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CHAPTER 1 Management Accounting:Its Environment and Future1

What Is Management Accounting?2

Institute of Management Accounting（IMA）3

Certified Management Accountant（CMA？）—The Gold Standard3

Ethical Standards for Management Accountants3

International Federation of Accountants（IFAC）5

Sarbanes-Oxley5

Contrasting Financial and Management Accounting5

Accounting Rules6

Level of Detail6

Timeliness7

Future Orientation7

Where Accounting Fits in a Company8

The Origin and Evolution of Management Accounting in the West9

Emergence of Permanent Employees9

The Industrial Revolution10

Scientific Management10

Diversification11

Management Accounting in China11

Challenges and Trends in Management Accounting12

Consumers of Management Accounting Information13

Summary13

Glossary of Key Terms14

Review the Facts15

Apply What You Have Learned15

CHAPTER 2 Classifying Costs17

Maior Cost Classifications18

Assigning Costs to Cost Objects18

Product Cost19

Period Cost19

Selling Cost19

Administrative Cost20

Comparing Product and Period Costs20

Product Cost Identification For Merchandising Firms20

The Flow of Product Cost—Merchandising Company21

Cost of Goods Sold21

Product Cost Identification for Manufacturing Firms22

Prime Cost and Conversion Cost23

Inventory Classifications23

Raw Materials Inventory23

Work-in-process Inventory24

Finished Goods Inventory24

Direct Material24

Direct Labor25

Manufacturing Overhead25

Indirect Material26

Indirect Labor26

Other Manu facturing Overhead Costs26

The Flow of Product Cost-Manufacturing Company26

Cost of Goods Manufactured29

Product Cost Identification for Service Firms31

Materials32

Labor32

Overhead or Indirect Service Costs32

The Flow of Service Cost—Service Company33

Cost of Services33

Hybrid Firms34

Merchandising,Manufacturing,and Service—a Comparison34

Summary36

Appendix—Recording Manufacturing Costs38

Appendix Summary41

Glossary of Key Terms41

Review the Facts42

Apply What You Have Learned42

CHAPTER 3 Determining Costs of Products54

Accumulating Product Cost—Cost Accounting54

Units of Product As Cost Objects55

Product Costing Methods55

Job Order Costing Basics55

Process Costing Basics56

Job Order Costing56

Documentation Relating to Job Order Costing57

Cost In formation for Raw Material57

Cost In formation for Direct Labor61

Manufacturing Overhead61

Over or Under Applied Manufacturing Overhead65

Process Costing65

Equivalent Units66

Cost Per Equivalent Unit66

Cost of Ending Work-in-Process Inventory67

Cost of Completed Units67

Summary68

Appendix-Recording Manufacturing Costs70

Appendix Summary73

Glossary of Key Terms73

Review the Facts74

Apply What You Have Learned74

CHAPTER 4 Cost Allocation and Activity Based Costing82

Traditional Manufacturing Overhead Allocation84

Activity-based Costing for Manufacturing Overhead Allocation86

Determining Product Cost Using ABC86

Comparison of Traditional and ABC Overhead Allocation92

Product Cost Accuracy92

When Does ABC Result in More Accurate Product Costs?92

Reducing Cost by Using ABC93

Closer Cost Scrutiny93

Smaller Cost Polls Make it Difficult to Hide Cost93

Cost Control by Controlling the Allocation Base93

Added Complexity and Cost of ABC94

ABC and Job Order Costing—Another Look at Manta Power Boats94

Summary96

Glossary of Key Terms97

Review the Facts98

Apply What You Have Learned98

CHAPTER 5 Cost Behavior103

Common Cost Behavior Patterns104

Fixed Costs104

Variable Costs104

Comparison of Cost Behaviors104

Determining Total Cost106

Relevant Range107

Mixed Costs108

Identifying the Fixed and Variable Elements of a Mixed Cost109

The Engineering Approach109

Scatter Graphing110

The High-Low Method116

Regression Analysis118

Microsoft Excel—Preparing an Excel Scatter Graph119

Summary121

Glossary of Key Terms122

Review the Facts122

Apply What You Have Learned122

CHAPTER 6 Business Decisions Using Cost Behavior130

The Contribution Income Statement131

Absorption and Variable Costing131

Purpose of the Contribution Income Statement132

Predicting Profits Using the Contribution Income Statement134

Cost-Volume-Profit Analysis135

