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Management Accounting
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About the authors xi Preface xii Part 1 Management accounting and cost management 1 Chapter 1 The role of accounting information in management decision making 2 1.1 Management decision making 3 1.2 Cost and management accounting for decision making 4 1.3 Management accounting information and the quality of decision making 8 1.4 Value chain analysis: A framework for management accounting 9 Summary 14 Key terms 16 Self-study problems 17 Questions 18 Exercises 18 Problems 19 Endnotes 24 Acknowledgements 24 Chapter 2 Cost concepts, behaviour and estimation 25 2.1 Cost behaviour 26 2.2 Variable, fixed and mixed costs 26 2.3 Cost estimation techniques 29 2.4 Estimating the cost function 32 2.5 Regression analysis 35 2.6 Uses and limitations of cost estimates 41 Appendix 2A 44 Summary 48 Key terms 50 Self-study problems 50 Questions 52 Exercises 52 Problems 54 Acknowledgements 61 Chapter 3 A costing framework and cost allocation 62 3.1 Cost objects - need for cost information 63 3.2 Direct and indirect costs 64 3.3 Process of indirect cost allocation 65 3.4 A costing framework 67 3.5 Applying the costing framework in a service entity setting 67 3.6 Applying the costing framework in a support department setting 71 3.7 Limitations of cost allocation data 79 Appendix 3A 80 Appendix 3B 84 Summary 85 Key terms 87 Self-study problems 87 Questions 91 Exercises 92 Problems 96 Acknowledgements 104 Chapter 4 Cost-volume-profit (CVP) analysis 105 4.1 Cost-volume-profit (CVP) analysis 106 4.2 Breakeven point 106 4.3 CVP analysis for a single product 107 4.4 CVP analysis for multiple products 109 4.5 Assumptions and limitations of CVP analysis 111 4.6 Margin of safety and degree of operating leverage 111 Appendix 4A 117 Summary 120 Key terms 122 Self-study problems 122 Questions 126 Exercises 126 Problems 133 Acknowledgements 140 Chapter 5 Planning - budgeting and behaviour 141 5.1 The role of planning and budgeting for improved performance and value creation: Testing alternative actions 142 5.2 Impact of likely actions on profit, assets and cash flow management 142 5.3 Planning in cost centres 147 5.4 Contemporary approaches to budgeting 148 5.5 The behavioural implications of budgeting 150 5.6 Beyond Budgeting 152 Summary 155 Key terms 155 Self-study problems 156 Questions 156 Exercises 157 Problems 159 Endnotes 165 Acknowledgements 165 Chapter 6 Operational budgets 166 6.1 Budgeting - a tool for short- and longterm planning 167 6.2 The role of the master budget 168 6.3 Developing a cash budget 174 6.4 Budgets as performance benchmarks 177 6.5 Budgets, incentives and rewards 179 Appendix 6A 183 Summary 188 Key terms 191 Self-study problems 192 Questions 196 Exercises 197 Problems 201 Acknowledgements 207 Chapter 7 Job costing systems 208 7.1 The flow of costs through the manufacturing process 209 7.2 Calculating the inventoriable product cost for customised products 210 7.3 Allocating manufacturing overhead 212 7.4 Spoilage, rework and scrap in job costing 219 7.5 Uses and limitations of job cost information 222 Summary 224 Key terms 225 Self-study problems 226 Questions 228 Exercises 229 Problems 232 Acknowledgements 236 Chapter 8 Process costing systems 237 8.1 Accounting for the cost of mass-produced goods 238 8.2 Work in process and equivalent units 238 8.3 Process costing methods 240 8.4 Journal entries for process costing 246 8.5 Production costs and multiple production departments 247 8.6 Accounting for spoilage in process costing 250 8.7 Uses and limitations of process costing information 252 Appendix 8A 255 Summary 256 Key terms 257 Self-study problems 258 Questions 260 Exercises 261 Problems 262 Acknowledgements 268 Chapter 9 Absorption and variable costing 269 9.1 Different measures of cost for different purposes 270 9.2 A closer look at absorption costing using normal costing 277 9.3 Comparison of absorption and variable costing 279 Summary 283 Key terms 284 Self-study problems 284 Questions 288 Exercises 289 Problems 291 Acknowledgements 295 Chapter 10 Flexible budgets, standard costs and variance analysis 296 10.1 Flexible budgets 297 10.2 Standard costs 297 10.3 Variance analysis 298 10.4 Flexible budgeting in practice 301 Summary 308 Key terms 309 Self-study problems 309 Questions 311 Exercises 311 Problems 313 Acknowledgements 317 Chapter 11 Variance analysis: Revenue and cost 318 11.1 Identifying variances 319 11.2 Profit- and revenue-related variances 320 11.3 Direct cost variances 325 11.4 Analysing direct cost variance information 328 11.5 Overhead variances 330 11.6 Using overhead variance