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Weygandt's Managerial Accounting : Tools for Business Decision Making - Jerry J. Weygandt

Weygandt's Managerial Accounting

Tools for Business Decision Making

Paperback Published: 5th March 2019
ISBN: 9781119419655
Number Of Pages: 672

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  • References to currency are international in narrative.
  • Feature stories are international in flavour, as are insight boxes


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1 Managerial Accounting 1-1

Just Add Water and Paddle: Current Designs 1-1

Managerial Accounting Basics 1-2

Comparing Managerial and Financial Accounting 1-3

Management Functions 1-4

Organizational Structure 1-5

Managerial Cost Concepts 1-7

Manufacturing Costs 1-7

Product Versus Period Costs 1-8

Illustration of Cost Concepts 1-9

Manufacturer Financial Statements 1-11

Income Statement 1-11

Cost of Goods Manufactured 1-12

Cost of Goods Manufactured Schedule 1-12

Statement of Financial Position 1-13

Managerial Accounting Trends 1-15

Service Industries 1-15

Focus on the Value Chain 1-16

Balanced Scorecard 1-17

Business Ethics 1-17

Company Social Responsibility 1-18

2 Job Order Costing 2-1

Profiting from the Silver Screen: Disney 2-1

Cost Accounting Systems 2-2

Process Cost System 2-3

Job Order Cost System 2-3

Job Order Cost Flow 2-4

Accumulating Manufacturing Costs 2-5

Job Cost Sheets and Manufacturing Costs 2-7

Raw Materials Costs 2-7

Factory Labor Costs 2-9

Predetermined Overhead Rates 2-12

Completed and Sold Manufacturing and

Service Jobs 2-14

Assigning Costs to Finished Goods 2-14

Assigning Costs to Cost of Goods Sold 2-15

Summary of Job Order Cost Flows 2-16

Job Order Costing for Service Companies 2-17

Advantages and Disadvantages of Job

Order Costing 2-18

Applied Manufacturing Overhead 2-19

Under- or Over applied Manufacturing Overhead 2-20

3 Process Costing 3-1

Famed Soft Drink in the Outback: Back o’ Bourke Cordials 3-1

Overview of Process Cost Systems 3-2

Uses of Process Cost Systems 3-2

Process Costing for Service Companies 3-3

Similarities and Differences Between Job Order Cost and Process Cost Systems 3-4

Recording Costs 3-5

Process Cost Flow 3-5

Assigning Manufacturing Costs—Journal Entries 3-6

Equivalent Units 3-9

Weighted-Average Method 3-9

Refinements on the Weighted-Average Method 3-10

The Production Cost Report 3-12

Compute the Physical Unit Flow (Step 1) 3-13

Compute the Equivalent Units of

Production (Step 2) 3-13

Compute Unit Production Costs (Step 3) 3-14

Prepare a Cost Reconciliation Schedule (Step 4) 3-14

Preparing the Production Cost Report 3-15

Costing Systems—Final Comments 3-15

Appendix 3A: FIFO Method for Computing Equivalent Units 3-19

Equivalent Units Under FIFO 3-19

Comprehensive Example 3-20

FIFO and Weighted-Average 3-25

4 Activity-Based Costing 4-1

Wellness for Customers and the Company: Technogym SpA 4-1

Traditional vs. Activity-Based Costing 4-3

Traditional Costing Systems 4-3

Illustration of a Traditional Costing System 4-3

The Need for a New Approach 4-4

Activity-Based Costing 4-4

ABC and Manufacturers 4-7

Identify and Classify Activities and Assign Overhead to Cost Pools (Step 1) 4-7

Identify Cost Drivers (Step 2) 4-8

Compute Activity-Based Overhead Rates (Step 3) 4-8

Allocate Overhead Costs to Products (Step 4) 4-8

Comparing Unit Costs 4-9

ABC Benefits and Limitations 4-12

The Advantage of Multiple Cost Pools 4-12

The Advantage of Enhanced Cost Control 4-14

The Advantage of Better Management Decisions 4-15

Some Limitations and Knowing When to Use ABC 4-16

ABC and Service Industries 4-17

Traditional Costing Example 4-17

Activity-Based Costing Example 4-18

Appendix 4A: Just-in-Time Processing 4-21

Objective of JIT Processing 4-22

Elements of JIT Processing 4-22

Benefits of JIT Processing 4-23

5 Cost-Volume-Profit 5-1

Don’t Worry—Just Get Big: Amazon.com 5-1

Cost Behavior Analysis 5-2

Variable Costs 5-3

