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Managerial Accounting

ISBN: 9780324025385 | 0324025386
Edition: 1st
Format: Paperback
Publisher: South-Western College Pub
Pub. Date: 3/26/2001

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SummaryTable of ContentsAuthor Biography
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
1(50)
The Differences Between Managerial and Financial Accounting
2(2)
... MOREThe Management Accountant in the Organization
4(1)
Manufacturing Cost Terms
5(2)
Materials
5(1)
Factory Labor
6(1)
Factory Overhead Cost
7(1)
Cost Accounting System Overview
7(1)
Job Order Cost Systems for Manufacturing Businesses
8(10)
Materials
9(1)
Factory Labor
10(2)
Factory Overhead Cost
12(3)
Work in Process
15(1)
Finished Goods and Cost of Goods Sold
16(1)
Sales
17(1)
Period Costs
17(1)
Summary of Cost Flows for Goodwell Printers
18(1)
Job Order Costing for Decision Making
18(3)
Job Order Cost Systems for Professional Service Businesses
21(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
51(36)
Comparing Job Order Costing and Process Costing
52(1)
Physical Flows and Cost Flows for a Process Manufacturer
53(2)
The First-In, First-Out (Fifo) Method
55(6)
Determine the Units to Be Assigned Costs
56(1)
Calculate Equivalent Units of Production
57(2)
Determine the Cost per Equivalent Unit
59(1)
Allocate Costs to Transferred and Partially Completed Units
60(1)
Bringing It All Together: The Cost of Production Report
61(1)
Journal Entries for a Process Cost System
62(2)
Using the Cost of Production Report for Decision Making
64(1)
Just-in-Time Processing
65(22)
Cost Behavior and Cost-Volume-Profit Analysis
87(44)
Cost Behavior
88(6)
Variable Costs
88(2)
Fixed Costs
90(1)
Mixed Costs
90(3)
Summary of Cost Behavior Concepts
93(1)
Reporting Variable and Fixed Costs
94(1)
Cost-Volume-Profit Relationships
94(2)
Contribution Margin Concept
94(2)
Mathematical Approach to Cost-Volume-Profit Analysis
96(5)
Break-Even Point
97(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 TablesA-2
Appendix B: Codes of Professional Ethics for AccountantsB-1
Appendix G: Cisco Systems, Inc., Annual ReportG-1
GlossaryGL-1
Subject IndexSI-1
Company IndexCI-1
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

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