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Managerial Accounting

by: Warren, Carl S.; Reeve, James M.; Fess, Philip E.

Managerial Accounting

by: Warren, Carl S.; Reeve, James M.; Fess, Philip E.

ISBN 13:
9780324025385
ISBN 10:
0324025386
Edition: 1st
Format: Paperback
Copyright: 03/26/2001
Publisher: South-Western College Pub
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Summary

Don't manage with anything less . . . than the new edition of this managerial text from the authors of Accounting, 20e, the most successful college educational product of all time. Managerial Accounting, 7e combines basic concepts with a heavy dose of the real world to build the skills for effective management.

Introduction to Managerial Accounting and Job Order Cost Systems

(50)

The Differences Between Managerial and Financial Accounting

(2)

The Management Accountant in the Organization

(1)

Manufacturing Cost Terms

(2)

Materials

(1)

Factory Labor

(1)

Factory Overhead Cost

(1)

Cost Accounting System Overview

(1)

Job Order Cost Systems for Manufacturing Businesses

(10)

Materials

(1)

Factory Labor

(2)

Factory Overhead Cost

(3)

Work in Process

(1)

Finished Goods and Cost of Goods Sold

(1)

Sales

(1)

Period Costs

(1)

Summary of Cost Flows for Goodwell Printers

(1)

Job Order Costing for Decision Making

(3)

Job Order Cost Systems for Professional Service Businesses

(30)

Practice Set: Sunblaze Inc.

This set is a manufacturing business operated as a corporation that uses a job order cost system. It can be solved manually or with the General Ledger Software.

Process Cost Systems

(36)

Comparing Job Order Costing and Process Costing

(1)

Physical Flows and Cost Flows for a Process Manufacturer

(2)

The First-In, First-Out (Fifo) Method

(6)

Determine the Units to Be Assigned Costs

(1)

Calculate Equivalent Units of Production

(2)

Determine the Cost per Equivalent Unit

(1)

Allocate Costs to Transferred and Partially Completed Units

(1)

Bringing It All Together: The Cost of Production Report

(1)

Journal Entries for a Process Cost System

(2)

Using the Cost of Production Report for Decision Making

(1)

Just-in-Time Processing

(22)

Cost Behavior and Cost-Volume-Profit Analysis

(44)

Cost Behavior

(6)

Variable Costs

(2)

Fixed Costs

(1)

Mixed Costs

(3)

Summary of Cost Behavior Concepts

(1)

Reporting Variable and Fixed Costs

(1)

Cost-Volume-Profit Relationships

(2)

Contribution Margin Concept

(2)

Mathematical Approach to Cost-Volume-Profit Analysis

(5)

Break-Even Point

(3)

Target Profit

100

(1)

Graphic Approach to Cost-Volume-Profit Analysis

101

(4)

Cost-Volume-Profit (Break-Even) Chart

101

(2)

Profit-Volume Chart

103

(1)

Use of Computers in Cost-Volume-Profit Analysis

104

(1)

Sales Mix Considerations

105

(2)

Special Cost-Volume-Profit Relationships

107

(1)

Margin of Safety

107

(1)

Operating Leverage

107

(1)

Assumptions of Cost-Volume-Profit Analysis

108

(23)

Profit Reporting for Management Analysis

131

(42)

The Income Statement Under Variable Costing and Absorption Costing

132

(5)

Income from Operations When Units Manufactured Equal Units Sold

134

(1)

Income from Operations When Units Manufactured Exceed Units Sold

134

(1)

Income from Operations When Units Manufactured Are Less Than Units Sold

135

(1)

Comparing Income from Operations Under the Two Concepts

136

(1)

Income Analysis Under Variable Costing and Absorption Costing

137

(2)

Management's Use of Variable Costing and Absorption Costing

139

(34)

Controlling Costs

139

(1)

Pricing Products

140

(1)

Planning Production

141

(1)

Analyzing Market Segments

141

(4)

Analyzing Contribution Margins

145

(28)

Budgeting

173

(48)

Nature and Objectives of Budgeting

174

(3)

Objectives of Budgeting

174

(2)

Human Behavior and Budgeting

176

(1)

Budgeting Systems

177

(4)

Static Budget

178

(1)

Flexible Budget

179

(1)

Computerized Budgeting Systems

180

(1)

Master Budget

181

(1)

Income Statement Budgets

181

(7)

Sales Budget

182

(1)

