CHAPTER 1 Management Accounting: Its Environment and Future
What Is Management Accounting?
Institute of Management Accounting (IMA)
Certified Management Accountant ( CMA-The Gold Standard
Ethical Standards for Management Accountants
International Federation of Accountants (IFAC)
Sarbanes-Oxley
Contrasting Financial and Management Accounting
Accounting Rules
Level of Detail
Timeliness
Future Orientation
Where Accounting Fits in a Company
The Origin and Evolution of Management Accounting in the West
Emergence of Permanent Employees
The Industrial Revolution
Scientific Management
Diversification
Management Accounting in China
Challenges and Trends in Management Accounting
Consumers of Management Accounting Information
Summary
Glossary of Key Terms
Review the Facts
Apply What You Have Learned
CHAPTER 2 Classifying Costs
Major Cost Classifications
Assigning Costs to Cost Objects
Product Cost
Period Cost
Selling Cost
Administrative Cost
Comparing Product and Period Costs
Product Cost Identification For Merchandising Firms
The Flow of Product Cost——Merchandising Company
Cost of Goods Sold
Product Cost Identification for Manufacturing Firms
Prime Cost and Conversion Cost
Inventorv Classifications
Raw Materials Inventory
Work-in-process Inventory
Finished Goods Inventory
Direct Material
Direct Labor
Manufacturing Overhead
Indirect Material
Indirect Labor
Other Manu facturing Overhead Costs
The Flow of Product Cost-Manufacturing Company
Cost of Goods Manufactured
Product Cost Identification for Service Firms
Materials
Labor
Overhead or Indirect Service Costs
The Flow of Service Cost——service Company
Cost of Services
Hybrid Firms
Merchandising, Manufacturing, and Service——-a Comparison
Summary
Appendix——Recording Manufacturing ,Costs
Appendix Summary
Glossary of Key Terms
Review the Facts
Apply What You Have Learned
CHAPTER 3 Determining Costs of Products
Accumulating Product Cost-Cost Accounting
Units of Product As Cost Objects
Product Costing Methods
Job Order Costing Basics
Process Costing Basics
Job Order Costing
Documentation Relating to Job Order Costing
Cost Information for Raw Material
Cost Information for Direct Labor
Manufacturing Overhead
Over or Under Applied Manufacturing Overhead
Process Costing
Equivalent Units
Cost Per Equivalent Unit
Cost of Ending Work-in-Process Inventory
Cost of Completed Units
Summary
Appendix-Recording Manufacturing Costs
Appendix Summary
Glossary of Key Terms
Review the Facts
Apply What You Have Learned
CHAPTER 4 Cost Allocation and Activity Based Costing
Traditional Manufacturing Overhead Allocation
Activity-based Costing for Manufacturing Overhead Allocation
Determining Product Cost Using ABC
Comparison of Traditional and ABC Overhead Allocation
Product Cost Accuracy
When Does ABC Result in More Accurate Product Costs?
