Tables of Contents for Managerial Accounting

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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)

An Organization Chart (Exhibit 1-3)

Continuous Improvement

Just-In-Time (JIT)

Key Elements in a JIT System

Benefits of a JIT System

Total Quality Management (TQM) (Exhibit 1-4)

Process Reengineering

Theory of Constraints (TOC)

Standards of Ethical Conduct for Management Accountants

An Overview of Cost Terms in Chapter 2

Cost Classifications in Manufacturing Companies (Exhibit 2-1)

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

Cost Flows Example

Cost Flows Example (cont'd)

Inventory Flows (Exhibit 2-3)

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

Accounting for Labor Costs

Overtime Premium

Quality Costs

Examples of Quality Costs (Exhibit 28-1)

Trading-Off Quality Costs (Exhibit 28-2)

Quality Cost Reports

Sample Quality Cost Report (Exhibit 28-3)

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 Over-Applied 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 (cont'd)

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 (Appendix)

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) (Exhibit 5-8)

Scattergraph Method

A Completed Scattergraph

The Quick-and-Dirty Method

Analysis of Mixed Costs: High-Low Method

Evaluation of the High-Low Method

Least-Squares Regression Method (Exhibit 5-11)

Least-Squares Regression (cont'd)

Traditional Versus Contribution Income Statement

CVP Analysis; Agenda

The Contribution Approach

Volume Changes and Net Operating Income

Volume Changes and Net Operating Income (cont'd)

Preparing a CVP Graph

The Completed CVP Graph

Contribution Margin Ratio

Contribution Margin Ratio (cont'd)

Break-Even Analysis

Target Profit Analysis

Margin of Safety

Operating Leverage

Operating Leverage (cont'd)

Multi-Product Break-Even Analysis

Multi-Product 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 (Exhibit 7-1)

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 Classic Brass Example

The Classic Brass Example (cont'd) (Exhibit 8-6)

The Classic Brass Example (cont'd)

Contrasting Activity-Based Costing and Traditional Costing

Typical Impact on Product Costs from Implementing ABC

Appendix 8A: ABC Action Analysis

Appendix 8A: ABC Action Analysis (Exhibit 8A-4)

Appendix 8A: ABC Action Analysis

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

Budgeted Income Statement

Beginning Balance Sheet

Budgeted Balance Sheet

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 (Exhibit 10-3)

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) (Exhibit 10-11)

The Balanced Scorecard (cont'd) (Exhibit 10-12)

The Balanced Scorecard (cont'd) (Exhibit 10-13)

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

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

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

Drop or Retain a Segment

Drop or Retain a Segment (cont'd)

Make or Buy Decision

Make or Buy Decision (cont'd)

Special Orders

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 (Exhibit 14A-1)

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

Cost of Capital as a Screening Tool

Net Present Value: Total-Cost Approach

Net Present Value: Incremental-Cost Approach

Least Cost Decision: Total-Cost Approach

Least Cost Decisions: Incremental-Cost Approach

Dealing with Uncertain Future Cash Flows

Ranking Investment Projects

Ranking Investment Projects (cont'd)

Other Capital Budgeting Methods

Other Capital Budgeting Methods (cont'd)

Simple Rate of Return Method

Income Taxes in Capital Budgeting: After-Tax Cost

Income Taxes in Capital Budgeting: After-Tax Benefit

Income Taxes in Capital Budgeting: Depreciation Tax Shield

Example

Analysis of the Project

Agenda: Service Department Costing, an Activity Approach

Reasons for Allocating Service Department Costs

Two Stage Allocation Process (Exhibit 15-5)

Bases Commonly Used to Allocate Service Department Costs (Exhibit 15-1)

Reciprocal Services

Graphic Illustration of the Step Method (Exhibit 15-3)

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 16-1)

Sources and Uses of Cash (Exhibit 16-2)

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

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