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CHAPTER 1 Management Accounting:Its Environment and Future 1

What Is Management Accounting? 2

Institute of Management Accounting（IMA） 3

Certified Management Accountant（CMA？）—The Gold Standard 3

Ethical Standards for Management Accountants 3

International Federation of Accountants（IFAC） 5

Sarbanes-Oxley 5

Contrasting Financial and Management Accounting 5

Accounting Rules 6

Level of Detail 6

Timeliness 7

Future Orientation 7

Where Accounting Fits in a Company 8

The Origin and Evolution of Management Accounting in the West 9

Emergence of Permanent Employees 9

The Industrial Revolution 10

Scientific Management 10

Diversification 11

Management Accounting in China 11

Challenges and Trends in Management Accounting 12

Consumers of Management Accounting Information 13

Summary 13

Glossary of Key Terms 14

Review the Facts 15

Apply What You Have Learned 15

CHAPTER 2 Classifying Costs 17

Maior Cost Classifications 18

Assigning Costs to Cost Objects 18

Product Cost 19

Period Cost 19

Selling Cost 19

Administrative Cost 20

Comparing Product and Period Costs 20

Product Cost Identification For Merchandising Firms 20

The Flow of Product Cost—Merchandising Company 21

Cost of Goods Sold 21

Product Cost Identification for Manufacturing Firms 22

Prime Cost and Conversion Cost 23

Inventory Classifications 23

Raw Materials Inventory 23

Work-in-process Inventory 24

Finished Goods Inventory 24

Direct Material 24

Direct Labor 25

Manufacturing Overhead 25

Indirect Material 26

Indirect Labor 26

Other Manu facturing Overhead Costs 26

The Flow of Product Cost-Manufacturing Company 26

Cost of Goods Manufactured 29

Product Cost Identification for Service Firms 31

Materials 32

Labor 32

Overhead or Indirect Service Costs 32

The Flow of Service Cost—Service Company 33

Cost of Services 33

Hybrid Firms 34

Merchandising,Manufacturing,and Service—a Comparison 34

Summary 36

Appendix—Recording Manufacturing Costs 38

Appendix Summary 41

Glossary of Key Terms 41

Review the Facts 42

Apply What You Have Learned 42

CHAPTER 3 Determining Costs of Products 54

Accumulating Product Cost—Cost Accounting 54

Units of Product As Cost Objects 55

Product Costing Methods 55

Job Order Costing Basics 55

Process Costing Basics 56

Job Order Costing 56

Documentation Relating to Job Order Costing 57

Cost In formation for Raw Material 57

Cost In formation for Direct Labor 61

Manufacturing Overhead 61

Over or Under Applied Manufacturing Overhead 65

Process Costing 65

Equivalent Units 66

Cost Per Equivalent Unit 66

Cost of Ending Work-in-Process Inventory 67

Cost of Completed Units 67

Summary 68

Appendix-Recording Manufacturing Costs 70

Appendix Summary 73

Glossary of Key Terms 73

Review the Facts 74

Apply What You Have Learned 74

CHAPTER 4 Cost Allocation and Activity Based Costing 82

Traditional Manufacturing Overhead Allocation 84

Activity-based Costing for Manufacturing Overhead Allocation 86

Determining Product Cost Using ABC 86

Comparison of Traditional and ABC Overhead Allocation 92

Product Cost Accuracy 92

When Does ABC Result in More Accurate Product Costs? 92

Reducing Cost by Using ABC 93

Closer Cost Scrutiny 93

Smaller Cost Polls Make it Difficult to Hide Cost 93

Cost Control by Controlling the Allocation Base 93

Added Complexity and Cost of ABC 94

ABC and Job Order Costing—Another Look at Manta Power Boats 94

Summary 96

Glossary of Key Terms 97

Review the Facts 98

Apply What You Have Learned 98

CHAPTER 5 Cost Behavior 103

Common Cost Behavior Patterns 104

Fixed Costs 104

Variable Costs 104

Comparison of Cost Behaviors 104

Determining Total Cost 106

Relevant Range 107

Mixed Costs 108

Identifying the Fixed and Variable Elements of a Mixed Cost 109

The Engineering Approach 109

Scatter Graphing 110

The High-Low Method 116

Regression Analysis 118

Microsoft Excel—Preparing an Excel Scatter Graph 119

Summary 121

Glossary of Key Terms 122

Review the Facts 122

Apply What You Have Learned 122

CHAPTER 6 Business Decisions Using Cost Behavior 130

The Contribution Income Statement 131

Absorption and Variable Costing 131

Purpose of the Contribution Income Statement 132

Predicting Profits Using the Contribution Income Statement 134

Cost-Volume-Profit Analysis 135

