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• Managerial Accounting
• About This Publication
• Affordable Study Tools that accompany this textbook
• Contents in Brief
• Contents
• Preface
• Acknowlegements
• About the Authors
• PART 1: The Managerial Environment
• Careers in Accounting: Entrepreneurship
• CH 01: An Introduction to Managerial Accounting
• Organizations
• The Nature of Organizations
• Setting Objectives or Goals
• Strategic Planning
• What Products and Services?
• What Marketing Strategy?
• Organizing to Achieve Objectives
• The Basic Management Functions
• Organizations—Their Differences and Similarities
• Accounting, Information, and Management Action
• The Nature of Information
• Sources of Accounting Information
• Uses of Management Accounting Information
• Management, Accounting, and Financial Accounting
• Management Accounting and Financial Accounting Similarities
• Management Accounting and Financial Accounting Differences
• Management Accounting as a Recognized Discipline
• The Certificate in Management Accounting (CMA)
• Future Topics
• Understanding the Learning Objectives
• Demonstration Problem
• Solution to Demonstration Problem
• New Terms
• Self-Test
• Questions
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet—A View of the Real World
• Answers to Self-Test
• PART 2: Product Costing
• Careers in Accounting: Industry
• CH 02: Managerial Accounting Concepts/Job Costing
• Compare Managerial Accounting with Financial Accounting
• Ethical Issues
• Merchandiser and Manufacturer Accounting: Differences in Cost Concepts
• Basic Product Cost Components
• Product and Period Costs
• Financial Reporting by Manufacturing Companies
• The Statement of Cost of Goods Manufactured
• The Income Statement
• The Balance Sheet
• The General Cost Accumulation Model
• Product and Cost Flows
• Cost Accounting Systems for Different Types of Production
• Job Costing
• Managerial Uses of Cost Information
• Predetermined Overhead Rates
• Understanding the Learning Objectives
• Appendix: Variable versus Absorption Costing
• Comparing the Two Methods
• Demonstration Problem 2-A
• Solution to Demonstration Problem 2-A
• Demonstration Problem 2-B
• Solution to Demonstration Problem 2-B
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet— A View of the Real World
• Answers to Self-Test
• Careers in Accounting: Controlling Costs
• CH 03: Process Cost Systems
• Nature of a Process Cost System
• Process Costing Illustration
• Equivalent Units of Production
• Journal Entry Analysis
• Production Cost Report
• FIFO Method
• Process Costing in Service Organizations
• Spoilage
• Spoilage and Total Quality Management
• Understanding the Learning Objectives
• Appendix 3A: The FIFO Process Cost Method
• FIFO Process Costing—An Illustration
• The Production Cost Report
• Appendix 3B: Allocation of Joint Costs
• Physical Measures Method
• Relative Sales Method
• Demonstration Problem
• Solution to Demonstration Problem
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet— A View of the Real World
• Answers to Self-Test
• Comprehensive Review Problem
• Careers in Accounting: The Balanced Scorecard
• CH 04: Using Accounting for Quality and Cost Management
• Importance of Good Accounting Information
• The Quality Is Free Concept
• Methods to Identify Quality Problems
• Quality and Customer Satisfaction Measures
• Nonfinancial Performance Measures
• Motivation Effects
• Strategic Advantages of High Quality
• Benchmarking
• Balanced Scorecard
• Just-in-Time Method
• Just-in-Time and Quality
• Flexible Manufacturing
• Lean Production
• Effect of Just-in-Time on Accounting
• Advantages of Just-in-Time Systems
• Activity-Based Costing and Management
• Activity-Based Costing
• Activity-Based Management
• Methods Used for Activity-Based Costing
• Step 1: Identifying the Activities that Consume Resources
• Step 2: Choosing Cost Drivers
• Step 3: Computing a Cost Rate per Cost Driver
• Step 4: Assigning Costs to Products
• Activity-Based Costing Illustrated
• Assigning Costs Using Activity-Based Costing
• Impact of New Production Environment on Cost Drivers
• Activity-Based Costing in Marketing
• Strategic Use of Activity-Based Management
• Behavioral and Implementation Issues
• Opportunities to Improve Activity-Based Costing in Practice
• Understanding the Learning Objectives
