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Cost Accounting: Foundations and Evolution Chapter
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Issues in Accounting Education · February 2011
DOI: 10.2308/iace.2 10.2308/iace.2011.26.1.257 011.26.1.257
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Cost Accounting: Foundations and Evolutions, Eighth Edition Michael R. Kinney, Cecily A. Raiborn
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Brief Con
Contents
iv
Preface
xi
Acknowledgments
xvii
Chapter 1
Introduction to Cost Accounting
1
Chapter 2
Cost Te Terminology rminology and Cost Behaviors
24
Chapter 3
Predetermined Overhead Rates, Flexible Budgets, Predetermined and Absorption/V Absorption/Variable ariable Costing
66
Chapter 4
Activity-Based Management and Activity-Based Costing
113
Chapter 5
Job Order Costing
162
Chapter 6
Process Costing
210
Chapter 7
Standard Costing and Variance Analysis
263
Chapter 8
The Master Budget
323
Chapter 9
Break-Even Break-Ev en Point and Cost-Volume-Pr Cost-Volume-Pro�t o�t Analysis
381
Chapter 10
Relevant Information for Decision Making
424
Chapter 11
Allocation of Joint Costs and Accounting for By-Product/Scrap
475
Chapter 12 Introduction towith Cost Management Systems Master your semester Scribd Responsibility Accounting, Support Department Chapter 13 & The New York Cost Times Allocations, and Transf Transfer er Pricing
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Contents
Preface Acknowledgments
xi xvii
Chapter 1 Introduction to Cost Accounting
1
Introduction
2
Comparison of Financial, Management, and Cost Accounting Financial Accounting Management Accounting Cost Accounting Cost Accounting Standards Professional Ethics
2 2 3 4 5 5
Competing in a Global Environment Organizational Strategy Organizational Structure Value Chain Balanced Scorecard Ethics in Multinational Corporations
7 8 10 11 12 14
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Chapter 2
19
Comprehensive Review Module Potential Ethical Issues Questions Exercises Problems
Chapter 3 Predetermined Overhead Rates, Flexible Budgets, and Absorption/V Absorption/Variable ariable Costing Introduction Normal Costing and Predetermined Overhead Formula for Predetermined Overhead Rate Applying Overhead to Production Disposition of Underapplied and Overapplied Overhead Alternative Capacity Measures Separating Mixed Costs High–Low Method Least SquaresRead Regression Analysis Free Foron 30this Days Sign up to vote title Flexible Budgets useful Useful Not Plantwide versus Departmental Overhead Cancel anytime. Rates Overview of Absorption and Variable
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Cost Driver Analysis Levels at Which Costs Are Incurred Cost Level Allocations Illustrated
119 120 122
Chapter 6
Activity-Based Costing Two-Step Allocation Activity-Based Costing Illustrated
124 125 127
Introduction
Determining Whether ABC Is Useful Large Product Variety High Product/Process Complexity Lack of Commonality in Overhead Costs Irrationality of Current Cost Allocations Changes in Business Environment
128 129 129 130 130 130
Criticisms of Activity-Based Costing
131
Process Costing in a Multidepartment Setting
Comprehensive Review Module Potential Ethical Issues Questions Exercises Problems
133 137 137 137 146
Process Costing with Standard Costs
Chapter 5 Job Order Costing
162
Introduction
163
Methods of Product Costing Cost Accumulation Systems Valuation Methods
163 163 164
Job Order semester Costing System Master your with Scribd Job Order Costing: Details and Documents Job Order Cost Sheet & The New York Times Material Requisitions Special offer for students: Only $4.99/month. Employee Time Sheets Overhead
165 167 167 169 170 171
Process Costing
Introduction to Process Costing Production Costs: The Numerator Production Quantity: The Denominator Equivalent Units of Production Weighted Average and First-In, First-Out Process Costing Methods Weighted Average Method FIFO Method
Hybrid Costing Systems Appendix 1 Alternative Calculations of Weighted Average and FIFO Methods Appendix 2 Spoilage Comprehensive Review Module Potential Ethical Issues Questions Exercises Problems
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Development of a Standard Cost System Material Standards
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Contents
Decision Making Performance Evaluation
284 284
Considerations in Establishing Standards Appropriateness Attainability
284 284 285
Changes in Standards Usage Use of Ideal Standards and Theoretical Capacity Adjusting Standards Material Price Variance Based on Usage Rather Than on Purchases Decline in Direct Labor
285 285 286 288 288
Conversion Cost as an Element in Standard Costing
288
Appendix Mix and Yield Variances Material Price, Mix, and Yield Variances Labor Rate, Mix, and Yield Variances
290 290 291 293
Comprehensive Review Module Potential Ethical Issues Questions Exercises Problems
294 301 302 302 312
Chapter 8 The Master Budget
323
Introduction
324
Chapter 9 Break-Even Point and Cost-Volume-Pro�t Analysis Introduction Break-Even Point Identifying the Break-Even Point Formula Approach to Breakeven Graphing Approach to Breakeven Pro�t-Volume Graph Income Statement Approach CVP Analysis Fixed Amount of Pro�t Speci�c Amount of Pro�t per Unit Incremental Analysis for Short-Run Changes CVP Analysis in a Multiproduct Environment Managing Risk of CVP Relationships Margin of Safety Operating Leverage Underlying Assumptions of CVP Analysis Comprehensive Review Module Potential Ethical Issues Questions Exercises Problems
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Chapter 10
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The Concept of Relevance Relevance
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Questions Exercises Problems
453 453 461
Comprehensive Review Module Potential Ethical Issues Questions Exercises Problems
475
Chapter 13
Introduction
476
Responsibility Accounting, Support Departm Cost Allocations, and Transf Transfer er Pricing
Outputs of a Joint Process
476
The Joint Process
478
The Joint Process Decision
479
Allocation of Joint Cost Physical Measure Allocation Monetary Measure Allocation
482 482 484
Accounting for By-Product and Scrap Net Realizable Value Approach Realized Value Approach
488 489 490
By-Product and Scrap in Job Order Costing
492
Joint Costs in Service Businesses and Not-for-Pro�t Organizations
493
Comprehensive Review Module Potential Ethical Issues Questions Exercises Problems
494 498 499 499 507
Chapter 11 Allocation of Joint Costs and Accounting for By-Product/Scrap
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Introduction Decentralization Responsibility Accounting Systems Types of Responsibility Responsibility Centers Cost Center Revenue Center Pro�t Center Investment Center
Support Department Cost Allocation Allocation Bases Methods of Allocating Support Department Cost
Service Department Cost Allocation Illustratio Direct Method Allocation Step Method Allocation Algebraic Method Allocation Determining Overhead Application Rates Transfer Pricing Transfer Types of Transfe Transferr Prices Read Free For 30this Days Sign up vote on title Selecting a to Transfer Transfe r Pricing System
517
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Contents
Awareness of and Participation in Performance Measures Appropriate Tools Tools for Performance Need for Feedback Short-Term Financial Performance Measures Short-Term for Management Divisional Pro�ts Cash Flow Return on Investment Residual Income Economic Value Added Limitations of Return on Investment, Residual Income, and Economic Value Added
603 603 604
Discount ing Future Cash Flows Discounting Net Present Value Method Pro�tability Index Internal Rate of Return
604 604 605 605 609 609 610
Differences in Perspectives
611
Non�nancial Performance Measures Selection of Non�nancial Measures Establishment of Comparison Bases
612 612 616
Use of Multiple Measures
616
Using a Balanced Scorecard for Measuring Performance 617 Performance Evaluation in Multinational Settings
619
Compensation Strategy
620
Pay-for-Performance Plans
620
Links between Performance Measures and Rewards Degree of Control over Performance Output Incentives Relative to Organizational Level Performance Plans and Feedback Worker Pay and Performance Links Promoting Overall Success Non�nancial Incentives
622 623 623 623 623 624 624
Effect of Depreciation on After-T After-Tax ax Cash Flows Assumptions and Limitations of Methods Investment Decision Is the Activity Worthy of an Investment? Which Assets Can Be Used for the Activity? Of the Available Assets for Each Activity, Which Is the Best Investment? Of the “Best Investments” for All Worthwhile Activities, in Which Ones Should the Company Invest? Ranking Multiple Capital Projects Compensating for Risk in Capital Project Evaluation Judgmental Method Risk-Adjusted Discount Rate Method Sensitivity Analysis Postinvestment Audit Appendix 1 Time Value of Money Present Value of a Single Cash Flow Present Value of an Annuity Appendix 2 Accounting Rate of Return
Review Module Master your semester with Scribd Comprehensive Potential Ethical Issues Read Free For 30 Days Questions Sign up to vote on this title & The New Times Tax Implications Impl ications ofYork Compensation Elements 624 Exercises Useful Not useful
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625
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Cash Management What Variables In�uence the Optimal Level of Cash? What Are the Sources of Cash? What Variables In�uence the Cost of Carrying Cash? Banking Relationships
710
713 713
Important Relationships in the Value Chain
Supply-Chain Management Information Technology and Purchasing Advances in Authorizing and Empowering Empowering Purchases
714 714
Inventory and Production Management Philos
Coping with Uncertainty The Nature and Causes of Uncertainty Four Strategies for Dealing with Uncertainty
715 715 716
Comprehensive Review Module Potential Ethical Issues Questions Exercises Problems
721 724 724 725 729
Inventory and Production Management 711 711
714
Chapter 17 Implementing Quality Concepts
740
Introduction
741
What Is Quality? Production View of Quality Consumer View of Quality
741 741 743
Benchmarking Master your semester with Scribd Total T otal Quality Management QualityYork System Times & The New Employee Involvement Special offer for students: Only $4.99/month. Product/Service Improvement Long-Term LongTerm Supplier Relationships
Chapter 18
745 749 749 749 750 751
Introduction
Buying or Producing and Carrying Inventory
Understanding and Managing Production Activities and Costs Product Life Cycles Life Cycle and Tar Target get Costing Just-in-Time Systems
Changes Needed to Implement JIT Manufactu Supplier Relationships and Distribution Product Design Product Processing Plant Layout
Logistics of the JIT Environment Accounting Implications of JIT JIT Flexible Manufacturing Systems and Computer-In Manufacturing Lean Enterprises Theory of Constraints Appendix Economic Order Quantity and Related Issues Economic Order Quantity Economic Production Run
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Open-Book Management Using Games to Teach Open-Book Management Motivating Employees Implementation Challenges
847 849 850 851
Exercises Problems
Environmental Management Systems
852
Glossary
Comprehensive Review Module Potential Ethical Issues Questions
855 856 856
Name Index
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Appendix: Present Value Tables
Subject Index
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Cost accounting is a dynamic discipline constantly responding to the needs of managers in a highly competitive and global business world. Managers need cost accounting information to develop, implement, and evaluate strategy. Managers also need cost accounting measurementss to determine product costs for internal management and external financial measurement reporting. Te eighth edition of Cost Accounting: Foundations and Evolutions provides in-depth coverage of cost management concepts and procedures in a logically sequenced and student-friendly framework. Tis text encourages students to go beyond the numbers and think critically about business decisions. A text is valuable only when students find the subject matter applicable applicable to their business or personal lives. Trough the use of a straightforward, readable approach, Cost Accounting: Foundations and Evolutions displays displays the real-world relevance of this topic to its readers.
Hallmark Features Tis edition provides in-depth, current coverage of cost management concepts and procedures, while integrating relevant, real-world business examples and ethical considerations, in a straightforward and student-f riendly framework. f ramework. Te unique hallmark features of this text that have been retained include the following.
Streamlined, StudentStuden t-Friendly Friendly Approach Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Recognized for its unmatched readability, readability, the book’s book’s thought-provoking writing keeps con& The New York Times Useful Not useful cepts intriguing and easy to comprehend. Tis edition’s solid blend of concepts and pracCancel anytime.
Special offer fortices students: Only $4.99/month. will help students clearly understand how to solve actual business bu siness problems. Te text is well written, and students like it
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BusMath01_PL_BEP_Activity_Answer 412 Promotional Key.pdf Management
Preface
emphasize dilemmas students may encounter in business. Exercises and problems inv ethical considerations are marked with an ethics icon.
Comprehensive Compre hensive Review Modules
A Compre Comprehensi hensive ve Revie Review w Module Module for each chap chapter ter ensur ensures es your studen students’ ts’ maste mastery ry of an overview of key terms, through an overview of key terms, succinct chapter summaries tion strategies highlighting key equations and concepts, and demonstration problems th dents can use as a framework for solving similar examples in homework assignments or e Tese modul modules es reinf reinforce orce the critica criticall concept conceptss from the chapte chapters rs and and show show how how to apply
High-Quality End-of End-of-Chapte -Chapter r Assignments
Students practice accounting skills with a wide array of assignment types, including emplate activities, ethical problems, writing assignments, Internet emplate Internet research exercise group activities. Questions test basic chapter comprehension, Exercises Exercises offer quick checks, and Problems delve deeper into the concepts, testing students’ retention retention of c topics and procedures. A strength of the textbook textbook is the the quality of the the exercises and problems at the the end o each chapter. Tese items . . . do a good job of reinforcing important concepts in the chapte Furthermore, most chapters have one or two broad-scope problems that integrate many of th cepts presented in that chapter and, in some cases, also integrate integrate concepts f rom preceding ch Nace Magner, Western Kentucky University
Improvements in the Eighth Edition
We’ve tailored this edition of Cost Accounting: Foundations and Evolutions to We’ve to meet the s needs of this course, taking the insights and suggestions of many cost accounting prof across the country into consideration. Te following improvements have been made. Read Free Foron 30this Days Sign up to vote title
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Solution Strategies at the end of the chapter chapter,, so students can quickly reference the text for additional explanations when necessary necessary..
