Tables of Contents for Managerial Account

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Agenda: Management Accounting and the Business Environment

The Planning and Control Cycle (Exhibit 1-1)

Managerial and Financial Accounting Contrasted (Exhibit 1-2)

Continuous Improvement

Just-In-Time (JIT)

JIT Purchasing

Key Elements in a JIT System

Benefits of a JIT System

Total Quality Management (TQM)

Process Reengineering

Theory of Constraints (TOC)

An Organization Chart (Exhibit 1-8)

Standards of Ethical Conduct for Management Accountants

An Overview of Cost Terms in Chapter 2

Cost Classifications in Manufacturing Companies

Cost Flows in a Manufacturing Company (Exhibit 2-6)

Cost Flows Example

Cost Flows Example (cont'd)

Inventory Flows

Cost Flows Example (cont'd)

Schedule of Cost of Goods Manufactured (Traditional Format)

Cost Classifications to Describe Cost Behavior

Fixed Costs

A Graphic View of Cost Behavior

Cost Classifications for Assigning Costs

Cost Classifications for Decision-Making

Opportunity Cost

Accounting for Labor Costs

Overtime Premium

Agenda: Job-Order Costing

The Flow of Documents in a Job-Order Costing System

Materials Requisition Form (Exhibit 3-1)

Employee Time Ticket (Exhibit 3-3)

Job Cost Sheet (Exhibit 3-4)

Application of Overhead

Predetermined Overhead Rate Formula

Job-Order Costing Example

Job-Order Costing Example (cont'd)

Under- and Overapplied Overhead

Job-Order Costing Example (cont'd)

Cost Flows in a Job-Order Costing System (Exhibit 3-14)

The Predetermined Overhead Rate and Capacity (Appendix 3a)

Agenda: Process Costing

Differences Between Job-Order and Process Costing (Exhibit 4-1)

Sequential Processing Departments (Exhibit 4-2)

T-Account Model of Process Costing Flows (Exhibit 4-4)

Overview of Process Costing

Overview of Process Costing (continued)

Weighted-Average Method

Example

Production Report

Quantity Schedule and Equivalent Units: Weighted-Average Method

Computation of Costs Per Equivalent Unit: Weighted-Average Method

FIFO Method

Comparison of Equivalent Units

Computation of Costs per Equivalent Unit: FIFO Method

Cost Reconciliation: FIFO Method

A Comparison of Production Report Content (Exhibit 4a-4)

Agenda: Cost Behavior

Variable Cost Behavior

Examples of Costs that Are Normally Variable with Respect to Output Volume

Fixed Cost Behavior

Fixed Cost Behavior (cont'd)

Types of Fixed Costs

Mixed Costs

Mixed Costs (cont'd)

Analysis of Mixed Costs: High-Low Method

Evaluation of the High-Low Method

Scattergraph Method

A Completed Scattergraph

Least-Squares Regression Method

Least-Squares Regression (cont'd)

Traditional Versus Contribution Income Statement

Agenda: CVP Analysis

The Contribution Approach

Volume Changes and Net Income

Volume Changes and Net Income (cont'd)

Contribution Margin Ratio

Contribution Margin Ratio (cont'd)

Break-Even Analysis

Preparing a CVP Graph

The Completed CVP Graph

Target Profit Analysis

Margin of Safety

Operating Leverage

Operating Leverage (cont'd)

Multiproduct Break-Even Analysis

Multiproduct Break-Even Analysis (cont'd)

Major Assumptions of CVP Analysis

Agenda: Variable and Absorption Costing

Key Elements

Classification of Costs under Variable and Absorption Costing

Unit Product Cost Comparison

Income Statement Comparison

Income Statement Comparison (cont'd)

Extended Example--Fluctuating Sales

Fluctuating Sales (cont'd)

Comparative Income Effects -- Variable and Absorption Costing

Extended Example -- Fluctuating Production

Fluctuating Production (cont'd)

JIT and Absorption Costing

Advantages of Variable Costing

Agenda: Activity-Based Costing (ABC)

Activity-Based Costing Model

Differences Between Traditional Costing and Activity-Based Costing

Steps for Implementing Activity-Based Costing

Cost Hierarchy

The Windward Yachts Example

The Windward Yachts Example (cont'd)

Contrasting Activity-Based Costing and Traditional Costing

Typical Impact on Product Costs from Implementing ABC

Agenda: Profit Planning (Budgeting)

Overview of Budgeting

Master Budget Interrelationships (Exhibit 9-2)

Comprehensive Budgeting Example

Sales Budget

Production Budget

Direct Materials Budget

Schedule of Expected Cash Disbursements for Material

Direct Labor Budget

Manufacturing Overhead Budget

Ending Finished Goods Inventory Budget

Selling and Administrative Expense Budget

Cash Budget

Cash Budget (cont'd)

Budgeted Income Statement

Beginning Balance Sheet

Budgeted Balance Sheet

Economic Order Quantity

The Tabular Approach to EOQ

Graphic Approach to EOQ

The formula Approach to EOQ

Reorder Point and Safety Stock

Reorder Point and Safety Stock (cont'd)

Agenda: Standard Costs and the Balanced Scorecard

Setting Standard Costs

Direct Material Standards

Direct Material Standards (cont'd)

