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Managerial Accounting : Focus on Decision Making,9780324304169
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Managerial Accounting : Focus on Decision Making

by
Edition:
3rd
ISBN13:

9780324304169

ISBN10:
0324304161
Media:
Hardcover
Pub. Date:
1/3/2005
Publisher(s):
Cengage Learning
List Price: $253.99
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Summary

First and foremost, the emphasis of this managerial accounting text is decision making as opposed to number crunching. Additionally, this text is unique in its first-person, discovery learning approach using a 4-step decision-making model throughout. It truly conveys a management perspective, by including coverage of topics such as ABM, the value chain, and balanced scorecard evaluation techniques. It is also the first managerial text to incorporate coverage on knowledge management (Ch. 13), highlighting the latest developments for improved managerial decision making.

Table of Contents

Accounting Information and Managerial Decisions
2(23)
Introduction
4(1)
Accounting Information
4(1)
Knowledge Management Tools
5(3)
Data and Knowledge Warehouses
5(1)
Enterprise Resource Planning Systems
6(1)
Electronic Data Interchange
7(1)
The Users of Accounting Information
8(2)
External Users
8(1)
Internal Users
9(1)
The Functional Areas of Management
10(1)
The Operations and Production Function
10(1)
The Marketing Function
10(1)
The Finance Function
10(1)
The Human Resource Function
10(1)
The Role of the Managerial Accountant
11(1)
The Information Needs of Internal and External Users
11(1)
An Introduction to Decision Making
11(2)
A Decision-Making Model
13(1)
Step 1: Define the Problem
13(1)
Step 2: Identify Objectives
13(1)
Step 3: Identify and Analyze Available Options
13(1)
Step 4: Select the Best Option
14(1)
Relevant Factors and Decision Making
14(1)
Risk and Decision Making
15(1)
Ethics and Decision Making
15(10)
Part 1 The Costing of Products and Services
25(114)
Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows
26(38)
Introduction
28(1)
Manufacturing, Merchandising, and Service Companies
28(1)
The Production Process
28(3)
Manufacturing in a Traditional Environment
28(1)
Manufacturing in a JIT Environment
29(2)
Product Costs in a Manufacturing Company
31(2)
Direct Materials
32(1)
Direct Labor
32(1)
Manufacturing Overhead
33(1)
Nonmanufacturing Costs
33(1)
Life-Cycle Costs and the Value Chain
34(1)
Cost Flows in a Manufacturing Company-Traditional Environment with Inventory
35(1)
The Cost-of-Goods-Sold Model for a Traditional Manufacturing Company with Inventory
36(5)
Cost Flows in a Manufacturing Company---JIT Environment
41(1)
Merchandising Companies and the Cost of Products
42(1)
Service Companies and the Cost of Services
43(1)
Product Costs and Period Costs
43(21)
Job Costing, Process Costing, and Operations Costing
64(38)
Introduction
66(1)
Product-Costing Systems
66(2)
Job Costing
66(1)
Process Costing
67(1)
Operations Costing
67(1)
Basic Job-Order Costing for Manufacturing and Service Companies
68(3)
Measuring and Tracking Direct Material
68(2)
Measuring and Tracking Direct Labor
70(1)
Manufacturing Overhead
71(1)
Cost Drivers and Overhead Rates
71(4)
Plantwide Overhead Rates
72(1)
Departmental Overhead Rates
73(2)
The Use of Estimates
75(5)
Predetermined Overhead Rates
76(1)
The Problem of Over- and Underapplied Overhead
77(3)
Basic Process Costing
80(1)
Backflush Costing
81(2)
Appendix---Additional Topics in Process Costing
83(19)
First-In, First-Out (FIFO)
84(1)
Weighted Average Method
85(17)
Activity-Based Costing
102(37)
Introduction
104(1)
Activity-Based Costing
104(2)
Unit-, Batch-, Product-, and Facility-Level Costs
105(1)
Stage 1- Identification of Activities
105(1)
Stage 2- Identification of Cost Drivers
106(1)
ABC and Just in Time (JIT)
106(2)
Cost Flows and ABC
108(1)
Traditional Overhead Allocation and ABC-An Example
108(2)
Topsail's Stage 1: Identification of Activities
110(1)
Topsail's Stage 2: Identification of Cost Drivers and Allocation of Costs
110(4)
ABC Systems in Service Industries
114(1)
ABC and Nonmanufacturing Activities
114(1)
Benefits and Limitations of ABC
115(24)
Part 2 Costs and Decision Making
139(154)
Cost Behavior and Relevant Costs
140(34)
Introduction
142(1)
The Behavior of Fixed and Variable Costs
142(3)
The Cost Equation
145(1)
Cost Behavior and Decision Making
145(2)
Step Costs
147(1)
Mixed Costs
148(3)