Fixed Costs 5-4

Relevant Range 5-5

Mixed Costs 5-5

Mixed Costs Analysis 5-7

High-Low Method 5-7

Importance of Identifying Variable and Fixed Costs 5-9

CVP Analysis 5-10

Basic Components 5-10

CVP Income Statement 5-11

Break-Even Analysis 5-14

Mathematical Equation 5-14

Contribution Margin Technique 5-15

Graphic Presentation 5-16

Target Net Income and Margin of Safety 5-18

Target Net Income 5-18

Margin of Safety 5-19

6 Cost-Volume-Profit Analysis: Additional Issues 6-1

The Secret to Supermarket Profitability: Aldi 6-1

Basic CVP Concepts 6-2

Basic Concepts 6-2

Basic Computations 6-3

CVP and Changes in the Business Environment 6-5

Sales Mix and Break-Even Sales 6-7

Break-Even Sales in Units 6-8

Break-Even Sales for a Large Number of Products 6-9

Sales Mix with Limited Resources 6-11

Operating Leverage and Profitability 6-14

Effect on Contribution Margin Ratio 6-15

Effect on Break-Even Point 6-15

Effect on Margin of Safety Ratio 6-15

Operating Leverage 6-16

Appendix 6A: Absorption Costing Versus Variable Costing 6-18

Example Comparing Absorption Costing with Variable Costing 6-19

Net Income Effects 6-21

Decision-Making Concerns 6-24

Potential Advantages of Variable Costing 6-26

7 Incremental Analysis 7-1

The Internet of Clothing: Evrythng 7-1

Decision-Making and Incremental Analysis 7-3

Incremental Analysis Approach 7-3

How Incremental Analysis Works 7-4

Qualitative Factors 7-5

Relationship of Incremental Analysis and Activity-Based Costing 7-5

Types of Incremental Analysis 7-6

Special Orders 7-6

Make or Buy 7-8

Opportunity Cost 7-9

Sell or Process Further 7-10

Single-Product Case 7-11

Multiple-Product Case 7-11

Repair, Retain, or Replace Equipment 7-14

Eliminate Unprofitable Segment or Product 7-15

8 Pricing 8-1

They’ve Got Your Size—and Color: Zappos.com 8-1

Target Costing 8-2

Target Costing 8-4

Cost-Plus Pricing 8-5

Calculating Cost-Plus Pricing 8-5

Limitations of Cost-Plus Pricing 8-7

Variable-Cost Pricing 8-8

Time-and-Material Pricing 8-9

Transfer Pricing 8-12

Negotiated Transfer Prices 8-13

Cost-Based Transfer Prices 8-15

Market-Based Transfer Prices 8-17

Effect of Outsourcing on Transfer Pricing 8-17

Transfers Between Divisions in Different Countries 8-17

Appendix 8A: Absorption-Cost and Variable-Cost Pricing 8-19

Absorption-Cost Pricing 8-20

Variable-Cost Pricing 8-21

Appendix 8B: Transferring Goods Between Divisions in

Different Countries 8-23

9 Budgetary Planning 9-1

What’s in Your Cupcake?: BabyCakes NYC 9-1

Effective Budgeting and the Master Budget 9-2

Budgeting and Accounting 9-3

The Benefits of Budgeting 9-3

Essentials of Effective Budgeting 9-3

The Master Budget 9-6

Sales, Production, and Direct Materials Budgets 9-7

Sales Budget 9-7

Production Budget 9-8

Direct Materials Budget 9-9

Direct Labor, Manufacturing Overhead, and S&A

Expense Budgets 9-12

Direct Labor Budget 9-12

Manufacturing Overhead Budget 9-13

Selling and Administrative Expense Budget 9-14

Budgeted Income Statement 9-14

Cash Budget and Budgeted Statement of Financial Position 9-16

Cash Budget 9-16

Budgeted Statement of Financial Position 9-19

Budgeting in Non-Manufacturing Companies 9-21

Merchandisers 9-21

Service Companies 9-22

Not-for-Profit Organizations 9-23

10 Budgetary Control and Responsibility Accounting 10-1

Strategies to Help You Relax: Viceroy Hotel Group 10-1

Budgetary Control and Static Budget Reports 10-2

Budgetary Control 10-2

Static Budget Reports 10-3

Flexible Budget Reports 10-6

Why Flexible Budgets? 10-6

Developing the Flexible Budget 10-8

Flexible Budget—A Case Study 10-9

Flexible Budget Reports 10-10

Responsibility Accounting and Responsibility Centers 10-13

Controllable versus Non-Controllable Revenues and Costs 10-14

Principles of Performance Evaluation 10-15

Responsibility Reporting System 10-16

Types of Responsibility Centers 10-19

Investment Centers and ROI 10-22

Return on Investment (ROI) 10-22

Responsibility Report 10-23

