Managerial Accounting Tools for Business Decision Making

ISBN-10: 0471661783
ISBN-13: 9780471661788
Edition: 3rd 2005 (Revised)
List price: $204.95
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Description: Work more effectively and gauge your progress as you go along! This Study Guide is designed to accompany Weygandt's Managerial Accounting: Tools for Business Decision Making, 3rd Edition. Each chapter of the study guide includes a chapter overview,  More...

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Book details

List price: $204.95
Edition: 3rd
Copyright year: 2005
Publisher: John Wiley & Sons, Incorporated
Publication date: 12/15/2004
Binding: Hardcover
Pages: 728
Size: 8.50" wide x 11.00" long x 1.00" tall
Weight: 3.850
Language: English

Work more effectively and gauge your progress as you go along! This Study Guide is designed to accompany Weygandt's Managerial Accounting: Tools for Business Decision Making, 3rd Edition. Each chapter of the study guide includes a chapter overview, review of study objectives, problems, true/false questions, multiple choice questions, and solutions. Each question is identified by a corresponding text study objective. Weygandt's Managerial Accounting: Tools for Business Decision Making, 3rd Edition gives students the tools they need to succeed, whether as accountants or in other career paths. With a framework in decision-making, it covers all the necessary techniques and concepts for a one semester, undergraduate managerial accounting course. Many students in this course are not accounting majors and will need to understand the big picture of accounting. Therefore, this text provides them with a pedagogy that helps to build their decision-making skills and to understand how to use accounting information to make quality business decisions in whatever major or career they choose.