New End-of-Chapter Assignments Numerous new problems have been added and nearly 90 percent of the end-of-chapter assignments in this edition have been updated or modified to provide professors who prefer to assign new questions each term with more choice and flexibility. Writing labels have been added to better identify which assignments build written communication and research skills.
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We would like to thank all the people who have helped us during the revision of this text. We Te constructive comments and suggestions made by the following reviewers reviewers were instrumental in developing, rewriting, reorganizing, and improving the quality, readability, accuracy,, and student orientation of Cost Accounting: Foundations and Evolutions . racy Gary L. Bridges University of exas at San Antonio
Philip W. Morris Sam Houston State University
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Letitia Meier Pleis Metropolitan State College College of Denver
Charles R. Chambers University of oledo
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Acknowledgments
Wee are grateful for the materials from the Institute of Manageme W Management nt Accou American Institute of CP CPAs, As, and various periodica periodicall publishe publishers rs that have contribute nificantly to making this text a truly useful learning tool for the students. Te author to thank all the people at South-Western, a part of Cengage Learning (especially Kellman, Developmental Editor; Holly Henjum, Senior Content Project Manage Matt Filimonov, Acquisitions Editor), who have helped us on this project. Special t go to Valarmathy Munuswamy, at Integra Software Services, for her time and effort o edition.
Wee would also like to thank W thank our supplement preparers preparers for providing high-qualit high-qualit tent and verifiers for ensuring the accuracy of this text and supplements: Supplement Preparers:
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est Bank: est Edward R. Walker University of Central Oklahoma
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Instructor’s Manual: J. Lowell Mooney Georgia Southern University
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Cost - Direct Costing, CVP
Appendix
Table 1 Period
Present Value Tables
Present Value of $1 1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
9.50%
10.00%
1
0.9901
0.9804
0.9709
0.9615
0.9524
0.9434
0.9346
0.9259
0.9174
0.9132
0.9091
2
0.9803
0.9612
0.9426
0.9246
0.9070
0.8900
0.8734
0.8573
0.8417
0.8340
0.8265
3
0.9706
0.9423
0.9151
0.8890
0.8638
0.8396
0.8163
0.7938
0.7722
0.7617
0.7513
4
0.9610
0.9239
0.8885
0.8548
0.8227
0.7921
0.7629
0.7350
0.7084
0.6956
0.6830
5
0.9515
0.9057
0.8626
0.8219
0.7835
0.7473
0.7130
0.6806
0.6499
0.6352
0.6209
6
0.9421
0.8880
0.8375
0.7903
0.7462
0.7050
0.6663
0.6302
0.5963
0.5801
0.5645
7
0.9327
0.8706
0.8131
0.7599
0.7107
0.6651
0.6228
0.5835
0.5470
0.5298
0.5132
8
0.9235
0.8535
0.7894
0.7307
0.6768
0.6274
0.5820
0.5403
0.5019
0.4838
0.4665
9
0.9143
0.8368
0.7664
0.7026
0.6446
0.5919
0.5439
0.5003
0.4604
0.4419
0.4241
10
0.9053
0.8204
0.7441
0.6756
0.6139
0.5584
0.5084
0.4632
0.4224
0.4035
0.3855
11
0.8963
0.8043
0.7224
0.6496
0.5847
0.5268
0.4751
0.4289
0.3875
0.3685
0.3505
12
0.8875
0.7885
0.7014
0.6246
0.5568
0.4970
0.4440
0.3971
0.3555
0.3365
0.3186
13
0.8787
0.7730
0.6810
0.6006
0.5303
0.4688
0.4150
0.3677
0.3262
0.3073
0.2897
14
0.8700
0.7579
0.6611
0.5775
0.5051
0.4423
0.3878
0.3405
0.2993
0.2807
0.2633
15
0.8614
0.7430
0.6419
0.5553
0.4810
0.4173
0.3625
0.3152
0.2745
0.2563
0.2394
16
0.8528
0.7285
0.6232
0.5339
0.4581
0.3937
0.3387
0.2919
0.2519
0.2341
0.2176
17
0.8444
0.7142
0.6050
0.5134
0.4363
0.3714
0.3166
0.2703
0.2311
0.2138
0.1978
18
0.8360
0.7002
0.5874
0.4936
0.4155
0.3503
0.2959
0.2503
0.2120
0.1952
0.1799
19
0.8277
0.6864
0.5703
0.4746
0.3957
0.3305
0.2765
0.2317
0.1945
0.1783
0.1635
20
0.8195
0.6730
0.5537
0.4564
0.3769
0.3118
0.2584
0.2146
0.1784
0.1628
0.1486
21
0.8114
0.6598
0.5376
0.4388
0.3589
0.2942
0.2415
0.1987
0.1637
0.1487
0.1351
22
0.8034
0.6468
0.5219
0.4220
0.3419
0.2775
0.2257
0.1839
0.1502
0.1358
0.1229
23
0.7954
0.6342
0.5067
0.4057
0.3256
0.2618
0.2110
0.1703
0.1378
0.1240
0.1117
24
0.7876
0.6217
0.4919
0.3901
0.3101
0.2470
0.1972
0.1577
0.1264
0.1133
0.1015
25
0.7798
0.6095
0.4776
0.3751
0.2953
0.2330
0.1843
0.1460
0.1160
0.1034
0.0923
Master your semester with Scribd & The New York Times 26
0.7721
0.5976
0.4637
0.3607
0.2812
0.2198
0.1722
0.1352
0.1064
0.0945
0.0839
27
0.7644
0.5859
0.4502
0.3468
0.2679
0.2074
0.1609
0.1252
0.0976
0.0863
0.7568
0.5744
0.4371
0.3335
0.2551
0.1956
up 0.150Sign 4 0.11to 59 vote 0.0on 896this 0title .0788
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30 0.7419 0.5521 0.4120 Special offer for students: Only $4.99/month.
0.3083
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0.2965
0.2204
0.1643
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0.0920
0.0692
0.0600
0.0521
31
0.7346
0.5413
0.4000
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Appendix
Table 1
Present Value Tables
(Continued)
Period Per iod 11. 11.50% 50% 12. 12.00% 00% 12. 12.50% 50% 13. 13.00% 00% 13. 13.50% 50% 14. 14.00% 00% 14. 14.50% 50% 15. 15.00% 00% 15. 15.50% 50% 16. 16.00% 00% 17. 17.00% 00% 18. 18.00% 00% 19. 19.00% 00% 1
0.8 0. 896 969 9
0.8 .89 929
0.8 .88 889
0.8 0. 885 850 0
0.88 0. 8811 11
0.8 .87 772
0.8 0. 873 734 4
0.8 0. 869 696 6
0.8 .86 658
0.86 0. 862 21
0.8 0. 854 547 7
0.8 .84 475
0.8 .84 403
2
0.8 0. 804 044 4
0.7 .79 972
0.7 .79 901
0.7 0. 783 832 2
0.77 0. 7763 63
0.7 .76 695
0.7 0. 762 628 8
0.7 0. 756 561 1
0.7 .74 496
0.74 0. 743 32
0.7 0. 730 305 5
0.7 .71 182
0.7 .70 062
3
0.7 0. 721 214 4
0.7 .71 118
0.7 .70 023
0.6 0. 693 931 1
0.68 0. 6839 39
0.6 .67 750
0.6 0. 666 662 2
0.6 0. 657 575 5
0.6 .64 490
0.64 0. 640 07
0.6 0. 624 244 4
0.6 .60 086
0.5 .59 934
4
0.6 0. 647 470 0
0.6 .63 355
0.6 .62 243
0.6 0. 613 133 3
0.60 0. 6026 26
0.5 .59 921
0.5 0. 581 818 8
0.5 0. 571 718 8
0.5 .56 619
0.55 0. 552 23
0.5 0. 533 337 7
0.5 .51 158
0.4 .49 987
5
0.5 0. 580 803 3
0.5 .56 674
0.5 .55 549
0.5 0. 542 428 8
0.53 0. 5309 09
0.5 .51 194
0.5 0. 508 081 1
0.4 0. 497 972 2
0.4 .48 865
0.47 0. 476 61
0.4 0. 456 561 1
0.4 .43 371
0.4 .41 191
6
0.5 0. 520 204 4
0.5 .50 066
0.4 .49 933
0.4 0. 480 803 3
0.46 0. 4678 78
0.4 .45 556
0.4 0. 443 438 8
0.4 0. 432 323 3
0.4 .42 212
0.41 0. 410 04
0.3 0. 389 898 8
0.3 .37 704
0.3 .35 521
7
0.4 0. 466 667 7
0.4 .45 524
0.4 .43 385
0.4 0. 425 251 1
0.41 0. 4121 21
0.3 .39 996
0.3 0. 387 876 6
0.3 0. 375 759 9
0.3 .36 647
0.35 0. 353 38
0.3 0. 333 332 2
0.3 .31 139
0.2 .29 959
8
0.4 0. 418 186 6
0.4 .40 039
0.3 .38 897
0.3 0. 376 762 2
0.36 0. 3631 31
0.3 .35 506
0.3 0. 338 385 5
0.3 0. 326 269 9
0.3 .31 158
0.30 0. 305 50
0.2 0. 284 848 8
0.2 .26 660
0.2 .24 487
9
0.3 0. 375 754 4
0.3 .36 606
0.3 .34 464
0.3 0. 332 329 9
0.31 0. 3199 99
0.3 .30 075
0.2 0. 295 956 6
0.2 0. 284 843 3
0.2 .27 734
0.26 0. 263 30
0.2 0. 243 434 4
0.2 .22 255
0.2 .20 090
10
0.3 0. 336 367 7
0.3 .32 220
0.3 .30 080
0.2 0. 294 946 6
0.28 0. 2819 19
0.2 .26 697
0.2 0. 258 582 2
0.2 0. 247 472 2
0.2 .23 367
0.22 0. 226 67
0.2 0. 208 080 0
0.1 .19 911
0.1 .17 756
11
0.3 0. 302 020 0
0.2 .28 875
0,2 ,27 737
0.2 0. 260 607 7
0.24 0. 2483 83
0.2 .23 366
0.2 0. 225 255 5
0.2 0. 214 149 9
0.2 .20 049
0.19 0. 195 54
0.1 0. 177 778 8
0.1 .16 619
0.1 .14 476
12
0.2 0. 270 708 8
0.2 .25 567
0.2 .24 433
0.2 0. 230 307 7
0.21 0. 2188 88
0.2 .20 076
0.1 0. 196 969 9
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Licensed Licensed to: iChapters iChapters User
Cost - Direct Costing, CVP
Appendix
Table 2 Period
Present Value Tables
Present Value Value of an Ordinary Annuity of $1 1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
9.50%
10.00%
1
0.9 .99 901
0.9 .98 804
0.9 .97 709
0.9 .96 615
0.0 .05 524
0.9 .94 434
0.9 .93 346
0.9 .92 259
0.9 .91 174
0.91 0. 9132 32
0.9 .90 091
2
1.9 .97 704
1.9 .94 416
1.9 .91 135
1.8 .88 861
1.8 .85 594
1.8 .83 334
1.8 .80 080
1.7 .78 833
1.7 .75 591
1.74 1. 7473 73
1.7 .73 355
3
2.9 .94 410
2.8 .88 839
2.8 .82 286
2.7 .77 751
2.7 .72 233
2.6 .67 730
2.6 .62 243
2.5 .57 771
2.5 .53 313
2.50 2. 5089 89
2.4 .48 869
4
3.9 .90 020
3.8 .80 077
3.7 .71 171
3.6 .62 299
3.5 .54 460
3.4 .46 651
3.3 .38 872
3.3 .31 121
3.2 .23 397
3.20 3. 2045 45
3.1 .16 699
5
4.8 .85 534
4.7 .71 135
4.5 .57 797
4.4 .45 518
4.3 .32 295
4.2 .21 124
4.1 .10 002
3.9 .99 927
3.8 .88 897
3.83 3. 8397 97
3.7 .79 908
6
5.7 .79 955
5.6 .60 014
5.4 .41 172
5.2 .24 421
5.0 .07 757
4.9 .91 173
4.7 .76 665
4.6 .62 229
4.4 .48 859
4.41 4. 4198 98
4.3 .35 553
7
6.7 .72 282
6.4 .47 720
6.2 .23 303
6.0 .00 021
5.7 .78 864
5.5 .58 824
5.3 .38 893
5.2 .20 064
5.0 .03 330
4.94 4. 9496 96
4.8 .86 684
8
7.6 .65 517
7.3 .32 255
7.0 .01 197
6.7 .73 327
6.4 .46 632
6.2 .20 098
5.9 .97 713
5.7 .74 466
5.5 .53 348
5.43 5. 4334 34
5.3 .33 349
9
8.5 .56 660
8.1 .16 622
7.7 .78 861
7.4 .43 353
7.1 .10 078
6.8 .80 017
6.5 .51 152
6.2 .24 469
5.9 .99 953
5.87 5. 8753 53
5.7 .75 590
10
9.4 .47 713
8.9 .98 826
8.5 .53 302
8.1 .11 109
7.7 .72 217
7.3 .36 601
7.0 .02 236
6.7 .71 101
6.4 .41 177
6.27 6. 2788 88
6.1 .14 446
11
10. 0.3 367 676 6
9.7 .78 869
9.2 .25 526
8.7 .76 605
8.3 .30 064
7.8 .88 869
7.4 .49 987
7.1 .13 390
6.8 .80 052
6.64 6. 6473 73
6.4 .49 951
12
11.2 11. 255 551 1
10.575 10.5 753 3
9.9 .95 540
9.3 .38 851
8.8 .86 633
8.3 .38 838
7.9 .94 427
7.5 .53 361
7.1 .16 607
6.98 6. 9838 38
6.8 .81 137
13
12.1 12 .133 337 7
11.348 11.3 484 4
10.635 10.6 350 0
9.98 9. 9857 57
9.39 9. 3936 36
8.85 8. 8527 27
8.35 8. 3577 77
7.90 7. 9038 38
7.48 7. 4869 69
7.29 7. 2912 12
7.10 7. 1034 34
14
13.0 13 .003 037 7
12.1063 12.10 63
11.296 11.2 961 1
10.5631 10.56 31
9.89 9. 8986 86
9.29 9. 2950 50
8.74 8. 7455 55
8.24 8. 2442 42
7.78 7. 7862 62
7.57 7. 5719 19
7.36 7. 3667 67
15
13.86 13. 8651 51
12.849 12.8 493 3
11.9 11 .937 379 9
11.1 11 .118 184 4
10.3 10 .379 797 7
9.71 9. 7123 23
9.10 9. 1079 79
8.55 8. 5595 95
8.06 8. 0607 07
7.82 7. 8282 82
7.60 7. 6061 61
16
14.71 14. 7179 79
13.5 13 .577 777 7
12.5 12 .561 611 1
11.6 11 .652 523 3
10.8 10 .837 378 8
10.1 10 .105 059 9
9.44 9. 4467 67
8.85 8. 8514 14
8.31 8. 3126 26
8.06 8. 0623 23
7.82 7. 8237 37
17
15.56 15. 5623 23
14.2 14 .291 919 9
13.1 13 .166 661 1
12.1 12 .165 657 7
11.2 11 .274 741 1
10.4 10 .477 773 3
9.76 9. 7632 32
9.12 9. 1216 16
8.54 8. 5436 36
8.27 8. 2760 60
8.02 8. 0216 16
18
16.398 16.3 983 3
14.9 14 .992 920 0
13.7 13 .753 535 5
12.6 12 .659 593 3
11.6 11 .689 896 6
10.8 10 .827 276 6
10.0 10 .059 591 1
9.37 9. 3719 19
8.75 8. 7556 56
8.47 8. 4713 13
8.20 8. 2014 14
19
17.226 17.2 260 0
15.6 15 .678 785 5
14.3 14 .323 238 8
13.1 13 .133 339 9
12.0 12 .085 853 3
11.1 11 .158 581 1
10.3 10 .335 356 6
9.60 9. 6036 36
8.95 8. 9501 01
8.64 8. 6496 96
8.36 8. 3649 49
20
18.045 18.0 456 6
16.3 16 .351 514 4
14.8 14 .877 775 5
13.5 13 .590 903 3
12.4 12 .462 622 2
11.4 11 .469 699 9
10.5 10 .594 940 0
9.81 9. 8182 82
9.12 9. 1286 86
8.81 8. 8124 24
8.51 8. 5136 36
21
18.857 18.8 570 0
17.0 17 .011 112 2
15.4 15 .415 150 0
14.0 14 .029 292 2
12.8 12 .821 212 2
11.7 11 .764 641 1
10.8 10 .835 355 5
10.0 10 .016 168 8
9.29 9. 2922 22
8.96 8. 9611 11
8.64 8. 6487 87
22
19.660 19.6 604 4
17.6 17 .658 581 1
15.9 15 .936 369 9
14.4 14 .451 511 1
13.1 13 .163 630 0
12.0 12 .041 416 6
11.0 11 .061 612 2
10.2 10 .200 007 7
9.44 9. 4424 24
9.09 9. 0969 69
8.77 8. 7715 15
23
20.455 20.4 558 8
18.2 18 .292 922 2
16.4 16 .443 436 6
14.8 14 .856 568 8
13.4 13 .488 886 6
12.3 12 .303 034 4
11.2 11 .272 722 2
10.3 10 .371 711 1
9.58 9. 5802 02
9.22 9. 2209 09
8.88 8. 8832 32
24
21.243 21.2 434 4
18.9 18 .913 139 9
16.9 16 .935 355 5
15.2 15 .247 470 0
13.7 13 .798 986 6
12.5 12 .550 504 4
11.4 11 .469 693 3
10.5 10 .528 288 8
9.70 9. 7066 66
9.33 9. 3342 42
8.98 8. 9847 47
25
22.023 22.0 232 2
19.5 19 .523 235 5
17.4 17 .413 132 2
15.6 15 .622 221 1
14.0 14 .093 939 9
12.7 12 .783 834 4
11.6 11 .653 536 6
10.6 10 .674 748 8
9.82 9. 8226 26
9.43 9. 4376 76
9.07 9. 0770 70
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22.795 22.7 952 2
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17.8 17 .876 768 8
15.9 15 .982 828 8
14.3 14 .375 752 2
13.0 13 .003 032 2
11.8 11 .825 258 8
10.8 10 .810 100 0
9.92 9. 9290 90
9.53 9. 5320 20
9.16 9. 1610 10
27
23.5 23 .559 596 6
20.7 20 .706 069 9
18.3 18 .327 270 0
16.3 16 .329 296 6
14.6 14 .643 430 0
13.2 13 .210 105 5
11.9 11 .986 867 7
10.9 10 .935 352 2
10.0 10 .026 266 6
9.61 9. 6183 83
24.3 24 .316 164 4
21.2 21 .281 813 3
18.7 18 .764 641 1
16.6 16 .663 631 1
14.8 14 .898 981 1
13.4 13 .406 062 2
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Licensed Licensed to: iChapters iChapters User 870
of 49
Cost - Direct Costing, CVP
Appendix
Table 2
Present Value Tables
(Continued)
Period Per iod 11. 11.50% 50% 12. 12.00% 00% 12. 12.50% 50% 13. 13.00% 00% 13. 13.50% 50% 14. 14.00% 00% 14. 14.50% 50% 15. 15.00% 00% 15. 15.50% 50% 16. 16.00% 00% 17. 17.00% 00% 18. 18.00% 00% 19. 19.00% 00% 1
0.8 0. 896 969 9
0.8 .89 929
0.8 .88 889
0.8 0. 885 850 0
0.88 0. 8811 11
0.8 .87 772
0.8 0. 873 734 4
0.8 0. 869 696 6
0.8 .86 658
0.86 0. 862 21
0.8 0. 854 547 7
0.8 .84 475
0.8 .84 403
2
1.7 1. 701 012 2
1.6 .69 901
1.6 .67 790
1.6 1. 668 681 1
1.65 1. 6573 73
1.6 .64 467
1.6 1. 636 361 1
1.6 1. 625 257 7
1.6 .61 154
1.60 1. 605 52
1.5 1. 585 852 2
1.5 .56 656
1.5 .54 465
3
2.4 2. 422 226 6
2.4 .40 018
2.3 .38 813
2.3 2. 361 612 2
2.34 2. 3413 13
2.3 .32 216
2.3 2. 302 023 3
2.2 2. 283 832 2
2.2 .26 644
2.24 2. 245 59
2.2 2. 209 096 6
2.1 .17 743
2.1 .13 399
4
3.0 3. 069 696 6
3.0 .03 374
3.0 .00 056
2.9 2. 974 745 5
2.94 2. 9438 38
2.9 .91 137
2.8 2. 884 841 1
2.8 2. 885 850 0
2.8 .82 263
2.79 2. 798 82
2.7 2. 743 432 2
2.6 .69 901
2.6 .63 386
5
3.6 3. 649 499 9
3.6 .60 048
3.5 .56 606
3.5 3. 517 172 2
3.47 3. 4747 47
3.4 .43 331
3.3 3. 392 922 2
3.3 3. 352 522 2
3.3 .31 129
3.27 3. 274 43
3.1 3. 199 994 4
3.1 .12 272
3.0 .05 576
6
4.1 4. 170 703 3
4.1 .11 114
4.0 .05 538
3.9 3. 997 976 6
3.94 3. 9425 25
3.8 .88 887
3.8 3. 836 360 0
3.7 3. 784 845 5
3.7 .73 341
3.68 3. 684 47
3.5 3. 589 892 2
3.4 .49 976
3.4 .40 098
7
4.6 4. 637 370 0
4.5 .56 638
4.4 .49 923
4.4 4. 422 226 6
4.35 4. 3546 46
4.2 .28 883
4.2 4. 223 236 6
4.1 4. 160 604 4
4.0 .09 988
4.03 4. 038 86
3.9 3. 922 224 4
3.8 .81 115
3.7 .70 057
8
5.0 5. 055 556 6
4.9 .96 676
4.8 .88 821
4.7 4. 798 988 8
4.71 4. 7177 77
4.6 .63 389
4.5 4. 562 621 1
4.4 4. 487 873 3
4.4 .41 145
4.34 4. 343 36
4.2 4. 207 072 2
4.0 .07 776
3.9 .95 544
9
5.4 5. 431 311 1
5.3 .32 283
5.2 .22 285
5.1 5. 131 317 7
5.03 5. 0377 77
4.9 .94 464
4.8 4. 857 577 7
4.7 4. 771 716 6
4.6 .68 879
4.60 4. 606 65
4.4 4. 450 506 6
4.3 .30 030
4.1 .16 633
10
5.7 5. 767 678 8
5.6 .65 502
5.5 .53 364
5.4 5. 426 262 2
5.31 5. 3195 95
5.2 .21 161
5.1 5. 115 159 9
5.0 5. 018 188 8
4.9 .92 246
4.83 4. 833 32
4.6 4. 658 586 6
4.4 .49 941
4.3 .33 389
11
6.0 6. 069 698 8
5.9 .93 377
5.8 .81 102
5.6 5. 686 869 9
5.56 5. 5679 79
5.4 .45 527
5.3 5. 341 414 4
5.2 5. 233 337 7
5.1 .12 295
5.02 5. 028 86
4.8 4. 836 364 4
4.6 .65 560
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12
6.3 6. 340 406 6
6.1 .19 944
6.0 .05 535
5.9 5. 917 177 7
5.78 5. 7867 67
5.6 .66 603
5.5 5. 538 383 3
5.4 5. 420 206 6
5.3 .30 069
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Glossary
A ABC
see activity-based costing
ABM
see activity-based management
