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Managerial Accounting, 2nd Edition,9780471238232
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Managerial Accounting, 2nd Edition

by
ISBN13:

9780471238232

ISBN10:
0471238236
Format:
Hardcover
Pub. Date:
1/1/2001
Publisher(s):
Wiley
List Price: $117.90
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Summary

The text is current, concise, and clearly written, with cases at the end of each chapter to illustrate the material. An interactive CD lets students test and expand their understanding with multiple-choice questions, key term matching exercises, demonstrations of various concepts and techniques, critical thinking exercise, interactive cases, and videos. A dynamic Web site provides test study guides, exercises, games, web testing, relevant articles, from The Wall Street Journal and other sources linked to the text, links to relevant web sites, additional cases, and other materials.

Author Biography

<b>PROFESSOR JAMES JIAMBALVO</b> joined the accounting faculty at the University of Washington after receiving a Ph.D. in accounting from The Ohio State University. A CPA, he has audit experience with the firm of Haskins and Sells (now Deloitte &amp; Touche), and currently serves on the national academic advisory board of&#160; Deloitte &amp; Touche LLP. From 1992-1996, Professor Jiambalvo served as chairman of the University of Washington accounting department.<br> Professor Jiambalvo's research has been published in top accounting journals, including <i>The Accounting Review, Contemporary Accounting Research</i>, the <i>Journal of Accounting and Economics</i>, and the <i>Journal of Accounting Research</i>. He is a past associate editor of <i>The Accounting Review</i> and currently serves on the editorial boards of&#160; <i>The Accounting Review, Contemporary Accounting Research; Auditing: A Journal of Practice and Theory</i>, and the <i>Journal of Management Accounting Research</i>.<br> Professor Jiambalvo has received the Burlington Northern Foundation Faculty Achievement Award and he was recognized for his teaching of managerial accounting with the MBA Professor of the Year Award. He has taught numerous executive education courses, including courses for a number of software companies. At the University of Washington, he holds the PricewaterhouseCoopers and Alumni Endowed Professorship.

