| CONTENTSl Managerial Accounting and the Business EnvironmentThe Work of Management and the Need (or Managerial AccountingInformationPlanningDirecting and MotivatingControllingThe End Results of Managers' ActivitiesThe Planning and Control CycleComparison of Financial and Managerial AccountingEmphasis on the FutureRelevance and Flexibility of Dataless Emphasis on PrecisionSegments of an OrganizationGenerally Accepted Accounting Principles (GAAP)Managerial Accounting-Not MandatoryExpanding Role of Managerial AccountingThe Changing Business EnvironmentJust-in-Time (JlT)Total Quality Management (TQM)Process ReengineeringAutomationThe Theory of Constraints (TOC)International CompetitionOrganizational StructureDecentralizationline and Staff RelationshipsThe ControllerProfessional EthicsCode of Conduct for Management AccountantsCompany Codes of ConductCodes of Conduct on the International LevelThe Certified Management Accountant (CMA)SummaryKey Terms for ReviewQuestionsExercisesProblemsGroup Exercises2 Cost Terms, Concepts, and ClassificationsGeneral Cost ClassificationsManufacturing CostsNonmanufacturing Costsperiod Costs versus Product Costsperiod CostsProduct CostsCost Classifications on Financial StatementsThe Balance SheetThe lncome StatementSchedule of Cost of Goods ManufacturedProduct Costs-A Closer lookInventoriable CostsAn Example of Cost FlowsCost Classifications for Predicting Cost BehaviorVariable CostFixed CostCost Classifications for Assigning Costs to Cost ObiectsDirect CostIndirect CostCost Classifications for Decision MakingDifferential Cost and RevenueOpportunity CostSunk CostSummaryReview Problem l: Cost TermsReview Problem 2: Schedule of Cost of Goods Manufactured andIncome StatementKey Terms for ReviewAppendix 2A: Further Classification of Labor CostsQuestionsExercisesProblemsCasesGroup Exercises3 Systems Design: Job-Order CostingThe Need for Unit Product Cost DataTypes of Costing SystemsProcess CostingJob-Order CostingSummary of Costing MethodsJob-Order Costing-An OverviewMeasuring Direct Materials CostJob Cost SheetMeasuring Direct Labor CostApplication of Manufacturing OverheadChoice of an Allocation Base for Overhead CostComputation of Unit CostsSummary of Document FlowsJob-Order Costing-The Flow of CostsThe Pucchase and issue of MaterialsLabor CostManufacturing Overhead CostsThe Application of Manufacturing OverheadNonmanufacturing CostsCost of Goods ManufacturedCost of Goods SoldSummary of Cost FlowsProblems of Overhead ApplicationUnderapplied and Overapplied OverheadDisposition of Under- or Overapplied Overhead BalancesA General Model of Product Cost FlowsMultiple Predetermined Overhead RatesJob-Order Costing in Service CompaniesUse of Bar Code TechnologySummaryReview Problem: Job-Order CostingKey Terms for ReviewQuestionsExercisesProblemsCasesGroup Exercises4 Systems Design: Process CostingComparison of Job-Order and Process CostingSimilarities between Job-Order and Process CostingDifferences between Job-Order and Process CostingA Perspective of Process Cost FlowsProcessing DepartmentsThe Flow of Materials, Labor, and Overhead CostsMaterials, Labor, and Overhead Cost EntriesEquivalent Units of PrpductionWeighted-Average MethodProduction Report-Weighted-Average MethodStep l: Prepare a Quantity Schedule and Compute the EquivalentUnitsStep 2: Compute the Total and Unit CostsStep 3: Prepare a Cost ReconciliationA Comment about Rounding ErrorsOperation CostingSummaryReview Problem: Process Cost Flows and ReportsKey Terms for ReviewAppendix 4A: FtFO MethodQuestionsExercisesProblemsCasesGroup Exercises5 Systems Design: Activity-Based Costing and Quality ManagementThe