• Demonstration Problem
• Solution to Demonstration Problem
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet— A View of the Real World
• Answers to Self-Test
• PART 3: Using Cost Information for Decision Making
• Careers in Accounting: Central Banking
• CH 05: Cost-Volume-Profit Analysis
• Cost Behavior Patterns
• Curvilinear Cost Patterns
• Methods for Analyzing Costs
• Scatter Diagram
• High-Low Method
• Cost-Volume-Profit (CVP) Analysis
• Cost-Volume-Profit Chart
• Finding the Break-Even Point
• Calculating Break-Even for a Multiproduct Company
• Margin of Safety
• Cost-Volume-Profit Analysis Illustrated
• Calculating the Break-Even Point
• Calculating Sales Volume Needed for Desired Net Income
• Calculating the Effect of Changing the Sales Price on Net Income
• Calculating sales Needed to Maintain Net Income When Costs Change
• Other Uses of Cost-Volume-Profit Analysis
• Assumptions Made in Cost-Volume-Profit Analysis
• Using Computer Spreadsheets for CVP Analysis
• Effect of Automation on Cost-Volume-Profit Analysis
• Understanding the Learning Objectives
• Demonstration Problem 5-A
• Solution to Demonstration Problem 5-A
• Demonstration Problem 5-B
• Solution to Demonstration Problem 5-B
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet— A View of the Real World
• Answers to Self-Test
• Careers in Accounting: Governmental Accounting
• CH 06: Short-Term Decision Making: Differential Analysis
• Contribution Margin Income Statements
• Differential Analysis
• Nature of Fixed Costs
• Opportunity Costs
• Applications of Differential Analysis Opportunity Costs
• Pricing Decisions
• Accepting or Rejecting Special Orders: Providing Discounts
• Adding or Eliminating Products, Segments, or Customers
• Processing or Selling Joint Products
• Deciding to Make or Buy
• Applying Differential Analysis to Quality
• Understanding the Learning Objectives
• Demonstration Problem
• Solution to Demonstration Problem
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet— A View of the Real World
• Answers to Self-Test
• PART 4: Planning and Control
• Careers in Accounting: Industry
• CH 07: Budgeting for Planning and Control
• The Budget–for Planning and Control
• Purposes of Budgets
• Considerations in Preparing a Budget
• General Principles of Budgeting
• Behavioral Implications of Budgets
• The Master Budget Concept
• Preparing the Planned Operating Budget at the Expected Level of Operations
• Preparing the Financial Budget
• The Master Budget Illustrated
• Preparing the Planned Operating Budget in Units for Leed Company
• Preparing the Planned Operating Budget in Dollars
• Planned Operating Budget Illustrated
• Flexible Operating Budgets
• Preparing the Financial Budget for Leed Company
• The Financial Budget Illustrated
• Budgeting in Merchandising Companies
• Purchases Budget for a Merchandising Company
• Budgeting in Service Companies
• Additional Concepts Related to Budgeting
• Just-in-Time Inventory
• Zero-Based Budgeting
• Understand the Learning Objectives
• Demonstration Problem
• Solution to Demonstration Problem
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet— A View of the Real World
• Comprehensive Problems
• Answers to Self-Test
• Careers in Accounting: Corporate Controller
• CH 08: Control Through Standard Costs
• Uses of Standard Costs
• Nature of Standard Costs
• Use of Standard Costs in Developing Budgets
• Management by Exception
• Ideal versus Practical Standards
• Other Uses of Standard Costs
• Advantages and Disadvantages of Using Standard Costs
• Advantages of Using Standard Costs
• Disadvantages of Using Standard Costs
• Computing Variance
• Materials Variances
• Labor Variances
• Labor Variances in Nonmanufacturing Organizations
• Overhead Variances
• Goods Completed and Sold
• Investigating Variances from Standard
• Performance Reports
• Disposing of Variances from Standard
• Nonfinancial Performance Measures
• Activity-Based Costing, Standards, and Variances
• Understanding the Learning Objectives
• Demonstration Problem
• Solution to Demonstration Problem
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet— A View of the Real World
• Answers to Self-Test
• Careers in Accounting: Chief Financial Officer
• CH 09: Responsibility Accounting: Segmental Analysis
• Responsibility Accounting
• Responsibility Reports
• Features of Responsibility Reports
