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Managerial accounting

By: Jiambalvo, James
Publisher: Hoboken : NJ John Wiley &​ Sons, c2016.Edition: 6th ed.Description: xxviii, 495 p. : col. ill. ; 26 cm.ISBN: 9781119158011Program: ACCY801Subject(s): Managerial accounting -- United StatesDDC classification: 658.1511 JI MA
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REGULAR University of Wollongong in Dubai
Main Collection
658.15​11 JI MA (Browse shelf) Available July2019 T0059177
REGULAR University of Wollongong in Dubai
Main Collection
658.15​11 JI MA (Browse shelf) Available T0059178

ACCY801 Spring2022

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Machine generated contents note: Goal Of Managerial Accounting, Planning, Budgets For Planning Control
Performance Reports For Control Decision Making
A Comparison Of Managerial And Financial Accounting
Internal Versus External Users
Need To Use GAAP
Detail Of Information
Emphasis On Nonmonetary Information
Emphasis On The Future
Similarities Between Financial And Managerial Accounting
Cost Terms Used In Discussing Planning, Control, And Decision Making
Variable And Fixed Costs
Variable Costs
Fixed Costs
Sunk Costs
Opportunity Costs
Direct And Indirect Costs
Controllable And Noncontrollable Costs
Two Key Ideas In Managerial Accounting
Decision Making Relies On Incremental Analysis
The Information Age And Managerial Accounting
Impact Of Information Technology On Management Of The Value Chain
Information Flows Between Milano And Customers
Information Flows Between Milano And Suppliers
Contents note continued: Using Information Technology To Gain Internal Efficiencies
Software Systems That Impact Value Chain Management
Enterprise Resource Planning Systems
Supply Chain Management Systems
Customer Relationship Management Systems
Ethical Considerations In Managerial Decision Making
Ethical And Unethical Behavior
Sarbanes-Oxley Act
A Framework For Ethical Decision Making
Ima Statement Of Ethical Professional Practice
The Controller As The Top Management Accountant
Summary Of Learning Objectives
Appendix Ima Statement Of Ethical Professional Practice
Principles
Standards
Resolution Of Ethical Conflict
Review Problems
Key Terms
Self-Assessment
Questions
Exercises
Problems
Cases
Cost Classifications for Manufacturing Firms
Manufacturing Costs
Direct Material
Direct Labor
Manufacturing Overhead
Nonmanufacturing Costs
Selling Costs
General And Administrative Costs
Contents note continued: Product And Period Costs
Product Costs
Period Costs
Product Cost Information In Financial Reporting And Decision Making
Balance Sheet Presentation Of Product Costs
Flow Of Product Costs In Accounts
Income Statement Presentation Of Product Costs
Cost Of Goods Manufactured
Cost Of Goods Sold
Types Of Costing Systems
Overview Of Job Costs And Financial Statement Accounts
Job-Order Costing System
Direct Material Cost
Direct Labor Cost
Journal Entry To Record Direct Labor
Journal Entries To Record Manufacturing Overhead
Assigning Costs To Jobs: A Summary
Eastlake Revisited: Using Job Cost Information
Relation Between The Costs Of Jobs And The Flow Of Costs In Work In Process, Finished Goods, And Cost Of Goods Sold
Allocating Overhead To Jobs: A Closer Look
Overhead Allocation Rates
The Overhead Allocation Base
Activity-Based Costing (ABC) And Multiple Overhead Rates
Contents note continued: Predetermined Overhead Rates
Eliminating Overapplied Or Underapplied Overhead
Job-Order Costing For Service Companies
Comprehensive Example
Modern Manufacturing Practices And Product Costing Systems
Just-In-Time (JIT) Production
Lean Manufacturing
Computer-Controlled Manufacturing
Total Quality Management
Difference Between Job-Order And Process Costing Systems
Product And Cost Flows
Product Flows Through Departments
Cost Flows Through Accounts
Transferred-In Cost
Calculating Unit Cost
Equivalent Units
Cost Per Equivalent Unit
Calculating And Applying Cost Per Equivalent Unit: Mixing Department Example
Cost Transferred Out
Ending Work In Process
Production Cost Report
Reconciliation Of Units
Contents note continued: Reconciliation Of Costs
Basic Steps In Process Costing: A Summary
Kent Chemical Revisited: Answering Stacy's Question
Dealing With Transferred-In Cost: Packaging Department Example
Process Costing And Incremental Analysis
"You Get What You Measure!" And Manufacturing Processes
Common Cost Behavior Patterns
