Efnisyfirlit

• Cover
• Half title
• Title
• Copyright
• Brief table of contents
• Detailed table of contents
• About the authors
• Preface
• Acknowledgements
• Guided tour
• Technology to enhance learning and teaching
• Part 1: An introduction to management and cost accounting: cost terms, systems design and cost behaviour
  • 1 Management accounting and the business environment
    • The work of management and the need for management accounting information
      • Planning
      • Directing and motivating
      • Controlling
      • The end results of managers’ activities
      • The planning and control cycle
      • Decision making
    • Comparison of financial and management accounting
      • Emphasis on the future
      • Relevance and flexibility of data
      • Less emphasis on precision
      • Segments of an organization
      • International Financial Reporting Standards (IFRS)
      • Management accounting – not mandatory
    • Basic organizational structure
      • Decentralization
      • Line and staff relationships
    • Expanding and changing role of management accounting
      • The sources of management accounting knowledge
      • International diversity in management accounting traditions
    • Globalization and international competition
    • Changes in the business environment and management accounting
      • New business processes and technologies
      • Enterprise resource planning systems
      • Deregulation, privatization and re-regulation
      • The increased importance of service sector management
      • Managing for value
      • Managing for environmental sustainability
    • Corporate governance, professional and business ethics
    • Some implications for the roles of management accountants
  • 2 An introduction to cost terms, concepts and classifications
    • General cost classifications
      • Manufacturing costs
      • Non-manufacturing costs
      • Product costs versus period costs
    • Cost classifications on financial statements
      • The statement of financial position
      • The statement of profit or loss
      • Schedule of cost of goods manufactured
    • Product costs – a closer look
      • Inventoriable costs
      • An example of cost flows
    • Costing in service organizations: a first look
    • Cost classifications for predicting cost behaviour
      • Variable cost
      • Fixed cost
    • Cost classifications for assigning costs to cost objects
      • Direct cost
      • Indirect cost
    • Cost classifications for decision making
      • Differential cost and revenue
      • Opportunity cost
      • Sunk cost
  • 3 Cost behaviour: analysis and use
    • Types of cost behaviour patterns
    • Variable costs
      • The activity base
      • True variable versus step-variable costs
      • The linearity assumption and the relevant range
    • Fixed costs
      • Types of fixed costs
      • The trend toward fixed costs
      • Is labour a variable or a fixed cost?
      • Fixed costs and the relevant range
    • Mixed costs
    • The analysis of mixed costs
      • The high–low method
      • The scattergraph method
      • The least-squares regression method
      • Multiple regression analysis
    • The contribution format
      • Why a new statement of profit or loss format?
    • The contribution approach
  • 4 Job-order and service department costing
    • Process and job-order costing
      • Process costing
      • Job-order costing
    • Job-order costing – an overview
      • Measuring direct materials cost
      • Job cost sheet
      • Measuring direct labour cost
      • Application of manufacturing overhead
    • Choice of an allocation base for overhead cost
      • Computation of unit costs
      • Summary of document flows
    • Job-order costing – the flow of costs
      • The purchase and issue of materials
      • Labour cost
      • Manufacturing overhead costs
      • The application of manufacturing overhead
      • Non-manufacturing costs
      • Cost of goods manufactured
      • Cost of goods sold
      • Summary of cost flows
    • Problems of overhead application
      • Underapplied and overapplied overhead
      • Disposition of underapplied or overapplied overhead balances
      • A general model of product cost flows
      • Multiple predetermined overhead rates
    • Job-order costing in service companies
    • The predetermined overhead rate and capacity
  • 5 Process costing
    • Comparison of job-order and process costing
      • Similarities between job-order and process costing
      • Differences between job-order and process costing
    • A perspective of process cost flows
      • Processing departments
      • The flow of materials, labour and overhead costs
      • Materials, labour and overhead cost entries
    • Equivalent units of production
      • Weighted-average method
      • Production report – weighted-average method