Table of Contents

Introduction to Managerial Accounting
1(26)
Goal of Managerial Accounting
2(5)
Planning
2(1)
Budgets for Planning
2(1)
Control
2(2)
Performance Reports for Control
4(1)
Decision Making
5(1)
A Comparison of Managerial and Financial Accounting
6(1)
Internal versus External Users
6(1)
Need to Use GAAP
6(1)
Detail of Information
6(1)
Emphasis on Non-monetary Information
6(1)
Emphasis on the Future
7(1)
Similarities between Financial and Managerial Accounting
7(1)
Cost Terms Used in Discussing Planning, Control, and Decision Making
7(3)
Variable and Fixed Costs
7(1)
Variable Costs
7(1)
Fixed Costs
8(1)
Sunk Costs
8(1)
Opportunity Costs
9(1)
Direct and Indirect Costs
9(1)
Controllable and Noncontrollable Costs
9(1)
Two Key Ideas in Managerial Accounting
10(3)
Decision Making Relies on Incremental Analysis
11(1)
You Get What You Measure!
12(1)
The Controller as the Top Management Accountant
13(1)
Link To Practice:
The Changing World of the Management Accountant
14(1)
The Institute of Management Accounting
15(1)
Summary of Learning Objectives
15(1)
Key Terms
16(1)
Self-Assessment
16(1)
Interactive Learning
17(1)
Questions
18(1)
Exercises
18(2)
Problems
20(5)
Case
25(2)
Manufacturing Costs and Job-Order Costing Systems
27(48)
Cost Classifications for Manufacturing Firms
28(4)
Manufacturing Costs
29(1)
Direct Material
29(1)
Direct Labor
30(1)
Manufacturing Overhead
30(1)
Non-manufacturing Costs
30(1)
Selling Costs
30(1)
General and Administrative Costs
31(1)
Product and Period Costs
31(1)
Product Costs
31
Period Costs
3l(32)
Product Cost Information in Financial Reporting and Decision Making
32(1)
Balance Sheet Presentation of Product Costs
33(1)
The Raw Material Inventory
33(1)
Work in Process Inventory
33(1)
Finished Goods Inventory
33(1)
Flow of Product Costs in Accounts
34(1)
Income Statement Presentation of Product Costs
34(2)
Cost of Goods Manufactured
35(1)
Cost of Goods Sold
35(1)
Types of Costing Systems
36(2)
Job-Order Costing Systems
37(1)
Process Costing Systems
37(1)
Overview of Job Costs and Financial Statement Accounts
38(1)
Job-Order Costing System
39(6)
Direct Material Cost
40(2)
Direct Labor Cost
42(1)
Manufacturing Overhead
43(2)
Assigning Costs to Jobs: A Summary
45(1)
Using Job Cost Information at Eastlake Motorboat
45(2)
Relation between the Costs of Jobs and the Flow of Costs in Work in Process, Finished Goods, and Cost of Goods Sold
47(1)
Allocating Overhead to Jobs: A Closer Look
48(3)
Overhead Allocation Rates
48(1)
Selecting an Overhead Allocation Base
48(1)
Activity-based Costing (ABC) and Multiple Overhead Rates
49(1)
Activity-based costing (ABC)
49(1)
Predetermined Overhead Rates
49(1)
Eliminating Overapplied or Underapplied Overhead
50(1)
Job-Order Costing for Service Companies
51(1)
Changes in Manufacturing Practices and Product Costing Systems
52
Just-in-Time (JIT) Production
53(1)
Computer Controlled Manufacturing
54(1)
Total Quality Management
55
Link to Practice:
Product and Period Costs at Dell Computer Corporation
32(5)
Examples of Companies Using Job-Order and Process Costing Systems
37(16)
How JIT Is Creating Transportation Woes in Japan
53(3)
Can There Be Too Much Emphasis on Quality?
56(1)
Summary of Learning Objectives
57(1)
Key Terms
58(1)
Self-Assessment
58(2)
Interactive Learning
60(1)
Questions
60(1)
Exercises
61(3)
Problems
64(7)
Cases
71(4)
Process Costing
75(30)
Difference Between Job-Order and Process Costing Systems
76(2)
Product and Cost Flows
78(3)
Product Flows Through Departments
78(1)
Cost Flows Through Accounts
78(2)
Direct Material
80(1)
Direct Labor
80(1)
Manufacturing Overhead
80(1)
Transferred-in Costs
80(1)
Calculating Unit Costs
81(2)
Equivalent Units
81(1)
Cost Per Equivalent Unit
82(1)
Calculating and Applying Cost Per Equivalent Unit: Mixing Department Example
83(2)
Cost Transferred Out
84(1)
Ending Work in Progress
84(1)
Production Cost Report
85(2)
Reconciliation of Units
85(1)
Reconciliation of Costs
85(2)
Basic Steps in Process Costing: A Summary
87(1)
Answering Stacy's Questions
87(1)
Dealing With Transferred-In Cost: Packaging Department Example
88
Link To Practice:
What Type of Costing System Is Used by Kimberley-Clark Corporation?
76(3)
Production Departments for Two Manufacturing Operations
79(11)
Summary of Learning Objectives
90(1)
Key Terms
91(1)
Self-Assessment
91(1)
Interactive Learning
92(1)
Questions
92(1)
Exercises
93(2)
Problems
95(5)
Case
100(5)
Cost-Volume-Profit Analysis
105(48)
Common Cost Behavior Patterns
