Management accounting for business:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London
Cengage Learning
2013
|
| Ausgabe: | 5. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXIV, 498 S. |
| ISBN: | 9781408060285 |
Internformat
MARC
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Datensatz im Suchindex
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|---|---|
| adam_text | Titel: Management accounting for business
Autor: Drury, Colin
Jahr: 2013
CONTENTS
Preface x
About the author xvi
Walk through tour xvii
List of figures xix
Real world views xx
Online real world views xxii
About the website xxiii
PART ONE INTRODUCTION TO MANAGEMENT
AND COST ACCOUNTING 3
1 INTRODUCTION TO MANAGEMENT ACCOUNTING 4
The users of accounting information 5
Differences between management accounting and financial accounting 6
The decision-making process 7
The impact of the changing business environment on management accounting 10
Focus on customer satisfaction and new management approaches 14
Management accounting and ethical behaviour 16
International convergence of management accounting practices 17
Functions of management accounting 19
A brief historical review of management accounting 20
Summary of the contents of this book 22
Summary 22
Key terms and concepts 24
Assessment material 25
2 AN INTRODUCTION TO COST TERMS AND CONCEPTS 26
Cost objects 27
Manufacturing, merchandising and service organizations 27
Direct and indirect costs 28
Period and product costs 31
Cost behaviour 33
Relevant and irrelevant costs and revenues 36
Avoidable and unavoidable costs 37
Sunk costs 37
Opportunity costs 39
Incremental and marginal costs 40
The cost and management accounting information system 41
Summary 43
Key terms and concepts 43
Assessment material 45
PARTTWO INFORMATION FOR DECISION-MAKING 49
3 COST-VOLUME-PROFIT ANALYSIS 51
Curvilinear CVP relationships 52
Linear CVP relationships 53
A numerical approach to cost-volume-profit analysis 55
The profit-volume ratio 58
Relevant range 58
Margin of safety 59
Constructing the break-even chart 59
Alternative presentation of cost-volume-profit analysis 60
Multi-product cost-volume-profit analysis 63
Operating leverage 66
Cost-volume-profit analysis assumptions 68
The impact of information technology 70
Separation of costs into their fixed and variable elements 70
Summary 71
Key terms and concepts 72
Assessment material 73
4 MEASURING RELEVANT COSTS AND REVENUES
FOR DECISION-MAKING 79
Identifying relevant costs and revenues 80
Importance of qualitative/non-financial factors 81
Special pricing decisions 82
Product mix decisions when capacity constraints exist 86
Replacement of equipment - the irrelevance of past costs 89
Outsourcing and make or buy decisions 91
Discontinuation decisions 95
Determining the relevant costs of direct materials 97
Determining the relevant costs of direct labour 98
Incorporating uncertainty into the decision-making process 98
Summary 99
Key terms and concepts 100
Assessment material 101
5 PRICING DECISIONS AND PROFITABILITY ANALYSIS 107
The role of cost information in pricing decisions 108
A price-setting firm facing short-run pricing decisions 109
A price-setting firm facing long-run pricing decisions 109
A price-taking firm facing short-run product mix decisions 114
A price-taking firm facing long-run product mix decisions 115
Surveys of practice relating to pricing decisions 118
Limitations of cost-plus pricing 118
Reasons for using cost-plus pricing 119
Pricing policies 121
Customer profitability analysis 122
Summary 125
Key terms and concepts 127
Assessment material 128
CAPITAL INVESTMENT DECISIONS: APPRAISAL METHODS 133
The opportunity cost of an investment 134
Compounding and discounting 135
The concept of net present value 138
Calculating net present values 139
Internal rate of return 141
Relevant cash flows 144
Timing of cash flows 144
Comparison of net present value and internal rate of return 145
Techniques that ignore the time value of money 146
Payback method 146
Accounting rate of return 150
The effect of performance measurement on capital investment decisions 152
Qual itative factors 154
Weighted average cost of capital 155
Taxation and investment decisions 156
Summary 156
Key terms and concepts 158
Assessment material 160
PART THREE COST ASSIGNMENT 165
COST ASSIGNMENT 166
Assignment of direct and indirect costs 167
Different costs for different purposes 169
Cost-benefit issues and cost system design 170
Plant-wide (blanket) overhead rates 171
The two-stage allocation process 173
An illustration of the two-stage process for a traditional costing system 174
Extracting relevant costs for decision-making 179
Budgeted overhead rates 181
Under- and over-recovery of overheads 182
Non-manufacturing overheads 183
Cost assignment in non-manufacturing organizations 184