Discretionary Versus Committed Fixed Costs
Mixed Costs
Step Costs
Relevant Range
Cost Estimation Methods
Account Analysis
Scattergraphs
High-Low Method
Regression Analysis
The Relevant Range And Cost Estimation
Cost-Volume-Profit Analysis
The Profit Equation
Break-Even Point
Margin Of Safety
Contribution Margin
Units Needed To Achieve Profit Target
Contribution Margin Ratio
Dollar Sales Needed To Achieve Profit Target
Contents note continued: "What If" Analysis
Change In Fixed And Variable Costs
Change In Selling Price
Multiproduct Analysis
Contribution Margin Approach
Contribution Margin Ratio Approach
Assumptions In CVP Analysis
Codeconnect Example Revisited: Answering Mary's Questions
Operating Leverage
Constraints
Appendix Using Regression In Excel To Estimate Fixed And Variable Costs
Setting Up The Spreadsheet
Interpreting The Output Of The Regression Program
Full (Absorption) And Variable Costing
Variable Costing Income Statement
Effects Of Production On Income For Full Versus Variable Costing: The Clausentube Example
Quantity Produced Equals Quantity Sold
Quantity Produced Is Greater Than Quantity Sold
Quantity Produced Is Less Than Quantity Sold
Contents note continued: Explaining What Happened At Clausentube
Impact Of Jet On The Income Effects Of Full Versus Variable Costing
Benefits Of Variable Costing For Internal Reporting
Variable Costing Facilitates CVP Analysis
Variable Costing Limits Management Of Earnings Via Production Volume
Purposes Of Cost Allocation
To Provide Information For Decision Making
To Reduce Frivolous Use Of Common Resources
To Encourage Evaluation Of Services
To Provide "Full Cost" Information
Process Of Cost Allocation
Determining The Cost Objective
Forming Cost Pools
Selecting An Allocation Base
Allocating Service Department Costs
Direct Method Of Allocating Service Department Costs
Allocating Budgeted And Actual Service Department Costs
Problems With Cost Allocation
Contents note continued: Responsibility Accounting And Controllable Costs
Arbitrary Allocations
Unitized Fixed Costs And Lump-Sum Allocations
The Problem Of Too Few Cost Pools
Using Only Volume-Related Allocation Bases
Activity-Based Costing
The Problem Of Using Only Measures Of Production Volume To Allocate Overhead
The ABC Approach
Hierarchy Of Activities
Relating Cost Pools To Products Using Cost Drivers
The ABC Approach At McMaster Screen Technologies: A Comprehensive Example
McMaster's Costs Under The Traditional Approach
McMaster's Costs Under The ABC Approach
Pros And Cons Of ABC
Benefits
Limitations
Activity-Based Management
Remember-You Get What You Measure!
Appendix Activity-Based Management
Step 1: Determine Major Activities
Step 2: Identify Resources Used By Each Activity
Step 3: Evaluate The Performance Of The Activities
Contents note continued: Step 4: Identifies Ways To Improve The Efficiency And Effectiveness Of The Activities
Conclusion
Incremental Analysis
When Your Boss Asks, "What Does This Product (Service) Cost?" You Should Say, "Why Do You Want To Know?"
Analysis Of Decisions Faced By Managers
Additional Processing Decision
Make-Or-Buy Decisions: The General Refrigeration Example
Dropping A Product Line
Beware Of The Cost Allocation Death Spiral!
Summary Of Incremental, Avoidable, Sunk, And Opportunity Costs
Decisions Involving Joint Costs
Allocation Of Joint Costs
Additional Processing Decisions And Joint Costs
Qualitative Considerations In Decision Analysis
Appendix The Theory Of Constraints
The Five-Step Process Of Toc
Step 1: Identify The Binding Constraint
Step 2: Optimize Use Of The Constraint
Contents note continued: Step 3: Subordinate Everything Else To The Constraint
Step 4: Break The Constraint
Step 5: Identify A New Binding Constraint
Implications Of Toc For Inspections, Batch Sizes, And Across-The-Board Cuts
The Profit-Maximizing Price
Pricing Special Orders
Cost-Plus Pricing
Target Costing
Analyzing Customer Profitability: Revisiting The Priced Right Office Supplies Case
Customer Profitability And Performance Measures
Activity-Based Pricing
Capital Budgeting Decisions
Evaluating Investment Opportunities: Time Value Of Money Approaches
Basic Time Value Of Money Calculations
The Net Present Value Method
Steps In The NPV Method
An Example Of The NPV Approach
Contents note continued: Comparing Alternatives With NPV
The Internal Rate Of Return Method
The Internal Rate Of Return With Unequal Cash Flows