Reducing Cost by Using ABC
Closer Cost Scrutiny
Smaller Cost Pools Make it Difficult to Hide Cost
Cost Control by Controlling the Allocation Base
Added Complexity and Cost of ABC
ABC and Job Order Costing——Another Look at Manta
Power Boats
Summary
Glossary of Key Terms
Review the Facts
Apply What You Have Learned
CHAPTER 5 Cost Behavior
Common Cost Behavior Patterns
FixedCosts
Variable COsts
Comparison of Cost Behaviors
Determining Total Cost
Relevant Range
Mixed Costs
Identifying the Fixed and Variable Elements of a Mixed Cost
The Engineering Approach
Scatter Graphing
The High-Low Method
Regression Analysis
Microsoft Excel-Preparing an Excel Scatter Graph 119
Summary
Glossary of Key Terms
Review the Facts
Apply What You Have Learned
CHAPTER 6 Business Decisions Using Cost Behavior
The Contribution Income Statement
Absorption and Variable Costing
Purpose of the Contribution Income Statement
Predicting Profits Using the Contribution income Statement
Cost-Volume-Profit Analysis
Break-Even
Determining Sales Required to Meet a Profit Objective
Cost-Volume-Profit Graph
Sensitivity Analysis
Change in Selling Price
Change in Variable Cost and Fixed Cost
Multiple Products and CVP
Break-Even Point in a Multiproduct Situation
Determining Required Sales in a Multiproduct Situation
CVP Assumptions
Absorption and Variable Costing——a Closer Look
Summary
Glossary of Key Terms
Review the Facts
Apply What You Have Learned
CHAPTER 7 Making Decisions Using Relevant Information
Relevant Costs and Benefits
Equipment Replacement
Gather All Costs and Benefits Associated with the Decision
Determine the Relevant Cost and Benefit of Each Alternative
Relevant Cost and Benefit of the Old Computer System
Relevant Costs and Benefits o f the Replacement System
Compare the Relevant Information and Select an Alternative
The Concept of an Incremental Cost or Benefit
Interest-the Time Value of Money
Special Orders
Gather All Costs and Benefits Associated with the Decision
Determine the Relevant Cost and Benefit of Each Alternative
Compare the Relevant Costs and Benefits and Select an Alternative
Outsourcing: The Make or buy Decision
Gather All Costs Associated with the Decision
Determine the Relevant Cost of Each Alternative
Compare the Relevant Costs and Select an Alternative
Considering Opportunity Costs
Discontinuing a Business Segment
Determine the Relevant Cost of Each Alternative
Special Cost Considerations for Common Fixed Costs
Summary
Glossary of Key Terms
Review the Facts
Apply What You Have Learned
CHAPTER 8 The Capital Budget: Evaluating Capital Expenditures
The Business Planning Process
The Mission——Overall Company Goals: The Why
Nonfinancial Goals
Financial Goals
Goal Awareness
Core Values: What the Company Stands For
Vision: The Hope for the Future
Strategy: The Business Plan of Attack
The Strategic Plan: The What
The Capital Budget: The How
The Operating Budget: The Who
The Capital Budget:What is it?
Capitalizing Assets
Capitalization Amount
Characteristics of Capital Projects
The Cost of Capital and the Concept of Scarce Resources
Weighted Average Cost of Capital
Scarce Resources
Evaluating Potential Capital Projects
Identifying Possible Capital Projects
Determining Relevant Cash Flows for Alternative Projects
Selecting a Method of Evaluating the Alternatives
Selecting Capital Budgeting Projects
Capital Budgeting Decision Methods
Discounted Cash Flow Methods
Net Present Value
Net Present Value Calculations with Uneven Cash Flows
……
CHAPTER 9 The Operating Budget
Part One: An Overview of the Operating Budget
Part Two. Prenaring and Using the Operating Budget
CHAPTER 10 Standard Costing
CHAPTER 11 Evaluating Performance and Emerging Management and Accounting Technioues
Glossary of Key Terms
Company Index Management Accounting
Management Accounting by Michael Werner and Kumen Jones introduces students to a full array of management accounting subjects and presents them in a very understandable fashion, for students, the book is purposely written to be easy to read and comprehend.
For instructors, each chapter is supported by a variety of teaching manuals and supplements including a complete set of PowerPoint slides covering both concepts and calculations. The amount of assignment material is extensive so it provides a wide variety of problems and questions instructors can use as class examples and students can use to practice and learn.
This book is based on a successful management accounting text published by Pearson/Prentice Hall in the United States. What sets it apart from other management accounting books is that it is a U.S.text,published by a recognized Chinese publisher,LiXin Accounting Publishing House.This book is published entirely in China and priced to be affordable for Chinese students. It offers a winning combination of quality coverage,teaching support, and affordability.
Instructors will feel confident they have selected the right book when their students are learning the material,and the teaching resources available to adopters support them in the classroom——all this at an affordable price.
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