Concept of Activity-Based CostingLevel One: Plantwide Overhead RateLevel Two: Departmental Overhead RatesLevel Three: Activity-Based CostingDesign of an Activity-Based Costing SystemProcess Value Analysis (PVA)identifying Activity CentersAssigning Costs to Activity CentersSelecting Cost DriversGraphic Example of Activity-Based CostingNumerical Example of Activity-Based CostingComtek Sound, Inc.'s Basic DataDirect Labor-Hours as a BaseActivities as a BaseBenefits and Limitations of Activity-Based CostingBenefits of Activity-Based Costinglimitations of Activity-Based CostingActivity-Based Costing and Service IndustriesInternational Use of Activity-Based CostingQuality ManagementGradeQuality of DesignQuality of ConformanceQuality of Conformance-A Closer LookPrevention CostsAppraisal CostsInternal Failure CostsExternal Failure CostsDistribution of Quality CostsQuality Cost ReportsQuality Cost Reports in Graphic FormUse of Quality Cost InformationInternational Aspects of QualityThe ISO 9000 StandardsSummaryReview Problem: Activity-Based CostingKey Terms for ReviewAppendix 5A: Cosf Flows in an Activity-Based Cosfing SystemQuestionsExercisesProblemsCasesGroup Exercises6 Cost Behavior: Analysis and UseTypes of Cost Behavior FhtternsVariable CostsTrue Variable versus Step-Variable CostsThe Linearity Assumption and the Relevant RangeFixed CostsTypes of Fixed CostsThe Trend toward Fixed CostsFixed Costs and the Relevant RangeMixed CostsThe Analysis of Mixed CostsThe High-Low MethodThe Scattergraph MethodThe Least-Squares Regression MethodThe Use ofJudgment in Cost AnalysisMultiple Regression AnalysisEngineering Approach to Cost StudyThe Contribution FormatWhy a New income Statement Format?The Contribution ApproachSummaryReview Problem l: Cost BehaviorReview Problem 2: High-Low MethodKey Terms for ReviewAppend'ix 6A: Least-Squares Regression CalculationsQuestionsExercisesProblemsCasesGroup Exercisesl THE CENTRAL THEME: Planning and Control7 Cost-Volume-Profit RelationshipsThe Basics of Cost-Volume-Profit (CVP) AnalysisContribution MarginContribution Margin Ratio (CM Ratio)Some Applications of CVP ConceptsImportance of the Contribution MarginBreak-Even AnalysisBreak-Even ComputationsCVP Relationships in Graphic FormTarget Net Profit AnalysisThe Margin of SofetyCVP Considerations in Choosing a Cost StructureCost Structure and Profit StabilityOperating LeverageAutomation: Risks and Rewards from a CVP PerspectiveStructuring Sales CommissionsThe Concept of Sales MixThe Definition of Sales MixSales Mix and Break-Even AnalysisSales Mix and per Unit Contribution MarginAssumptions of CVP AnalysisSummaryReview Problem: CVP RelationshipsKey Terms for ReviewQuestionsExercisesProblemsCasesGroup Exercises8 Variable Costing: A Tool for ManagementOvervlew of Absorption and Variable CostingAbsorption CostingVariable CostingUnit Cost ComputationsThe Controversy over Fixed Overhead CostIncome Comparison of Absorption and Variable CostingThe Definition of an AssetExtended Comparison of Income DataEffecl of Changes in Production on Net IncomeVariable CostingAbsorption CostingThe Impact on the ManagerOther Factors in Choosing a Costing MethodCVP Analysis and Absorption CostingPricing DecisionsExternal Reporting and Income TaxesAdvantages of the Contribution ApproachVariable Costing and the Theory of ConstraintsImpact ofJlT Inventory MethodsSummaryRevtew ProblemKey Terms for ReviewQuestionsExercisesProblemsCasesGroup Exercises9 Profit PlanningThe Basic Framework of BudgetingDefinition of BudgetingPersonal BudgetsDifference between Planning and ControlAdvantages of BudgetingResponsibility AccountingChoosing a Budget PeriodThe