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Cost Accounting: Principles and Applications,9780072982480

Cost Accounting: Principles and Applications

by
Edition:
7th
ISBN13:

9780072982480

ISBN10:
0072982489
Format:
Hardcover
Pub. Date:
8/4/2006
Publisher(s):
McGraw-Hill/Irwin
List Price: $151.88

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Summary

Cost Accounting provides a practical knowledge of systems and procedures and will prepare students for many of the career opportunities available in cost accounting. The text opens by giving students an overview of the nature and purpose of cost accounting. Building on these notions students will then learn the basic concept that cost flow matches work flow. Afterward students are led throughout the major areas of cost accounting: job order cost accounting, process cost accounting, budgeting, standard costs, direct costing, and non-manufacturing costs. Each new segment of instruction is carefully explained and illustrated. A summary at the end of each chapter reviews the basic principles and procedures covered. Questions which require review and/or managerial analysis, along with application activities in the form of exercises, problems, alternate problems, Excel problems, and cases help students integrate their learning while everything is fresh in their minds.

Table of Contents

Preface ix
PART ONE JOB ORDER COST ACCOUNTING
1(258)
Introduction to Cost Accounting and the Job Order Cost Cycle
2(39)
Introduction to Cost Accounting
2(8)
Introduction to the Job Order Cost Cycle
10(31)
Purchasing Materials
41(22)
Need for Control of Materials
41(1)
Materials Purchasing Procedures
42(7)
Principles of Internal Control
49(2)
Special Purchasing Procedures
51(2)
Changing Technology in Materials Purchasing
53(10)
Storing and Issuing Materials
63(21)
Storage
63(1)
Insurance
64(2)
Principles of Internal Control
66(2)
Special Issuing Procedures
68(3)
Computerized Materials Issuance
71(13)
Controlling and Valuing Inventory
84(26)
Costing: A Complex Problem
84(1)
Inventory Costing Methods
85(7)
Applying the Rule of Cost or Market Whichever Is Lower
92(3)
Inventory Management
95(1)
Cutoff Date
95(1)
Periodic Physical Inventory
96(4)
Just-in-Time Inventory Management
100(10)
Timekeeping and Payroll
110(14)
Timekeeping Procedures
110(1)
Payroll Procedures
111(4)
Flow of Payroll Costs
115(1)
Computerized Payroll
116(8)
Charging Labor Costs into Production
124(23)
Labor Cost Analysis
124(5)
Transferring Labor Costs to Production
129(3)
Flow of Costs
132(1)
Employer's Payroll Taxes
133(14)
Departmentalizing Overhead Costs
147(22)
Types of Manufacturing Overhead Costs
147(1)
Control of Manufacturing Overhead Costs
148(1)
Departmentalization of Overhead
148(2)
Recording Overhead Costs
150(3)
Summary Schedule of Departmental Costs
153(1)
Allocating Overhead to Jobs
153(1)
Distributing Service Department Costs
153(4)
Recording Overhead Distribution in the General Ledger
157(12)
Setting Overhead Rates
169(19)
Purpose of Overhead Rates
169(1)
Determining the Overhead Rate
169(1)
Factors That Affect Rate Setting
170(1)
Types of Overhead Rate Bases
171(2)
Selecting the Overhead Basis
173(1)
Setting Rates
174(1)
Computing Departmental Rates
175(1)
Activity Based Costing
176(1)
Overhead Allocation Using Activity Based Costing
177(11)
Applying Manufacturing Overhead
188(19)
Entries on Job Cost Sheet
188(1)
Entries in The General Ledger
189(2)
Overapplied or Underapplied Overhead
191(16)
Completing the Cost Cycle and Accounting for Lost Materials
207(37)
Completing the Cost Cycle
207(9)
Scrap, Spoiled Goods, and Defective Goods
216(28)
Mini-Practice Set 1
244(15)
PART TWO PROCESS COST ACCOUNTING
259(200)
Process Cost System---Production Data and Cost Flow
260(48)
Introduction to Process Cost Accounting
260(15)
Production Data and Cost Flow
275(33)
Average Costing of Work in Process
308(32)
Accounting for Beginning Work in Process
308(1)
