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• Title Page
• Copyright Page
• About the Authors
• Contents
• Chapter 18 Introduction to Managerial Accounting
• Why Is Managerial Accounting Important?
• Financial Versus Managerial Accounting
• Management Accountability
• Today’s Business Environment
• Ethical Standards
• How Do Service, Merchandising, and Manufacturing Companies Differ?
• Service Companies
• Merchandising Companies
• Manufacturing Companies
• How Are Costs Classified?
• Direct and Indirect Costs
• Product Costs
• Prime and Conversion Costs
• How Do Manufacturing Companies Determine the Cost of Manufactured Products?
• Calculating Cost of Goods Sold
• Calculating Cost of Goods Manufactured
• Flow of Costs Through the Inventory Accounts
• Calculating Unit Product Cost
• How Is Managerial Accounting Used in Service and Merchandising Companies?
• Calculating Cost per Service
• Calculating Cost per Item
• Review
• Assess Your Progress
• Critical Thinking
• Chapter 19 Job Order Costing
• How Do Manufacturing Companies Use Job Order and Process Costing Systems?
• Job Order Costing
• Process Costing
• How Do Materials and Labor Costs Flow Through the Job Order Costing System?
• Materials
• Labor
• How Do Overhead Costs Flow Through the Job Order Costing System?
• Before the Period—Calculating the Predetermined Overhead Allocation Rate
• During the Period—Allocating Overhead
• At the End of the Period—Adjusting for Overallocated and Underallocated Overhead
• What Happens When Products Are Completed and Sold?
• Transferring Costs to Finished Goods Inventory
• Transferring Costs to Cost of Goods Sold
• How Is the Manufacturing Overhead Account Adjusted?
• Summary
• How Do Service Companies Use a Job Order Costing System?
• Review
• Assess Your Progress
• Critical Thinking
• Chapter 20 Process Costing
• How Do Costs Flow Through a Process Costing System
• Job Order Costing Versus Process Costing
• Flow of Costs Through a Process Costing System
• What Are Equivalent Units of Production, and How Are Calculated?
• Equivalent Units of Production
• Conversion Costs
• How Is a Production Cost report Prepared?
• Production Cost Report—FirstProcess—Assembly Department
• Production Cost Report—Second Process—Cutting Department
• What Journal Entries Are Required In a Process Costing System?
• Transaction 1—Raw Materials Purchased
• Transaction 2—Raw Materials Used In Production
• Transaction 3—Labor Costs Incurred
• Transaction 4—Additional Manufacturing Costs Incurred
• Transaction 5—Allocation of Manufacturing Overhead
• Transaction 6—Transfer from the Assembly Department to the Cutting Department
• Transaction 7—Transfer from Cutting Department to Finished Goods Inventory
• Transaction 8—Puzzles Sold
• Transaction 9—Adjust Manufacturing Overhead
• How Can the Production Cost Report Be Used to Make Decisions?
• APPENDIX 20A: Process Costing: First-In, First-Out Method
• How Is a Production Cost Report Prepared Using the FIFO Method?
• Comparison of Weighted-Average and FIFO Methods
• Review
• Assess Your Progress
• Critical Thinking
• Chapter 21 Cost-Volume-Profit Analysis
• How Do Costs Behave When There Is a Change in Volume?
• Variable Costs
• Fixed Costs
• Mixed Costs
• What Is Contribution Margin, and How Is It Used to Compute Operating Income?
• Contribution Margin
• Unit Contribution Margin
• Contribution Margin Ratio
• Contribution Margin Income Statement
• How Is Cost-Volume-Profit (CVP) Analysis Used?
• Assumptions
• Target Profit—Three Approaches
• Breakeven Point—A Variation of Target Profit
• CVP Graph—A Graphic Portrayal
• How Is CVP Analysis Used for Sensitivity Analysis?
• Changes in the Sales Price
• Changes in Variable Costs
• Changes in Fixed Costs
• What Are Some Other Ways CVP Analysis Can Be Used?
• Margin of Safety
• Operating Leverage
• Sales Mix
• APPENDIX 21A: Variable Costing
• How Does Variable Costing Differ From Absorption Costing?
• Absorption Costing
• Variable Costing
• Comparison of Unit Product Cost
• How Does Operating Income Differ Between Variable Costing and Absorption Costing?
• Production Equals Sales
• Production Exceeds Sales
• Production Is Less Than Sales
• Summary
• Review
• Assess Your Progress
• Comprehensive Problem for Chapters 18–21
• Critical Thinking
• Chapter 22 Master Budgets
• Why Do Managers Use Budgets?
• Budgeting Objectives
• Budgeting Benefits
• Budgeting Procedures
• Budgeting and Human Behavior
• Are There Different Types of Budgets?
• Strategic and Operational Budgets
• Static and Flexible Budgets
• Master Budgets
• How Are Operating Budgets Prepared for a Manufacturing Company?