• Responsibility Reports–An Exhibit
• Responsibility Centers
• Expense Centers
• Profit Centers
• Investment Centers
• Transfer Prices
• Use of Segmental Analysis
• Concepts Used in Segmental Analysis
• Direct Cost and Indirect Cost
• Net Income of a Segment–Evaluation Criteria for a Profit Center
• Investment Center Analysis
• Return on Investment (ROI)
• Economic Value Added and Residual Income
• Using Judgment in Performance Evaluation
• Segmental Reporting in External Financial Statements
• Understanding the Learning Objectives
• Appendix: Allocation of Service Department Costs
• Direct Method
• Step Method
• Demonstration Problem
• Solution to Demonstration Problem
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet— A View of the Real World
• Answers to Self-Test
• Careers in Accounting: Industry
• CH 10: Capital Budgeting: Long-Range Planning
• Capital Budgeting Defined
• Project Selection: A General View
• Time Value of Money
• Net Cash Inflow
• Project Selection: Payback Period
• Project Selection: Unadjusted Rate of Return
• Project Selection: Net Present Value Method
• Profitability Index
• Project Selection: The Time-Adjusted Rate of Return (or Internal Rate of Return)
• Investments in Working Capital
• The Postaudit
• Investing in High Technology Projects
• Capital Budgeting in Not-for-Profit Organizations
• Understanding the Learning Objectives
• Demonstration Problem
• Solution to Demonstration Problem
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet— A View of the Real World
• Answers to Self-Test
• PART 5: Analysis of Financial Statements: Using the Statement of Cash Flows
• Careers in Accounting: External Auditing
• CH 11: Analysis Using the Statement of Cash Flows
• Purposes of the Statement of Cash Flows
• Uses of the Statement of Cash Flows
• Management Uses
• Investor and Creditor Uses
• Information in the Statement of Cash Flows
• A Separate Schedule for Significant Noncash Investing and Financing Activities
• Cash Flows from Operating Activities
• Steps in Preparing Statement of Cash Flows
• Step 1: Determining Cash Flows from Operating Activities—Direct Method
• Alternate Step 1: Determining Cash Flows from Operating Activities—Indirect Method
• Step 2: Analyzing the Noncurrent Accounts and Additional Data
• Step 3: Arranging Information in the Statement of Cash Flows
• Analysis of the Statement of Cash Flows
• Synotech’s Consolidated Statement of Cash Flows
• Management’s Discussion and Analysis
• Explanation of Items in Synotech’s Consolidated Statements of Cash Flows
• Use of the Cash Flow Information for Decision Making
• Analyzing and Using the Financial Results—Cash Flow per Share of Common Stock, Cash Flow Margin, a
• Understanding the Learning Objectives
• Appendix: Use of a Working Paper to Prepare a Statement of Cash Flows
• Preparing the Statement of Cash Flows
• Demonstration Problem
• Solution to Demonstration Problem
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet—A View of the Real World
• Answers to Self-Test
• Careers in Accounting: Investment Analysts
• CH 12: Analysis and Interpretation of Financial Statements
• Objectives of Financial Statement Analysis
• Financial Statement Analysis
• Sources of Information
• Published Reports
• Government Reports
• Financial Service Information, Business Publications, Newspapers, and Periodicals
• Horizontal Analysis and Vertical Analysis: An Illustration
• Analysis of a Balance Sheet
• Analysis of Statement of Income and Retained Earnings
• Trend Percentages
• Ratio Analysis
• Liquidity Ratios
• Current or Working Capital Ratio
• Equity, or Long-Term Solvency, Ratios
• Profitability Tests
• Market Tests
• Final Considerations in Financial Statement Analysis
• Need for Comparable Data
• Influence of External Factors
• Need for Standards of Comparison
• The Future
• Understanding the Learning Objectives
• Demonstration Problem 12-A
• Solution to Demonstration Problem 12-A
• Demonstration Problem 12-B
• Solution to Demonstration Problem 12-B (in millions)
• New Terms
• Self-Test
• Questions
• Exercises
• Problems
• Alternate Problems
• Beyond the Numbers—Critical Thinking
• Using the Internet—A View of the Real World
• Answers to Self-Test
• End Matter
• Check Figures
• Appendix- Annual Report Apple, Inc.
• Appendix Compound Interest and Annuity Tables
• New Terms Index
• Subject Index