Summary Of Net Present Value And Internal Rate Of Return Methods
Considering "Soft" Benefits In Investment Decisions
Calculating The Value Of Soft Benefits Required To Make An Investment Acceptable
Estimating The Required Rate Of Return
Additional Cash Flow Considerations
Cash Flows, Taxes, And The Depreciation Tax Shield
Adjusting Cash Flows For Inflation
Other Long-Run Decisions
Simplified Approaches To Capital Budgeting
Payback Period Method
Accounting Rate Of Return
The Accounting Rate Of Return Is Not A Reliable Estimate Of The Internal Rate Of Return
Conflict Between Performance Evaluation And Capital Budgeting
Wilson Air Example Revisited
Appendix A Using Excel® To Calculate NPV And IRR
Contents note continued: Questions
Use Of Budgets In Planning And Control
Developing the Budget
Budget Time Period
Zero-Based Budgeting
The Master Budget
Sales Budget
Production Budget
Direct Material Purchases Budget
Direct Labor Budget
Manufacturing Overhead Budget
Selling And Administrative Expense Budget
Budgeted Income Statement
Capital Acquisitions Budget
Cash Budget
Budgeted Balance Sheet
Use Of Computers In The Budget Planning Process
Budgetary Control
Budgets As A Standard For Evaluation
Static And Flexible Budgets
Investigating Budget Variances
Conflict In Planning And Control Uses Of Budgets
Why Budget-Based Compensation Can Lead To Budget Padding And Income Shifting
Evaluation, Measurement, And Management Behavior
The Preston Joystick Case Revisited
Standard Costs
Standard Costs and Budgets
Development of Standard Costs
Ideal versus Attainable Standards
A General Approach To Variance Analysis
Material Variances
Material Price Variance
Material Quantity Variance
Direct Labor Variances
Labor Rate Variance
Labor Efficiency Variance
Overhead Variances
Controllable Overhead Variance
Detailed Analysis of the Controllable Overhead Variance
Overhead Volume Variance
Computing the Overhead Volume Variance
Interpreting the Overhead Volume Variance
Calculating the Financial Impact of Operating at More or Less than Planned Capacity
Test Your Knowledge: Comprehensive Example
Labor Variances
Investigation Of Standard Cost Variances
Management by Exception
Favorable Variances May Be Unfavorable
Can Process Improvements Lead to Unfavorable Variances?
Contents note continued: Beware: Evaluation in Terms of Variances Can Lead to Excess Production
Responsibility Accounting And Variances
Appendix Recording Standard Costs In Accounts
Recording Material Costs
Recording Labor Cost
Recording Manufacturing Overhead
Recording Finished Goods
Recording Cost of Goods Sold
Closing Variance Accounts
Why Firms Decentralize
Advantages of Decentralization
Disadvantages of Decentralization
Why Companies Evaluate The Performance Of Subunits And Subunit Managers
Evaluating Subunits
Evaluating Subunit Managers
Responsibility Accounting and Performance Evaluation
Cost Centers, Profit Centers, And Investment Centers
Cost Centers
Profit Centers
Investment Centers
Evaluating Investment Centers With ROI
Contents note continued: Measuring Income and Invested Capital When Calculating ROI
Problems with Using ROI
Problems of Over investment and Underinvestment: You Get What You Measure!
Evaluation in Terms of Profit Can Lead to Overinvestment
Evaluation in Terms of ROI Can Lead to Underinvestment
Evaluation Using Economic Value Added (EVA)
Residual Income (RI)
Revisiting the Situation at Action Industries
Solving the Over investment and Underinvestment Problems
Economic Value Added (EVA)
EVA Example
Using A Balanced Scorecard To Evaluate Performance
Tying the Balanced Scorecard Measures to the Strategy for Success
Scenario 1. Learning and Growth Dimension
Scenario 2. Internal Process Dimension
Scenario 3. Customer Dimension
Scenario 4. Financial Dimension
How to Balance Is Achieved in a Balanced Scorecard
Developing A Strategy Map For A Balanced Scorecard
Contents note continued: Keys To A Successful Balanced Scorecard: Targets, Initiatives, Responsibility, Funding, Top Management Support
Targets
Initiatives
Responsibility
Funding
Top Management Support
Appendix Transfer Pricing
Market Price As The Transfer Price
Market Price And Opportunity Cost
Variable Cost As The Transfer Price
Full Cost Plus Profit As The Transfer Price
Negotiated Transfer Prices
Transfer Pricing And Income Taxes In An International Context
Problems.

ACCY801

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