• Sales Budget
• Production Budget
• Direct Materials Budget
• Direct Labor Budget
• Manufacturing Overhead Budget
• Cost of Goods Sold Budget
• Selling and Administrative Expense Budget
• How Are Financial Budgets Prepared for a Manufacturing Company?
• Capital Expenditures Budget
• Cash Budget
• Budgeted Income Statement
• Budgeted Balance Sheet
• Budgeted Statement of Cash Flows
• How Can Information Technology Be Used in the Budgeting Process?
• Sensitivity Analysis
• Budgeting Software
• APPENDIX 22A: Budgeting for Merchandising Companies
• How Are Operating Budgets Prepared for a Merchandising Company?
• Sales Budget
• Inventory, Purchases, and Cost of Goods Sold Budget
• Selling and Administration Expense Budget
• How Are Financial Budgets Prepared for a Merchandising Company?
• Capital Expenditures Budget
• Cash Budget
• Budgeted Income Statement
• Budgeted Balance Sheet
• Budgeted Statement of Cash Flows
• Review
• Assess Your Progress
• Critical Thinking
• Chapter 23 Flexible Budgets and Standard Cost Systems
• How Do Managers Use Budgets to Control Business Activities?
• Performance Reports Using Static Budgets
• Performance Reports Using Flexible Budgets
• Why Do Managers Use a Standard Cost System to Control Business Activities?
• Setting Standards
• Standard Cost System Benefits
• Variance Analysis for Product Costs
• How Are Standard Costs Used to Determine Direct Materials and Direct Labor Variances?
• Direct Materials Variances
• Direct Labor Variances
• How Are Standard Costs Used to Determine Manufacturing Overhead Variances?
• Allocating Overhead in a Standard Cost System
• Variable Overhead Variances
• Fixed Overhead Variances
• What Is the Relationship Among the Product Cost Variances, and Who Is Responsible for Them?
• Variance Relationships
• Variance Responsibilities
• How Do Journal Entries Differ in a Standard Cost System?
• Journal Entries
• Standard Cost Income Statement
• Review
• Assess Your Progress
• Critical Thinking
• Chapter 24 Cost Allocation and Responsibility Accounting
• How Do Companies Assign and Allocate Costs
• Single Plantwide Rate
• Multiple Department Rates
• Activity-Based Costing
• Traditional Costing Systems Compared with ABC Systems
• Why Do Decentralized Companies Need Responsibility Accounting?
• Advantages of Decentralization
• Disadvantages of Decentralization
• Responsibility Accounting
• What Is a Performance Evaluation System, and How Is It Used?
• Goals of Performance Evaluation Systems
• Limitations of Financial Performance Measurement
• The Balanced Scorecard
• How Do Companies Use Responsibility Accounting to Evaluate Performance in Cost, Revenue, and Profit
• Controllable Versus Noncontrollable Costs
• Responsibility Reports
• How Does Performance Evaluation in Investment Centers Differ From Other Centers?
• Return on Investment (ROI)
• Residual Income (RI)
• Limitations of Financial Performance Measures
• APPENDIX 24A: Transfer Pricing
• How Do Transfer Prices Affect Decentralized Companies?
• Objectives in Setting Transfer Prices
• Setting Transfer Prices
• Review
• Assess Your progress
• Comprehensive Problem for Chapters 22–24
• Critical Thinking
• Chapter 25 Short-Term Business Decisions
• How Is Relevant Information Used to Make Short-Term Decisions?
• Relevant Information
• Relevant Nonfinancial Information
• Differential Analysis
• How Does Pricing Affect Short-Term Decisions?
• Setting Regular Prices
• Special Pricing
• How Do Managers Decide Which Products to Produce and Sell?
• Dropping Unprofitable Products and Segments
• Product Mix
• Sales Mix
• How Do Managers Make Outsourcing and Processing Further Decisions?
• Outsourcing
• Sell or Process Further
• Review
• Assess Your Progress
• Critical Thinking
• Chapter 26 Capital Investment Decisions
• What Is Capital Budgeting?
• The Capital Budgeting Process
• Focus on Cash Flows
• How Do the Payback and Accounting Rate of Return Methods Work?
• Payback
• Accounting Rate of Return (ARR)
• What Is the Time Value of Money?
• Time Value of Money Concepts
• Present Value of a Lump Sum
• Present Value of an Annuity
• Summary
• How Do Discounted Cash Flow Methods Work?
• Net Present Value (NPV)
• Internal Rate of Return (IRR)
• Comparing Capital Investment Analysis Methods
• Sensitivity Analysis
• Capital Rationing
• Review
• Assess Your Progress
• Comprehensive Problem for Chapters 25–26
• Critical Thinking
• APPENDIX A—2013 Green Mountain Coffee Roasters, Inc. Annual Report
• APPENDIX B—Present Value Tables
• APPENDIX C—The Statement of Cash Flows
• APPENDIX D—Financial Statement Analysis
• GLOSSARY
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• INDEX
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• PHOTO CREDITS