Applying the Average Cost Method---Bowden's Boards
309(16)
Combined Cost of Production Report
325(15)
Units Lost or Increased in Production
340(35)
Classifying Losses or Spoilage
340(1)
Accounting for Lost Units
341(1)
Normal Loss of Units in First Department
341(4)
Normal Loss of Units in Subsequent Departments
345(5)
Abnormal Loss of Units
350(4)
Defective Units and Rework Costs
354(1)
Accounting for Increase in Units
354(21)
First in, First out (FIFO) Costing of Work in Process
375(37)
Differences Between Average Cost Method and FIFO Cost Method
375(1)
Choosing a Costing Method
376(1)
Pressing and Cutting Department
376(6)
Trimming and Painting Department
382(4)
Determining Bowden's Boards' Costing Method
386(4)
Appendix---FIFO method, Lost Units
390(9)
Equivalent Units-Alternate Computation
399(13)
Accounting for By-Products and Joint Products
412(47)
Multiple-Product Processing
412(1)
Methods of Accounting for By-Products
413(1)
Paddy Rice Company
413(2)
By-Products Not Processed Further
415(2)
By-Products Processed Further
417(4)
Computing Net Profit
421(2)
Processing Joint Products
423(1)
Bases for Allocating Joint Costs
423(1)
Uncle Walter's Dairy Products Company
424(3)
Allocation on Basis of Physical Units
427(1)
Allocation on Basis of Relative Sales Value
428(2)
Allocation on Basis of Adjusted Sales Value
430(3)
Allocation on Basis of Assigned Weights
433(3)
Limitations of Joint Costing
436(23)
Mini-Practice Set 2
452(7)
PART THREE COST ACCOUNTING AS A MANAGEMENT TOOL
459(230)
The Analysis of Cost Behavior
460(22)
Cost Behavior
460(4)
Methods of Analyzing Cost Behavior
464(6)
Selecting the Method of Analysis
470(12)
Budgeting
482(25)
Budgetary Control
482(1)
The Sales Budget
483(1)
The Production Budget
484(1)
Manufacturing Costs Budget
485(7)
Operating Expenses Budget
492(1)
Budgeted Income Statement
493(1)
Other Budgeted Schedules
493(1)
Using the Flexible Budget as a Management Tool
494(1)
Periodic Performance Report
494(1)
Other Budgetary Considerations
495(12)
Standard Costs: Materials and Labor
507(22)
Using Standard Costs
507(2)
Implementing a Standard Cost System
509(5)
Labor Costs
514(15)
Manufacturing Overhead Standard Costs: Completing the Accounting Cycle for Standard Costs
529(40)
An Overview of Standard Manufacturing Overhead Costs
529(1)
Setting Up a Standard Cost System for Overhead
530(1)
Establishing Standard Overhead Cost per Unit of Product
531(3)
Recording Actual Costs
534(2)
Determining Standard Costs for Period
536(1)
Measuring and Analyzing the Total Overhead Variance
536(12)
Applying Overhead and Recording Overhead Variances
548(2)
Disposition of Standard Cost Variances
550(19)
Mini-Practice Set 3
564(5)
Cost-Volume-Profit Analysis
569(25)
Direct Costing
569(1)
A Comparison of Absorption Costing and Direct Costing
570(5)
Cost-Volume-Profit Analysis
575(6)
Analyzing the Effects of Changes in C-V-P Factors
581(13)
Analysis of Manufacturing Costs for Decision Making
594(23)
Decision Making
594(1)
Defining the Problem and Identifying Alternatives
594(1)
Determining Relevant Cost and Revenue Data
595(1)
Evaluating Data and Considering Nonmeasurable Data
596(1)
Making a Decision
596(1)
Common Decisions in a Cost Accounting Environment
596(21)
Cost Accounting for Distribution Activities and Service Businesses
617(38)
Using Cost Accounting in Nonmanufacturing Activities
617(1)
Distribution Cost Analysis and Control
618(1)
Analyzing Distribution Costs
619(6)
Budgets for Distribution Costs
625(7)
Cost Accounting for Service Businesses
632(23)
Decision Making---Capital Investment Decisions
655(34)
The Nature of Capital Expenditures
656(1)
Capital Expenditure Analysis
656(2)
Capital Expenditure Evaluation Techniques
658(1)
Evaluation Techniques Focusing on Profitability
659(7)
Evaluation Techniques Focusing on Cash Flows
666(9)
The Role of Income Taxes in Capital Investment Evaluation
675(14)
Glossary 689(8)
Index 697


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