Break-Even 136

Determining Sales Required to Meet a Profit Objective 138

Cost-Volume-Profit Graph 140

Sensitivity Analysis 141

Change in Selling Price 141

Change in Variable Cost and Fixed Cost 142

Multiple Products and CVP 144

Break-Even Point in a Multiproduct Situation 144

Determining Required Sales in a Multiproduct Situation 145

CVP Assumptions 146

Absorption and Variable Costing—a Closer Look 146

Summary 152

Glossary of Key Terms 153

Review the Facts 153

Apply What You Have Learned 154

CHAPTER 7 Making Decisions Using Relevant Information 161

Relevant Costs and Benefits 162

Equipment Replacement 163

Gather All Costs and Benefits Associated with the Decision 164

Determine the Relevant Cost and Benefit of Each Alternative 164

Relevant Cost and Benefit of the Old Computer System 165

Relevant Costs and Bene fits of the New Computer System 165

Compare the Relevant Information and Select an Alternative 165

The Concept of an Incremental Cost or Benefit 166

Interest—the Time Value of Money 167

Special Orders 167

Gather All Costs and Benefits Associated with the Decision 167

Determine the Relevant Cost and Benefit of Each Alternative 168

Compare the Relevant Costs and Benefits and Select an Alternative 168

Outsourcing:The Make or Buy Decision 169

Gather All Costs Associated with the Decision 170

Determine the Relevant Cost of Each Alternative 170

Compare the Relevant Costs and Select an Alternative 170

Considering Opportunity Costs 172

Discontinuing a Business Segment 173

Determine the Relevant Cost of Each Alternative 174

Special Cost Considerations for Common Fixed Costs 175

Summary 176

Glossary of Key Terms 177

Review the Facts 177

Apply What You Have Learned 177

CHAPTER 8 The Capital Budget:Evaluating Capital Expenditures 186

The Business Planning Process 187

The Mission—Overall Company Goals:The Why 187

Nonfinancial Goals 187

Financial Goals 188

Goal Awareness 188

Core Values:What the Company Stands For 189

Vision:The Hope for the Future 189

Strategy:The Business Plan of Attack 189

The Strategic Plan:The What 190

The Capital Budget:The How 191

The Operating Budget:The Who 191

The Capital Budget:What is it? 192

Capitalizing Assets 192

Capitalization Amount 192

Characteristics of Capital Projects 192

The Cost of Capital and the Concept of Scarce Resources 193

Weighted Average Cost of Capital 194

Scarce Resources 196

Evaluating Potential Capital Projects 196

Identifying Possible Capital Projects 196

Determining Relevant Cash Flows for Alternative Projects 197

Selecting a Method of Evaluating the Alternatives 197

Selecting Capital Budgeting Projects 197

Capital Budgeting Decision Methods 198

Discounted Cash Flow Methods 198

Net Present Value 198

Net Present Value Calculations with Uneven Cash Flows 200

Pro fitability Index 202

Internal Rate of Return 203

Nondiscounted Cash Flow Methods 205

Payback Period 205

Accounting Rate of Return 206

Factors Leading to Poor Capital Project Selection 207

Natural Optimism 207

Capital Budgeting Games 207

Summary 207

Appendix A:The Time Value of Money 209

The Time Value of Money—The Concept of Interest 209

Future Value 209

Future Value of a Single Sum 210

Future Value of an Aunuity 210

Present Value（Discounting） 210

Present Value of a Single Sum 210

Present Value of an Annuity 215

Appendix B:Using a Financial Calculator 217

Calculator Differences 217

Future Value of a Single Sum 218

Future Value of an Annuity 218

Present Value of a Single Sum 218

Present Value of an Annuity 219

Common Uses of a Financial Calculator 219

Auto Loans 220

Home Mortgages 220

Glossary of Key Terms 221

Review the Facts 222

Apply What You Have Learned 223

CHAPTER 9 The Operating Budget 232

Part One:An Overview of the Operating Budget 233

The Operating Budget:What is it? 233

Benefits of Budgeting 233

Serves as a Guide 233

Assists in Resource Allocation 234

Fosters Communication and Coordination 235

Establishes Performance Standards 235

Contents of the Operating Budget 236

Sales Budget 236

Production or Purchases Budget 236

Cost of Goods Sold or Cost of Services Budget 236

Selling and Administrative Expense Budget 237

Budgeted Income Statement 237

Cash Budget 237

Budgeted Balance Sheet 237

Budgeted Statement of Cash Flows 237