Break-Even136

Determining Sales Required to Meet a Profit Objective138

Cost-Volume-Profit Graph140

Sensitivity Analysis141

Change in Selling Price141

Change in Variable Cost and Fixed Cost142

Multiple Products and CVP144

Break-Even Point in a Multiproduct Situation144

Determining Required Sales in a Multiproduct Situation145

CVP Assumptions146

Absorption and Variable Costing—a Closer Look146

Summary152

Glossary of Key Terms153

Review the Facts153

Apply What You Have Learned154

CHAPTER 7 Making Decisions Using Relevant Information161

Relevant Costs and Benefits162

Equipment Replacement163

Gather All Costs and Benefits Associated with the Decision164

Determine the Relevant Cost and Benefit of Each Alternative164

Relevant Cost and Benefit of the Old Computer System165

Relevant Costs and Bene fits of the New Computer System165

Compare the Relevant Information and Select an Alternative165

The Concept of an Incremental Cost or Benefit166

Interest—the Time Value of Money167

Special Orders167

Gather All Costs and Benefits Associated with the Decision167

Determine the Relevant Cost and Benefit of Each Alternative168

Compare the Relevant Costs and Benefits and Select an Alternative168

Outsourcing:The Make or Buy Decision169

Gather All Costs Associated with the Decision170

Determine the Relevant Cost of Each Alternative170

Compare the Relevant Costs and Select an Alternative170

Considering Opportunity Costs172

Discontinuing a Business Segment173

Determine the Relevant Cost of Each Alternative174

Special Cost Considerations for Common Fixed Costs175

Summary176

Glossary of Key Terms177

Review the Facts177

Apply What You Have Learned177

CHAPTER 8 The Capital Budget:Evaluating Capital Expenditures186

The Business Planning Process187

The Mission—Overall Company Goals:The Why187

Nonfinancial Goals187

Financial Goals188

Goal Awareness188

Core Values:What the Company Stands For189

Vision:The Hope for the Future189

Strategy:The Business Plan of Attack189

The Strategic Plan:The What190

The Capital Budget:The How191

The Operating Budget:The Who191

The Capital Budget:What is it?192

Capitalizing Assets192

Capitalization Amount192

Characteristics of Capital Projects192

The Cost of Capital and the Concept of Scarce Resources193

Weighted Average Cost of Capital194

Scarce Resources196

Evaluating Potential Capital Projects196

Identifying Possible Capital Projects196

Determining Relevant Cash Flows for Alternative Projects197

Selecting a Method of Evaluating the Alternatives197

Selecting Capital Budgeting Projects197

Capital Budgeting Decision Methods198

Discounted Cash Flow Methods198

Net Present Value198

Net Present Value Calculations with Uneven Cash Flows200

Pro fitability Index202

Internal Rate of Return203

Nondiscounted Cash Flow Methods205

Payback Period205

Accounting Rate of Return206

Factors Leading to Poor Capital Project Selection207

Natural Optimism207

Capital Budgeting Games207

Summary207

Appendix A:The Time Value of Money209

The Time Value of Money—The Concept of Interest209

Future Value209

Future Value of a Single Sum210

Future Value of an Aunuity210

Present Value（Discounting）210

Present Value of a Single Sum210

Present Value of an Annuity215

Appendix B:Using a Financial Calculator217

Calculator Differences217

Future Value of a Single Sum218

Future Value of an Annuity218

Present Value of a Single Sum218

Present Value of an Annuity219

Common Uses of a Financial Calculator219

Auto Loans220

Home Mortgages220

Glossary of Key Terms221

Review the Facts222

Apply What You Have Learned223

CHAPTER 9 The Operating Budget232

Part One:An Overview of the Operating Budget233

The Operating Budget:What is it?233

Benefits of Budgeting233

Serves as a Guide233

Assists in Resource Allocation234

Fosters Communication and Coordination235

Establishes Performance Standards235

Contents of the Operating Budget236

Sales Budget236

Production or Purchases Budget236

Cost of Goods Sold or Cost of Services Budget236

Selling and Administrative Expense Budget237

Budgeted Income Statement237

Cash Budget237

Budgeted Balance Sheet237

Budgeted Statement of Cash Flows237