Separating Mixed Costs into Their Fixed and Variable Components
149(2)
Regression Analysis
151(4)
Using a Spreadsheet Program to Perform Regression Analysis
151(3)
Regression Statistics
154(1)
Other Uses of Regression Analysis
155(1)
Estimating Regression Results Using the High/Low Method
155(1)
Cost Behavior, Activity-Based Costing, and Activity-Based Management
156(1)
Relevant Costs and Cost Behavior
156(1)
The Impact of Income Taxes on Costs and Decision Making
157(1)
Taxes and Decision Making
157(1)
After-Tax Costs and Revenues
157(1)
Before- and After-Tax Income
158(16)
Cost-Volume-Profit Analysis and Variable Costing
174(40)
Introduction
176(1)
The Contribution Margin Income Statement
176(3)
Contribution Margin per Unit
177(2)
Contribution Margin Ratio
179(1)
The Contribution Margin and Its Uses
179(1)
What-If Decisions Using CVP
180(2)
Option 1- Reduce Variable Costs
180(1)
Option 2- Increase Sales Incentives (Commissions)
181(1)
Option 3- Increase Advertising
182(1)
Changes in Price and Volume
182(1)
Changes in Cost, Price, and Volume
183(2)
Break-Even Analysis
185(1)
Break-Even Calculations with Multiple Products
186(2)
Break-Even Calculations Using Activity-Based Costing
188(1)
Target Profit Analysis (Before and After Tax)
189(1)
The Impact of Taxes
190(1)
Assumptions of CVP Analysis
191(1)
Costing Structure and Operating Leverage
192(2)
Operating Leverage
192(2)
Variable Costing for Decision Making
194(20)
Short-Term Tactical Decision Making
214(32)
Introduction
216(1)
Special Orders
216(2)
Outsourcing and Other Make-or-Buy Decisions
218(5)
Strategic Aspects of Outsourcing and Make-or-Buy Decisions
219(1)
The Make-or-Buy Decision
220(3)
The Decision to Drop a Product or a Service
223(1)
Resource Utilization Decisions
224(2)
The Theory of Constraints
226(1)
Decisions to Sell or Process Further
227(2)
ABC Relevant-Cost Analysis
229(17)
Long-Term (Capital Investment) Decisions
246(47)
Introduction
248(1)
Focus on Cash Flow
248(1)
Discounted Cash Flow Analysis
249(1)
Net Present Value
250(1)
Internal Rate of Return
251(1)
The Problem of Uneven Cash Flows
252(1)
Screening and Preference Decisions
253(3)
The Impact of Taxes on Capital Investment Decisions
256(3)
An Extended Example
259(2)
The Impact of Uncertainty on Capital Investment Decisions
261(1)
Sensitivity Analysis
262(1)
The Impact of the New Manufacturing Environment on Capital Investment Decisions
262(1)
The Payback Method
263(2)
Appendix: Time Value of Money and Decision Making
265(28)
Future Value
265(3)
Present Value
268(5)
Annuities
273(20)
Part 3 Planning, Performance, Evaluation, and Control
293(150)
The Use of Budgets in Planning and Decision Making
294(42)
Introduction
296(1)
The Budget Development Process
296(2)
Budgets for Planning, Operating, and Control
296(2)
Advantages of Budgeting
298(1)
The Master Budget
298(2)
Budgeting for Sales
300(1)
Operating Budgets--An Example
301(7)
Production Budget
301(2)
Material Purchases Budget
303(2)
Direct Labor Budget
305(1)
Manufacturing Overhead Budget
305(3)
Selling and Administrative Expense Budget
308(1)
Cash Budgets
308(4)
Why Focus on Cash?
308(1)
The Cash Receipts Budget
309(1)
The Cash Disbursements Budget
309(1)
Summary Cash Budget
310(2)
Budgeted Financial Statements
312(4)
Budgets for a Manufacturing Company in a JIT Environment
316(1)
Budgets for Merchandising Companies and Service Companies
316(1)
Nonfinancial Budgets
316(1)
Budgeting in an International Environment
316(1)
Static versus Flexible Budgets
317(2)
ABC and Flexible Budgets
319(17)
Variance Analysis---A Tool for Cost Control and Performance Evaluation
336(36)
Introduction
338(1)
Standard Costing
338(2)
Ideal versus Practical Standards
339(1)
Use of Standards by Nonmanufacturing Organizations
340(1)
Flexible Budgeting with Standard Costs
340(3)
Sales Volume Variance
341(1)
Flexible Budget Variance
342(1)
Sales Price Variance
343(1)
Variable Manufacturing Cost Variances
343(4)
Analyzing Variable Manufacturing Cost Variances
345(1)
Direct Material Variances
345(2)
Direct Labor Variances
347(1)
Variable Overhead Variances
348(2)
Fixed Overhead Variances
350(1)
Overhead Variance Analysis Using Activity-Based Costing
351(1)
Selling and Administrative Expense Variance
352(1)
Interpreting and Using Variance Analysis
353(19)
Management by Exception
354(1)
Interpreting Favorable and Unfavorable Variances
354(1)
Behavioral Considerations
355(17)
Decentralization and Performance Evaluation
372(40)
Introduction
374(1)
