Managerial and Cost Accounting
Beschrijving
This book is the sixth of seven books which introduces the basic principles of accounting. This book introduces managerial accounting, with a primary focus on internal business reporting, decision making, planning, strategy, budgets, and cost control. Cost-volume-profit analysis, variable cost, fixed costs, mixed costs are introduced. Break-even analysis, contributions margin, target income calculations, and sensitivity analysis are all discussed in detail. In addition, product costs, job costing, process costing, and activity-based costing are introduced.
.Content
- Part 1. Introduction to Managerial Accounting
- Managerial Accounting
- Professional Certifi cations in Management Accounting
- P…
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This book is the sixth of seven books which introduces the basic principles of accounting. This book introduces managerial accounting, with a primary focus on internal business reporting, decision making, planning, strategy, budgets, and cost control. Cost-volume-profit analysis, variable cost, fixed costs, mixed costs are introduced. Break-even analysis, contributions margin, target income calculations, and sensitivity analysis are all discussed in detail. In addition, product costs, job costing, process costing, and activity-based costing are introduced.
.Content
- Part 1. Introduction to Managerial Accounting
- Managerial Accounting
- Professional Certifi cations in Management Accounting
- Planning, Directing, and Controlling
- Decision Making
- Planning
- Strategy
- Positioning
- Budgets
- Directing
- Cost Components
- Product Versus Period Costs
- Period Costs
- Financial Statement Issues that are Unique to Manufacturers
- Schedule of Raw Materials
- Schedule of Work in Process
- Schedule of Cost of Goods Manufactured
- Schedule of Cost of Goods Sold
- The Income Statement
- Reviewing Cost of Flow Concepts for a Manufacturer
- Critical Thinking About Cost Flow
- Part 2. Cost-Volume-Profi t and Business Scalability
- Cost Behavior
- The Nature of Costs
- Variable Costs
- Fixed Costs
- Business Implications of the Fixed Cost Structure
- Economies of Scale
- Dialing in Your Business Model
- Cost Behavior Analysis
- Mixed Costs
- High-Low Method
- Method of Least Squares
- Recap
- Break-Even and Target Income
- Contribution Margin
- Contribution Margin: Aggregated, per Unit, or Ratio?
- Graphic Presentation
- Break-Even Calculations
- Target Income Calculations
- Critical Thinking About CVP
- Sensitivity Analysis
- Changing Fixed Costs
- Changing Variable Costs
- Blended Cost Shifts
- Per Unit Revenue Shifts
- Margin Beware
- Margin Mathematics
- CVP for Multiple Products
- Multiple Products, Selling Costs, and Margin Management
- Assumptions of CVP
- Part 3. Job Costing and Modern Cost Management Systems
- Basic Job Costing Concepts
- Cost Data Determination
- Conceptualizing Job Costing
- Tracking Direct Labor
- Tracking Direct Materials
- Tracking Overhead
- Job Cost Sheets
- Expanding the Illustration
- Another Expansion of the Illustration
- Database Versus Spreadsheets
- Moving Beyond the Conceptual Level
- Information Systems for the Job Costing Environment
- Direct Material
- Direct Labor
- Overhead and Cost Drivers
- Tracking Job Cost Within the Corporate Ledger
- Direct Material
- Direct Labor
- Applied Factory Overhead
- Overview
- Financial Statement Impact Scenarios
- Cost Flows to the Financial Statements
- Subsidiary Accounts
- Global Trade and Transfers
- Accounting for Actual and Applied Overhead
- The Factory Overhead Account
- Actual Overhead
- The Balance of Factory Overhead
- Underapplied Overhead
- Overapplied Overhead
- Infl uence of Gaap
- Job Costing in Service, Not For-Profi t, and Governmental
Environments
- The Service Sector
- Capacity Utilization
- Modern Management of Costs and Quality
- Global Competition
- Kaizen
- Lean Manufacturing
- Just in Time Inventory
- Total Quality Management
- Six Sigma
- Reflection on Modern Cost Management
- Part 4. Process Costing and Activity-Based Costing
- Process Costing
- Process Costing
- Comparing Job and Process Costing
- Introduction to the Cost of Production Report
- Job Costing Flows
- Process Costing Flows
- Job Costing Flows on Job Cost Sheets
- Process Costing Flows on Cost of Production Reports
- Equivalent Units
- Factors of Production
- An Illustration of Equivalent Units Calculations
- Cost per Equivalent Unit
- Cost Allocation to Completed Units and Units in Process
- Cost of Production Report
- Journal Entries
- Subsequent Departments
- The Big Picture
- FIFO Process Costing
- Activity-Based Costing
- Pros of ABC
- Cons of ABC
- The Reality of ABC
- A Closer Look at ABC Concepts
- The Steps to Implement ABC
- A Simple Analogy
- A Case Study in ABC
- Study Process and Costs
- Identify Activities
- Determine Traceable Costs and Allocation Rates
- Assign Costs to Activities
- Determine Per-Activity Allocation Rates
- Apply Costs to Cost Objects
- What Just Happened?
- A Great Tool, But not a Panacea
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