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Managerial Accounting

by
Edition:
8th
ISBN13:

9780324188028

ISBN10:
0324188021
Format:
Paperback
Pub. Date:
1/29/2004
Publisher(s):
South-Western College Pub
List Price: $248.66
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Summary

Don't manage with anything less than the new edition of this managerial text from the authors of ACCOUNTING, 21st Edition, the most successful college educational product of all time. MANAGERIAL ACCOUNTING, 8th Edition combines basic concepts with a heavy dose of the real world to build the skills for effective management.

Author Biography

Dr. Carl S. Warren is the Arthur Andersen and Co. Alumni Professor of Accounting at the J.M. Tull School of Accounting at the University of Georgia, Athens Dr. James M. Reeve is Professor of Accounting at the University of Tennessee, Knoxville Dr. Philip E. Fess is the Arthur Andersen and Co. Alumni Professor of Accountancy Emeritus at the University of Illinois, Champaign-Urbana

Table of Contents

Introduction to Managerial Accounting and Job Order Cost Systemsp. 1
The Differences Between Managerial and Financial Accountingp. 2
The Management Accountant in the Organizationp. 4
Manufacturing Cost Termsp. 5
Materialsp. 5
Factory Laborp. 6
Factory Overhead Costp. 7
Cost Accounting System Overviewp. 7
Job Order Cost Systems for Manufacturing Businessesp. 8
Materialsp. 9
Factory Laborp. 10
Factory Overhead Costp. 12
Work in Processp. 15
Finished Goods and Cost of Goods Soldp. 16
Salesp. 17
Period Costsp. 17
Summary of Cost Flows for Goodwell Printersp. 18
Job Order Costing for Decision Makingp. 18
Job Order Cost Systems for Professional Service Businessesp. 21
Practice Set: Sunblaze Inc.
Process Cost Systemsp. 51
Comparing Job Order Costing and Process Costingp. 52
Physical Flows and Cost Flows for a Process Manufacturerp. 53
The First-In, First-Out (Fifo) Methodp. 55
Determine the Units to Be Assigned Costsp. 56
Calculate Equivalent Units of Productionp. 57
Determine the Cost per Equivalent Unitp. 59
Allocate Costs to Transferred and Partially Completed Unitsp. 60
Bringing It All Together: The Cost of Production Reportp. 61
Journal Entries for a Process Cost Systemp. 62
Using the Cost of Production Report for Decision Makingp. 64
Just-in-Time Processingp. 65
Cost Behavior and Cost-Volume-Profit Analysisp. 87
Cost Behaviorp. 88
Variable Costsp. 88
Fixed Costsp. 90
Mixed Costsp. 90
Summary of Cost Behavior Conceptsp. 93
Reporting Variable and Fixed Costsp. 94
Cost-Volume-Profit Relationshipsp. 94
Contribution Margin Conceptp. 94
Mathematical Approach to Cost-Volume-Profit Analysisp. 96
Break-Even Pointp. 97
Target Profitp. 100
Graphic Approach to Cost-Volume-Profit Analysisp. 101
Cost-Volume-Profit (Break-Even) Chartp. 101
Profit-Volume Chartp. 103
Use of Computers in Cost-Volume-Profit Analysisp. 104
Sales Mix Considerationsp. 105
Special Cost-Volume-Profit Relationshipsp. 107
Margin of Safetyp. 107
Operating Leveragep. 107
Assumptions of Cost-Volume-Profit Analysisp. 108
Profit Reporting for Management Analysisp. 131
The Income Statement Under Variable Costing and Absorption Costingp. 132
Income from Operations When Units Manufactured Equal Units Soldp. 134
Income from Operations When Units Manufactured Exceed Units Soldp. 134
Income from Operations When Units Manufactured Are Less Than Units Soldp. 135
Comparing Income from Operations Under the Two Conceptsp. 136
Income Analysis Under Variable Costing and Absorption Costingp. 137
Management's Use of Variable Costing and Absorption Costingp. 139
Controlling Costsp. 139
Pricing Productsp. 140
Planning Productionp. 141
Analyzing Market Segmentsp. 141
