Cost and management accounting: an introduction
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Andover [u.a.]
South-Western Cengage Learning
2011
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| Edition: | 7. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXIV, 476 S. Ill., graph. Darst. |
| ISBN: | 9781408032138 |
Staff View
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Record in the Search Index
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|---|---|
| adam_text | Titel: Cost and management accounting
Autor: Drury, Colin
Jahr: 2011
CONTENTS
Preface and acknowledgements xv
Walk through tour xxii
About the website xxiv
PART 1 INTRODUCTION TO MANAGEMENT AND COST
ACCOUNTING 3
1 INTRODUCTION TO MANAGEMENT ACCOUNTING 5
The users of accounting information 6
Differences between management accounting and financial accounting 7
The decision-making process 8
Changing competitive environment 11
Focus on customer satisfaction and new management approaches 11
The impact of information technology 13
International convergence of management accounting practices 14
Functions of management accounting 15
Summary of the contents of this book 16
Summary 17
Key terms and concepts 18
Key examination points 19
Review questions 20
2 AN INTRODUCTION TO COST TERMS AND CONCEPTS 21
Cost objects 22
Direct and indirect costs 22
Period and product costs 25
Cost behaviour 27
Relevant and irrelevant costs and revenues 29
Avoidable and unavoidable costs 30
Sunk costs 31
Opportunity costs 32
Incremental and marginal costs 33
The cost and management accounting information system 33
Summary 34
Key terms and concepts 35
Key examination points 36
Review questions 37
Review problems 38
PART 2 COST ACCUMULATION FOR INVENTORY
VALUATION AND PROFIT MEASUREMENT 45
3 ACCOUNTING FOR DIRECT COSTS 47
Accounting treatment of various labour cost items 48
Materials recording procedure 49
Pricing the issues of materials 51
Issues relating to accounting for materials 55
Quantitative models for the planning and control of stocks 57
Relevant costs for quantitative models under conditions of certainty 57
Determining the economic order quantity 58
Assumptions of the EOQ formula 61
Determining when to place the order 62
Control of stocks through classification 62
Just-in-time systems 64
Materials requirement planning 64
Summary 65
Key terms and concepts 66
Key examination points 67
Review questions 68
Review problems 69
4 COST ASSIGNMENT FOR INDIRECT COSTS 77
Assignment of direct and indirect costs 78
Different costs for different purposes 79
Cost-benefit issues and cost systems design 80
Plant-wide (blanket) overhead rates 81
The two-stage allocation process 82
An illustration of the two-stage process for a traditional costing system 84
Extracting relevant costs for decision-making 90
Budgeted overhead rates 91
Under- and over-recovery of overheads .92
Non-manufacturing overheads 92
Summary 93
Appendix 4.1: Inter-service department reallocation 95
Key terms and concepts 99
Key examination points 100
Review questions 101
Review problems 102
5 ACCOUNTING ENTRIES FOR A JOB COSTING SYSTEM 109
Control accounts 110
Recording the purchase of raw materials 110
Recording the issue of materials 111
Accounting procedure for labour costs 114
Accounting procedure for manufacturing overheads 116
Non-manufacturing overheads 117
Accounting procedures for jobs completed and products sold 117
Costing profit and loss account 118
Interlocking accounting 118
Contract costing 119
Work in progress valuation and amounts recoverable on contracts 124
Summary 124
Key terms and concepts 126
Key examination points 126
Review questions 127
Review problems 127
6 PROCESS COSTING 135
Flow of production and costs in a process costing system 136
Process costing when all output is fully complete 136
Process costing with ending work in progress partially complete 143
Beginning and ending work in progress of uncompleted units 146
Partially completed output and losses in process 150
Batch/operating costing 151
Summary 152
Appendix 6.1: Losses in process and partially completed units 153
Key terms and concepts 156
Key examination points 157
Review questions 158
Review problems 159
7 JOINT AND BY-PRODUCT COSTING m
Joint products and by-products 168
Methods of allocating joint costs 168
Irrelevance of joint cost allocations for decision-making 175
Accounting for by-products 176
Summary 178
Key terms and concepts 179
Key examination points 179
Review questions 180
Review problems 180
8 INCOME EFFECTS OF ALTERNATIVE COST ACCUMULATION
SYSTEMS 185
External and internal reporting 186
Variable costing 187
Absorption costing 189
Variable costing and absorption costing: a comparison of their impact on profit 190
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A mathematical model of the profit functions 192
Some arguments in support of variable costing 193
Some arguments in support of absorption costing 195
Summary 196
Appendix 8.1: Derivation of the profit function for an absorption costing system 197
Key terms and concepts 198
Key examination points 198
Review questions 200
Review problems 200
PART 3 INFORMATION FOR DECISION-MAKING
9 COST-VOLUME-PROFIT ANALYSIS 209
Curvilinear CVP relationships 210
Linear CVP relationships 211
A numerical approach to cost-volume-profit analysis 213
The profit-volume ratio 216
Relevant range 216
Margin of safety 216
Constructing the break-even chart 217
Alternative presentation of cost-volume-profit analysis 218
Multi-product cost-volume-profit analysis 220
Cost-volume-profit analysis assumptions 223
The impact of information technology 224
Summary 225
Key terms and concepts 226
Key examination points 226
Review questions 228
Review problems 228
10 COST ESTIMATION AND COST BEHAVIOUR 237