abnormal loss a decline in units in excess excess of of expectations during a production process absorption costing a cost accumulation and reporting method that treats the costs of all manufacturing components (direct material, direct labor, variable overhead, and fixed overhead) as inventoriable or product costs; the traditional approach to product costing; must be used for external financial statements and tax reporting accounting rate of return (ARR) the rate of earnings obtained on the average capital investment over the life of a capital project; computed as average annual profits divided by average investment; not based on cash flow activity a repetitive action performed in fulfillment of business functions activity analysis the process of detailing the various repetitive actions that are performed in making a product or providing a service, classifying them as value-added and non-value-added, and devising ways of minimizing or eliminating non-value-added activities
activity driver a measure of the demands on activities and, thus, the resources consumed by products and services; often indicates an activity’s output actual cost system a valuation method that uses actual direct material, direct labor, and overhead charges in determining the cost of Work in Process Inventory
approximated net realizab off allocation a metho joint cost to joint products lated net realizable value a point; computed as final s incremental separate cost
ad hoc discount a price concession made under competitive pressure (real or imagined) that does not relate to quantity purchased
asset turnover a ratio ductivity and showing the dollars generated by each
administrative department an organizational unit that performs management activities benefiting the entire organization; includes top management personnel and organization headquarters
authority the right (usually (usually tion or rank) to use resour a task or achieve an objec
using multiple cost drivers to predict and
autonomation the use has been programmed to conditions
advance pricing a greement (APA) a binding contract between a company and one or more national tax authorities that provides details of how a transfer price is to be set and establishes that no adjustments or penalties will be made i f the agreed-upon methodology is used
B
backflush costing a stream accounting method that sp fies, and reduces accountin ronment that minimizes in requires few allocations, us variances and has minimal 30 Days
algebraic method a process of support department cost allocation that considers all interrelationships of the departments and reflects these relationships in simultaRead Free Foron this title Sign up to vote (BSC) neous equations balanced scorecard Useful Not useful performance measuremen algorithm a logical step-by-step problemCancel anytime. formance measures from f solving technique (generally requiring financial, internal business the use of a computer) that continuously innovation and learning searches for an improved solution from the
Master your semester with Scribd & The New York Times Special offer for students: Only $4.99/month. activity-based costing (ABC) a process
appropriation a budgeted able expenditure
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Licensed Licensed to: iChapters iChapters User 872
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Cost - Direct Costing, CVP
bottleneck any object or facility having a processing speed sufficiently slow to cause the other processing mechanisms in its network to experience idle time
Glossary
production, distribution, or service capabilities for more than one year
break-even chart a graph that depicts the relationships among revenues, variable costs, fixed costs, and profits (or losses)
capital budgeting a process of evaluating an entity’s proposed long-range projects or courses of future activity for the purpose of allocating limited resources to desirable projects
break-even point (BEP) the level of activity, in units or dollars, at which total revenues equal total costs
capital rationing a process that allocates scarce or constrained monetary resources to capital asset acquisitions
budget a financial financial plan for the future based on a single level of activity; the quantitative expression of a company’s commitment to planned activities and resource acquisition and use
carrying cost the total variable cost of carrying one unit of inventory in stock for one year; includes the opportunity cost of capital invested in inventory
budgeting the process of formalizing plans and committing them to written, financial terms budget manual a detailed set of documents that provides descriptive information and guidelines about the budgetary process budget slack an intentional underestimation of revenues and/or overestimation of expenses in a budgeting process for the purpose of including deviations that are likely to occur so that results will meet expectations budget variance the difference between total actual overhead and budgeted overhead based on standard hours allowed for the production achieved during the period; computed as part of two-variance overhead analysis; also referred to as the controllable variance build mission a mission of increasing market share even at the expense of short-term profits and cash flow; typically pursued by a business unit that has a small market share in a high-growth industry; appropriate for products that are in the early stages of the product life cycle
cash flow the receipt or disbursement of cash; when related to capital budgeting, cash flows arise from the purchase, operation, and disposition of a capital asset centralization a management style that exists when top management makes most decisions and controls most activities of the organizational units from the company’s central headquarters coefficient of determination a measure of dispersion that indicates the “goodness “goodness of fit” of the actual observations to the least squares regression line; indicates what proportion of the total variation in Y is explained by the regression model committed cost a cost related either to the long-term investment in plant and equipment of a business or to the organizational personnel deemed permanent by top management; cannot be changed without long-run detriment to the organization
Master your semester with Scribd & The New York Times Special offer for students: Only $4.99/month. business process reengineering (BPR) the process of combining information
company management still attempts ferentiate company products through features or to develop a price leadersh position by dropping prices, even tho management recognizes that compe will rapidly bring out similar products match price changes; an organization egy in which company management fies and exploits current opportunities competitive advantage in recognition fact that those opportunities are tran constraint a restriction inhibiting achievement of an objective
continuous budget a plan in which a rolling 12-month budget; a new bu month (12 months into the future) is as each current month expires
continuous improvement an ongoin process of enhancing employee task formance, level of product quality, an of company service through (1) elim non-value-added activities to reduce time, (2) making products (performin services) with zero defects, (3) reduci product costs on an ongoing basis, a (4) simplifying products and process
continuous loss any reduction in occurs uniformly throughout a produ process
contribution margin (CM) the differ between selling price and variable co unit or between total revenue and variable cost at a specific level of act the amount of each revenue dollar re ing after variable costs have been co that goes toward coverage of fixed c and generation of profits
compensation strategy a foundation for (CM%) the compensation plan that addresses contribution margin ratio Read Free Foron 30this Days Sign up to vote the role compensation should play in the proportion of title each revenue dollar rem organization ing after variable costs have been co Useful Not useful Cancel anytime. computed as contribution margin di competence the notion that individuals will by sales develop and maintain the skills necessary to practice their profession control chart a graphical presentatio
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contract, performing a function, or producing and distributing a product cost accounting a discipline that focuses on techniques or methods for determining the cost of a project, process, or thing through direct measurement, arbitrary assignment, or systematic and rational allocation
decision variable an which a linear programm being solved
cost of goods manufac tured (CGM) (CGM) the total cost of the goods completed and transferred to Finished Goods Inventory during the period cost of noncompliance the cost of production imperfections that is equal to the sum of internal and external failure costs
Cost Accounting Standards Board (CASB) a body established by Congress in 1970 to promulgate cost accounting standards for defense contractors and federal agencies; disbanded in 1980 and reestablished in 1988
cost of production report a process costing document that details all operating and cost information, shows the computation of cost per equivalent unit, and indicates cost assignment to goods produced during the period
cost allocation the assignment, using some reasonable basis, of any indirect cost to one or more cost objects
cost-plus contract a contract in which the customer agrees to reimburse the producer for the cost of the job plus a specified profit margin over cost
cost avoidance the practice of finding acceptable alternatives to high-cost items and/or not spending money for unnecessary goods or services cost-benefit analysis the analytical process of comparing the relative costs and benefits that result from a specific course of action (such as providing information or investing in a project) cost center a responsibility center in which the manager has the authority to incur costs and is evaluated on the basis of how well costs are controlled cost consciousness a company-wide attitude about the topics of cost understanding, cost containment, cost avoidance, and cost reduction cost containment the practice of minimizing, to the extent possible, period-by-period increases in per-unit variable and total fixed costs
cost reduction the practice of lowering current costs, especially those that may be in excess of what is necessary cost structure the relative composition of an organization’s fixed and variable costs cost table a database providing information about the impact on product costs of using different input resources, manufacturing processes, and design specifications cost-volume-profit (CVP) analysis a procedure that examines changes in costs and volume levels and the resulting effects on net income (profits) credibility the belief that individuals will provide full, fair, and timely disclosure of all relevant information
cost driver
a factor factor that has a direct cause-
degree of operating leve factor that indicates how change in sales, from th level, will affect compan as contribution margin d income; equal to (1 percentage)
dependent variable that is to be predicted u independent variables
differential cost a cost amount among the alte considered
differential revenue in amount among altern
direct cost a cost that to a particular cost objec direct costing
see variab
direct labor the individu cifically on manufacturin performing a service; the who work specifically on product or performing a such time
direct material a readily a product; the cost of su critical success factor (CSF) any operational dimension (such as quality, customer direct method a support service, efficiency, cost control, or responallocation approach that siveness to change) so important that department costs direct Read Free Foron 30this Days Sign to vote title failure in that area could cause theup organiproducing areas with on zation to fail mediate cost pools or al Useful Not useful Cancel anytime. customer value perspective a balanced discounting the process scorecard perspective that addresses how cash flows to present va well an organization is doing relative to discount rate the rate
Master your semester with Scribd & The New York Times cost control system a logical structure of formal and/or informal activities designed to analyze and evaluate how well expenditures are managed during a period Special offer for students: Only $4.99/month.
defect a unit unit that that has inspection for failure to m quality standards or desi specifications but that ca and sold
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Licensed Licensed to: iChapters iChapters User 874
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Cost - Direct Costing, CVP
Glossary
downstream cost a cost related to marketing, distribution, or customer service dual pricing arrangement a transfer pricing system that allows a selling division to record the transfer of goods or services at one price (e.g., a market or negotiated market price) and a buying division to record the transfer at another price (e.g., a costbased amount) Du Pont model a model that indicates the return on investment as it is affected by profit margin and asset turnover
E earnings management any accounting method or practice used by managers or accountants to deliberately “adjust” a company’s profit amount to meet a predetermined internal or external target economic order quantity (EOQ) an estimate of the number of units per order that will be the least costly and provide the optimal balance between the costs of ordering and the costs of carrying inventory economic production run (EPR) an estimate of the number of units to produce at one time that minimizes the total costs of setting up production runs and the costs of carrying inventory economic value added (EVA (EVA®®) a measure of the extent to which income exceeds the dollar cost of capital; calculated as income minus (invested capital times the cost of capital percentage)
a limiting factor that is not under the direct control of an organization’s management; tends to be fairly long-run in nature
finished goods the stage in the prod or conversion process where units ar completed
e-procurement system an electronic B2B (business-to-business) buy-side application controlling the requisitioning, ordering, and payment functions for inputs
first-in, first-out (FIFO) method (of p costing) the method of cost assig that computes an average cost per e lent unit of production for the curren period; keeps beginning inventory u and costs separate from current perio production and costs
equivalent units of production (EUP) an approximation of the number of whole units of output that could have been produced during a period from the actual effort expended during that period; used in process costing systems to assign costs to production expatriate a parent company or third-country national assigned to a foreign subsidiary or a foreign national assigned to the parent company
employee time sheet a source document that indicates, for each employee, what jobs Special offer for students: Only $4.99/month. were worked on during a time period and for what amount of time
fixed overhead spending variance difference between the total actual f overhead and budgeted fixed overhe is computed as part of the four-varia overhead analysis
