This book is the sixth of seven books which introduces the basic principles of accounting. This book introduces managerial accounting, with a primary focus on internal business reporting, decision making, planning, strategy, budgets, and cost control. Cost-volume-profit analysis, variable cost, fixed costs, mixed costs are introduced. Break-even analysis, contributions margin, target income calculations, and sensitivity analysis are all discussed in detail. In addition, product costs, job costing, process costing, and activity-based costing are introduced.
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- Part 1. Introduction to Managerial Accounting
- Managerial Accounting
- Professional Certifi cations in Management Accounting
- Planning, Directing, and Controlling
- Decision Making
- Planning
- Strategy
- Positioning
- Budgets
- Directing
- Cost Components
- Product Versus Period Costs
- Period Costs
- Financial Statement Issues that are Unique to Manufacturers
- Schedule of Raw Materials
- Schedule of Work in Process
- Schedule of Cost of Goods Manufactured
- Schedule of Cost of Goods Sold
- The Income Statement
- Reviewing Cost of Flow Concepts for a Manufacturer
- Critical Thinking About Cost Flow
- Part 2. Cost-Volume-Profi t and Business Scalability
- Cost Behavior
- The Nature of Costs
- Variable Costs
- Fixed Costs
- Business Implications of the Fixed Cost Structure
- Economies of Scale
- Dialing in Your Business Model
- Cost Behavior Analysis
- Mixed Costs
- High-Low Method
- Method of Least Squares
- Recap
- Break-Even and Target Income
- Contribution Margin
- Contribution Margin: Aggregated, per Unit, or Ratio?
- Graphic Presentation
- Break-Even Calculations
- Target Income Calculations
- Critical Thinking About CVP
- Sensitivity Analysis
- Changing Fixed Costs
- Changing Variable Costs
- Blended Cost Shifts
- Per Unit Revenue Shifts
- Margin Beware
- Margin Mathematics
- CVP for Multiple Products
- Multiple Products, Selling Costs, and Margin Management
- Assumptions of CVP
- Part 3. Job Costing and Modern Cost Management Systems
- Basic Job Costing Concepts
- Cost Data Determination
- Conceptualizing Job Costing
- Tracking Direct Labor
- Tracking Direct Materials
- Tracking Overhead
- Job Cost Sheets
- Expanding the Illustration
- Another Expansion of the Illustration
- Database Versus Spreadsheets
- Moving Beyond the Conceptual Level
- Information Systems for the Job Costing Environment
- Direct Material
- Direct Labor
- Overhead and Cost Drivers
- Tracking Job Cost Within the Corporate Ledger
- Direct Material
- Direct Labor
- Applied Factory Overhead
- Overview
- Financial Statement Impact Scenarios
- Cost Flows to the Financial Statements
- Subsidiary Accounts
- Global Trade and Transfers
- Accounting for Actual and Applied Overhead
- The Factory Overhead Account
- Actual Overhead
- The Balance of Factory Overhead
- Underapplied Overhead
- Overapplied Overhead
- Infl uence of Gaap
- Job Costing in Service, Not For-Profi t, and Governmental Environments
- The Service Sector
- Capacity Utilization
- Modern Management of Costs and Quality
- Global Competition
- Kaizen
- Lean Manufacturing
- Just in Time Inventory
- Total Quality Management
- Six Sigma
- Reflection on Modern Cost Management
- Part 4. Process Costing and Activity-Based Costing
- Process Costing
- Process Costing
- Comparing Job and Process Costing
- Introduction to the Cost of Production Report
- Job Costing Flows
- Process Costing Flows
- Job Costing Flows on Job Cost Sheets
- Process Costing Flows on Cost of Production Reports
- Equivalent Units
- Factors of Production
- An Illustration of Equivalent Units Calculations
- Cost per Equivalent Unit
- Cost Allocation to Completed Units and Units in Process
- Cost of Production Report
- Journal Entries
- Subsequent Departments
- The Big Picture
- FIFO Process Costing
- Activity-Based Costing
- Pros of ABC
- Cons of ABC
- The Reality of ABC
- A Closer Look at ABC Concepts
- The Steps to Implement ABC
- A Simple Analogy
- A Case Study in ABC
- Study Process and Costs
- Identify Activities
- Determine Traceable Costs and Allocation Rates
- Assign Costs to Activities
- Determine Per-Activity Allocation Rates
- Apply Costs to Cost Objects
- What Just Happened?
- A Great Tool, But not a Panacea
This is a fantastic resource. It is organised, clear and direct to the point. It is better than the expensive compulsory books that I have purchased for university, which often leaves me lost, confused and frustrated. Thank you bookboon authors.
Bookboon's authors have perfectly stitched contents that they come up with an ideal ebook like this. Highly recommended. Organized and direct to the point.
