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Principles of Cost Accounting

by: Vanderbeck, Edward J.

Principles of Cost Accounting

by: Vanderbeck, Edward J.

ISBN 13: 9780324100945
ISBN 10: 0324100949
Format: Hardcover
Copyright: 07/09/2001
Publisher: South-Western College Pub
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Summary

Save time with PRINCIPLES OF COST ACCOUNTING! This cost accounting textbook provides a thorough but concise understanding of cost concepts, cost behavior, and cost accounting techniques as applied to manufacturing and service businesses. Studying and reviewing the material is made easy with built-in textbook tools, including demonstration problems at the end of each chapter and integrated learning objectives. And the textbook makes it easy to see how you will use the content in the business world through its inclusion of real-world examples and trends.

Introduction to Cost Accounting

(49)

Uses of Cost Accounting Data

(3)

Determining Product Costs and Pricing

Planning and Control

Relationship of Cost Accounting to Financial Accounting

(4)

Costs of Goods Sold

Inventories

Elements of Manufacturing Costs

(2)

Direct Materials

Direct Labor

Factory Overhead

Summary of Manufacturing Costs

Flow of Costs

Illustration of Accounting for Manufacturing Costs

(10)

Cost Accounting Systems

(27)

Special Order

Continuous or Mass Production

Combination of Systems

Standard Costing

Illustration of a Job Order Cost System

Work in Process Control Account

Work in Process in the Manufacturing Statement

Accounting for Materials

(50)

Materials Control

(5)

Physical Control of Materials

Controlling the Investment in Materials

Materials Control Procedures

(10)

Materials Control Personnel

Control During Procurement

Control During Storage and Issuance

Accounting for Materials

(12)

Determining the Cost of Materials Issued

Accounting Procedures

Scrap, Spoiled Goods, and Defective Work

(4)

Scrap Materials

Spoiled and Defective Work

Appendix: Just-in-Time Materials Control

(18)

JIT and Cost Control

JIT and Cost Flows

Accounting for Labor

(42)

Wage Plans

100

(2)

Hourly Rate Plan

Piece-Rate Plan

Modified Wage Plans

Controlling Labor Cost

102

(7)

Clock Cards and Time Tickets

Payroll Department

Accounting for Labor Costs and Employers' Payroll Taxes

109

(8)

Employers' Payroll Taxes

Illustration of Accounting for Labor Costs

Payroll Accrual

117

(2)

Special Labor Cost Problems

119

(22)

Shift Premium

Employee Pension Costs

Bonuses

Vacation and Holiday Pay

Accounting for Bonuses, Vacations, and Holiday Pay

Accounting for Factory Overhead

141

(56)

Identifying Cost Behavior Patterns

142

(2)

Analyzing Semivariable Factory Overhead Costs

144

(4)

Observation Method

High-Low Method

Scattergraph Method

Limitations of High-Low and Statistical Scattergraph Methods

Budgeting Factory Overhead Costs

148

(1)

Accounting for Actual Factory Overhead

149

(4)

Factory Overhead Analysis Spreadsheets

Schedule of Fixed Costs

General Factory Overhead Expenses

Summary of Factory Overhead

Distributing Service Department Expenses

153

(7)

Applying Factory Overhead to Production

160

(6)

Direct Labor Cost Method

Direct Labor Hour Method

Machine Hour Method

Activity-Based Costing Method

Accounting for Actual and Applied Factory Overhead

166

(31)

Process Cost Accounting---General Procedures

197

(42)

Comparison of Basic Cost Systems

197

(2)

Materials and Labor Costs

Factory Overhead Costs

Product Cost in a Process Cost System

199

(1)

Nondepartmentalized Factory

Departmentalized Factory

Work in Process Inventories

200

(2)

Cost of Production Summary---One Department, No Beginning Inventory

202

(3)

Cost of Production Summary---One Department, Beginning Inventory

205

(2)

Cost of Production Summary---Multiple Departments, No Beginning Inventory

207

(10)