Self-lmposed BudgetThe Matter of Human RelationsThe Budget CommitteeThe Master Budget-A Network of InterrelationshipsSales Forecasting-A Critical StepPreparing the Master BudgetThe Sales BudgetThe Production BudgetInventory Purchases-Merchandising FirmThe Direct Materials BudgetThe Direct Labor BudgetThe Manufacturing Overhead BudgetThe Ending Finished Goods Inventory BudgetThe Selling and Administrative Expense BudgetThe Cash BudgetThe Budgeted Income StatementThe Budgeted Balance SheetExpanding the Budgeted Income StatementJlT PurchasingZero-Base BudgetingInternational Aspects of BudgetingThe Need for Further Budgeting MaterialReview Problem: Budget SchedulesKey Terms for ReviewAppendix 9A: Economic Order QuanHty (EOQj and theReorder PointQuestionsExercisesProblemsCasesGroup Exercises10 Standard Costs and Operating Performance MeasuresStandard Costs-Management by ExceptionWho Uses Standard Costs?Setting Standard Costsideal Versus Practical StandardsSetting Direct Materials StandardsSetting Direct Labor StandardsSetting Variable Manufacturing Overhead StandardsAre Standards the Same as Budgets?Advantages of Standard CostsDisadvantages of Standard CostsA General Model for Variance AnalysisPrice and Quantity VariancesUsing Standard Costs-Direct Materials VariancesMaterials Price Variance--A Closer LookMaterials Quantity Variance-A Closer LookUsing Standard Costs-Direct Labor VariancesLabor Rate Variance-A Closer Looklabor Efficiency Variance--A Closer LookUsing Standard Costs-Variable Manufacturing Overhead VariancesManufacturing Overhead Variance-A Closer LookStructure of Performance ReportsVariance Analysis and Management by ExceptionOperating Performance MeasuresStandard Costs and the New Competitive EnvironmentNew Performance MeasuresQuality Control MeasuresMaterial Control MeasuresInventory Control MeasuresMachine Performance MeasuresDelivery performance MeasuresStandard Costs and Operating Rerformance MeasuresInternational Uses of Standard CostsSummaryReview Problem: Standard CostsKey Terms for ReviewAppendix lOA: General Ledger Entries to Record VariancesQuestionsExercisesProblemsCasesGroup Exercises11 Flexible Budgets and Overhead AnalysisFlexible BudgetsCharcicteristics of a Flexible BudgetDeficiencies of the Static BudgetHow the Flexible Budget WorksThe Measure of Activity-A Critical ChoiceThe Overhead ferformance Report-A Closer LookThe Problem of Budget AllowancesSpending Variance AloneBoth Spending and Efficiency VariancesExpanding the Flexible BudgetFixed Costs and the Flexible BudgetActivity-Based Costing and the Flexible BudgetOverhead Rates and Fixed Overhead AnalysisFlexible Budgets and Overhead RatesOverhead Applications in a Standard Cost SystemThe Fixed Overhead VanancesThe Budget Variance--A Closer LookThe Volume Variance-A Closer LookGraphic Analysis of Fixed Overhead VariancesCautions in Fixed Overhead AnalysisOverhead Variances and Under- or Overapplied Overhead CostPresentations of Variances on the Income StatementReview Problem: Overhead AnalysisKey Terms for ReviewQuestionsExercisesProblemsCasesGroup Exercises12 Segment Reporting, Profitability Analysis, and DecentralizationHindrances to Proper Cost AssignmentOmission of CostsInappropriate Methods for Allocating Costs among SegmentsArbitrarily Dividing Common Costs among SegmentsSegment Reporting and Profitability AnalysisLevels- of Segmented StatementsAssigning Costs to SegmentsSales and Contribution MarginTraceable and Common Fixed CostsTraceable Costs Can Become Common CostsSegment MarginVarying Breakdowns of Total SalesCustomer Profitability AnalysisResponsibility AccountingDecentralization and Segment