106(2)
Variable Costs
106(1)
Fixed Costs
107(1)
Mixed Costs
107(1)
Cost Estimation Methods
108(8)
Account Analysis
109(1)
Scattergraph Approach
110(2)
High-Low Method
112(2)
Regression Analysis
114(1)
The Relevant Range
114(2)
Cost-Volume-Profit Analysis
116(3)
Break-Even Point
116(1)
Margin of Safety
117(1)
Contribution Margin
117(1)
Contribution Margin Ratio
118(1)
``What-If'' Analysis
119(1)
Change in Fixed and Variable Costs
119(1)
Change in Selling Price
119(1)
Multiproduct Analysis
119(4)
Contribution Margin Approach
119(1)
Contribution Margin Ratio Approach
120(3)
Assumptions in C-V-P Analysis
123(1)
Code Connect Example Revisited
124(1)
Operating Leverage
125(1)
Constraints
126
Link To Practice:
Deciding to Use the Contribution Margin per Unit or the Contribution Margin Ratio Baskin-Robbins/Sears
121(5)
Operating Leverage at Microsoft
126(1)
Summary of Learning Objectives
127(1)
Appendix Variable and Full Costing
128(25)
Key Terms
133(1)
Self-Assessment
133(1)
Interactive Learning
134(1)
Questions
135(1)
Exercises
135(6)
Problems
141(7)
Cases
148(5)
Cost Allocation and Activity-Based Costing
153(48)
Purposes of Cost Allocation
154(4)
To Provide Information for Decision Making
154(2)
To Reduce Frivolous Use of Common Resources
156(1)
To Encourage Evaluation of Services
156(2)
To Provide ``Full Cost'' Information
158(1)
Process of Cost Allocation
158(3)
Determining the Costs Objective
158(1)
Forming Cost Pools
159(1)
Selecting an Allocation Base
160(1)
Allocating Service Department Costs
161(2)
Direct Method of Allocating Service Department Costs
161(1)
Allocated Budget and Actual Service Department Costs
162(1)
Problems with Cost Allocation
163(5)
Responsibility Accounting and Controllable Costs
163(1)
Arbitrary Allocations
164(1)
Unitized Fixed Costs and Lump-Sum Allocations
165(2)
The Problem of Too Few Cost Pools
167(1)
Using Only Volume-Related Allocation Bases
168(1)
Activity-Based Costing
168(8)
The Problem of Using Only Measures of Production Volume to Allocate Overhead
169(1)
The ABC Approach
169(1)
Relating Costs Pools to Products Using Cost Drivers
170(1)
The ABC Approach at Gardenrite Manufacturing: A Comprehensive Example
171(1)
Gardenrite's Costs Under the Traditional Approach
171(1)
Gardenrite's Costs Under the ABC Approach
172(3)
Pros and Cons of ABC
175(1)
Benefits
175(1)
Limitations
175(1)
Activity-Based Management (ABM)
176(1)
Remember: You Get What You Measure!
177
Link To Practice:
Some Companies That Have Cost-Plus Contracts: Raytheon Systems/Lockheed Martin/Allied Signal
157(17)
ABC and Service Firms: Valley View Hospital/First Tennessee National Corp.
174(3)
ABM Uncovers Cost Savings in Snow Removal
177(1)
Summary of Learning Objectives
178(1)
Key Terms
179(1)
Self-Assessment
179(1)
Interactive Learning
180(1)
Questions
181(1)
Exercises
181(5)
Problems
186(6)
Cases
192(9)
The Use of Cost Information and Management Decisions
201(39)
Incremental Analysis
202(9)
Additional Processing Decision
202(2)
Make or Buy Decisions
204(4)
Dropping a Product Line
208(2)
Beware of the Cost Allocation Death Spiral!
210(1)
Summary of Incremental, Avoidable, Sunk, and Opportunity Costs
211(1)
Decisions Involving Joint Costs
212(4)
Allocation of Joint Costs
214(1)
Additional Processing Decisions and Joint Costs
215(1)
Qualitative Considerations in Decision Analysis
216
Link To Practice:
Dropping Product Lines at Apple Computer
211
Outsourcing Decisions Lead to New Executive Position---the CRO
207(6)
The Sunk Cost Effect
213(4)
Summary of Learning Objectives
217(1)
Appendix Pricing Decisions
217(23)
Key Terms
221(1)
Self-Assessment
221(1)
Interactive Learning
222(1)
Questions
222(1)
Exercises
222(5)
Problems
227(8)
Cases
235(5)
Capital Budgeting Decisions
240(45)
Capital Budgeting Decisions
241(2)
Evaluating Investment Opportunities: Time Value of Money Approaches
243(7)
Basic Time Value of Money Calculations
244(1)
The Net Present Value Method
245(1)
Steps in the NPV Method
245(1)
An Example of the NPV Approach
246(2)
The Internal Rate of Return Method
248(2)
Summary of Net Present Value and Internal Rate of Return
250(1)
Estimating the Required Rate of Return
250(2)
Additional Cash Flow Consideration
252(1)
Cash Flows, Taxes, and the Depreciation Tax Shield
252(3)
Adjusting Cash Flows for Inflation
254(1)
Simplified Approaches to Capital Budgeting
255(2)
Payback Period Method
255(1)
Accounting Rate of Return
256(1)
Conflict Between Performance Evaluation and Capital Budgeting
257(1)
Wilson Air Revisited
