reports compares actual results to expected or budgeted results and is prepared on a periodic basis (e.g., monthly). Because it allows managers to see if actual results have departed from the plan, it can allow them to take corrective action where necessary. Performance reports can also be used to evaluate the performance of employees or business segments such as product lines. As such, performance reports can be a very important part of the control process in any organization.
1-6 The Royal Bank of Canada could segment its companywide performance by individual customer, by geographic area (e.g., province or country), and by product line (e.g. asset management, personal loans, mortgages, etc.). Procter & Gamble could segment its performance by product category (e.g., beauty and grooming, household care, and health and well-being), product line (e.g., Crest, Tide, and Bounty), and stock keeping units (e.g., Crest Cavity Protection toothpaste, Crest Extra Whitening toothpaste, and Crest Sensitivity toothpaste).
1-7 Managerial accounting plays an important role in strategic management by providing information to allow managers to effectively implement strategy and to monitor progress towards achieving strategic objectives. For example, performance measurement systems usually contain metrics related to the organization’s target customers (e.g., customer satisfaction) to whom the value proposition is being delivered.
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