      • A comment about rounding errors
    • FIFO method
      • Equivalent units – FIFO method
      • Comparison of equivalent units of production under the weighted-average and FIFO methods
      • Production report – FIFO method
      • A comparison of costing methods
    • Standard costing method
    • Operation costing
• Part 2: Information for decision making
  • 6 Cost–volume–profit relationships
    • The basics of cost–volume–profit (CVP) analysis
    • Contribution margin
    • Contribution margin ratio (CM ratio)
    • Some applications of CVP concepts
      • Importance of the contribution margin
    • Break-even analysis
      • Break-even computations
    • CVP relationships in graphic form
      • Preparing the CVP graph
    • Target profit analysis
      • The CVP equation
      • The contribution margin approach
    • The margin of safety
    • CVP considerations in choosing a cost structure
      • Cost structure and profit stability
    • Operating leverage
      • Automation: risks and rewards from a CVP perspective
    • Structuring sales commissions
    • The concept of sales mix
      • The definition of sales mix
      • Sales mix and break-even analysis
    • Assumptions of CVP analysis
  • 7 Profit reporting under variable costing and absorption costing
    • Overview of absorption and variable costing
      • Absorption costing
      • Variable costing
      • Unit cost computations
    • Profit comparison of absorption and variable costing
    • Extended comparison of profit data
    • Effect of changes in production on profit
      • Variable costing
      • Absorption costing
      • The impact on the manager
    • Choosing a costing method
      • External reporting
      • Decision making
      • Advantages of variable costing and the contribution approach
    • Impact of JIT methods
  • 8 Performance measurement and reporting on segments
    • Decentralization in organizations
      • Advantages and disadvantages of decentralization
      • Decentralization and segment reporting
      • Cost, profit and investment centres
      • Responsibility centres
    • Segment reporting and profitability analysis
      • Levels of segmented statements
      • Revenue and contribution margin
      • Traceable and common fixed costs
      • Traceable costs can become common costs
      • Segment margin
      • There is more than one way to segment a company
    • Hindrances to proper cost assignment
      • Omission of costs
      • Inappropriate methods for allocating costs among segments
      • Arbitrarily dividing common costs among segments
    • Rate of return for measuring managerial performance
      • The return on investment (ROI) formula
      • Operating profit and operating assets
      • Plant and equipment: net book value or gross cost?
    • Controlling the rate of return
      • Increase revenue
      • Reduce expenses
      • Reduce operating assets
      • Criticisms of ROI
    • Residual income – another measure of performance
      • Motivation and residual income
      • Divisional comparison and residual income
      • The problem of single-period metrics: the bonus bank approach
  • 9 Activity-based costing
    • How costs are treated under activity-based costing
      • Non-manufacturing costs and activity-based costing
      • Manufacturing costs and activity-based costing
      • The costs of idle capacity in activity-based costing
    • Designing an activity-based costing (ABC) system
    • Identifying activities to include in the ABC system
    • The mechanics of activity-based costing
      • Tracing overhead costs to activities and cost objects
      • Assigning costs to activity cost pools
    • Computation of activity rates
    • Targeting process improvements: activity-based management
    • Assigning costs to cost objects
    • Overhead costs computed using the ABC system
    • Product margins and customer profitability computed using the ABC system
    • Comparison of traditional and ABC product costs
      • Product margins computed using the traditional cost system
      • The differences between ABC and traditional product costs
    • ABC product costs – an action analysis
      • Ease of adjustment codes
      • The action analysis view of the ABC data
    • Service costing and management: the benefits of an ABC approach
    • Time-driven ABC
    • Activity-based costing and external reports
    • A simplified approach to activity-based costing
  • 10 Relevant costs for decision making
    • Cost concepts for decision making
      • Identifying relevant costs and benefits
      • Different costs for different purposes
      • Sunk costs are not relevant costs
      • Book value of old equipment
    • Future costs that do not differ are not relevant costs
      • An example of irrelevant future costs
      • Why isolate relevant costs?
