Lýsing:
For over thirty-five years, Colin Drury's Management and Cost Accounting has successfully blended theory and practice. Established as the leading text in the field, it helps students learn the key concepts and processes of management and cost accounting. Now in its twelfth edition, the text retains its trademark clear and accessible style, covering everything students need to know for their management accounting career and professional exams.
Every chapter includes an Employability Skills question, review problems from accounting examination bodies and recent real-world examples of well-known international organizations such as Netflix, Amazon and Apple. This edition includes new chapters on data analytics and environmental management accounting as well as expanded coverage of strategic performance and cost management, value creation and quality management.
Annað
- Höfundar: Colin Drury, Mike E Tayles
- Útgáfa:12
- Útgáfudagur: 2023-12-12
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- Format:Page Fidelity
- ISBN 13: 9781473792272
- Print ISBN: 9781473791244
- ISBN 10: 1473792274
Efnisyfirlit
- Title Page
- Copyright Page
- Brief Contents
- Contents
- ABOUT THE AUTHORS
- PREFACE
- ACKNOWLEDGEMENTS
- PART ONE: Introduction to management and cost accounting
- Chapter 1: I ntroduction to management accounting
- The users of accounting information
- Differences between management accounting and financial accounting
- The decision-making, planning and control process
- The impact of the changing business environment on management accounting
- Focus on customer satisfaction and new management approaches
- Functions of management accounting
- Summary of the contents of this book
- Guidelines for using this book
- Chapter 2: An introduction to cost terms and concepts
- Cost objects
- Manufacturing, merchandising and service organizations
- Direct and indirect costs
- Period and product costs
- Cost behaviour
- Relevant and irrelevant costs and revenues
- Avoidable and unavoidable costs
- Sunk costs
- Opportunity costs
- Incremental and marginal costs
- Controllable and uncontrollable costs
- The cost and management accounting information system
- Chapter 1: I ntroduction to management accounting
- Chapter 3: Cost assignment
- Assignment of direct and indirect costs
- Different costs for different purposes
- Cost–benefit issues and cost systems design
- Assigning direct costs to cost objects
- Plant-wide (blanket) overhead rates
- The two-stage allocation process
- An illustration of the two-stage process for a traditional costing system
- An illustration of the two-stage process for an ABC system
- Extracting relevant costs for decision-making
- Budgeted overhead rates
- Under- and over-recovery of overheads
- Non-manufacturing overheads
- Cost assignment in non-manufacturing organizations
- The indirect cost assignment process
- Accounting entries for a job costing system
- Chapter 4: Process costing
- Flow of production and costs in a process costing system
- Process costing when all output is fully complete
- Process costing with ending work in progress partially complete
- Beginning and ending work in progress of uncompleted units
- Partially completed output and losses in process
- Process costing in service organizations
- Batch/operating costing/standard costing
- Appendix 4.1: Losses in process and partially completed units
- Chapter 5: Joint and by-product costing
- Joint products and by-products
- Methods of allocating joint costs
- Irrelevance of joint cost allocations for decision-making
- Accounting for by-products
- Chapter 6: Income effects of alternative cost accumulation systems
- External and internal reporting
- Variable costing
- Absorption costing
- Variable costing and absorption costing: a comparison of their impact on profit
- Some arguments in support of variable costing
- Some arguments in support of absorption costing
- Alternative denominator-level measures
- Appendix 6.1: Derivation of the profit function for an absorption costing system
- Chapter 7: Cost–volume–profit analysis
- Curvilinear CVP relationships
- Linear CVP relationships
- A numerical approach to CVP analysis
- The contribution margin ratio
- Relevant range
- Margin of safety
- Constructing the break-even or CVP chart
- Alternative presentation of CVP analysis
- Multi-product CVP analysis
- Operating leverage
- CVP analysis assumptions and limitations
- The impact of information technology
- Chapter 8: Measuring relevant costs and revenues for decision-making
- Identifying relevant costs and revenues
- Importance of qualitative/non-financial factors
- Special pricing decisions
- Product mix decisions when capacity constraints exist
- Replacement of equipment: the irrelevance of past costs
- Outsourcing and make-or-buy decisions
- Discontinuation decisions
- Determining the relevant costs of direct materials
- Determining the relevant costs of direct labour
- Appendix 8.1: The theory of constraints and throughput accounting
- Appendix 8.2: Development of capacity constraints: the application of linear programming
- Uses of linear programming
- Chapter 9: Pricing decisions and profitability analysis
- The role of cost information in pricing decisions
- A price-setting firm facing short-run pricing decisions
- A price-setting firm facing long-run pricing decisions
- A price-taking firm facing short-run product mix decisions
- A price-taking firm facing long-run product mix decisions
- Surveys of practice relating to pricing decisions
- Limitations of cost-plus pricing
- Reasons for using cost-plus pricing
- Pricing policies
- Customer profitability analysis
- Appendix 9.1: Calculating optimal selling prices using differential calculus
- Chapter 10: Activity-based costing
- The need for a cost accumulation system in generating relevant cost information for decision-making
- Types of cost system
- A comparison of traditional and ABC systems
- The emergence of ABC systems
- Volume-based and non-volume-based cost drivers
- Designing ABC systems
- Activity hierarchies
- ABC profitability analysis
- Cost versus benefits considerations
- Time-driven ABC
- Resource consumption models and unused capacity
- Periodic review of an ABC database
- ABC cost management applications
- Chapter 11: Decision-making under conditions of risk and uncertainty
- Risk and uncertainty
- Probability distributions and expected value
- Measuring the amount of risk
- Attitudes to risk by individuals
- Decision tree analysis
- Buying perfect and imperfect information
- Maximin, maximax and regret criteria
- Risk reduction and diversification
- Chapter 12: Capital investment decisions:appraisal methods
- The opportunity cost of an investment