Management of Decentralized Organizations
374(2)
Responsibility Accounting and Segment Reporting
376(1)
Cost, Revenue, Profit, and Investment Centers
376(2)
Profit Center Performance and Segmented Income Statements
378(3)
The Segmented Income Statement
379(2)
Segment Performance and Activity-Based Costing
381(1)
Investment Centers and Measures of Performance
381(9)
Return on Investment
382(3)
Residual Income
385(1)
ROI vs. Residual Income
386(1)
Economic Value Added (EVA)
386(3)
Decentralization and Performance Evaluation in a Multinational Company
389(1)
Performance and Management Compensation Decisions
390(3)
Cash Compensation
390(1)
Stock-Based Compensation
391(1)
Noncash Benefits and Perks
392(1)
Measuring and Rewarding Performance in a Multinational Environment
392(1)
Segment Performance and Transfer Pricing
393(1)
General Model for Computing Transfer Prices
393(19)
International Aspects of Transfer Pricing
395(17)
Performance Evaluation Using the Balanced Scorecard
412(31)
Introduction
414(1)
The Balanced Scorecard
414(1)
Financial Perspective
415(1)
Customer Perspective
415(1)
Internal Business Perspective
415(1)
Learning and Growth Perspective
415(1)
Measuring and Controlling Quality Costs
416(2)
The Costs of Quality
418(1)
Minimizing Quality Costs
419(3)
Measuring and Controlling Environmental Costs
422(1)
Environmental Costing
423(2)
Productivity
425(1)
Efficiency and Timeliness
426(2)
Marketing Effectiveness
428(1)
A Summary of Key Nonfinancial Measures of the Balanced Scorecard
429(14)
Part 4 The Impact of Management Decisions
443(54)
The Strategic Use of Managerial Accounting Information
444(26)
Introduction
446(1)
Strategy and Creating a Competitive Advantage
446(1)
Pricing of Products and Services
447(5)
Economic Concepts and Pricing
447(1)
Costs and Pricing
447(1)
Target Pricing
448(1)
Cost-Plus Pricing
449(2)
Time and Material Pricing
451(1)
Value Pricing
451(1)
Other Pricing Policies
451(1)
Legal and Ethical Issues in Pricing
451(1)
Cost Management and Strategy
452(18)
The Value Chain
452(2)
Supply-Chain Management
454(2)
Customer Relationship Management
456(1)
Activity-Based Management and the Value Chain
457(13)
Internal Control, Corporate Governance, and Ethics
470(27)
Introduction
472(1)
Fraud
472(1)
Sarbanes-Oxley Act of 2002
472(1)
Types of Fraud
473(3)
Misappropriation of Assests
475(1)
Causes of Fraud
476(2)
Situational Pressures and Incentives
477(1)
Opportunities
477(1)
Personal Characteristics and Attitudes
478(1)
Combating Fraud
478(1)
Internal Control
479(3)
Control Environment
480(1)
Risk Assessment
481(1)
Control Activities
481(1)
Information and Communication
482(1)
Monitoring
482(1)
The Impact of Information Technology on Internal Control
482(2)
Corporate Governance
484(2)
The Need for Ethics
486(11)
Ethics Programs
487(1)
Codes of Ethics
487(2)
Responding to Ethics Violations
489(8)
Part 5 Other Topics
497(60)
Financial Statement Analysis
498(32)
Introduction
500(1)
Why Analyze Financial Statements?
500(1)
Limitations of Financial Statement Analysis
501(1)
The Impact of Inflation on Financial Statement Analysis
501(1)
Horizontal Analysis
501(4)
Vertical Analysis
505(2)
Ratio Analysis
507(23)
Ratio Analysis and Return on Investment
507(1)
Current Ratio
508(1)
Acid-Test Ratio
509(1)
Cash Flow from Operations to Current-Liabilities Ratio
509(2)
Accounts Receivable Analysis
511(1)
Inventory Analysis
511(2)
Cash-to-Cash Operating Cycle Ratio
513(1)
Debt-to-Equity Ratio
513(1)
Times-Interest-Earned Ratio
513(1)
Debt Service Coverage Ratio
513(1)
Cash Flow from Operations to Capital Expenditures Ratio
514(1)
Return on Assets
515(1)
Return on Common Stockholders' Equity
516(1)
Earnings per Share
517(1)
Price Earnings Ratio
517(13)
The Statement of Cash Flows
530(27)
Introduction
532(1)
Purpose of the Statement of Cash Flows
532(3)
The Composition of the Statement of Cash Flows
532(1)
Operating Activities
533(1)
Investing Activities
533(1)
Financing Activities
533(2)
The Definition of Cash: Cash and Cash Equivalents
535(1)
Noncash Transactions
535(1)
Cash Flows from Operating Activities
536(1)
Direct Method
536(1)
Indirect Method
537(1)
The Statement of Cash Flows and the Accounting Equation
537(1)
Preparing the Statement of Cash Flows
538(7)
Direct Method
540(1)
Indirect Method
541(4)
Using the Cash Flow Statement in Decision Making
545(1)
Cash Flow Adequacy
545(12)
Glossary 557(5)
Company Index 562(1)
Subject Index 563


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