Production Budget

183

(1)

Direct Materials Purchases Budget

184

(1)

Direct Labor Cost Budget

185

(1)

Factory Overhead Cost Budget

185

(1)

Cost of Goods Sold Budget

186

(1)

Selling and Administrative Expenses Budget

187

(1)

Budgeted Income Statement

187

(1)

Balance Sheet Budgets

188

(33)

Cash Budget

188

(3)

Capital Expenditures Budget

191

(1)

Budgeted Balance Sheet

192

(29)

Performance Evaluation Using Variances from Standard Costs

221

(36)

Standards

222

(2)

Setting Standards

222

(1)

Types of Standards

223

(1)

Reviewing and Revising Standards

223

(1)

Support and Criticism of Standards

224

(1)

Budgetary Performance Evaluation

224

(2)

Direct Materials Variances

226

(2)

Direct Materials Price Variance

227

(1)

Direct Materials Quantity Variance

227

(1)

Direct Materials Variance Relationships

227

(1)

Reporting Direct Materials Variances

227

(1)

Direct Labor Variances

228

(2)

Direct Labor Rate Variance

229

(1)

Direct Labor Time Variance

229

(1)

Direct Labor Variance Relationships

229

(1)

Reporting Direct Labor Variances

229

(1)

Factory Overhead Variances

230

(5)

The Factory Overhead Flexible Budget

231

(1)

Variable Factory Overhead Controllable Variance

232

(1)

Fixed Factory Overhead Volume Variance

232

(2)

Reporting Factory Overhead Variances

234

(1)

Recording and Reporting Variances from Standards

235

(1)

Standards for Nonmanufacturing Expenses

236

(1)

Nonfinancial Performance Measures

237

(20)

Performance Evaluation for Decentralized Operations

257

(42)

Centralized and Decentralized Operations

258

(2)

Advantages of Decentralization

258

(1)

Disadvantages of Decentralization

259

(1)

Responsibility Accounting

260

(1)

Responsibility Accounting for Cost Centers

260

(2)

Responsibility Accounting for Profit Centers

262

(3)

Service Department Charges

262

(3)

Profit Center Reporting

265

(1)

Responsibility Accounting for Investment Centers

265

(6)

Rate of Return on Investment

266

(3)

Residual Income

269

(1)

The Balanced Scorecard

270

(1)

Transfer Pricing

271

(28)

Market Price Approach

272

(1)

Negotiated Price Approach

273

(1)

Cost Price Approach

274

(25)

Differential Analysis and Product Pricing

299

(36)

Differential Analysis

300

(8)

Lease or Sell

301

(1)

Discontinue a Segment or Product

302

(2)

Make or Buy

304

(1)

Replace Equipment

305

(1)

Process or Sell

306

(1)

Accept Business at a Special Price

307

(1)

Setting Normal Product Selling Prices

308

(6)

Total Cost Concept

309

(1)

Product Cost Concept

310

(1)

Variable Cost Concept

311

(1)

Choosing a Cost-Plus Approach Cost Concept

312

(1)

Activity-Based Costing

313

(1)

Product Profitability and Pricing Under Production Bottlenecks

314

(21)

Product Profitability Under Production Bottlenecks

314

(1)

Product Pricing Under Production Bottlenecks

315

(20)

Capital Investment Analysis

335

(34)

Nature of Capital Investment Analysis

336

(1)

Methods of Evaluating Capital Investment Proposals

337

(9)

Methods That Ignore Present Value

337

(2)

Present Value Methods

339

(7)

Factors That Complicate Capital Investment Analysis

346

(2)

Income Tax

346

(1)

Unequal Proposal Lives

346

(1)

Lease versus Capital Investment

346

(1)

Uncertainty

347

(1)

Changes in Price Levels

348

(1)

Qualitative Considerations

348

(1)

Capital Rationing

348

(21)

Cost Allocation and Activity-Based Costing

369

(42)

Product Costing Allocation Methods

370

(1)

Single Plantwide Factory Overhead Rate Method

371

(2)

Multiple Production Department Factory Overhead Rate Method

373

(3)

Production Department Factory Overhead Rates and Allocation

374

(1)

Distortion in Product Costs---Single Plantwide versus Multiple Production Department Factory Overhead Rates

375

(1)

Activity-Based Costing Method

376

(5)

Activity Rates and Allocation

378

(2)