Analyzing Contribution Marginsp. 145
Budgetingp. 173
Nature and Objectives of Budgetingp. 174
Objectives of Budgetingp. 174
Human Behavior and Budgetingp. 176
Budgeting Systemsp. 177
Static Budgetp. 178
Flexible Budgetp. 179
Computerized Budgeting Systemsp. 180
Master Budgetp. 181
Income Statement Budgetsp. 181
Sales Budgetp. 182
Production Budgetp. 183
Direct Materials Purchases Budgetp. 184
Direct Labor Cost Budgetp. 185
Factory Overhead Cost Budgetp. 185
Cost of Goods Sold Budgetp. 186
Selling and Administrative Expenses Budgetp. 187
Budgeted Income Statementp. 187
Balance Sheet Budgetsp. 188
Cash Budgetp. 188
Capital Expenditures Budgetp. 191
Budgeted Balance Sheetp. 192
Performance Evaluation Using Variances from Standard Costsp. 221
Standardsp. 222
Setting Standardsp. 222
Types of Standardsp. 223
Reviewing and Revising Standardsp. 223
Support and Criticism of Standardsp. 224
Budgetary Performance Evaluationp. 224
Direct Materials Variancesp. 226
Direct Materials Price Variancep. 227
Direct Materials Quantity Variancep. 227
Direct Materials Variance Relationshipsp. 227
Reporting Direct Materials Variancesp. 227
Direct Labor Variancesp. 228
Direct Labor Rate Variancep. 229
Direct Labor Time Variancep. 229
Direct Labor Variance Relationshipsp. 229
Reporting Direct Labor Variancesp. 229
Factory Overhead Variancesp. 230
The Factory Overhead Flexible Budgetp. 231
Variable Factory Overhead Controllable Variancep. 232
Fixed Factory Overhead Volume Variancep. 232
Reporting Factory Overhead Variancesp. 234
Recording and Reporting Variances from Standardsp. 235
Standards for Nonmanufacturing Expensesp. 236
Nonfinancial Performance Measuresp. 237
Performance Evaluation for Decentralized Operationsp. 257
Centralized and Decentralized Operationsp. 258
Advantages of Decentralizationp. 258
Disadvantages of Decentralizationp. 259
Responsibility Accountingp. 260
Responsibility Accounting for Cost Centersp. 260
Responsibility Accounting for Profit Centersp. 262
Service Department Chargesp. 262
Profit Center Reportingp. 265
Responsibility Accounting for Investment Centersp. 265
Rate of Return on Investmentp. 266
Residual Incomep. 269
The Balanced Scorecardp. 270
Transfer Pricingp. 271
Market Price Approachp. 272
Negotiated Price Approachp. 273
Cost Price Approachp. 274
Differential Analysis and Product Pricingp. 299
Differential Analysisp. 300
Lease or Sellp. 301
Discontinue a Segment or Productp. 302
Make or Buyp. 304
Replace Equipmentp. 305
Process or Sellp. 306
Accept Business at a Special Pricep. 307
Setting Normal Product Selling Pricesp. 308
Total Cost Conceptp. 309
Product Cost Conceptp. 310
Variable Cost Conceptp. 311
Choosing a Cost-Plus Approach Cost Conceptp. 312
Activity-Based Costingp. 313
Product Profitability and Pricing Under Production Bottlenecksp. 314
Product Profitability Under Production Bottlenecksp. 314
Product Pricing Under Production Bottlenecksp. 315
Capital Investment Analysisp. 335
Nature of Capital Investment Analysisp. 336
Methods of Evaluating Capital Investment Proposalsp. 337
Methods That Ignore Present Valuep. 337
Present Value Methodsp. 339
Factors That Complicate Capital Investment Analysisp. 346
Income Taxp. 346
Unequal Proposal Livesp. 346
Lease versus Capital Investmentp. 346
Uncertaintyp. 347
Changes in Price Levelsp. 348
Qualitative Considerationsp. 348
Capital Rationingp. 348
Cost Allocation and Activity-Based Costingp. 369
Product Costing Allocation Methodsp. 370
Single Plantwide Factory Overhead Rate Methodp. 371
Multiple Production Department Factory Overhead Rate Methodp. 373
Production Department Factory Overhead Rates and Allocationp. 374