expected capacity a short-run concept that represents the anticipated level of capacity to be used by a firm in the upcoming period; is based on projected product demand
fixed overhead volume variance variance se volume variance
expected standard a standard set at a level that reflects what is actually expected to occur in the future period; anticipates future waste and inefficiencies and allows for them; is of limited value for control and performance evaluation purposes
flexible manufacturing system (FMS a production system in which a singl tory manufactures numerous variatio products through the use of c omput controlled robots
expired cost
an expense or a loss
external failure cost any expenditure for items such as warranty work, c ustomer complaints, litigation, and defective product recalls incurred after a faulty unit of product has been shipped to the customer
Master your semester with Scribd & The New York Times employee stock ownership plan (ESOP) a profit-sharing compensation program in which investments are made in the securities of the employer
fixed cost a cost that remains constan total within the relevant range of act
flexible budget a presentation of budgets that show costs according t behavior at different levels of activity
focused factory arrangement an ment in which a vendor (which may an external party or an internal corpo division) agrees to provide a limited ber of products according to specific or to perform a limited number of un services to a company that is typicall operating on a just-in-time system
Foreign Corrupt Practices Act (FC a law passed by Congress in 1977 th Free Foron 30 Days failure cost a quality control cost associ-Read makes itthis illegal for a U.S. company to Sign up to vote title ated with goods or services that have been engage in various “questionable” fo Useful Not useful found not to conform or perform to the payments and makes it mandatory Cancel anytime. required standards as well as all related a U.S. company to maintain accurat costs (such as that of the complaint departaccounting records and a reasonab ment); it may be internal or external tem of internal control
F
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grade (of product or service) the addition or removal of product or service characteristics to satisfy additional needs, especially price
indirect cost a cost that cannot be traced explicitly to a particular cost object; a common cost
H
input-output coefficient a number (prefaced as a multiplier to an unknown variable) that indicates the rate at which each decision variable uses up (or depletes) the scarce resource
harvest mission a mission that attempts to maximize short-term profits and cash flow, even at the expense of market share; is typically pursued by a business unit that has a large market share in a low-growth industry; is appropriate for products in the final life cycle stages hedging using options and forward contracts to manage price risk high-low method a technique used to determine the fixed and variable portions of a mixed cost; uses only the highest and lowest levels of activity within the relevant range hold mission a mission that attempts to protect the business unit’s market share and competitive position; is typically pursued by a business unit with a large market share in a high-growth industry hurdle rate a preestablished rate of return against which other rates of return are measured; is usually the cost of capital rate when used in evaluating capital projects hybrid costing system a costing system combining characteristics of both job order and process costing systems
I
inspection time the time taken to perform quality control activities integer programming a mathematical programming technique in which all solutions for variables must be restricted to whole numbers integrity the notion that individuals will not participate in activities that would discredit their company or profession
see theoretical capacity
ideal standard a standard that provides for no inefficiencies of any type; is impossible to attain on a continuous basis
idle time the amount amount of time spent in storstorSpecial offer for students: Only ing inventory or $4.99/month. waiting at a production operation for processing
J JIT
see just-in-time
job a single single unit or group group as being produced for a job cost record
see job
job order costing system product costing used by vides limited quantities o vices unique to a custom recordkeeping is on indi
intellectual capital the sum of the intangible assets of skill, knowledge, and information that exist in an organization; encompasses human, structural, and relationship capital internal benchmarking a comparative technique that focuses on how and why one organizational unit is per forming better than another internal business perspective a balanced scorecard perspective that addresses those things an organization needs to do well to meet customer needs and expectations internal control any measure used by management to protect assets, promote the accuracy of records, ensure adherence to company policies, or promote operational efficiency
Master your semester with Scribd & The New York Times ideal capacity
ISO 9000 series a compr international quality stan the various design, mate production, quality cont requirements and proce produce quality product series of three complianc 9001, 9002, and 9003) an standards (ISO 9000 and grated into ISO 9001:200
job order cost sheet that provides virtually all mation about a particula job order cost sheets for composes the Work in P subsidiary ledger
joint cost the total of rial, direct labor, and ove joint process up to the s
joint process a manufact simultaneously produce lines
joint product product one of joint process; process; each join has substantial revenue g
internal failure cost an expenditure, such as scrap and rework, incurred on defective Read Free Foron 30this Days Sign up to vote title method (of r judgmental units before those units are shipped to the an informal method of a customer Useful Not useful that allows the decision Cancel anytime. internal rate of return (IRR) the expected and reason to decide wh or actual rate of return from a project based provides an acceptable r on, respectively, the assumed or actual cash
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L labor efficiency variance the number of hours actually worked minus the standard hours allowed for the production achieved multiplied by the standard rate; establishes a value for efficiency (favorable) or inefficiency (unfavorable) of the work force labor mix variance (actual mix actual hours standard rate) minus (standard mix actual hours standard rate); presents the financial effect associated with changing the proportionate amount of higher-or lowerpaid workers in production labor rate variance the actual rate (or actual weighted average rate) paid to direct labor for the period minus the standard rate multiplied by all hours actually worked during the period; can also be calculated as actual labor cost minus (actual hours standard rate) labor yield variance (standard mix actual hours standard rate) minus (standard mix standard hours standard rate); shows the monetary impact of using more or fewer total hours than the standard allowed lagging indicator past decisions
reflection of the results of
lag indicator an outcome assessed by historical data, often financial, that have resulted from past actions lead indicator a future financial or nonfinancial outcome (including opportunities and problems) that helps assess strategic progress and guide decision mak ing before lag indicators are known
line personnel any employee (some of whom are in management positions) who works directly toward attaining organizational goals
M make-or-buy decision a decision that compares the cost of internally manufacturing a component of a final product (or providing a service function) with the cost of purchasing it from outside suppliers (outsourcing) or from another division of the company at a specified transfer price management by exception a management concept involving the setting of upper and lower tolerance limits for deviations management control system (MCS) an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans, effect changes when they are necessary, and communicate among appropriate parties; should serve to guide organizations in designing and implementing strategies so that organizational goals and objectives are achieved management information system (MIS) a structure of interrelated elements that collects, organizes, and communicates data to managers so they may plan, control, evaluate performance, and make decisions; its emphasis is on internal demands for information rather than external demands; some or all of the MIS may be computerized for ease of access to information, reliability of input and processing, and ability to simulate outcomes of alternative situations
Master your semester with Scribd & The New York Times leading indicator statistical data about the actionable steps that will create the results desired lead time
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Special offer for students:aOnly $4.99/month. lean manufacturing concept that refers to making only those items in demand by
a measure of the monetary effect of tuting a nonstandard mix of material
material price variance total actual material purchased minus (actual quan material standard price); is the amo money spent below (favorable) or in e (unfavorable) of the standard price for quantity of materials purchased; can b culated based on the actual quantity o rial purchased or the actual quantity u
material quantity variance variance (actual quantity standard price) minus (sta quantity allowed standard price); r the cost saved (favorable) or expende (unfavorable) (unfavorab le) due to the difference b the actual quantity of material used a standard quantity of material allowed the goods produced during the perio
material requisition form a source document that indicates the types an tities of material to be placed into pro or used in performing a service; cause rials and their costs to be released from raw material inventory warehouse and to the production center
material yield variance (standard actual quantity standard price) mi (standard mix standard quantity standard price); computes the di between the actual total quantity of and the standard total quantity allow based on output and uses standard m and standard prices to determine var
mathematical programming a varie of techniques used to allocate limite resources among activities to achiev specific objective method of least squares see least
Read Free Foron 30this Days Sign up to vote title regression analysis
manufacturer a company engaged in a high degree of conversion that results in a tangible output
manufacturing cell a linear or U-shaped production grouping of workers or
of neglect Usefulmethod useful Not
a method of Cancel spoiled anytime.units in the equivalent units ule as if those units did not occur; is for continuous normal spoilage
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mutually inclusive projects a set of proposed capital projects that are all related and that must all be chosen if the primary project is chosen
O objective function the linear mathematical equation that states the purpose of a linear programming problem offshoring an outsourcing of jobs formerly performed in the home country to foreign countries
N negotiated transfer price an intracompany charge for goods or services set through a process of negotiation between the selling and purchasing unit managers net present value (NPV) the difference between the present values of all cash inflows and outflows for an investment project net present value method a process that uses the discounted cash flows of a project to determine whether the rate of return on that project is equal to, higher than, or lower than the desired rate of return net realizable value (NRV) the amount remaining after all costs necessary to prepare and dispose of a product are subtracted from product revenue at sales point or at split-off net realizable value approach a method of accounting for by-products or scrap that requires that the net realizable value of these products be treated as a reduction in the cost of the primary products; primary product cost may be reduced by decreasing either (1) cost of goods sold when the joint products are sold or (2) the joint proces s cost allocated t o the jo int products net realizable value at split-off allocation a method of allocating joint cost to joint products that uses, as the proration base, sales value at split-off minus all costs necessary to prepare and dispose of the products; requires that all joint products be Special offer for students: $4.99/month. salable at Only the split-off point noncontrollable variance
the fixed over-
outlier an abnormal or point within a data set
outsourcing the use, b external provider of a se turer of a component
open-book management a philosophy about increasing a firm’s performance by involving all workers and by ensuring that all workers have access to operational and financial information necessary to achieve performance improvements
outsourcing decision decision
overapplied overhead the Overhead Control ac a period; exists when the amount is greater than t that was incurred
operating budget a budget expressed in both units and dollars operating leverage the proportionate relationship between a company’s variable and fixed costs; re�ects the cost structure operations flow document a source document listing all operations necessary to produce one unit of product (or perform a specific service) and the corresponding time allowed for each operation
overhead any factory that is indirect to the pro does not include direct m labor; any production co directly traced to the pro
overhead application rat mined overhead rate
overhead efficiency varia ence between total bud actual hours and total at standard hours allowe tion achieved; is compu three-variance analysis; i able overhead efficiency
opportunity cost a potential benefit that is forgone because one course of action is chosen over another optimal solution the solution to a linear programming problem that provides the best answer to the objective function
overhead spending varia ence between total actu total budgeted overhead is computed as part of a analysis; is equal to the s and fixed overhead spen
option an agreement that gives gives the holder the right to purchase a given quantity of a specific item (e.g., stock) at a specific price
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organizational structure which authority and resp sion making are distribu
ordering cost the variable cost associated with preparing, receiving, and paying for PDays Read Free Foron 30this Sign up to vote title an order inventory analysis order point the level of inventory that trigUseful NotPareto useful separates inventory into Cancel anytime. gers the placement of an order for addion annual cost-to-volum tional units; is determined based on usage,
lead time, and safety stock
Pareto principle
a rule
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Licensed Licensed to: iChapters iChapters User Glossary
878
of 49
Cost - Direct Costing, CVP