Distortion in Product Costs---Multiple Production Department Factory Overhead Rate Method versus Activity-Based Costing

380

(1)

The Dangers of Product Cost Distortion

381

(1)

Activity-Based Costing for Selling and Administrative Expenses

381

(2)

Activity-Based Costing in Service Businesses

383

(28)

Cost Management for Just-in-Time Environments

411

(36)

Just-in-Time Principles

412

(6)

Reducing Inventory

413

(1)

Reducing Lead Times

413

(1)

Reducing Setup Time

414

(2)

Emphasizing Product-Oriented Layout

416

(1)

Emphasizing Employee Involvement

417

(1)

Emphasizing Pull Manufacturing

417

(1)

Emphasizing Zero Defect

418

(1)

Emphasizing Supplier Partnering

418

(1)

Applying a Just-in-Time Approach to Anderson Metal Fabricators

418

(3)

Traditional Operations---AMF

418

(1)

Just-in-Time Operations---AMF

419

(2)

Accounting for Just-in-Time Operations

421

(2)

Fewer Transactions

421

(1)

Combined Accounts

421

(2)

Nonfinancial Performance Measures

423

(1)

Direct Tracing of Overhead

423

(1)

Just-in-Time for Service Processes

423

(2)

Accounting for the Costs of Quality

425

(22)

Costs of Controlling Quality

426

(1)

Costs of Failing to Control Quality

426

(1)

The Relationship Between the Costs of Quality

426

(1)

Determining the Costs of Quality

427

(1)

Pareto Chart

427

(2)

Cost of Quality Report

429

(1)

Value-Added/Nonvalue-Added Activity Analysis

429

(18)

Statement of Cash Flows

447

(52)

Purpose of the Statement of Cash Flows

448

(1)

Reporting Cash Flows

448

(4)

Cash Flows from Operating Activities

450

(1)

Cash Flows from Investing Activities

450

(1)

Cash Flows from Financing Activities

451

(1)

Noncash Investing and Financing Activities

451

(1)

No Cash Flow per Share

452

(1)

Statement of Cash Flows---The Indirect Method

452

(9)

Retained Earnings

453

(5)

Common Stock

458

(1)

Bonds Payable

458

(1)

Building

458

(1)

Land

459

(1)

Preparing the Statement of Cash Flows

460

(1)

Statement of Cash Flows---The Direct Method

461

(4)

Cash Received from Customers

462

(1)

Cash Payments for Merchandise

462

(1)

Cash Payments for Operating Expenses

463

(1)

Gain on Sale of Land

463

(1)

Interest Expense

464

(1)

Cash Payments for Income Taxes

464

(1)

Reporting Cash Flows from Operating Activities---Direct Method

464

(1)

Financial Analysis and Interpretation

465

(2)

Appendix: Work Sheet for Statement of Cash Flows

467

(32)

Work Sheet---Indirect Method

467

(2)

Work Sheet---Direct Method

469

(30)

Financial Statement Analysis

499

Basic Analytical Procedures

500

Horizontal Analysis

500

Vertical Analysis

503

Common-Size Statements

503

Other Analytical Measures

505

Solvency Analysis

505

Current Position Analysis

506

Accounts Receivable Analysis

508

Inventory Analysis

509

Ratio of Fixed Assets to Long-Term Liabilities

510

Ratio of Liabilities to Stockholders' Equity

510

Number of Times Interest Charges Earned

511

Profitability Analysis

511

Ratio of Net Sales to Assets

511

Rate Earned on Total Assets

512

Rate Earned on Stockholders' Equity

513

Rate Earned on Common Stockholders' Equity

513

Earnings per Share on Common Stock

515

Price-Earnings Ratio

515

Dividends per Share and Dividend Yield

515

Summary of Analytical Measures

516

Corporate Annual Reports

518

Financial Highlights

518

President's Letter to the Stockholders

518

Management Discussion and Analysis

518

Independent Auditors' Report

519

Historical Summary

519

Appendix A: Interest Tables

A-2

Appendix B: Codes of Professional Ethics for Accountants

B-1

Appendix G: Cisco Systems, Inc., Annual Report

G-1

Glossary

GL-1

Subject Index

SI-1

Company Index

CI-1

Amazon no longer offers textbook rentals. We do!

Managerial Accounting

Managerial Accounting

9780324025385

0324025386

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Managerial Accounting

Managerial Accounting

9780324025385

0324025386

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

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