- Compounding and discounting
- The concept of net present value
- Calculating net present values
- The internal rate of return
- Relevant cash flows
- Timing of cash flows
- Comparison of net present value and internal rate of return
- Techniques that ignore the time value of money
- Payback method
- Accounting rate of return
- The effect of performance measurement on capital investment decisions
- Qualitative factors
- Chapter 13: Capital investment decisions: the impact of capital rationing, taxation, inflation and r
- Capital rationing
- Taxation and investment decisions
- The effect of inflation on capital investment appraisal
- Calculating risk-adjusted discount rates
- Risk-adjusted discount rates and the weighted average cost of capital
- Sensitivity analysis
- Initiation, authorization and review of projects
- Chapter 14: Management control systems
- The scope of management control systems
- Different types of control mechanisms
- Feedback and feed-forward controls
- Management accounting control systems
- Responsibility centres
- Applying the controllability principle
- Setting performance targets and determining how challenging they should be
- Determining how much influence managers should have in setting targets
- Harmful side-effects of controls
- Rewards and incentives
- Different approaches that managers use to evaluate budgetees’ performance
- Contingency theory
- Alternative uses of management accounting information
- Chapter 15:The budgeting process
- The strategic planning, budgeting and control process
- The multiple functions of budgets
- Conflicting roles of budgets
- The budget period
- Administration of the budgeting process
- Stages in the budgeting process
- A detailed illustration
- Computerized budgeting
- Activity-based budgeting
- The budgeting process in non-profit-making organizations
- Zero-based budgeting
- Criticisms of budgeting
- Chapter 16: Standard costing and variance analysis 1
- Operation of a standard costing system
- Establishing cost standards
- Purposes of standard costing
- A summary of variance analysis for a variable costing system
- Material variances
- Labour variances
- Variable overhead variances
- A generic routine approach to variance analysis for variable costs
- Fixed overhead expenditure or spending variance
- Sales variances
- Reconciling budgeted profit and actual profit
- Standard absorption costing
- Reconciliation of budgeted and actual profit for a standard absorption costing system
- Appendix 16.1: A generic routine approach to variance analysis
- Chapter 17: Standard costing and variance analysis 2:further aspects
- Direct materials mix and yield variances
- Sales mix and sales quantity variances
- Distinguishing between planning and operating variances
- The investigation of variances
- The role of standard costing when ABC has been implemented
- Chapter 18: Divisional financial performance measures
- Divisional organizational structures
- Advantages and disadvantages of divisionalization
- Prerequisites for successful divisionalization
- Distinguishing between the managerial and economic performance of the division
- Alternative divisional profit measures
- Surveys of practice
- Return on investment
- Residual income
- Economic value added (EVA(TM
- An illustration of the calculation of EVA(TM
- Determining which assets should be included in the investment base
- The impact of depreciation
- The effect of performance measurement on capital investment decisions
- Addressing the dysfunctional consequences of short-term financial performance measures
- Chapter 19: Transfer pricing in divisionalized companies
- Purpose of transfer pricing
- Alternative transfer pricing methods
- Market-based transfer prices
- Cost plus a mark-up transfer price
- Marginal/variable cost transfer prices
- Full cost transfer prices without a mark-up
- Negotiated transfer prices
- Marginal/variable cost plus opportunity cost transfer prices
- Comparison of cost-based transfer pricing methods
- Proposals for resolving transfer pricing conflicts
- Domestic transfer pricing recommendations
- International transfer pricing
- Chapter 20: Strategic performance management
- The performance management framework
- Strategy and strategic positioning
- Performance measurement and performance management systems
- Alternative performance management frameworks
- The balanced scorecard
- Linking performance evaluation with the balanced scorecard
- Benefits and limitations of the balanced scorecard approach
- Chapter 21: Strategic cost management and value creation
- Cost management and the value chain
- Life cycle cost management
- Target costing
- Kaizen costing
- Activity-based management
- Benchmarking
- Business process re-engineering
- Just-in-time systems
- Quality cost management
- Chapter 22: Management accounting: contemporary technologies and data analytics
- Information technology in management accounting:a brief history and context
- Data analytics for management accountants
- Chapter 23: Sustainability and environmental management accounting
- Sustainability, CSR, ESG and shared value
- Environmental management accounting
- Chapter 24: Challenges for the future
- A brief historical review of management accounting
- Globalization and management accounting practices
- Information technology and digitalization
- Sustainability and environmental issues
- Focus on ethical behaviour
- Intellectual capital and the knowledge-based economy
- Integrated reporting
- Implications for the future
- Chapter 25: Cost estimation and cost behaviour
- General principles applying to estimating cost functions
- Cost estimation methods
- Tests of reliability
- Relevant range and non-linear cost functions
- A summary of the steps involved in estimating cost functions
- Cost estimation when the learning effect is present
- Estimating incremented hours and incremental cost
- Appendix 25.1: Multiple regression analysis
- Chapter 26: Quantitative models for the planning and control of inventories
- Why do firms hold inventories
- Relevant costs for quantitative models under conditions of certainty
- Determining the economic order quantity
- Assumptions of the EOQ formula
- Application of the EOQ model in determining the optimum batch size for a production run
- Quantity discounts
- Determining when to place the order
- Uncertainty and safety stocks
- The use of probability theory for determining safety stocks
- Control of inventory through classification
- Other factors influencing the choice of order quantity
- Materials requirement planning
- Just-in-time (JIT) purchasing arrangements
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- Gerð : 208
- Höfundur : 9500
- Útgáfuár : 2023
- Leyfi : 379