258
Link To Practice:
BMW Invests in Greer, South Carolina Plant
242(7)
Investing in E-Business
249(2)
Estimates of the Cost of Capital
251(2)
Depreciation Tax Shield at Amazon.Com
253(7)
Summary of Learning Objectives
260(1)
Appendix A The Internal Rate of Return with Unequal Cash Flows
261(1)
Appendix B Criticisms of Time Value of Money Approaches to Evaluating Investments
262(2)
Link To Practice:
``Soft'' Benefits Related to ERP Projects
264(3)
Appendix C Present Value Tables
267(18)
Key Terms
268(1)
Self-Assessment
268(1)
Interactive Learning
269(1)
Questions
270(1)
Exercises
270(3)
Problems
273(7)
Cases
280(5)
Budgetary Planning and Control
285(40)
Use of Budgets in Planning and Control
286(2)
Planning
286(1)
Control
286(2)
Developing the Budget
288(2)
Budget Time Period
289(1)
Zero-Base Budgeting
289(1)
The Master Budget
290(10)
Sales Budget
290(2)
Production Budget
292(1)
Direct Material Purchases Budget
293(1)
Direct Labor Budget
294(1)
Manufacturing Overhead Budget
294(1)
Selling and Administrative Expense Budget
295(1)
Budgeted Income Statement
295(2)
Capital Acquisitions Budget
297(1)
Cash Receipts and Disbursement Budget
298(2)
Budgeted Balance Sheet
300(1)
Use of Computers in the Budget Planning Process
300(2)
Budgetary Control
302(3)
Budgets as a Standard for Evaluation
302(1)
Static and Flexible Budgets
302(3)
Investigating Budget Variances
305(1)
Conflict in Planning and Control Uses of Budgets
305(1)
Evaluation, Measurement, and Management Behavior
306(1)
The Preston Joystick Case
306
Link To Practice:
Sometimes a Bottom-Up Approach Is Still Top Down!
289
CEOs Say Budgeting is the CFO's Major Responsibility
288(3)
The Chicago White Sox Budget for Curve Balls
291(10)
Software for Budgeting
301(6)
Summary of Learning Objectives
307(1)
Key Terms
307(1)
Self-Assessment
307(1)
Interactive Learning
308(1)
Questions
309(1)
Exercises
309(4)
Problems
313(7)
Cases
320(5)
Standard Costs and Variance Analysis
325(33)
Standard Costs
326(2)
Standard Costs and Budgets
327(1)
Development of Standard Costs
327(1)
Ideal and Attainable Standards
328(1)
General Approach to Variance Analysis
328(1)
Material Variances
329(2)
Material Price Variance
329(1)
Material Quantity Variance
330(1)
Direct Labor Variances
331(1)
Labor Rate Variance
331(1)
Labor Efficiency Variance
332(1)
Overhead Variances
332(3)
Controllable Overhead Variance
333(1)
Overhead Volume Variance
333(2)
Comprehensive Example: Darrington Ice Cream
335(3)
Material Variances
336(2)
Labor Variances
338(1)
Overhead Variances
338(1)
Investigation of Standard Cost Variances
338(2)
Management by Exception
339(1)
``Favorable'' Variances May Be Unfavorable
340(1)
Responsibility Accounting and Variances
340
Link To Practice:
Starbucks Uses Standard Costs
326(5)
You Get What You Measure!
331(9)
Summary of Learning Objectives
340(1)
Appendix Recording Standard Costs in Accounts
341(17)
Key Terms
344(1)
Self-Assessment
344(1)
Interactive Learning
345(1)
Questions
346(1)
Exercises
346(4)
Problems
350(4)
Cases
354(4)
Decentralization and Performance Evaluation
358(41)
Why Firms Decentralize
360(2)
Advantages of Decentralization
360(2)
Disadvantages of Decentralization
362(1)
Why Companies Evaluate the Performance of Subunits and Subunit Managers
362(2)
Responsibility Accounting and Performance Evaluation
363(1)
Cost Centers, Profit Centers and Investment Centers
364(3)
Cost Centers
365(1)
Profit Centers
365(1)
Investment Centers
366(1)
Evaluating Investment Centers with ROI
367(3)
Measuring Income and Invested Capital When Calculating ROI
368(1)
Problems with Using ROI
369(1)
Problems of Over-Investment and Under-Investment
370(1)
You Get What You Measure!
370(1)
Evaluation in Terms of Profit Can Lead to Over-Investment
370(1)
Evaluation in Terms of ROI Can Lead to Under-Investment
371(1)
Other Measures Used in Evaluation
371(1)
Residual Income (RI) and Economic Value Added (EVA)
371
Link To Practice:
Subunits at Nordstrom
366(7)
Companies that Use EVA
373(1)
Using a Balanced Scorecard to Evaluate Performance
373(2)
Boeing Drops Market Share as a Performance Measure Following Financial Difficulties
375(1)
Summary of Learning Objectives
376(1)
Appendix Transfer Pricing
377(22)
Key Terms
383(1)
Self-Assessment
383(2)
Interactive Learning
385(1)
Questions
385(1)
Exercises
386(3)
Problems
389(5)
Cases
394(5)
Solutions to Self-Assessment Questions 399(2)
Glossary 401(6)
Photo Credits 407(2)
Index 409


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