information 334 11.7 Cost variance adjustments in the general ledger 337 Summary 343 Key terms 345 Self-study problems 346 Questions 349 Exercises 349 Problems 353 Acknowledgements 358 Chapter 12 Activity analysis: Costing and management 359 12.1 Activity-based costing (ABC) and conventional costing 360 12.2 ABC cost hierarchy 362 12.3 Understanding and implementing an ABC model 364 12.4 Activity-based management (ABM) 367 12.5 Benefits, costs and issues related to ABC 369 Summary 378 Key terms 379 Self-study problems 379 Questions 381 Exercises 382 Problems 387 Endnotes 390 Acknowledgements 391 Chapter 13 Relevant costs for decision making 392 13.1 Non-routine operating decisions 393 13.2 Special orders 394 13.3 Product line and business segment (keep or drop) decisions 397 13.4 Insource or outsource (make or buy) decisions 399 13.5 Constrained resources 400 13.6 Qualitative factors important to non-routine operating decisions 402 13.7 Joint products and costs 404 Summary 417 Key terms 420 Self-study problems 420 Questions 424 Exercises 424 Problems 432 Acknowledgements 440 Part 2 Management accounting, extending performance measurement and strategy 441 Chapter 14 Strategy and control 442 14.1 Management accounting and control in a 'flat world' 443 14.2 Introduction to strategy and control 444 14.3 Frameworks for strategy and control 446 14.4 Management responsibility and accountability practices 453 Summary 456 Key terms 456 Self-study problems 456 Questions 457 Exercises 457 Problems 459 Endnotes 460 Acknowledgements 460 Chapter 15 Capital budgeting and strategic investment decisions 462 15.1 Capital investment decisions 463 15.2 Relevant cash flows 464 15.3 Net present value (NPV) method 465 15.4 Uncertainties and sensitivity analysis 467 15.5 Alternative methods used for capital investment decisions 470 15.6 Strategic considerations for investment decisions 472 15.7 Income taxes and the net present value method 478 15.8 Inflation and the net present value method 479 Appendix 15A 481 Summary 489 Key terms 490 Self-study problems 491 Questions 494 Exercises 494 Problems 498 Endnotes 504 Acknowledgements 504 Chapter 16 The strategic management of costs and revenues 505 16.1 Value chain activities for continuous cost improvement 506 16.2 Customer profitability 509 16.3 Building desired profit into decisions 514 16.4 Kaizen costing 519 16.5 Life cycle costing 522 16.6 Price management: Pricing methods 523 Summary 530 Key terms 532 Self-study problems 533 Questions 534 Exercises 535 Problems 539 Endnotes 544 Acknowledgements 545 Chapter 17 Strategic management control: A lean perspective 546 17.1 Lean thinking philosophy 547 17.2 Theory of constraints 550 17.3 Just-in-time (JIT) production 557 17.4 Total quality management (TQM): Managing quality 559 Summary 563 Key terms 564 Self-study problems 564 Questions 565 Exercises 566 Problems 571 Endnotes 572 Acknowledgements 573 Chapter 18 Responsibility accounting, performance evaluation and transfer pricing 574 18.1 Decision-making authority and responsibility 575 18.2 Responsibility accounting 577 18.3 Income-based performance evaluation 579 18.4 Transfer pricing 586 18.5 Additional transfer price considerations 592 Summary 594 Key terms 595 Self-study problems 596 Questions 597 Exercises 598 Problems 601 Endnotes 605 Acknowledgements 606 Chapter 19 The balanced scorecard and strategy maps 607 19.1 Measuring organisational performance 608 19.2 Strategy maps 612 19.3 The balanced scorecard 614 19.4 Steps in implementing a balanced scorecard 622 19.5 Strengths and weaknesses of the balanced scorecard 628 Summary 632 Key terms 634 Self-study problems 635 Questions 637 Exercises 637 Problems 641 Endnotes 647 Acknowledgements 647 Chapter 20 Rewards, incentives and risk management 648 20.1 Agency theory and rewards 649 20.2 The structure of reward systems 650 20.3 Forms of incentives 651 20.4 Structuring reward systems containing incentives 652 20.5 Emerging themes in reward systems 656 20.6 Risk management 658 Summary 664 Key terms 665 Self-study problems 665 Questions 667 Exercises 667 Problems 670 Endnotes 677 Acknowledgements 678 Chapter 21 Sustainability management accounting 679 21.1 Sustainability and management accounting 680 21.2 Sustainability, ethics and integrated thinking 690 21.3 Scope and benefits of sustainability management accounting 693 21.4 Sustainability management accounting tools 696 21.5 Sustainability management accounting - issues relating to successful integration 704 Summary 707 Key terms 709 Self-study problems 709 Questions 710 Exercises 711 Problems 712 Endnotes 720 Acknowledgements 722 Index 723

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