Distortion in Product Costs--Single Plantwide versus Multiple Production Department Factory Overhead Ratesp. 375
Activity-Based Costing Methodp. 376
Activity Rates and Allocationp. 378
Distortion in Product Costs--Multiple Production Department Factory Overhead Rate Method versus Activity-Based Costingp. 380
The Dangers of Product Cost Distortionp. 381
Activity-Based Costing for Selling and Administrative Expensesp. 381
Activity-Based Costing in Service Businessesp. 383
Cost Management for Just-in-Time Environmentsp. 411
Just-in-Time Principlesp. 412
Reducing Inventoryp. 413
Reducing Lead Timesp. 413
Reducing Setup Timep. 414
Emphasizing Product-Oriented Layoutp. 416
Emphasizing Employee Involvementp. 417
Emphasizing Pull Manufacturingp. 417
Emphasizing Zero Defectp. 418
Emphasizing Supplier Partneringp. 418
Applying a Just-in-Time Approach to Anderson Metal Fabricatorsp. 418
Traditional Operations--AMFp. 418
Just-in-Time Operations--AMFp. 419
Accounting for Just-in-Time Operationsp. 421
Fewer Transactionsp. 421
Combined Accountsp. 421
Nonfinancial Performance Measuresp. 423
Direct Tracing of Overheadp. 423
Just-in-Time for Service Processesp. 423
Accounting for the Costs of Qualityp. 425
Costs of Controlling Qualityp. 426
Costs of Failing to Control Qualityp. 426
The Relationship Between the Costs of Qualityp. 426
Determining the Costs of Qualityp. 427
Pareto Chartp. 427
Cost of Quality Reportp. 429
Value-Added/Nonvalue-Added Activity Analysisp. 429
Statement of Cash Flowsp. 447
Purpose of the Statement of Cash Flowsp. 448
Reporting Cash Flowsp. 448
Cash Flows from Operating Activitiesp. 450
Cash Flows from Investing Activitiesp. 450
Cash Flows from Financing Activitiesp. 451
Noncash Investing and Financing Activitiesp. 451
No Cash Flow per Sharep. 452
Statement of Cash Flows--The Indirect Methodp. 452
Retained Earningsp. 453
Common Stockp. 458
Bonds Payablep. 458
Buildingp. 458
Landp. 459
Preparing the Statement of Cash Flowsp. 460
Statement of Cash Flows--The Direct Methodp. 461
Cash Received from Customersp. 462
Cash Payments for Merchandisep. 462
Cash Payments for Operating Expensesp. 463
Gain on Sale of Landp. 463
Interest Expensep. 464
Cash Payments for Income Taxesp. 464
Reporting Cash Flows from Operating Activities--Direct Methodp. 464
Financial Analysis and Interpretationp. 465
Work Sheet for Statement of Cash Flowsp. 467
Work Sheet--Indirect Methodp. 467
Work Sheet--Direct Methodp. 469
Financial Statement Analysisp. 499
Basic Analytical Proceduresp. 500
Horizontal Analysisp. 500
Vertical Analysisp. 503
Common-Size Statementsp. 503
Other Analytical Measuresp. 505
Solvency Analysisp. 505
Current Position Analysisp. 506
Accounts Receivable Analysisp. 508
Inventory Analysisp. 509
Ratio of Fixed Assets to Long-Term Liabilitiesp. 510
Ratio of Liabilities to Stockholders' Equityp. 510
Number of Times Interest Charges Earnedp. 511
Profitability Analysisp. 511
Ratio of Net Sales to Assetsp. 511
Rate Earned on Total Assetsp. 512
Rate Earned on Stockholders' Equityp. 513
Rate Earned on Common Stockholders' Equityp. 513
Earnings per Share on Common Stockp. 515
Price-Earnings Ratiop. 515
Dividends per Share and Dividend Yieldp. 515
Summary of Analytical Measuresp. 516
Corporate Annual Reportsp. 518
Financial Highlightsp. 518
President's Letter to the Stockholdersp. 518
Management Discussion and Analysisp. 518
Independent Auditors' Reportp. 519
Historical Summaryp. 519
Interest Tablesp. 2
Codes of Professional Ethics for Accountantsp. 1
Cisco Systems, Inc., Annual Reportp. 1
Glossaryp. 1
Subject Indexp. 1
Company Indexp. 1
Table of Contents provided by Syndetics. All Rights Reserved.


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