Judgmental Factors in ROI 10-23

Improving ROI 10-24

Appendix 10A: ROI vs. Residual Income 10-28

Residual Income Compared to ROI 10-29

Residual Income Weakness 10-29

11 Standard Costs and Balanced Scorecard 11-1

A Balanced Approach: Anglo Pacific Group plc 11-1

Standard Costs 11-2

Distinguishing Between Standards and Budgets 11-3

Setting Standard Costs 11-4

Direct Materials Variances 11-7

Analyzing and Reporting Variances 11-7

Direct Materials Variances 11-9

Direct Labor and Manufacturing Overhead Variances 11-11

Direct Labor Variances 11-11

Manufacturing Overhead Variances 11-14

Variance Reports and Balanced Scorecards 11-16

Reporting Variances 11-16

Income Statement Presentation of Variances 11-16

Balanced Scorecard 11-17

Appendix 11A: Standard Cost Accounting System 11-21

Journal Entries 11-22

Ledger Accounts 11-23

Appendix 11B: Overhead Controllable and Volume Variances 11-24

Overhead Controllable Variance 11-24

Overhead Volume Variance 11-25

12 Planning for Capital Investments 12-1

Floating Hotels: Holland America Line 12-2

Capital Budgeting and Cash Payback 12-3

Cash Flow Information 12-3

Illustrative Data 12-4

Cash Payback 12-5

Net Present Value Method 12-6

Equal Annual Cash Flows 12-7

Unequal Annual Cash Flows 12-8

Choosing a Discount Rate 12-9

Simplifying Assumptions 12-10

Comprehensive Example 12-10

Capital Budgeting Challenges and Refinements 12-11

Intangible Benefits 12-12

Profitability Index for Mutually Exclusive Projects 12-13

Risk Analysis 12-15

Post-Audit of Investment Projects 12-15

Internal Rate of Return 12-16

Comparing Discounted Cash Flow Methods 12-18

Annual Rate of Return 12-19

13 Statement of Cash Flows 13-1

What Should We Do with This Cash?: Keyence 13-1

Statement of Cash Flows: Usefulness and Format 13-3

Usefulness of the Statement of Cash Flows 13-3

Classification of Cash Flows 13-3

Significant Non-Cash Activities 13-5

Format of the Statement of Cash Flows 13-5

Preparing the Statement of Cash Flows— Indirect Method 13-7

Indirect and Direct Methods 13-8

Indirect Method—Computer Services International 13-8

Step 1: Operating Activities 13-9

Summary of Conversion to Net Cash Provided by Operating Activities—Indirect Method 13-12

Step 2: Investing and Financing Activities 13-13

Step 3: Net Change in Cash 13-14

Using Cash Flows to Evaluate a Company 13-17

Free Cash Flow 13-17

Appendix 13A: Statement of Cash Flows—Direct Method 13-20

Step 1: Operating Activities 13-21

Step 2: Investing and Financing Activities 13-25

Step 3: Net Change in Cash 13-26

Appendix 13B: Statement of Cash Flows— T-Account Approach 13-27

14 Financial Analysis: The Big Picture 14-1

Making Money the Old-Fashioned Way: Li Ka-shing 14-1

Basics of Financial Statement Analysis 14-2

Need for Comparative Analysis 14-3

Tools of Analysis 14-3

Horizontal Analysis 14-3

Vertical Analysis 14-6

Ratio Analysis 14-9

Liquidity Ratios 14-9

Profitability Ratios 14-13

Solvency Ratios 14-16

Summary of Ratios 14-18

Sustainable Income 14-20

Discontinued Operations 14-21

Changes in Accounting Principle 14-22

Comprehensive Income 14-22

Appendix A Time Value of Money A-1

Interest and Future Values A-1

Nature of Interest A-1

Simple Interest A-2

Compound Interest A-2

Future Value of a Single Amount A-3

Future Value of an Annuity A-5

Present Value Concepts A-7

Present Value Variables A-7

Present Value of a Single Amount A-7

Present Value of an Annuity A-9

Time Periods and Discounting A-11

Present Value of a Long-Term Note or Bond A-11

Using Financial Calculators A-14

Present Value of a Single Sum A-14

Present Value of an Annuity A-15

Useful Applications of the Financial Calculator A-16

Company Index I-1

Subject Index I-3

ISBN: 9781119419655
ISBN-10: 1119419654
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 672
Published: 5th March 2019
Publisher: John Wiley & Sons Inc
Country of Publication: US
Dimensions (cm): 1.0 x 1.0  x 1.0
Weight (kg): 0.45

Earn 224 Qantas Points
on this Book