Tools for Enterprise Performance Evaluation - Budgeting and Decision Making

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Part 2: Tools for Enterprise Performance Evaluation

1. Responsibility Accounting and Management by Exception
1.1 Centralized VS. Decentralized Decision-Making
1.2 Responsibility Centers
1.3 Cost Center
1.4 Profit Center
1.5 Investment Center
1.6 Affixing Responsibility
1.7 Responsibility Center Reports
1.8 The Power of a Data Base System
1.9 Traceable Versus Common Fixed Costs
1.10 Management by Expansion

2. Flexible Budgets
2.1 Flexible Budget for Performance Evaluations
2.2 Flexible Budgets for Planning
2.3 Flexible Budgets and Efficiency of Operation

3. Standard Costs
3.1 Setting Standards
3.2 Philosophy of Standards
3.3 The Downside of the Standards

4. Variance Analysis
4.1 Variances Relating to Direct Materials
4.2 An Illustration of Direct Material Variance Calculations
4.3 Journal Entries for Direct Material Variances
4.4 When Purchases Differ From Usage
4.5 Variances Relating to Direct Labor
4.6 An Illustration of Direct Labor Variance Calculations
4.7 Journal Entries for Direct Labor Variances
4.8 Factory Overhead Variances
4.9 Variable Versus Fixed Overhead
4.10 Variances Relating to Variable Factory Overhead
4.11 Exploring Variable Overhead Variances
4.12 An Illustration of Variable Overhead Variances
4.13 Journal Entry for Variable Overhead Variances
4.14 Careful Interpretation of Variable Overhead Variances
4.15 Variances Relating to Fixed Factory Overhead
4.16 An Illustration of Fixed Overhead Variances
4.17 Journal Entry for Fixed Overhead Variances
4.18 Recapping Standards and Variances
4.19 Examining Variances

5. Balanced Scorecard Approach to Performance Evaluation
5.1 The Balance Scorecard in Operation

Appendix

Larry M. Walther, Ph.D., CPA, CMA, is the Ernst & Young Professor and Head of the School of Accountancy at Utah State University. Dr. Walther has authored numerous accounting textbooks and articles, and has served as director and/or consultant to a number to a number of public and nonpublic companies. Dr. Walther obtained his Ph.D. in accounting from Oklahoma State University and has public accounting experience with Ernst & Young. He currently serves as the accounting accreditation committee of the AACSB and is past president for the federation of schools of accountancy.

Dr. Chris Skousen obtained his Ph.D. at Oklahoma State University. He earned MBA and BA degrees from Utah State University. Dr. Skousen gained public accounting auditing experience with KPMG in their Portland, Oregon office, and as an intern in their in Düsseldorf, Germany office, and at Squire & Co. Dr. Skousen has taught accounting at Utah State University, The University of Texas at Arlington, Oklahoma State University, and Brigham Young University-Idaho. He has published in Accounting Horizons, Behavior Research in Accounting, Accounting and the Public Interest, and other journals.