Managerial Accounting
Costs Are Key
Managerial Accounting Basics
Comparing Managerial and Financial Accounting
Management Functions
Organizational Structure
Business Ethics
Managerial Cost Concepts
Manufacturing Costs
Product versus Period Costs
Prime Costs and Conversion Costs
Manufacturing Costs in Financial Statements
Income Statement
Balance Sheet
Cost Concepts-A Review
Managerial Accounting Today
Service Industry Trends
Managerial Accounting Practices
Job-Order Cost Accounting
Print on Demand
Cost Accounting Systems
Job-Order Cost System
Process Cost System
Job-Order Cost Flow
Accumulating Manufacturing Costs
Assigning Manufacturing Costs to Work in Process
Assigning Costs to Finished Goods
Assigning Costs to Cost of Goods Sold
Summary of Job-Order Cost Flows
Reporting Job Cost Data
Underapplied or Overapplied Manufacturing Overhead
Cost of Goods Sold Method
Proration Method
Process Cost Accounting
Sweets Worth Waiting For
The Nature of Process Cost Systems
Uses of Process Cost Systems
Similarities and Differences between Job-Order
Cost and Process Cost Systems
Process Cost Flow
Assignment of Manufacturing Costs-Journal Entries
Equivalent Units
Weighted-Average Method
Refinements on the Weighted-Average Method
Production Cost Report
Comprehensive Example of Process Costing Using Weighted- Average Method
Calculate the Physical Unit Flow (Step 1)
Calculate Equivalent Units of Production (Step 2)
Calculate Unit Production Costs (Step 3)
Prepare a Cost Reconciliation Schedule (Step 4)
Preparing the Production Cost Report
Calculate Equivalent Units for a Sequential Process Setting
Costing Systems-Final Comments Appendix 3A-FIFO Method
Activity-Based Costing
Storage Solutions
Traditional Costing and Activity-Based Costing
Traditional Costing Systems
The Need for a New Approach
Activity-Based Costing
Illustration of Traditional Costing versus ABC
Unit Costs under Traditional Costing
Unit Costs under ABC
Comparing Unit Costs
Activity-Based Costing: A Closer Look
Benefits of ABC
Limitations of ABC
When to Use ABC
Value-Added versus Non-Value-Added Activities
Classification of Activity Levels
Activity-Based Costing in Service Industries
Traditional Costing Example
Activity-Based Costing Example
Decision-Making: Cost-Volume-Profit
Balancing Profits and Losses
Cost Behaviour Analysis
Variable Costs
Fixed Costs
Relevant Range
Mixed Costs
Importance of Identifying Variable and Fixed Costs
Cost-Volume-Profit Analysis
Variable Costs 194
Fixed Costs 195
Relevant Range 196
Mixed Costs 197
Importance of Identifying Variable and Fixed Costs
Cost-Volume-Profit Analysis
Basic Components
CVP Income Statement
Break-Even Analysis
Target Net Income
Target Net Income after Tax
Margin of Safety
CVP and Changes in the Business Environment
Cost Structure and Operating Leverage
Appendix 5A-CVP Analysis: Multiple-Product Setting (Sales Mix)
Incremental Analysis
Incremental Analysis Leaving It to the Experts
Management's Decision-Making Process
Incremental-Analysis Approach
How Incremental Analysis Works
Types of Incremental Analysis
Accept an Order at a Special Price
Make or Buy
Sell or Process Further
Keep or Replace Equipment
Eliminate an Unprofitable Segment
Limited Resources
Other Considerations in Decision-Making
Qualitative Factors
Relationship of Incremental Analysis and Activity-Based Costing
Variable Costing: A Decision-Making Perspective
No Fishy Business in Tracking Costs
Absorption Costing versus Variable Costing
Illustration Comparing Absorption Costing and Variable Costing
An Extended Example
Decision-Making Concerns
Potential Advantages of Variable Costing
Pricing
Strategy in the Skies
External Sales
Target Costing
Cost-Plus Pricing
Limitations of Cost-Plus Pricing
Variable-Cost Pricing
Time and Material Pricing
Internal Sales
First Situation: No Excess Capacity
Second Situation: Excess Capacity
Negotiated Transfer Prices
No Excess Capacity
Excess Capacity
Variable Costs
Summary of Negotiated Transfer Pricing Approach
Cost-Based Transfer Prices
Market-Based Transfer Prices
Effect of Outsourcing on Transfer Pricing
Transfers between Divisions in Different Countries
Appendix 8A-Other Cost Approaches To Pricing
Budgetary Planning
Turning Trash into Treasure
Budgeting Basics
Budgets and Accounting
The Benefits of Budgeting
Essentials of Effective Budgeting
Length of the Budget Period
The Budgeting Process
Budgeting and Human Behaviour
Budgeting and Long-Range Planning
The Master Budget
Preparing the Operating Budgets
Sales Budget
Production Budget
Direct Materials Budget
Direct Labour Budget
Manufacturing Overhead Budget
Selling and Administrative Expenses Budget
Budgeted Income Statement
Preparing the Financial Budgets
Cash Budget
Budgeted Balance Sheet
Budgeting in Nonmanufacturing Companies
Merchandisers
Service Enterprises
Not-For-Profit Organizations
Budgetary Control and Responsibility Accounting
Riding High in the Energy Sector
The Concept of Budgetary Control
Static Budget Reports
Illustrations
Uses and Limitations
Flexible Budgets
Why Flexible Budgets?
Developing the Flexible Budget
Flexible Budget-A Case Study
Flexible Budget Reports
Management by Exception
The Concept of Responsibility Accounting
Controllable versus Noncontrollable Revenues and Costs
Responsibility Reporting System
Types of Responsibility Centres
Responsibility Accounting for Cost Centres
Responsibility Accounting for Profit Centres
Responsibility Accounting for Investment Centres
Principles of Performance Evaluation
Appendix 10A - Residual Income-Another Performance Measurement
Standard Costs and Balanced Scorecard
High Performance Is More Than Child's Play
The Need for Standards
Distinguishing between Standards and Budgets
Why Standard Costs?
Setting Standard Costs-A Difficult Task
Ideal versus Normal Standards
A Case Study
Variances from Standards
Analyzing Variances
Reporting Variances
Statement Presentation of Variances
Balanced Scorecard
Appendix 11A-Standard Cost Accounting System
Planning for Capital Investments
A Billion-Dollar Expansion
The Capital Budgeting Evaluation Process
Cash Flow Information
Illustrative Data
Cash Payback
Cash Payback with Unequal Annual Cash Flows
Net Present Value Method
Equal Annual Cash Flows
Unequal Annual Cash Flows
Choosing a Discount Rate
Simplifying Assumptions
Comprehensive Example
Additional Considerations
Intangible Benefits
Mutually Exclusive Projects
Risk Analysis
Post-Audit of Investment Projects
Other Capital Budgeting Techniques
Internal Rate of Return Method
Comparing Discounted Cash Flow Methods
Annual Rate of Return Method
Appendix 12A-Time Value of Money

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