Interrelationship among the Budgets 238

Different Approaches to Budgeting 239

Perpetual Budgeting 239

Incremental Budgeting 240

Zero-Based Budgeting 240

Top-Down Versus Bottom-Up Budgeting 240

Top-Down Budgeting 240

Bottom-Up Budgeting 241

Imposed Versus Participative Budgets 242

The Sales Forecast 243

Cornerstone and Keystone of Budgeting 243

Factors Affecting the Accuracy of the Sales Forecast 245

Part Two:Preparing and Using the Operating Budget 245

Preparing a Master Operating Budget 245

Budgeted Income Statement 246

Sales Budget 246

Cost of Goods Sold Budget 247

Selling and Administrative Expense Budget 247

Building the Budgeted Income Statement 248

Budgeted Balance Sheet 249

Purchases Budget 250

Cash Budget 251

Cash Receipts Schedule 251

Cash Payments Schedule 253

Building the Cash Budget 254

Building the Budgeted Balance Sheet 255

Budgeted Statement of Cash Flows 259

The Static Budget Perforrnaiace Report 261

The Flexible Budget 262

Preparing the Flexible Budget 263

The Flexible Budget Performance Report 264

Using（and Misusing）the Operating Budget 267

Summary 268

Glossary of Key Terms 269

Review the Facts 270

Apply What You Have Learned 270

CHAPTER 10 Standard Costing 280

Why is Standard Costing Used? 281

Standards—a Closer Look 282

Quantity and Price Standards 282

Ideal versus Practical Standards 282

Ideal Standards 282

Practical Standards 282

Setting Standards 283

Problems with Standard Costing 284

Who Uses Standard Costing? 284

Basic Standard Costing for a Manufacturer 285

Setting Direct Material Standards 286

Direct Material Quantity Standard 286

Direct Material Price Standard 286

Setting Direct Labor Standards 288

Direct Labor Efficiency Standard 288

Direct Labor Rate Standard 288

Setting Variable Manufacturing Overhead Standards 288

The Standard Variable Manufacturing Overhead Rate 289

Setting Fixed Manufacturing Overhead Standards 289

Standard Fixed Manufacturing Overhead Rate 290

Total Standard Cost Per Unit 290

Variance Analysis 291

Direct Materials Variances 291

Direct Material Quantity Variance 291

Direct Material Price Variance 293

Direct Lahor Varianccs 294

Direct Labor Efficiency Variance 295

Direct Labor Rate Variance 296

Manufacturing Overhead Variances 297

Variable Manufacturing Overhead Efficiency Variance 297

Variable Manufacturing Overhead Spending Variance 298

Fixed Manufacturing Overhead Budget Variance 300

Fixed Manufacturing Overhcad Volume Variance 300

Using Standard Cost Variances to Manage by Exception 302

Summary 302

Appendix—Recording Product Cost Using Standard Costing 304

Appendix Summary 308

Glossary of Key Terms 309

Review the Facts 310

Apply What You Have Learned 310

Chapter 11 Evaluating Performance and Emerging Management and Accounting Technigues 319

Business Segments 319

Segment Information 320

The Segment Income Statement 320

Allocating Service Department Cost 322

Activity—Based Service Department Cost Allocation 324

Approaches to Segment Management 325

Centralized Management 325

Decentralized Management 325

Evaluating Business Segments 326

Revenue Centers 326

Cost Centers 326

Profit Centers 326

Measuring Performance of Revenue,Cost and Profit Centers 327

Investment Centers 327

Return on Investment 328

Residual Income and Economic Value Added（EVA）TM 330

Internal sales and Transfer Pricing 331

Determining an Appropriate Transfer Price 332

Market based transfer pricing 332

Cost based transfer pricing 332

Transfer Pricing Under Various Conditions 333

Operating at capacity and market prices available≥opportunity cost 333

Dual transfer price model 335

Operating at capacity and opportunity cost＞market prices 335

Operating below capacity and no alternate opportunity,market prices available 336

Negotiated trans fer price 337

Income Tax Implications of Transfer Pricing for Multinational Corporations 338

Emerging Management and Management Accounting Techniques 339

The Balanced Scorecard 339

E-commerce 342

Process management 343

Enterprise Information Systems 343

Six Sigma 344

Theory of Constraints 345

Lean Manu facturing 346

Overview of Lean Manu racturing 347

Summary 349

Glossary of Key Terms 349

Review the Facts 351

Apply What You Have Learned 351

Glossary of Key Terms 356

Company Index:Management Accounting 359