Cost of Production Summary---Multiple Departments, Beginning Inventory

217

(7)

Changes in Prior Department's Unit Transfer Costs

224

(15)

Process Cost Accounting---Additional Procedures

239

(42)

Equivalent Production---Materials Not Uniformly Applied

239

(9)

Illustrative Problem No. 1

Illustrative Problem No. 2

Illustrative Problem No. 3

Units Lost in Production

248

(1)

Units Gained in Production

249

(3)

Equivalent Production-First-In, First-Out Method

252

(8)

Illustrative Problem No. 1

Illustrative Problem No.2

Joint Products and By-Products

260

(21)

Accounting for Joint Products

Accounting for By-Products

Standard Cost Accounting-Materials and Labor

281

(38)

Types of Standards

282

(1)

Standard Cost Procedures

283

(1)

Determination of Standard Costs for Materials and Labor

Recording Standard Costs for Materials and Labor

Determination of Variances

284

(4)

Accounting for Variances

288

(3)

Alternative Method of Recording Materials Cost

Disposition of Standard Cost Variances

Analyses of Variances

291

(4)

Features of Standard Cost Accounting

295

(1)

Illustration of Standard Cost in a Departmentalized Factory

296

(23)

Budgeting and Standard Cost Accounting for Factory Overhead

319

(50)

Principles of Budgeting

320

(1)

Preparing the Master Budget

321

(12)

Sales Budget

Production Budget

Direct Materials Budget

Direct Labor Budget

Factory Overhead Budget

Cost of Goods

Sold Budget

Selling and Administrative Expenses Budget

Budgeted Income Statement

Other Budgets

Evaluating Budget Performance

Flexible Budgeting

333

(5)

Preparing the Flexible Budget for Factory Overhead

Using the Flexible Budget

Semifixed and Semivariable Costs

Service Department Budgets and Variances

Summary of the Budgeting Process

Analysis of Factory Overhead Standard Cost Variances

338

(2)

Two-Variance Method of Analysis

340

(5)

Appendix: Four-Variance and Three-Variance Methods of Analysis

345

(24)

Four-Variance Method of Analysis

Three-Variance Method of Analysis

Cost Accounting for Service Businesses

369

(24)

Job Order Costing for Service Businesses

370

(4)

Job Cost Sheet for a Service Business

Choosing the Cost Allocation Base

Tracing Direct Costs to the Job

Cost Performance Report

Budgeting for Service Businesses

374

(4)

The Revenue Budget

The Labor Budget

The Overhead Budget

The Other Expenses Budget

The Budgeted Income Statement

Activity-Based Costing in a Service Firm

378

(2)

Converting Indirect Costs to Direct Costs

Multiple Indirect Cost Pools

Job Cost Sheet---Activity-Based Costing

Allocations Using Simplified Costing Versus Activity-Based Costing

380

(13)

Cost Analysis for Management Decision Making

393

(40)

Direct Costing and Absorption Costing

394

(4)

Product Costs Versus Period Costs

Illustration of Direct and Absorption Costing Methods

Merits and Limitations of Direct Costing

398

(1)

Segment Reporting for Profitability Analysis

399

(2)

Cost-Volume-Profit Analysis

401

(7)

Break-Even Analysis

Break-Even Chart

Break-Even Analysis for Management Decisions

Effect of Sales Mix on Break-Even Analysis

Contribution Margin Ratio and Margin of Safety

408

(1)

Effect of Income Tax on Break-Even Point and Net Income

409

(1)

Differential Cost Analysis

410

(3)

Accept or Reject a Special Order

Make or Buy

Distribution Costs

413

(20)

Glossary

433

(11)

Index

444

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Principles of Cost Accounting

Principles of Cost Accounting

Summary

Table of Contents

Supplemental Materials

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Rent More, Save More! Use code: KBRENTAL

5% off 1 book, 7% off 2 books, 10% off 3+ books

Principles of Cost Accounting

Principles of Cost Accounting

Summary

Table of Contents

Supplemental Materials

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