postinvestment audit the process of gathering information on the actual results of a capital project and comparing them to the expected results practical capacity the physical production or service volume that a firm could achieve during normal working hours with consideration given to ongoing, expected operating interruptions practical standard a standard that can be reached or slightly exceeded with reasonable effort by workers; allows for normal, unavoidable delays and for worker breaks; is often believed to be most effective in inducing the best performance from workers because it represents an attainable challenge predetermined overhead rate an estimated constant charge per unit of activity used to assign overhead cost to production or services of the period; is calculated by dividing total budgeted annual overhead at a selected level of volume or activity by that selected measure of volume or activity; is also the standard overhead application rate predictor an activity measure measure that, when changed, is accompanied by consistent, observable changes in another item preference decision the second decision made in capital project evaluation in which projects are ranked according to their impact on the achievement of company objectives present value (PV) the amount that one or more future cash flows is worth currently, given a specified rate of interest
process map a flowchart or diagram indicating every step that goes into making a product or providing a service process productivity the total number of units produced during a period during value-added processing time process quality yield the proportion of good units that resulted from the activities expended product complexity an assessment about the number of components in a product product contribution margin the difference between selling price and variable cost of goods sold product cost a cost associated with making or acquiring inventory product differentiation a company’s ability to offer superior quality products or more unique services than its competitors productive processing time the proportion of total time that is value-added time; also known as manufactur manufacturing ing cycle efficiency product-level (process-level) cost a cost that is caused by the development, production, or acquisition of specific products or services product life cycle a model depicting the stages through which a product class (not necessarily each product) passes product line margin
see segment margin
product variety the number of different types of products produced (or services rendered) by a firm
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see profitability index
prevention cost a cost incurred to improve quality by preventing defects from occurring
price elasticity a numerical of the Special offer for students: Onlymeasure $4.99/month. relationship of supply or demand to pric e
inventory that is not currently neede because of lead time or economic p tion/order requirements; requires tha excess inventory be stored until nee
Q
quality the condition of having all acteristics of a product or service to the stated or implied needs of the bu relates to both performance and valu the pride of workmanship; conformit requirements
quality audit a review of product activities (although not for individual ucts), manufacturing processes and c trols, quality documentation and reco and management philosophy
quality control (QC) the implementa of all practices and policies designed eliminate poor quality and variability the production or service process; pl the primary responsibility for quality source of the product or service
R
radio frequency identification (RFID advanced information technology th uses exceptionally small “flakes” of sil transmit a code for the item to which attached
random the concept that some portio a cost is not predictable based based on the driver or the cost is stochastically, rath deterministically, related to the cost d
profitability index (PI) a ratio that comraw material the stage in the produc pares the present value of net cash flows to conversion process where work has n the present value of the net investmentRead been started Free Foron 30this Days Sign up to vote title
profit center a responsibility center for realized value approach a method Not useful which the manager is accountable for gen-Useful Cancel accounting anytime. for by-product or scrap t erating revenues and planning and controldoes not recognize any value for suc ling all expenses product until it is sold; the value reco upon sale can be treated as other rev
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relevant range the specified range of activity over which a variable cost per unit remains constant or a fixed cost remains fixed in total; is generally assumed to be the normal operating range of the organization
sales price variance a revenue variance that indicates the financial difference between the actual and budgeted sales prices for the actual number of units sold
responsibility the obligation to accomplish a task or achieve an objective
sales value at split-off allocation a method of assigning joint cost to joint products that uses the relative sales values of the products at the split-off point as the proration basis; use of this method requires that all joint products are salable at the split-off point
responsibility accounting system an accounting system for successively higherlevel managers about the performance of segments or subunits under the control of each specific manager
sales volume variance a revenue variance that indicates the difference caused by actually selling more or fewer units than budgeted multiplied by the budgeted sales price
responsibility center a cost object or area under the control of a manager
scarce resource a resource that is essential to production activity, but is available only in some limited quantity
residual income (RI) the profit earned by a responsibility center that exceeds an amount “charged” for funds committed to that center
responsibility report a report that reflects the revenues and/or costs under the control of a particular unit manager results benchmarking a comparative technique in which an end product or service is examined; the focus is on product/service specifications and performance results return of capital the recovery of the original investment (or principal) in a project return on capital income; is equal to the rate of return multiplied by the amount of the investment return on investment (ROI) a ratio that relates income generated by an i nvestment center to the resources (or asset base) used to produce that income revenue center a responsibility center for which the manager is accountable only for the generation of revenues and has no control over setting selling prices, or budgeting or incurring costs
uncertainty; ref lects the possibility of difSpecial offer forrisk students: Only reflects $4.99/month. ferences between the expected and actual future returns from an investment
six sigma method a data-driven approach to ing the root causes of bu
slack variable a variable programming problem t unused amount of a reso operation; is associated w equal-to constraints
special order decision management must dete to charge for manufactu outside the company’s n service market
split-off point the point puts of a joint process ar or can be separated as in
scrap an incidental output of a joint joint process; process; is salable but the sales value from scrap is not enough for management to justify undertaking the joint process; is viewed as having a lower sales value than a byproduct; has a minimal but distinguishable disposal value screening decision the first decision made in evaluating capital projects; indicates whether a project is desirable based on some previously established minimum criterion or criteria (see also preference decision)
spoilage a unit that has inspection for failure to m quality standards or desi specifications and that c and sold
staff personnel any emp for providing advice, gui to line personnel; may b
standard a model or actual results are compa a benchmark or norm us and control purposes
segment margin the excess of revenues over direct variable expenses and avoidable fixed expenses for a particular segment
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simplex method an algorithm used to solve ticonstraint linear progra
standard cost card a marizes the direct mater overhead standard quan needed to complete one
sensitivity analysis a process of determinstandard cost system ing the amount of change that must occur that uses predetermined in a variable before a di fferent decision Read Free Foron 30this Days Sign up to vote title material, direct labor, an would be made assign costs to the vario Useful Not useful separate cost a cost that follows incurrence Cancel anytime. accounts and Cost of Go of joint cost and that is related to a specific standard quantity the product or group of products; is assigned of input (in hours or som only to that product or group of products
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stockout the condition of not having inventory available upon need or request strategic alliance an agreement between two or more firms with complementary core competencies to jointly contribute to the supply chain strategic benchmarking a comparative technique that is non–industry specific and focuses on how companies compete, seeking to identify the winning strategies that have enabled hig h-performing companies to be successful in their marketplaces strategic planning the process of developing a statement of long-range (5–10 years) goals for the organization and defining the strategies and policies that will help the organization achieve those goals strategy the link between an organization’s goals and objectives and the activities actually conducted by the organization strict FIFO method (of process costing) the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the cost of the beginning inventory units separate from the cost of the units started and completed during the current period suboptimization a situation in which an individual manager pursues goals and objectives that are in his/her own and his/ her segment’s particular interests rather than in the company’s best interests sunk cost a cost incurred in the past and not relevant to any future courses of action; the historical or past cost associated with the acquisition of an asset or a resource
Glossary
multiplied by the tax rate; the reduction in taxes caused by the deductibility of depreciation tax deferral a tax treatment in which income is subject to tax in a future period tax exemption a tax treatment in which income is never subject to income taxation tax shield (of depreciation) the amount of depreciation deductible for tax purposes; the amount of revenue shielded from taxes because of the depreciation deduction theoretical capacity the estimated maximum production or service volume that a firm could achieve during a period theory of constraints (TOC) a method of analyzing the bottlenecks (constraints) that keep a system from achieving higher performance; states that production cannot take place at a rate faster than the slowest machine or person in the process
uncertainty the doubt or lack of prec specifying future outcomes
underapplied overhead a debit the Overhead Control account at the a period; exists when the applied ove amount is less than the actual overhe incurred unexpired cost
an asset
unit-level cost a cost caused by the tion or acquisition of a single unit of uct or the delivery of a single unit of
units started and completed the ference between the number of unit completed for the period and the un in beginning inventory; can also be c puted as the number of units started ing the period minus the units in end inventory
upstream cost a cost related to resea development, or product design
throughput the total output of a plant that is completed and sold during a period
usage the quantity of inventory used each time interval
time line a representation of the amounts and timing of all cash inflows and outflows; is used in analyzing cash flow from a capital project
V
total contribution margin margin
see contribution
total cost to account for the sum of the costs in beginning inventory and the costs of the current period total overhead variance the difference between total actual overhead and total applied overhead; is the amount of underapplied or overapplied overhead
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U
value the characteristic of meeting est number of customer needs at the est possible price
value-added (VA) activity an activit increases the worth of the product o vice to the customer
value chain the set of processes that verts inputs into products and servic the firm’s customers; includes the pro proces suppliers as well as internal Free of For 30 Days
total quality management (TQM) a strucRead Sign up to vote on this title tural system for creating organization-wide value chart a visual representation participation in planning and implementingUseful Not useful ing the value-added and non-valueCancel anytime. a continuous improvement process that activities and time spent in those ac exceeds the expectations of the customer/ ties from the beginning to the end o client; the application of quality principles process
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variable overhead efficiency variance the difference between budgeted variable overhead based on actual input activity and variable overhead applied to production variable overhead spending variance the difference between total actual variable overhead and the budgeted amount of variable overhead based on actual input activity variance a difference between an actual and and a standard or budgeted cost; is favorable if actual is less than standard and is unfavorable if actual is greater than standard variance analysis the process of categorizing the nature (favorable or unfavorable) of the differences between standard and actual costs and determining the reasons for those differences vertex a corner produced by the intersection of lines on a graph
volume variance a fixed overhead variance that represents the difference between budgeted fixed overhead and fixed overhead applied to production of the period; is also referred to as the noncontrollable variance
working capital the after total current liabilit from total current assets amount of an organizati may also be referred to a capital”
W
work in process the or conversion process w started but not yet comp
waste a residual residual output output of a production process that has no sales value and that must be disposed of
Y
weighted average (WA) method (of process costing) the method of cost assignment that computes an average
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cost per equivalent unit all units completed duri period; combines begin units and costs with cur and costs, respectively, average
virtual reality an artificial, computergenerated environment in which the user has the impression of being part of that environment and has the ability to navigate and manipulate objects (such as products) behaving like real-world objects
yield the quantity quantity of outp a specified input
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Name Index
Note: Page numbers followed by “n” refer to footnotes.
