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Chapter 1: Q8DQ. (page 29)

Question: What type of accounting information might be useful to the marketing managers of a business?

Short Answer

Expert verified

A marketing manager is a person who looks after sale and promotion for which he requires various accounting information such as sales volume, advertising cost, promotion cost, sales commission, etc.

Step by step solution

01

Definition of marketing manager

A marketing manager is a person who controls all activities related to promotion or market research related to the goods or services offered by the company.

02

Accounting information useful to marketing manager

A marketing manager makes various decisions for any business organization related to sales, promotion, and market research. To make these, marketing managers require information such as sales volume, advertising cost, promotion cost, sales commission, etc.

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Most popular questions from this chapter

Question: Many accounting professionals work in one of the following three areas.

A. Financial accounting B. Managerial accounting C. Tax accounting

Identify the area of accounting that is most involved in each of the following responsibilities.


1.Internal auditing 2. External auditing 3. Cost accounting 4. Budgeting 5. Investigating violations of tax laws 6. Planning transactions to minimize taxes 7. Preparing external financial statements 8. Reviewing reports for SEC compliance

Use the information in Problem 1-3A to prepare a year-end statement of retained earnings for Armani Company.

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed \(84,000 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts. Use this information to prepare an October income statement for the business.

Cash . . . . . . . . . . . . . . . . . . . . . . . \)11,360

Cash dividends . . . . . . . . . . . . . . . . . . . . . . $ 2,000

Accounts receivable . . . . . . . . . . . 14,000

Consulting revenue . . . . . . . . . . . . . . . . . . 14,000

Office supplies . . . . . . . . . . . . . . . 3,250

Rent expense . . . . . . . . . . . . . . . . . . . . . . . 3,550

Land . . . . . . . . . . . . . . . . . . . . . . . . 46,000

Salaries expense . . . . . . . . . . . . . . . . . . . . . 7,000

Office equipment . . . . . . . . . . . . . 18,000

Telephone expense . . . . . . . . . . . . . . . . . . 760

Accounts payable . . . . . . . . . . . . . 8,500

Miscellaneous expenses . . . . . . . . . . . . . . 580

Common stock . . . . . . . . . . . . . . . 84,000

The following financial statement information is from five separate companies.

Company Company Company Company Company

V W X Y Z

December 31, 2016

Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . \(54,000 \) 80,000 \(141,500 \)92,500 $144,000

Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 60,000 68,500 51,500 ?

December 31, 2017

Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,000 100,000 186,500 ? 170,000

Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 36,000 ? 65,800 42,000 42,000

During year 2017

Stock issuances . . . . . . . . . . . . . . . . . . . 5,000 20,000 ? 48,100 60,000

Net income (or loss) . . . . . . . . . . . . . . . . ? 40,000 18,500 24,000 32,000

Cash dividends . . . . . . . . . . . . . . . . . . . 5,500 2,000 0 20,000 8,000

Required 2. Answer the following questions about Company W.

a. What is the amount of equity on December 31, 2016?

b. What is the amount of equity on December 31, 2017?

c. What is the amount of liabilities on December 31, 2017?

A business reports its own office stationery on the balance sheet at its \(400 cost, although it cannot be sold for more than \)10 as scrap paper. Which accounting principle and/or assumption justifies this treatment?
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