General principles applying to estimating cost functions 238
Cost estimation methods 239
Tests of reliability 246
A summary of the steps involved in estimating cost functions 248
Summary 249
Key terms and concepts 251
Key examination points 251
Review questions 252
Review problems 252
11 MEASURING RELEVANT COSTS AND REVENUES FOR
DECISION-MAKING 257
Identifying relevant costs and revenues 258
Importance of qualitative factors 259
Special pricing decisions 259
Product mix decisions when capacity constraints exist 264
207
Replacement of equipment - the irrelevance of past costs 266
Outsourcing and make or buy decisions 268
Discontinuation decisions 272
Determining the relevant costs of direct materials 274
Determining the relevant costs of direct labour 274
Incorporating uncertainty into the decision-making process 275
Summary 275
Appendix 11.1: Calculating optimum selling prices using differential calculus 276
Key terms and concepts 278
Key examination points 278
Review questions 280
Review problems 281
12 ACTIVITY-BASED COSTING 293
The need for a cost accumulation system in generating relevant cost information for
decision-making 294
A comparison of traditional and ABC systems 295
Volume-based and non-volume-based cost drivers 296
An illustration of the two-stage process for an ABC system 300
Designing ABC systems 306
Activity hierarchies 308
Cost versus benefits considerations 309
ABC in service organizations 309
ABC cost management applications 312
Summary 312
Key terms and concepts 313
Key examination points 314
Review questions 315
Review problems 316
PART 4 INFORMATION FOR PLANNING, CONTROL AND
PERFORMANCE MEASUREMENT 321
13 THE BUDGETING PROCESS 323
Relationship between budgeting and long-term planning 324
The multiple functions of budgets 324
Conflicting roles of budgets 326
The budget period 326
Administration of the budgeting process 327
Stages in the budgeting process 328
A detailed illustration 332
Sales budget 333
Production budget and budgeted stock levels 336
Direct materials usage budget 336
Direct materials purchase budget 337
Direct labour budget 337
Factory overhead budget 338
Selling and administration budget 338
Departmental budgets 339
Master budget 340
Cash budgets 341
Final review 342
Computerized budgeting 342
Criticisms of budgeting 343
Summary 344
Key terms and concepts 345
Key examination points 345
Review questions 346
Review problems 346
U MANAGEMENT CONTROL SYSTEMS 355
Different types of controls 356
Feedback and feed-forward controls 359
Management accounting control systems 359
Responsibility centres 360
The nature of management accounting control systems 361
The controllability principle 362
Setting financial performance targets and determining how challenging the targets
should be 366
Participation in the budgeting and target-setting process 368
Non-financial performance measures 368
Activity-based cost management 369
Summary 370
Key terms and concepts 371
Key examination points 373
Review questions 374
Review problems 375
15 STANDARD COSTING AND VARIANCE ANALYSIS 381
Operation of a standard costing system 382
Establishing cost standards 384
Purposes of standard costing 388
Variance analysis 390
Material variances 392
Materia] price variances 393
Material usage variances 394
Total material variances 395
Wage rate variances 395
Labour efficiency variance 396
Total labour variance 396
Variable overhead variances 397
Similarities between materials, labour and overhead variances 399
Fixed overhead expenditure or spending variance 400
Sales variances 400
Reconciling budgeted profit and actual profit 403
Standard absorption costing 403
Volume variance 405
Volume efficiency variance 406
Volume capacity variance 406
Reconciliation of budgeted and actual profit for a standard absorption
costing system 407
Recording standard costs in the accounts 408
Summary 414
Key terms and concepts 417
Key examination points 418
Review questions 419
Review problems 420
Case studies available from the website 427
Bibliography 431
Key answers to review problems 433
Index 469
|
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| isbn | 9781408032138 |
| language | English |
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| physical | XXIV, 476 S. Ill., graph. Darst. |
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| spelling | Drury, Colin Verfasser aut Cost and management accounting an introduction Colin Drury 7. ed. Andover [u.a.] South-Western Cengage Learning 2011 XXIV, 476 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Cost accounting Management (DE-588)4037278-9 gnd rswk-swf Rechnungswesen (DE-588)4048732-5 gnd rswk-swf Management (DE-588)4037278-9 s Rechnungswesen (DE-588)4048732-5 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022633411&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Drury, Colin Cost and management accounting an introduction Cost accounting Management (DE-588)4037278-9 gnd Rechnungswesen (DE-588)4048732-5 gnd |
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| title | Cost and management accounting an introduction |
| title_auth | Cost and management accounting an introduction |
| title_exact_search | Cost and management accounting an introduction |
| title_full | Cost and management accounting an introduction Colin Drury |
| title_fullStr | Cost and management accounting an introduction Colin Drury |
| title_full_unstemmed | Cost and management accounting an introduction Colin Drury |
| title_short | Cost and management accounting |
| title_sort | cost and management accounting an introduction |
| title_sub | an introduction |
| topic | Cost accounting Management (DE-588)4037278-9 gnd Rechnungswesen (DE-588)4048732-5 gnd |
| topic_facet | Cost accounting Management Rechnungswesen |
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