A
Abdallah, Wagdy M., 570 Albers, David, 128n Alexander, Marc, 153 Ambler, Tim, 543 Andu, Ritsuko, 838n Antari, Sam, 306 Anthony, Robert N., 518n, 519 Applegate, Jane, 795n B
Barkowski, Lawrence, 167 Barnes, Brenda, 726 Bass, Dina, 751n Bateman, Thomas S., 525n Beattie, Pam, 54 Benke, Ralph L., 566n Berliner, Callie, 536n, 537 Berwick, Donald, 733 Blanchard, Cherie, 748n Böer, Germain, 853n, 854 Borthick, A. Faye, 151 Boudreaux, Paul, 178 Bowe, Christopher, 779 Bradley, Joann, 178 Brannen, Laurie, 349 Brent, Paul, 429n Briggs, Alice, 725 Brimson, James A., 536n, 537 Special offerAlan, for 702n students: Only $4.99/month. Brown, Brown, Gary, 848
Cooper, Robin, 119n, 128n, 517n, 520, 526n, 566n, 850n Cosgrove, Janet, 461 Cox, Jeff, 809n Coyle, Wayne, 638 Crail, Mark, 750n Craycraft, Cathy, 389n Crosby, Philip, 757, 757n Cummings, John, 349 Curran, Rob, 545 Curtin, Margaret, 853n, 854 D
Dalton, Julie Carrick, 851n Dalton, Lacy, 102 Davis, Bob, 625n Davis, Theresa, 594 Davis, Tim, 848, 848n Delbert, Diane, 833 Deming, W. Edwards, 754, 765 Dhir, Joe, 583 Dirope, Cynthia, 320 Ducey, Mike, 797n Dyer, Geoff, 779
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Edwards, James Don, 566n Egger, Ed, 733 Eliason, Jill, 688 Ellram, L. M., 793 Engardio, Peter, 10n
Gomes, Lee, 830 Govindarajan, Vijay, 518n, 519 Graham, J. R., 647 Greenhouse, Steven, 195 Greer, John, 640 Grinnell, D. Jacque, 476n Gross, Larry, 863 Guidry, Flora, 389n Guillon, Sharon, 689 H
Haas, Jill, 642 Hackl, John, 748n Haddad, Kamal, 619n Hadley, Scott W., 786n Hall, Gene, 838n Hansen, Fay, 349 Haoki, Anulu, 314 Harvey, C. R., 647 Hassa, Nabil, 152 Henderson, Sandra Cherie, 619n Hendricks, Kevin B., 754n Hogaboam, Liliya S., 652 Hopman, Jay, 528n Horrigan, James O., 389n Howe, Molly, 648 Read Free For 30853n, Days Sign up toHoyt, vote on this title Louis, 854 Hunt, Stephen, 348n UsefulHuss, JerryNot useful S., 378 Cancel anytime.
I
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Kennedy, Vic, 49 Kettering, Ronald C., 615 Klammer, Candice, 688 Klatz, Soloman, 669 Klein, Paula, 348n Koontz, Pat, 250 Koss, Michael, 829 Kroll, Karen M., 550n Kruger, Daniel, 264n Krumwiede, Kip R., 802n Kumar, Ashok, 129n
Nelson, Bob, 750n Newport, Jason, 378 Norton, David P., 14, 617n
Slagmulder, Regine, 517n, 52 Smith, Jenna, 684 Snell, Scott A., 525n Snider, Tom, 108 Sopariwala, Parvez, 748n South, Jeannie, 636 Spathis, Charalambos, 845 Stendardi, Edward J., 848n Stocks, Kevin D., 802n Strauss, Marie, 594 Swain, Monte R. 802n Sweet, Denise, 306
O
Obenchain, William, 774 O’Connell, Betsy, 156 Oehlke, Mary Sue, 596 Orange, Erica, 846n Orman, Suze, 687 P
L
Lang, Pete, 152 Larsen, Doug, 645 Lawson, Kendra, 544 LeBlanc, Gigi, 202 Lemak, David, 751n Leyh, Ellen, 590 Linden, Lars, 594 Lipscomb, Bernie, 155 Litcomb, Wayne, 578 Liu, Lucy, 732 Lloyd, Mary Ellen, 833 Lockwood, Nancy R., 841 Logan, Willie, 739 Louise, Tina, 107 Lustgarten, Abrahm, 853n Lutrell, Bethany, 500 M
Mahoney, James, 160 Malanga, Joe, 439 Malhotra, Yogesh, 838 Marshall, Alfred, 609n Martin, John, 701n Martin, Jose, 735 Mathaisel, Dennis, 748n Mayberry, Mike, 691 McCafferty, Joseph, 514, 544 McCartney, Scott, 837n McGhee, Mitch, 572n Francis, 580 Special offer forMendez, students: Only $4.99/month. Mero, Neal, 751n Moore, Dayna, 861
Paladino, Robert E., 618 Palate, Tanzi, 309 Pareto, Vilfredo, 129n Pasewark, William R., 760 Payne, Geoff, 57 Peach, Sam, 648 Perkins, Jo, 49 Peterson, Pete, 774 Pillar, Frank, 129n Plaskoff, Matt, 852n Poole, Janet, 464 Power, Sue, 193
T
Tate, Mervin, 463 Tate, Taub, Ta ub, Kessla, Kessla, 588 Thomas,, Paulette, Thomas Paulette, 829 Thompson, Thomps on, Joey, Joey, 864 Thompson, Thomp son, Laura, Laura, 545 Tobias, To bias, Stan, Stan, 178 Tompkin, To mpkin, Steve, Steve, 49 Trachtenber Tra chtenberg, g, Jeffrey, Jeffrey, 8n Travers, Tra vers, Te Terry, rry, 643 Troy, Tr oy, Mike, 699n 699n Tschohl, Tscho hl, John, John, 800n Turner, Tur ner, Susan, Susan, 545 Tyler,r, Joe, Tyle Joe, 544–545 Tyner,r, Te Tyne Ted, d, 419 Tyson, Tyso n, Thomas, Thomas, 848n
R
Raiborn, Cecily, 619n Rajgopal, S., 647 Rankin, Toni, 58 Razer, Rachelle, 827 Rechtin, Mark, 793n Reed, John, 746n Reed, Richard, 751n Reed, Tom, 596 Reeves, Ron, 745 Reichheld, Frederick, 863 Richman, Tom, 763n Rigera, Amir, 586 Riley, Rita, 691 Robinson, Michael A., 160 Roper, Caroline, 736 Rosen, Corey, 851 Rosenthal, Jim, 838n Roth, Harold P., 151, 155, 853n Rubin, Hannele, 861
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Van Schaik, Marcel, 774 Vatter, William J., 122n Vernyi, Bruce, 128n Victoria, Graca, 275 Vinas, Tonya, 128n W
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Subject Index
Note: Page Note: Page numbers followed by “n” refer to footnotes.
A ABC, determining usefulness of business environment, changes in, 130–131 current cost allocations, irrationality of, 130 factors to consider, 128 high product/process complexity, 129–130 overhead costs, lack of commonality in, 130 product variety, 129 Ability-to-bear criterion, 557 Abnormal loss job order order costing, costing, 179 process costing, 233, 234–235 Abnormal spoilage, 181 Absorption cost, 36n Absorption costing cost behavior, 83–84 defined, 81 illustrations, 84–86 variable costing, comparison to, 86–87 variable costing, differences between, 82–83 Accounting “dialects,” 2–4, 2n Accounting rate of return (ARR), 669, 674–675, 674n Accounts payable, 339–341 Accounts receivable (A/R), 338–339 Activity, 114 Activity analysis, 114 Activity-based Activity-bas ed costing (ABC) activity center cost pools, 125 activityfor driver, 125 Special offer students: Only $4.99/month. components of, 124 cost drivers, 125, 126
Actual price (AP), 269 simplistic,, 13 simplistic TQM and, and, 761–763 Ad hoc discounts, 441 Balance sheet, 30 Administrative departments, 556 budgeted financial statements, 343 Advance pricing agreements (APAs), 572 defined, 30 After-tax cash flows, effect of Baldrige Award, 750–754 depreciation on, 660–662 Banking relationships, 713–714 “Age of change,” 836 “Aggressive” accounting, 5 Bar coding, 39, 522, 615 Algebraic method, 559, 562–565 BASF Corporation, 797 “Basket” assumption, 396, 396n Algorithm, 449 Batch-level costs, 120–121 Allocation bases, 556–558 Benchmarking “Allowable” product cost, 791–792 code of conduct, 745n Altering of of Worker Worker Time Cards Cards Spurs Spurs Growing Growing cost reduction, 701 Number of Suits (Greenhouse), Suits (Greenhouse), 195 Amazon.com, 8 defined, 745–746 American Productivity and Quality Center Center,, 348, 745n internal, 746 introduction, 745–746 American Society for Quality Control (ASQC), 741 process benchmarking, 747–748 Amoco (Texas City, Texas), 749–750 reasons for, 746 Annuity, 654 results, 746 Annuity, present value of, 674 salary information, 623n Annuity due, 674 Anti-Bribery Convention (1999), 15 steps in, 748 Apple, 528, 854 strategic benchmarking, 748 types of, 746–747 Applied overhead, 69 Benchmarks, 177, 228, 600, 603–604, 615 Appraisal costs, 37, 754 Benefits-provided ranking, 558–559 Appropriation, 704 pens, 930this Approximated net realizable value at Read Free Foron Days Sign up toBicvote title Bidding, 284 split-off allocation, 486 UsefulBill of materials, Not useful Archstone Consulting, 13 265 Cancel anytime. Asset turnover, 606 Blackberry, 528 Black box, 519 Aston Martin, 177–178, 178n “Blow the whistle,” 7 AT&T, 525
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income statement, 343, 344 introduction, 341–342 statement of cash flows (SCF), 343–347 Budgeting process, 324–327 defined, 324 external variables, 324, 325 internal variables, 324, 325 planning processes, relationships among, 326 strategic planning, 324–325 tactical planning, 325 Budget manual, 349–350 Budget slack, 348–349 Budget variance, 278 “Build” mission, 532, 535 Burden, 37n Business environment, changes in, 130–131 Business process reengineering (BPR), 837–838 Business-to-business (B2B) relationships, 541, 801–802 Business-value-added activities, 115, 115n By-product, 476 By-product and scrap, accounting for net realizable value approach, 489, 489n other income approach, 490–492 realized value approach, 490–492 sales value of the by-product, recording method, 488–489, 489n use of terms, 488 By-product and scrap, in job order costing, 492, 492n
C “Call for action,” ac tion,” 490–492 Capacity, measures of, 74 Capital asset acquisition, 651, 652 Capital assets, 651 Capital budgeting accounting rate of return (ARR), 674–675 after-tax cash flows, effect of depreciation on, 660–662 capital asset acquisition, 651, 652 capital project evaluation, compensating for Special offer for students: Only $4.99/month. risk in, 668–672 cash flows, use of, 651–653
Cash, sources of, 711–713 Constraint, 445, 809 Cash budget Consumer Price Index (CPI), 6 accounts payable, 339–341 Continuous budget, 347–348 accounts receivable (A/R), 338–339 Continuous improvement co cash disbursements, 339–341 Continuous loss, 233 cash receipts, 336–338 Contribution income statem introduction, 335–336 Contribution margin (CM), 83 model, 336 Contribution margin ratio (C ten ways to improve small business 396, 398 cash flow, 342 Contribution margin ratio fo Cash collection cycle, 711–712 of, 385n Cash disbursements, 339–341, 652 Control charts, 743 Cash flows Controllable variance, 278 in capital budgeting, 651–653 Controllers, 10 defined, 652 Conversion cost statement of, 605 defined, 30–31 Cash flows, illustrated standard costing, as an ele introduction, 653 Conversion process time lines, 653–654 business input/output rela Cash management finished goods, 32 banking relationships, 713–714 firms, degrees of conversio cash, cost of carrying, 713 inputs, 31 cash, optimal level of, 711 inventory accounts, 33 cash, sources of, 711–713 manufacturers versus ser introduction, 710–711 companies, 33–35 Cash receipts, 336–338, 652 outputs, 31 Centralization, 549 period costs, 31 Central processing unit (CPU), 758 product costs, 31 Certified Management Accountant (CMA), 2 production center, 34 Certified Public Accountant (CPA), 2 raw material, 32 “Certify” suppliers, 797 retailers versus manufactu “Change nothing” option, 426 companies, 32–33 Chief executive officers (CEOs), 6 work in process, 32 Chief financial officers (CFOs), 6 Core competency, 8–9 Circuit City, 837 Corporate “profit” (or savings Cisco, 701 Corporations, 14–15, 523, 66 CMS, designing Cost, 25 competitive environment, 527–528 Cost accounting, 4–5 core competencies, 526 Cost accounting standards, 5 cost accumulation, 761 Cost Accounting Standards B Read Free Foron 30this Days cost structure, 526–527 Sign up to vote title Cost accumulation systems, credit design of, 524 Costa Del Mar (energy Useful Not useful generic missions, 524–525 Cancel anytime.Cost allocation, 38, 130 organizational culture, 525–526 Cost avoidance, 697, 701–70 organizational form, 523–526 Cost-based transfer prices, 56 organizational structure, 525 Cost behavior, 83–84
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Cost drivers classification of, 118 identifying, 118, 119 two-step allocation, 125, 126 Cost leadership, 9 Cost management system (CMS), 760 balanced scorecard (BSC), 761–763 conceptual design principles, 536–537 defined, 25 defining, 519–521 designing (See (See CMS, CMS, designing) dual focus of, 520 enterprise resource planning (ERP) systems, 536 gap analysis, 535–536 integrated, 521 introduction, 517 management control system (MCS), 518–519 management information system (MIS), 517–518 organizational role of, 520 production process, 761 quality, obtaining information using, 761–763 roles of, 521–523 Cost management system (CMS), components of CMS elements, 530 informational elements, 532–534 managerial contracting process, 531 motivational elements, 530–532 reporting elements, 534–535 Cost object, 26 Cost of capital (COC), 655, 671 Cost of compliance, 755, 756 Cost of goods manufactured (CGM), 41, 42 Cost of Goods Sold (CGS), 39, 171 underapplied and overapplied overhead, effects of, 71–72, 72n Cost of noncompliance, 755, 756 Cost of production report, 222 Cost of quality, 615 Cost-plus contract, 165 Cost pools, 119 Cost reduction ABC and, 128 Special offer for students: Only $4.99/month. budgeting financial statements and, 341–342
Subject Index