Summary 185
Key terms and concepts 187
Assessment material 188
8 ACTIVITY-BASED COSTING 194
Comparison of traditional and ABC systems 195
Volume-based and non-volume-based cost drivers 197
An illustration of the two-stage allocation process for ABC 200
Designing ABC systems 206
Activity hierarchies 208
Cost versus benefit considerations 210
ABC in service organizations 212
ABC cost management applications 214
Summary 214
Key terms and concepts 215
Assessment material 216
PART FOUR INFORMATION FOR PLANNING. CONTROL
AND PERFORMANCE MEASUREMENT 223
9 THE BUDGETING PROCESS 225
The strategic planning, budgeting and control process 226
The multiple functions of budgets 228
Conflicting roles of budgets 230
The budget period 230
Administration of the budgeting process 231
Stages in the budgeting process 232
A detailed illustration 236
Computerized budgeting 244
Activity-based budgeting 245
Zero-based budgeting 248
Criticisms of budgeting 250
Summary 251
Key terms and concepts 253
Assessment material 254
10 MANAGEMENT CONTROL SYSTEMS 259
Different types of controls 260
Feedback and feed-forward controls 262
Harmful side-effects of controls 263
Management accounting control systems 266
Responsibility centres 266
The nature of management accounting control systems 268
The controllability principle 270
Setting financial performance targets and determining
how challenging they should be 274
Participation in the budgeting and target setting process 276
Summary 277
Key terms and concepts 279
Assessment material 281
11 STANDARD COSTING AND VARIANCE ANALYSIS 289
Operation of a standard costing system 290
Establishing cost standards 293
Purposes of standard costing 297
Variance analysis 299
Material variances 300
Material price variances 300
Material usage variance 303
Total material variance 305
Wage rate variance 306
Labour efficiency variance 306
Total labour variance 307
Variable overhead variances 307
The generic routine approach to variance analysis 309
Fixed overhead expenditure or spending variance 310
Sales variances 311
Reconciling budgeted profit and actual profit 313
Summary 314
Key terms and concepts 316
Assessment material 317
12 DIVISIONAL FINANCIAL PERFORMANCE MEASURES 323
Divisional organizational structures 324
Advantages and disadvantages of divisionalization 325
Prerequisites for successful divisionalization 326
Distinguishing between the managerial and economic performance
of the division 326
Alternative divisional profit measures 327
Surveys of practice 329
Return on investment 330
Residual income 331
Economic value added (EVA(TM)) 332
Addressing the dysfunctional consequences of short-term
financial performance measures 334
Summary 336
Key terms and concepts 337
Assessment material 338
13 TRANSFER PRICING IN DIVISIONALIZED COMPANIES 344
Purpose of transfer pricing 345
Alternative transfer pricing methods 346
Market-based transfer prices 346
Cost plus a mark-up transfer prices 349
Marginal/variable cost transfer prices 351
Full cost transfer prices without a mark-up 352
Negotiated transfer prices 352
Marginal/variable cost plus opportunity cost transfer prices 353
Comparison of cost-based transfer pricing methods 354
Proposals for resolving transfer pricing conflicts 355
International transfer pricing 358
Summary 358
Key terms and concepts 360
Assessment material 360
PART FIVE STRATEGIC COST AND PERFORMANCE
MANAGEMENT 367
U STRATEGIC COST MANAGEMENT 368
Life-cycle cost management 369
Target costing 371
Activity-based management 375
Benchmarking 378
Business process re-engineering 378
Just-in-time systems 379
Quality cost management 384
Environmental cost management 388
Cost management and the value chain 391
Summary 393
Key terms and concepts 396
Assessment material 398
15 STRATEGIC PERFORMANCE MANAGEMENT 403
Accounting in relation to strategic positioning 404
The balanced scorecard 405
Communicating and implementing strategy 413
Lag and lead measures 414
Cause-and-effect relationships 414
Benefits and limitations of the balanced scorecard approach 415
Performance measurement in service organizations 417
Summary 421
Key terms and concepts 423
Assessment material 424
Case studies 430
Bibliography 435
Appendices 439
Answers to review problems 443
Glossary 484
Index 493
|
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| author | Drury, Colin 1944-2019 |
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| bvnumber | BV041357934 |
| classification_rvk | QP 800 |
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| dewey-full | 658.1511 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
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| dewey-search | 658.1511 |
| dewey-sort | 3658.1511 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 5. ed. |
| format | Book |
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