ReportingCost, Profit, and Investment CentersMeasuring Management PerformanceRate of Return for Measuring Managerial FerformanceThe Return on Investment (ROl) FormulaNet Operating Income and Operating Assets DefinedPlant and Equipment: Net Book Value or Gross Cost?Controlling the Rate of ReturnIncrease SalesReduce ExpensesReduce Operating AssetsThe Problem of Allocated Expenses and AssetsCriticisms of ROlResidual Income-Another Measure of FterformanceMotivation and Residual IncomeDivisional Comparison and Residual IncomeSummaryReview Problem l: Segmented StatementsReview Problem 2: Return on Investment (ROl) and Residual IncomeKey Terms for ReviewAppendix l 2A: Transfer PricingReview Problem 3: Transfer PricingQuestionsExercisesProblemsCasesGroup ExercisesPART lll THE CAPSTONE: Usina Cost Data in Decision Making13 Relevant Costs for Decision MakingCost Concepts for Decision MakingIdentifying Relevant CostsDifferent Costs for Different PurposesSunk Costs Are Not Relevant CostsBook Value of Old EquipmentFuture Costs that Do Not Differ Are Not Relevant CostsAn Example of Irrelevant Future CostsWhy Isolate Relevant Costs?Adding and Dropping Product Lines and Other SegmentsAn lllustration of Cost AnalysisA Comparative FormatBeware of Allocated Fixed CostsThe Make or Buy DecisionStrategic Aspects of the Make or Buy DecisionAn Example of Make or BuyThe Matter of Opportunity CostSpecial OrdersUtilization of Scaice ResourcesContribution in Relation to Scarce ResourcesManaging ConstraintsThe Problem of Multiple ConstraintsJoint Product Costs and the Contribution ApproachThe Pitfalls of AllocationSell or Process Further DecisionsActivity-Based Costing and Relevant CostsSummaryReview Problem: Relevant CostsKey Terms (or ReviewQuestionsExercisesProblemsCasesGroup Exercises14 Capital Budgeting DecisionsCapita Budgeting-An investment ConceptTypical Capital Budgeting DecisionsCharacteristics of Business investmentsDiscounted Cash Flows-The Net Present Value MethodThe Net Present Value Method lllustratedEmphasis on Cash FlowsRecovery of the Original InvestmentSimplifying AssumptionsChoosing a Discount RateAn Extended Example of the Net Present Value MethodDiscounted Cash Flows-The Internal Rate of Return MethodThe Internal Rate of Return Method lllustratedSalvage Value and Other Cash FlowsThe Process of InterpolationUsing the Internal Rate of ReturnThe Cost of Capital as a Screening ToolComparison of the Net Present Value and the Internal Rate of ReturnMethodsExpanding the Net Present Value MethodThe Total-Cost ApproachThe Incremental-Cost ApproachLeast-Cost DecisionsCapital Budgeting and Nonprofit OrganizationsInvestments in Automated EquipmentBenefits from AutomationDecision Framework for Intangible BenefitsOther Approaches to Capital Budgeting DecisionsThe Payback MethodEvaluation of the payback MethodAn Extended Example of Paybackpayback and Uneven Cash FlowsThe Simple Rate of Return MethodCriticisms of the Simple Rate of ReturnThe Choice of an Investment BasePostaudit of Investment ProiectsSummaryReview Problem l: Basic Present Value ComputationsReview Problem 2: Comparison of Capital Budgeting MethodsKey Terms for ReviewAppendix 14A: The Concept of Presenf ValueAppendix 14B: Inflation and Capital BudgetingAppendix 14C: Fufure Value and Present Value TablesQuestionsExercisesProblemsCasesGroup Exercises15 Further Aspects of investment DecisionsIncome Taxes and Capital BudgetingThe Concept of After-Tax CostThe Concept of Depreciation Tax ShieldModified Accelerated Cost Recovery SystemThe Choice of a Depreciation MethodExample of Income Taxes and Capital BudgetingThe Total-Cost Approach and Income