cost management system, 25 CVP analysis, in multiproduct environmen cost object, 26 396–398 cost of goods manufactured (CGM), 41, 42 CVP relationships, managing risk of direct costs, 26 margin of safety (MS), 399 direct labor, 30, 36–37 operating leverage, 399–401 direct material, 30, 36 Cycle (lead) time, 116 distribution cost, 31 expenses, 30 D failure costs, 37 financial statements, 30–31 D&O (directors’ and officers’) insurance, 72 finished goods, 32 Data mining, 845 Finished Goods Inventory account, 34 Debt Collection Improvement Act of 199 fixed cost, 27–28 Decentralization, 549–551 fixed overhead costs, 37 Decision variable, 445 income statement, 30 Defects, 179 indirect costs, 26 Degree of operating leverage (DOL), 400– indirect costs (overhead), 26, 30 Deming Prize inputs, 31 Deming Application Prize, 754 intangible output, 32 Deming Prize for Individuals, 754 inventoriable costs, 30 Quality Control Award for Operations, 7 inventory accounts, 33 Dependent variable, 75 losses, 30 Depreciation manufacturer, 32 ABC, 131 mixed cost, 28 after-tax cash flows, effect on, 660–662 normal cost system, 39 capital budgeting, 335 outputs, 31 divisional profits and, 605 overhead, 37–38 fixed cost, as a, 27, 28 overhead (indirect costs), 30 fixed costs, 702, 708 period costs, 30 indirect, 26 predetermined overhead rate (or overhead overhead cost, 37 application rate), 39 period costs, 31 predictor, 29, 30 product line decisions, 444 prevention costs, 37 ROI computations and, 607 prime cost, 31 service-life method, 37 product costs, 30 straight-line, 37, 694 production center, 34 tax benefits, 661 quality costs, 37, 38 tax shield, 661 raw material, 32 units-of-production method, 37 relevant range, 26 Diagnostic-related groups (DRGs), 310–31 service company, 32 Differential cost, 425 Read Free Foron 30 Days step cost, 29 Sign up toDifferential vote this title revenue, 425 step fixed cost, 29 Direct costing (See (See Variable Variable costing) Useful Not useful step variable cost, 29 Direct costs, 26 Cancel anytime. tangible output, 32 Direct labor, 30, 36–37 total cost to account for, 42 Direct labor hours (DLHs), 273–274 trading costs, 28 Direct material, 30, 36
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Downstream costs, 3, 4 Dual pricing arrangement, 569 Du Pont model, 606
E Earnings management, 5 Economic order quantity (EOQ) economic production run (EPR), 811–812 EOQ formula, 811 introduction, 811 Economic production run (EPR), 811–812 Economic value added (EVA®), 609–610, 609n, 610–611 EDI (electronic data interchange), 710, 714, 802 EDS (outsourcing firm), 838 Effective,, importance of defining, 600 Effective Effectiveness, 706–707 Efficiency, 706 Efficiency variance, 278 Efficient , importance of defining, 600 EFQM Excellence Model, 766–767, 766n Electronic data interchange (EDI), 802 Employees, defined, 599n Employees, young, 621–622, 622n Employee stock ownership plan (ESOP), 624, 851 Employee suggestions, 800 Employee time sheets, 170–171 “End-of-pipe strategy,” 853 Engineered costs, 707 Engineering change orders (ECOs), 121, 792, 803 Enterprise resource planning (ERP) systems adopting, and perceived benefits from, 845 adopting, reasons for, 845 benefits from, 843–844 concept of, 844–845 data mining, 845 defined, 842–843 ERP information management, 843 financial function, impact on, 845–846 implementing, 843 internal supply chain and traditional Special offer for students: Only $4.99/month. information management, 842 introduction, 536
Global compensation, 625 Global environment, 7–8 Goal congruence, 553 Goal programming, 445n “Good” service, 750 Governing board, 847 Grade, 745 Gross margin, 434n Gross profit, 434n Group incentives, 622
Expenses, 30 Expired cost, 25 External failure costs, 754 External performance measures, 601–602
F
Failure costs, 37, 758 Fair Labor Standards Act, 171 False Claims Act, 7 Feasible region, 448 Feasible solutions, 445 H Feedback Half-year (or Half-year (or mid-quarter ) ) budgeting process, 327 Hallmark, 129, 699 performance evaluation, 604 “Harvest” mission, 532 performance plans and, 623 Hedging, 719–720 “Feeder” systems, 529 Heterogeneous output, 176 FIFO EUP calculation, 232 Hewlett-Packard, 117n Financial accounting, 2–3, 761 Higashimaru Shoyu, 850 Financial Accounting Standards High-low method, 74–75 Board (FASB), 2, 83 “High quality,” 765 Financial budgets, 328–329 “High quality” versus “high gr Financial performance perspective, 13 Homogeneous output, 176 Financial statements, classification of, 30–31 Honda, 9 Financing decision, 652 Hurdle rate, 659–660, 675 Finished goods, 32 Hybrid costing systems, 231 Finished Goods (FG) Inventory, 39, 171, 213, 331–332 Finished Goods Inventory account, 34, 268 I Finished Goods Inventory control account, 171 IBM, 10 First-in, first-out (FIFO) method, 211, 216–218, IBM Global Business Services 223–226, 225n, 235, 235n Ideal (theoretical) standards, Fixed cost, 27–28, 383, 433, 440 Idle time, 116 Fixed Manufacturing Overhead Control, 275 Imposed budgets, 348 Fixed overhead (FOH) rate, 274 Incentives Fixed overhead (FOH) variance, 275–277 CMS and, 530 Fixed overhead costs, 37 compensation strategy, 62 Fixed overhead spending variance, 276 cost control systems, 701 “Flakes” of silicon, 522 group, 622 Flexible budget, 78–79 lead time, 615–616 Flexible manufacturing systems (FMSs), 807–808 Read Free For 30 Days motivational element, as a Sign up to vote on this title Flextronics International Ltd., 751 nonfinancial, 624 Focused factory arrangements, 851Useful Not useful open-book management, Ford Motor Company, 751 Cancel anytime. pay-for-performance plan Foreign Corrupt Practices Act (FCPA), 14–15 relative to organizational l For-profit businesses, 32 strategic alliances, 846 Forward contracts, 719–720
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Institute of Management Accountants (IMA) ethical issues, guidance on, 7 overview, 5 Statement of Ethical Professional Practice, Practice , 6 Insurance contracts, 720 Intangible output, 32 Integer programming, 445 Integrity, 7 Intel, mission statement, 599, 599n Intellectual capital, 10 Interest, 673, 673n Internal benchmarking, 746 Internal business perspective, 13 Internal failure costs, 754 Internal performance measures, 600–601 Internal rate of return (IRR), 658–660 Internal Revenue Service (IRS), 83, 516, 572 International Accounting Standards Board (IASB), 2 International Organization for Standardization (ISO), 765–766 Internet business model, 801 Interpolation, 659n Intranet, 166 Inventoriable costs, 30 Inventory buying, 787 carrying, 787 introduction, 786 producing, 787 production management philosophies and, 787–788, 789, 790 value chain, relationships in, 786–787 Inventory (use (use of term), 787 Inventory accounts, 33 Investment center, 556 Investment decision activity, worthiness of, 665 assets, identifying appropriate, 665–666 capital investment information, 666 capital project acceptability, judging, 666 defined, 652 independent projects, 667 mutually exclusive projects, 667 Special offer for students: Only $4.99/month. mutually inclusive project, 667 preference decision, 666
Subject Index
product and material losses Leading indicators, 611, 612 (See See Product Product and material Lead time, 615–616, 812 losses (job order costing)) Lean enterprises, 808–809 Raw Material Inventory, 169 Lean manufacturing, 808 stages of production, 167, 167n Learning and growth perspective, 12–13 standard costing, 176–177 Least squares regression analysis, 75–78, 7 Job order costing system, 163, 164–167 “Less is not better,” better,” 704 Job order cost sheet, 167–169 Life cycle costs, 791, 792 Job time tickets, 170n “Lights-out” environment, 808, 809 Johnson Controls, 11 Limited liability companies (LLCs), 523 “Joint activities,” activit ies,” 493 Limited liability partnerships (LLPs), 523 Joint cost, 476 Linear programming (LP) Joint cost, allocation of basics of, 445 introduction, 482 formulating a problem, 445–447 monetary measure allocation, 484–488 input–output coefficients, 446 physical measure allocation, 482–484 introduction, 444 product pricing, 476n solving a problem, 448–449 Joint costs Line personnel, 10 in not-for-profit organizations, Local area network (LAN), 166 493, 493n Long ton, 482 in services business, 493, 493n Losses, 30 Loss from Inefficient Operations, 286 Joint process decision, the, 479–482 Low-ball price, 440, 440n description of, 478–479 M introduction, 476 model of, 480 Machine hour (MH), 78, 184 output, illustration of, 478 Make-or-buy decision, 429 outputs of, 476–478 Malcolm Baldrige National Quality Award Joint products, 476, 477–478 (MBNQA), 766 Judgmental method (of risk adjustment), 669 See also Baldrige also Baldrige Award Just-in-time (JIT), 793–795 Management accounting, 2 Just-in-time (JIT) environment, logistics of downstream costs, 3, 4 accounting implications of, financial accounting and, differences 802–807, 803n, 804n between, 3 flexible manufacturing systems (FMSs), function of, 3 807–808 upstream costs, 3, 4 introduction, 801–802 Management Accounting Guidelines (MA lean enterprises, 808–809 Management-by-exception concept, 283 Just-in-time (JIT) manufacturing, Management-by-exception principle, implementation of 552–553, 554, 743 Read Free Foron 30this Days introduction, 795 Sign up toManagement vote title system (MIS), 5 information plant layout, 799–801 Management practices, emerging Useful Not useful product design, 797–798 Cancelbusiness anytime.process reengineering (BPR), 8 product processing, 798–799 downsizing, 839–840 supplier relationships and enterprise resource planning (ERP) syst distribution, 795–797 842–846
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Master budget budgeting process, 324–328 budget manual, 349–350 components of, 328 contingency planning, 328n defined, 327 illustrated (See (See Master Master budget illustrated) introduction, 324 management control, using for, 347–349 overview, 328–330, 328n revisions to, 348, 350, 350n Master budget illustrated budgeted financial statements (See See Budgeted Budgeted financial statements) capital budget, 334–335 cash budget (See (See Cash Cash budget) direct labor budget, 333 introduction, 330–331 overhead budget, 334 personnel budget, 332 production budget, 331 purchases budget, 332, 333 selling and administrative budget, 334, 335 Material mix variance, 291–293 Material price variance (MPV), 270, 291–293 Material quantity variance (MQV), 270, 272 Material requisition form, 169–170 Material variance computations, 270–272 Material yield variance, 291–293 Mathematical programming, 444 Matrix algebra, 449 Mattel, 435 Mercedes-Benz USA, 751 Method of neglect, 233, 234–235, 235n Methods-time measurement (MTM), 266 Metric ton, 482 Microsoft, 528, 751 Mission statement, 8, 599–600 Mix, 291 Mixed cost, 28, 383 Mixed costs, separating defined, 73 estimation, simplification of, 73 Special offer for students: Only $4.99/month. flexible budgets, 78–79 high-low method, 74–75
Multinational settings performance evaluation in, 619–620 transfer prices in, 570–573 Multiple regression, 75 Mutually exclusive projects, 667 Mutually inclusive project, 667
O
Objective function, 445 Offset approach (See ( See Net Net rea approach) Offshoring, 428 Open-book management accountants, role of, 851– employee stock ownershi N games, as teaching aids, 8 NASCAR, 748 implementation challenge National Institute of Standards and Technology introduction, 847–848 (Baldrige Award), 753 motivating employees, 85 Negative gap analysis, 748 performance measures, 85 Negotiated transfer prices, 569 ten common principles of Neiman Marcus, 9 Operating budget, 328 Net present value (NPV), 656–657, 658–660 Operating leverage, 399–401 Net present value method, 655–657 Operations flow document, 2 Net realizable value (NRV), 485 Opportunity costs, 426, 758 Net realizable value (NRV) approach, Optimal solution, 445 485–486, 487, 489, 489n Options, 719–720 Net realizable value at split-off allocation, 485–486 Order point, 812–813 Noncontrollable variance, 276 Ordinary annuity, 674 Nonfinancial incentives, 624 Organizational constraints Nonfinancial performance measures (NFPMs) culture, 10 comparison bases, establishment of, 616 environmental, 10–11 financial performance measures, advantages intellectual capital, 10 over, 613 management style, 10 introduction, 612 monetary capital, 10 Nonfinancial performance measures (NFPMs), Organizational costs selection of downstream, 3, 4 cost of quality, 615 upstream, 3, 4 introduction, 612–613 Organizational culture, 525–5 lead time, 615–616 Organizational form, 523–52 throughput, 613–615, 614n Organizational goals, 600 Nonlinear programming, 445n Organizational-level costs, 12 Non-negativity constraint, 445 Organizational memory, 839 “Nonperforming” customers, 750 Organizational strategy Non-value-added (NVA) activity core competency, 8–9 eliminate or reduce, 786, 792 cost leadership, eliminating, 742 9 Read Free For 30 Days factors influencing, 8 Sign up to vote on this title idle time, 116 8 mission statement, labor activities, 803 Useful Not useful product differentiation, 9 master budget, 349 Cancel anytime. questions, checklist of, 9 production view of quality, 742 strategy, 8 transfer time, 116 Organizational structure value-added versus non-value-added