Interrelationship among the Budgets238

Different Approaches to Budgeting239

Perpetual Budgeting239

Incremental Budgeting240

Zero-Based Budgeting240

Top-Down Versus Bottom-Up Budgeting240

Top-Down Budgeting240

Bottom-Up Budgeting241

Imposed Versus Participative Budgets242

The Sales Forecast243

Cornerstone and Keystone of Budgeting243

Factors Affecting the Accuracy of the Sales Forecast245

Part Two:Preparing and Using the Operating Budget245

Preparing a Master Operating Budget245

Budgeted Income Statement246

Sales Budget246

Cost of Goods Sold Budget247

Selling and Administrative Expense Budget247

Building the Budgeted Income Statement248

Budgeted Balance Sheet249

Purchases Budget250

Cash Budget251

Cash Receipts Schedule251

Cash Payments Schedule253

Building the Cash Budget254

Building the Budgeted Balance Sheet255

Budgeted Statement of Cash Flows259

The Static Budget Perforrnaiace Report261

The Flexible Budget262

Preparing the Flexible Budget263

The Flexible Budget Performance Report264

Using（and Misusing）the Operating Budget267

Summary268

Glossary of Key Terms269

Review the Facts270

Apply What You Have Learned270

CHAPTER 10 Standard Costing280

Why is Standard Costing Used?281

Standards—a Closer Look282

Quantity and Price Standards282

Ideal versus Practical Standards282

Ideal Standards282

Practical Standards282

Setting Standards283

Problems with Standard Costing284

Who Uses Standard Costing?284

Basic Standard Costing for a Manufacturer285

Setting Direct Material Standards286

Direct Material Quantity Standard286

Direct Material Price Standard286

Setting Direct Labor Standards288

Direct Labor Efficiency Standard288

Direct Labor Rate Standard288

Setting Variable Manufacturing Overhead Standards288

The Standard Variable Manufacturing Overhead Rate289

Setting Fixed Manufacturing Overhead Standards289

Standard Fixed Manufacturing Overhead Rate290

Total Standard Cost Per Unit290

Variance Analysis291

Direct Materials Variances291

Direct Material Quantity Variance291

Direct Material Price Variance293

Direct Lahor Varianccs294

Direct Labor Efficiency Variance295

Direct Labor Rate Variance296

Manufacturing Overhead Variances297

Variable Manufacturing Overhead Efficiency Variance297

Variable Manufacturing Overhead Spending Variance298

Fixed Manufacturing Overhead Budget Variance300

Fixed Manufacturing Overhcad Volume Variance300

Using Standard Cost Variances to Manage by Exception302

Summary302

Appendix—Recording Product Cost Using Standard Costing304

Appendix Summary308

Glossary of Key Terms309

Review the Facts310

Apply What You Have Learned310

Chapter 11 Evaluating Performance and Emerging Management and Accounting Technigues319

Business Segments319

Segment Information320

The Segment Income Statement320

Allocating Service Department Cost322

Activity—Based Service Department Cost Allocation324

Approaches to Segment Management325

Centralized Management325

Decentralized Management325

Evaluating Business Segments326

Revenue Centers326

Cost Centers326

Profit Centers326

Measuring Performance of Revenue,Cost and Profit Centers327

Investment Centers327

Return on Investment328

Residual Income and Economic Value Added（EVA）TM330

Internal sales and Transfer Pricing331

Determining an Appropriate Transfer Price332

Market based transfer pricing332

Cost based transfer pricing332

Transfer Pricing Under Various Conditions333

Operating at capacity and market prices available≥opportunity cost333

Dual transfer price model335

Operating at capacity and opportunity cost＞market prices335

Operating below capacity and no alternate opportunity,market prices available336

Negotiated trans fer price337

Income Tax Implications of Transfer Pricing for Multinational Corporations338

Emerging Management and Management Accounting Techniques339

The Balanced Scorecard339

E-commerce342

Process management343

Enterprise Information Systems343

Six Sigma344

Theory of Constraints345

Lean Manu facturing346

Overview of Lean Manu racturing347

Summary349

Glossary of Key Terms349

Review the Facts351

Apply What You Have Learned351

Glossary of Key Terms356

Company Index:Management Accounting359