Tables of Contents for Introduction to Managerial Accounting

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Agenda: Management Accounting and the Business Environment

Continuous Improvement

Just-In-Time (JIT)

Benefits of a JIT System

Total Quality Management (TQM)

Process Reengineering

Theory of Constraints (TOC)

An Organization Chart (Exhibit 2)

Standards of Ethical Conduct for Management Accountants (Adapted From IMA)

Agenda: An Introduction to Managerial Accounting and Cost Concepts

Planning and Control Cycle (Exhibit 1-1)

Managerial and Financial Accounting Contrasted (Exhibit 1-2)

An Overview of Cost Terms

Cost Classifications in Manufacturing Companies

Cost Flows in a Manufacturing Company (Exhibit 1-8)

Cost Flows Example

Cost Flows Example (Cont'd)

Inventory Flows

Cost Flows Example (Cont'd)

Schedule of Cost of Goods Manufactured

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

Quality Costs (Appendix 1A)

Agenda: Job-Order Costing

The Flow of Documents in a Job-Order Costing System

Materials Requisition Form (Exhibit 2-1)

Employee Time Ticket (Exhibit 2-3)

Job Cost Sheet (Exhibit 2-4)

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 2-14)

Agenda: Activity-Based Costing

Activity-Based Costing

Example of Activity-Based Costing (Exhibit 3-3)

Activity-Based Costing Example

Activity-Based Costing Example (Cont'd)

Cost Flows in Activity-Based Costing

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 4-3)

Overview of Process Costing

Overview of Process Costing (Continued)

Weighted-Average Method

Weighted-Average Method (Continued)

Production Report

Quantity Schedule and Equivalent Units: Weighted-Average Method

Weighted-Average Method

Computation of Costs per Equivalent Unit: Weighted-Average Method

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

Analysis of Mixed Costs: High-Low Method

Evaluation of the High-Low Method

Scattergraph Method

A Completed Scattergraph

Least-Squares Regression Method

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

Contribution Margin Method

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: Profit Planning (Budgeting)

Overview of Budgeting

Master Budget Interrelationships (Exhibit 7-2)

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

Royal Company

Budgeted Income Statement

Beginning Balance Sheet

Budgeted Balance Sheet

Agenda: Standard Costs

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

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 9-6)

Variable Overhead Performance Report: Budget Allowances Based on Actual Hours And Standard Hours Allowed (Exhibit 9-7)

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: Decentralization

Segments Classified as Cost, Profit, and Investment Centers (Exhibit 10-1)

Return on Investment

Improving ROI

Improving ROI (Cont'd)

Residual Income

Residual Income (Cont'd)

Transfer Pricing

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)

Agenda: Capital Budgeting Decisions

Present Value Concepts

Present and Future Values

Present Value

Present Value Tables

Present Value Tables (Cont'd)

Capital Budgeting

Typical Cash Flows

Net Present Value Method

Net Present Value Method (Cont'd)

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

Ranking Investment Projects

Ranking Investment Projects (Cont'd)

Other Capital Budgeting Methods

The Payback Method (Cont'd)

Simple Rate of Return Method

Statement of Cash Flows

The Statement of Cash Flows

Analysis of Balance Sheet Accounts (Exhibit 13-1)

Sources and Uses of Cash (Exhibit 13-2)

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 & #4

Step #5

Step #6

Steps #7 & 8

Direct Method

T-Account Approach

T-Account Approach Cont'd) (Exhibit 13B-1)

T-Account Approach Cont'd) (Exhibit 13B-2)

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