    • Adding and dropping product lines and other segments
      • An illustration of cost analysis
    • A comparative format
      • Beware of allocated fixed costs
    • The make or buy decision
      • An example of make or buy
      • The matter of opportunity cost
    • Special orders
    • Utilization of constrained resources
      • Contribution in relation to a constrained resource
      • Managing constraints
    • The problem of multiple constraints in the short run: linear programming
      • Sensitivity analysis
      • Shadow prices
      • The limitations of the linear programming model as a management accounting technique
    • Joint product costs and the contribution approach
      • The pitfalls of allocation
      • Sell or process further decisions
    • Activity-based costing and relevant costs
• Part 3: Planning and control
  • 11 Profit planning and the role of budgeting
    • The basic framework of budgeting
      • Definition of budgeting
      • Personal budgets
      • Differences between planning and control
      • Advantages of budgeting
      • Responsibility accounting
      • Choosing a budget period
      • The participative or self-imposed budget
      • The matter of human relations
      • The budget committee
      • The master budget inter-relationships
      • Sales forecasting – a critical step
    • Preparing the master budget
      • The sales budget
      • The production budget
      • The direct materials budget
      • The direct labour budget
      • The manufacturing overhead budget
      • The ending finished goods inventory budget
      • The selling and administrative expense budget
      • The cash budget
    • The budgeted statement of profit or loss
    • The budgeted statement of financial position
    • Expanding the budgeted statement of profit or loss
    • Activity-based budgeting
    • Some criticisms of budgeting as a performance management system
      • Reform or abandon budgeting?
      • The Beyond Budgeting Round Table
  • 12 Standard costs and variance analysis
    • Standard costs – management by exception
      • Who uses standard costs?
    • Setting standard costs
      • Ideal versus practical standards
      • Setting direct materials standards
      • Setting direct labour standards
      • Setting variable manufacturing overhead standards
      • Are standards the same as budgets?
    • A general model for variance analysis
      • Price and quantity variances
    • Using standard costs – direct materials variances
    • Materials price variance – a closer look
      • Materials quantity variance – a closer look
    • Using standard costs – direct labour variances
      • Labour rate variance – a closer look
      • Labour efficiency variance – a closer look
    • Using standard costs – variable manufacturing overhead variances
      • Manufacturing overhead variances – a closer look
    • Structure of performance reports
    • Variance analysis and management by exception
    • Evaluation of controls based on standard costs
      • Advantages of standard costs
      • Potential problems with the use of standard costs
  • 13 Flexible budgets and performance reporting
    • Flexible budgets
      • Characteristics of a flexible budget
      • Deficiencies of the static budget
      • How a flexible budget works
      • Using the flexible budgeting concept in performance evaluation
      • The measure of activity – a critical choice
    • Variable overhead variances – a closer look
      • The problem of actual versus standard hours
      • Spending variance alone
      • Both spending and efficiency variances
      • Overhead rates and fixed overhead analysis
    • Flexible budgets and overhead rates
      • Overhead application in a standard cost system
    • The Fixed overhead variances
      • The budget variance – a closer look
      • The volume variance – a closer look
      • Graphic analysis of fixed overhead variances
      • Cautions in fixed overhead analysis
      • Overhead variances and under- or overapplied overhead cost
    • Appendix 13A: Sales mix, quantity variances, production mix and yield variances
    • Appendix 13B: Variance analysis in merchandise and service settings
  • 14 Capital investment decisions
    • Capital budgeting – planning investments
      • Typical capital budgeting decisions
      • The time value of money
    • Discounted cash flows – the net present value method
      • The net present value method illustrated
      • Emphasis on cash flows
      • Recovery of the original investment
      • Simplifying assumptions
      • Choosing a discount rate
      • An extended example of the net present value method
    • Discounted cash flows – the internal rate of return method
      • The internal rate of return method illustrated
      • Salvage value and other cash flows
      • The process of interpolation
      • Using the internal rate of return
    • The cost of capital as a screening tool
    • Comparison of the net present value and the internal rate of return methods
    • Expanding the net present value method
      • The total-cost approach
      • The incremental-cost approach
      • Least-cost decisions
      • Capital budgeting and non-profit organizations
    • Preference decisions – the ranking of investment projects
      • Internal rate of return method
      • Net present value method
    • Other approaches to capital budgeting decisions
      • The payback method
      • The simple rate of return method
    • Post-audit of investment projects
    • Appendix 14A: The concept of present value
      • The mathematics of interest
      • Computation of present value
      • Present value of a series of cash flows
    • Appendix 14B: Inflation and capital budgeting
    • Appendix 14C: Future value and present value tables
    • Appendix 14D: The impact of corporate taxation
    • Appendix 14E: Investment decision making and risk
      • Risk and uncertainty
      • Investment decision making and risk
      • Interrelated risks: the decision tree
      • The value of extra information
      • Pay-off strategies
  • 15 Pricing and intra-company transfers
    • The economists’ approach to pricing
      • Elasticity of demand
      • The profit-maximizing price
    • The absorption costing approach to cost-plus pricing
      • Setting a target selling price using the absorption costing approach
      • Determining the mark-up percentage
      • Problems with the absorption costing approach
    • Target costing
      • An example of target costing
    • Service companies – time and material pricing
      • Time component
      • Material component
      • An example of time and material pricing
    • Revenue and yield management
    • Transfer pricing
      • Negotiated transfer prices
      • Transfers at the cost of the selling division
      • Transfers at market price
      • Divisional autonomy and sub-optimization
      • International aspects of transfer pricing
• Part 4: Value metrics and performance management in a strategic context
  • 16 Strategic management accounting and the balanced scorecard
    • Profit planning with a given industry and product: cost structure and business orientation
    • Value-based management
    • Some basic techniques of strategic management accounting
      • SMA and the concept of strategic positioning
      • Strategic investment appraisal: investment appraisal with strategic ‘bolt-ons’?