Direct Labor Standards

Direct Labor Standards (cont'd)

Variable Overhead Standards

Standard Cost Card

The General Variance Model

Direct Material Variances

Direct Material Variances (cont'd)

Direct Labor Variances

Direct Labor Variances (cont'd)

Variable Manufacturing Overhead Variances

Variable Overhead Variances (cont'd)

Journal Entries for Variances (Appendix)

Potential Problems with Standard Costs

The Balanced Scorecard

The Balanced Scorecard (cont'd)

Some Important Measures of Internal Business Process Performance

Manufacturing Cycle Efficiency

Agenda: Flexible Budgets and Overhead Analysis

Static Budgets

Static Budgets (cont'd)

Flexible Budgets

Overhead Performance Report

The Measure of Activity

Variable Overhead Performance Report: Budget Allowances Based on Actual Hours (Exhibit 11-6)

Variable Overhead Performance Report: Budget Allowances Based on Actual Hours and Standard Hours Allowed (Exhibit 11-7)

Overhead Variance Analysis

Predetermined Overhead Rate

Applying Overhead in a Standard Cost System

Variable Overhead Variances

Fixed Overhead Variances

Fixed Overhead Variances (cont'd)

Graphic Analysis of Volume Variance

Summary of Variances

Agenda: Segment Reporting and Decentralization

Segments Classified as Cost, Profit, and Investment Centers (Exhibit 12-1)

Segment Reporting

Example

Segment Reporting Example

Graphic Presentation of Segment Reporting (Exhibit 12-4)

Dangers in Allocating Common Costs

Return on Investment

Return on Investment (cont'd)

Residual Income

Residual Income (cont'd)

Transfer Pricing

Negotiated Transfer Prices

Transfer Pricing Examples

Transfer Pricing Examples (cont'd)

Transfer Pricing Exercise

Cost-Based Transfer Prices

Agenda: Relevant Costs for Decision Making

Relevant Costs

Equipment Replacement Decision

Equipment Replacement Decision (cont'd)

Drop or Retain a Segment

Drop or Retain a Segment (cont'd)

Make or Buy Decision

Make or Buy Decision (cont'd)

Utilization of Constrained Resources

Utilization of Constrained Resources (cont'd)

Joint Product Costs

Joint Product Costs (cont'd)

Agenda: Capital Budgeting Decisions

Present Value Concepts

Present and Future Values

Present Value

Present Value Tables

Present Value Tables (cont'd)

Capital Budgeting

Net Present Value Method

Net Present Value Method (cont'd)

Internal Rate of Return

Interpolation

Cost of Capital as a Screening Tool

Net Present Value: Total-Cost Approach

Net Present Value: Incremental-Cost Approach

Least Cost Decisions: Total-Cost Approach

Least Cost Decisions: Incremental-Cost Approach

Investments in Automated Equipment

Automated Equipment (cont'd)

Ranking Investment Projects

Net Present Value (cont'd)

Other Capital Budgeting Methods

The Payback Method (cont'd)

Simple Rate of Return Method

Agenda: Income Taxes in Capital Budgeting Decisions

After-Tax Cost

After-Tax Benefit

Depreciation Tax Shield

Modified Accelerated Cost Recovery System (MACRS) (Exhibit 15-4)

MACRS (cont'd) (Exhibit 15-5)

MACRS Tables

Optional Straight-Line Depreciation

Example

Analysis of the Project

Agenda: Service Department Costing, an Activity Approach

Reasons for Allocating Service Department Costs

Two Stage Allocation Process

Bases Commonly Used to Allocate Service Department Costs

Reciprocal Services

Graphic Illustration of the Step Method (Exhibit 16-3)

Step Method

Direct Method

Allocating Costs by Behavior

Allocation Example

Allocation Example (cont'd)

Agenda: Statement of Cash Flows

The Statement of Cash Flows

Analysis of Balance Sheet Accounts (Exhibit 17-1)

Sources and Uses of Cash (Exhibit 17-2)

Organization of Statement of Cash Flows

Cash Provided by Operations

Preparing a Statement of Cash Flows

Example of Statement of Cash Flows

Example of Statement of Cash Flows (cont'd)

Steps #1 & #2

Steps #3 8 #4

Step #5

Step #6

Steps #7 & 8

Direct Method

Agenda: Financial Statement Analysis

Financial Statement Analysis

Comparative Statements

Comparative Statements (cont'd)

Common-Size Statements

Common-Size Statements (cont'd)

Ratio Analysis--The Common Stockholder

Price-Earnings Ratio

Dividend Yield Ratio

Return on Common Stockholders' Equity

Ratio Analysis--The Short-Term Creditor

Acid-Test Ratio

Inventory Turnover

Ratio Analysis--The Long-Term Creditor

Agenda: Pricing Decisions

Pricing Decisions

The Economists' Approach

The Economists' Approach (cont'd)

The Absorption Approach

The Markup on an Absorption Basis

Verification of the Markup

Target Costing

Example

Time and Material Pricing

Time Component

Billing a Job

Agenda: Quality Costs

Examples of Quality Costs

Trading-Off Quality Costs

Quality Cost Reports

Sample Quality Cost Report