TaxesPreference Decisions-The Ranking of investment ProjectsInternal Rate of Return MethodNet Present Value MethodComparing the Preference RulesSummaryReview Problem: Capital Budgeting and TaxesKey Terms for ReviewQuestionsExercisesProblemsCasesGroup ExercisesPart IV SELECTED TOPlCS FOR FURTHER STUDY16 Service Department Costing: An Activity ApproachThe Need for Cost AllocationGuidelines for Cost AllocationSelecting Allocation BasesInterdepartmental ServicesAllocating Costs by BehaviorPitfalls in Allocating Fixed CostsShould Actual or Budgeted Costs Be Allocated?Effect of Allocations on Operating DepartmentsA Summary of Cost Allocation GuidelinesImplementing the Allocation GuidelinesBasic Allocation TechniquesAn Extended ExampleNo Distinction Made between Fixed and Variable CostsShould All Costs Be Allocated?Beware of Sales Dollars as an Allocation BaseSummaryReview Problem: Direct and Step MethodsKey Terms for ReviewQuestionsExercisesProblemsCasesGroup Exercises17 "How Well Am l Doing?" Statement of Cash FlowsThe Basic Approach to a Statement of Cash FlowsDefinition of CashConstructing the Statement of Cash Flows Using Changes inNoncash Balance Sheet AccountsAn Example of a Simplified Statement of Cash FlowsConstructing a Simplified Statement of Cash FlowsDepreciation, Depletion, and AmortizationThe Need for a More Detailed StatementOrganization of the Full-Fledged Statement of Cash FlowsOperating ActivitiesInvesting ActivitiesFinancing ActivitiesOther Issues in Preparing the Statement of Cash FlowsCash Flows: Gross or Net?Operating Activities: Direct or Indirect Method?Direct Exchange TransactionsAn Example of a Full-Fledged Statement of Cash FlowsEight Basic Steps to Preparing the Statement of Cash FlowsSetting Up the Worksheet (Steps ]-4)Adiustments to Reflect Gross, Rather Than Net, Amounts (Step 5)Classifying Entrtes as Operating, Investing, or Financing Activities(Step 6)The Completed Statement of Cash Flows (Steps 7 and 8)Interpretation of the Statement of Cash FlowsSummaryReview ProblemKey Terms for ReviewAppendix 17A: The Direct Method of Determining the"Nef Cash Provided by Operating ActivHies'QuestionsExercisesProblemsGroup Exercises18 "How Well Am l Doings" Financial Statement AnalysisLimitations of Financial Statement AnalysisComparison of Financial DataThe Need to Look beyond RatiosStatements in Comparative and Common-Size FormDollar and percentage Changes on StatementsCommon-Size StatementsRatio Analysis-The Common StockholderEarnings per ShareExtraordinary Iitems and Earnings per ShareFully Diluted Earnings per SharePrice-Earnings RatioDividend payout and Yield RatiosReturn on Total AssetsReturn on Common Stockholders' EquityFinancial LeverageBook Value per ShareRatio Analysis-The Short-Term CreditorWorking CapitalCurrent RatioAcid-Test (Quick) RatioAccounts Receivable TurnoverInventory TurnoverRatio Analysis-The Long-Term CreditorTimes Interest Earned RatioDebt-to-Equity RatioSummary of Rafios and Sources of Comparative Ratio DataSummaryReview Problem: Selected Ratios and Financial LeverageKey Terms for ReviewQuestionsExercisesProblemsGroup ExercisesAppondlx Pricing Products and ServicesCost-Plus PricingThe Absorption ApproachThe Contribution ApproachDetermining the Markup percentageMarkup on an Absorption BasisMarkup on a Contribution BasisTarget CostingReasons (or Using Target CostingAn Example of Target CostingService Companies-Time and Material PricingTime ComponentMaterial ComponentAn Example of "lime and Material PricingKey Terms for ReviewQuestionsExercisesProblemsPhoto CreditsAuthor IndexCompany IndexSubject Index |
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