      • The Mavis Machines case
      • Strategic investment appraisal: an iterative model
    • Strategy as collision: lean enterprises and business process re-engineering
    • Modelling and monitoring strategy: the balanced scorecard and other non-financial measures
      • Divisional performance measures and the balanced scorecard
      • Common characteristics of balanced scorecards
    • Some obstacles to SMA
  • 17 Management control and corporate governance
    • General models of management control and performance measurement
      • The levers of control approach to strategy implementation
    • Corporate governance: a financial perspective
      • Management accounting and the integrity of financial information
      • Management accounting and regulatory approaches to corporate governance
    • Corporate governance and risk management
      • Wealth creation and good corporate governance: the role of boundary systems
    • Enterprise governance
    • A broader view on corporate governance: stakeholder, social and environmental responsiveness
      • The Performance Prism
    • Environmental management accounting
      • An example of environmental management accounting
    • Organizational control and service delivery in the public sector: beyond incrementalism?
      • New political and management structures
      • The introduction of policy-led budgeting
      • Informal versus formal control systems
  • 18 Business process management: towards the lean operation
    • Optimizing inventory: the economic order quantity (EOQ) and the reorder point
      • Costs associated with inventory
      • Computing the economic order quantity (EOQ)
    • Just-in-time (JIT) and the economic order quantity (EOQ)
      • Production lot size
      • Reorder point and safety inventory
    • Reducing inventory: just-in-time (JIT)
      • The JIT concept
      • Key elements in a JIT system
      • Benefits of a JIT system
    • Inventory control and enterprise resource planning (ERP)
    • E-commerce: new challenges for management accounting
    • Quality and business processes: measurement and management
    • The cost of quality model
      • Prevention costs
      • Appraisal costs
      • Internal failure costs
      • External failure costs
      • Distribution of quality costs
      • Quality cost reports
      • From modelling the costs of quality to quality management
    • Total quality management (TQM)
      • The plan–do–check–act cycle
      • Some criticisms of TQM
    • Benchmarking
      • Some problems with benchmarking
    • Business process re-engineering (BPR)
      • What does a re-engineered process look like?
      • Some criticisms of re-engineering
    • Six Sigma
    • Lean production
      • An emphasis on eliminating waste
      • Lean accounting
    • Obstacles to organizational change and the advantages of a fresh start
  • 19 Strategic perspectives on cost management
    • The theory of constraints
      • TOC and continuous improvement
      • An example of TOC
      • The impact of TOC on management accounting
      • Throughput accounting
    • Strategic approaches to cost management: target costing and life-cycle costing
      • Target costing and life-cycle costing
      • Some problems with target and life-cycle costing
    • The make-or-buy decision from a strategic perspective: supply chain management
      • Integration versus sub-contracting
      • Traditional supply relationships
      • Strategic partnering
      • The implications for management accounting of strategic approaches to make or buy
    • Corporate unbundling: shared service centres and service outsourcing
      • The shared service centre model
    • Variable costs
    • Fixed costs
    • Should actual or budgeted costs be allocated?
      • Service outsourcing
• Glossary
• Bibliography
• Index

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