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Outsourcing (continued (continued ) insourcing, 429, 432 just-in-time just-in -time (JIT) technologies, technologies, 433 433 make-or-buy decision, 429 outsourcing decision, 429 relevant costs, 431 risk pyramid, 431 Outsourcing decisions introduction, 428 offshoring, 428 Overapplied overhead, 70–72, 72n Overhead accounts, 69n accumulation of, 38, 39–41 actual cost system, 38 allocation of, 38–39 applied, 69 appraisal costs, 37 budget, 334 cost allocation, 38 cost of goods manufactured and sold, 41–42 costs, lack of commonality in, 129–130 defined, 37 failure costs, 37 fixed overhead costs, 37 job order order costing, costing, 171 normal cost system, 39 overapplied overhead, 70–72 Overhead Control account, 38 overview, 171 predetermined overhead rate (or overhead application rate), 39 prevention costs, 37 process costing, 218, 218n production costs, 213 quality costs, 37 underapplied overhead, 70–72 variable overhead costs, 37 variances (See (See Overhead Overhead variances) Work in Process (WIP) Inventory, 38 Overhead (indirect costs), 30 Overhead (OH) rates plantwide versus departmental, 79–80 predetermined, reasons for using, 68 Special offer for students: Only $4.99/month. Overhead accounts, 69, 69n, 70 Overhead application rates, 39
Subject Index
Pareto analysis, 757–758 Preference decision, 666 Pareto inventory analysis, 813–814 “Preference” lists, 797 Pareto principle, 129, 129n Present value (PV), 655, 655n, 657–658, 67 Participatory budget, 348 Prevention costs, 37, 754 Paul’s Pirogues, 178–179 Price elasticity, 699 Payback period, 654–655 Price-escalation clauses, 698 Pay-for-performance plans, 620–622, 622n Price risk, using options and forward cont Performance measurements, 616–617 mitigate, 719–720 Performance measurement system, designing PricewaterhouseCoopers, 701 assess progress toward mission, 603 Prime cost, 31, 31nn balanced scorecard (BSC), 617–619 Prior department cost, 226 compensation, ethical considerations Process benchmarking, 747 of, 625–626 Process complexity, 129–130 compensation elements, tax implications Process costing of, 624–625 equivalent units of production (EUP), 2 compensation strategy, 620, 621 EUP, denominator in, 216, 216n feedback, need for, 604 FIFO EUP calculation, 232 general criteria, 602–603 first-in, first-out (FIFO) method, 211, global compensation, 625 216–218, 223–226 multinational settings, performance hybrid costing systems, 231 evaluation in, 619–620 introduction, 163, 211 pay-for-performance plans, 620–622 multidepartment setting, 226–227 performance, appropriate tools for, 603–604 prior department cost, 226 performance measurements, 616–617 production costs: the numerator, 211– performance measures, awareness of and production quantity: the denominator participation in, 603 spoilage, 233–235 performance measures and rewards, links standard costs, with, 228–231 between, 622–624 steps in, 217–218, 218n Performance measures total cost to account for, 218 external, 601–602 transferred-in cost, 226 internal, 600–601 WA EUP calculation, 231, 232 introduction, 600 weighted average (WA) method, Performance measures and rewards, links 216–218, 219–223 between Process costing systems, 163–164 incentives relative to organizational level, 623 See also Process also Process costing introduction, 622–623 Processes, 115–116 nonfinancial incentives, 624 Processing (service) time, 116 performance output, degree of control Process map, 116 over, 623 Process productivity, 614 performance plans and feedback, 623 Process quality yield, 614 Read Free Foryield, 30this Days promoting overall success, 624 291 Sign up toProcess vote on title worker pay and performance links, 623–624 Procter & Gamble, 129 Useful Not useful Period costs, 30, 31 Product and material losses (job order co Cancel anytime. Perpetual inventory accounting system, abnormal spoilage, 181 illustration of, 39 accounting treatment for, 179 Personal computers (PCs), 842 all jobs, anticipated on, 180
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Production activities and costs introduction, 788 life cycle costs, 791, 792 product life cycles, 789–791 target costing, 791–792, 793 Production center, 34 Production cost, 787 Product-level (process-level) cost, 121 Product life cycle, 789 Product life cycles decline stage, 791 design stage, 789 growth stage, 789–790 introduction, 789 maturity stage, 790 Product variety, 125 Professional ethics, 5–7 Profitability index (PI), 657–658, 658n Profit as performance measure, 601–602 Profit center, 555–556 Profit margin, 606 Profit sharing, 532, 624 Profit-volume (PV) graph, 387–388 Pseudo-profit center, 566, 566n Public Company Accounting Oversight Board (PCAOB), 2 Pull systems, 787–788, 790 Purchase orders allocation bases, 558 common costs, 443n cost levels, 120 EDI (electronic data interchange), 802 JIT system, 803, 803n overhead, allocation of, 69 Purchases budget, 332, 333 Purchasing advances in authorizing and empowering, 714–715 decentralization and, 550 EOQ and, 811 e-procurement systems, 715 ERP and, 843 group purchasing, 700 information technology and, 714 Special offer for students: Only $4.99/month. inventory management and, 787–788 JIT systems and, 793
European Foundation for Quality Management (EFQM), 766–767 grade, 745 “high quality” versus “high grade,” 745 International Organization for Standardization (ISO), 765–766 measuring the cost of, 757–760 as an organizational culture, 763–765 production view of, 741–743 service, 744–745 value, 745 Quality, obtaining information about BSC, 761–763 CMS, 761–763 Quality as an organizational structure, 763–765 Quality audit, 765 Quality control (QC), 742 Quality Control Award for Operations, 754 Quality costs, types of accounting and information about, 755–757 appraisal, 37, 754 compliance, 755 cost behaviors, 38 external failure, 754 failure, 37 internal failure, 754 lack of high quality, 754 noncompliance, 755 prevention, 37, 754 pursuit of high quality, 754 time-phase model for quality costs, 757 total quality cost, formulas for calculating, 760 Quality Is Free (Crosby), Free (Crosby), 757 Quantity purchased, 700
R
relevance, concept of, 425 specific decisions, relevan sunk costs, 426–428 Relevant range, 26, 383, 383n Renewable energy certificate Research and development Residual income (RI), 609, 61 Resource constraints, 446n Responsibility, 10 Responsibility accounting sy basic control functions, 55 defined, 551 goal congruence, 553 manager’s responsibility r responsibility reports, 551 “rolling up” (aggregating) variances, 552–553 Responsibility centers cost center, 554–555, 555n investment center, 556 profit center, 555–556 revenue center, 555 types of, 554 Responsibility reports, 551 Restructuring, 839–840 Results benchmarking, 746 Return of capital, 655 Return on capital, 655 Return on investment (ROI), 609n, 610–611 Revenue, 383 Revenue and limited cost ce Revenue center, 555 Reverse engineering, 746 Risk, 668 Risk-adjusted discount rate m Ritz-Carlton, 751 Robinson-Patman Act, 396n, Rolling budget, 347 Ryan & Company, 701
Radio frequency identification (RFID), 522 Random, 715–716 Random effects, 623 Raw (Direct) Material Inventory Read accounts, 268 Free Foron 30this Days Sign up to vote title Raw and In-Process (RIP) Inventory account, 804 Useful NotSuseful Raw material, 32 Cancel anytime. Safety stock, 812–813 Raw Material (RM) Inventory, 39, 169 Reality mining, 846 Sales mix, 435 Realized value approach, 490–492 Sales mix decisions
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Securities ratings, 711 Segment margin, 443, 604–605, 604n Selling and administrative (S&A) expenses, 334 Selling and administrative budget, 334, 335 Selve, 129 Sensitivity analysis asset, range of the life of, 672 cash flows, range of, 671 discount rate, range of, 670–671 effects of uncertainty, 718 introduction, 670 Separate costs, 476 Service businesses, 34, 41, 128, 493, 493n Service company defined, 32 versus manufacturers, 34 Service cycle efficiency, 118 Service department, 556 Service department cost allocation illustration algebraic method, 562–565 direct method, 560–561 introduction, 559–560 overhead application rates, determining, 565 step method, 561–562 Service quality, 744–745 Shift premiums, 36–37 Short-term financial performance measures for management cash flow, 605 divisional profits, 604–605 economic value added (EVA®), 609–610, 609n economic value added (EVA®), limitations of, 610–611 introduction, 604 residual income (RI), 609 residual income (RI), limitations of, 610–611 return on investment (ROI), 605–609, 609n return on investment (ROI), limitations of, 610–611 Shrinkage, 179 Simple interest, 673 Simple regression, 75 Simplex method, 449 Special offer for students: Only $4.99/month. Single cash flow, present value of, 673–674 “Situation,” positive or negative, 801
Subject Index
Tax deferra deferral,l, 624 advantages of, 282 Tax exemption exemption,, 624 controlling, 283 Tax Reform Reform Act Act of 1986, 661 decision making, 284 Tax shield shield (of depreciatio depreciation), n), 661 motivating, 282 Teevin B ros. L and a nd Timb er performance evaluation, 284 Company, 31 planning, 282 Theoretical Theor etical capacity, capacity, 73, 286 variances, 283–284 Theory of constraints constraints (TOC), (TOC), 809–810 Standard hours, 280 Throughput, Throu ghput, 613–615, 613–615, 614n Standard price (SP), 269 Time lines, lines, 653–654 Standard quantity, 269 Time value value of money, money, 655, 655n, 655n, 673 Standards, 264 Ton, To n, 482 establishing (See (See Establishing Establishing standards) Total Cos t Ma nageme nt Ce nter (Ford), expected, 285 Total To tal cost of ownership ownership (TCO), (TCO), 265–26 ideal (theoretical) standards, 285–286 Total To tal cost to account account for, for, 42, 218 labor, 266–267 Total To tal material material variance (TMV), 272 material, 265–266 Total To tal overhead overhead variance, variance, 277 overhead, 267–268 Total To tal quality managemen managementt (TQM) practical, 285 Baldrige Award, 753–754 standard cost systems, 264 defined, 749 theoretical capacity, 286 Deming Prize, 754 usage (See (See Standards Standards usage) employee involvement, 749–750 Standards usage ideal standards and, 285 adjusting standards, 286–288 long-term supplier relationships, 750 direct labor, decline in, 288 product/service improvement, 750 ideal (theoretical) standards, 285–286 quality, measuring the cost of, 758 material price variance based on usage rather quality as an organizational than purchases, 288 structure, 763–765 theoretical capacity, 286 quality system, 749 Statement of cash flows (SCF), 343–347, 605 Total To tal units to account account for, for, 219–220 219–220 Statement of Ethical Professional Practice, Practice , 6 Total To tal variance, variance, 269 Statements on Management Accounting Toyota, To yota, 9, 26 (SMAs), 5 Trading Tradi ng costs, 28 Statistical process control (SPC), 742 Transactional Tran sactional relations relationships, hips, 802 Step cost, 29 Transfer Tran sfer price, price, 565 Step fixed cost, 29 Transfer price s in multina tional Step method, 558, 561–562 settings, 570–573 Step variable cost, 29 Transfer Tran sfer pricing pricing Stock-keeping units (SKUs), 129 cost-based transfer prices, Straight-line formula, 73–74 567–568, 567n Strategic alliances, 846–847 Read Free Forpricing, 30this Days dual 569 Strategic benchmarking, 748 Sign up to vote on title introduction, 565–567 Strategic planning, 324–325 Useful Not useful transfer prices, 568–5 Strategy, 8 Cancelmarket-based anytime. negotiated transfer prices, 569 “Stretch” goals, 838 pseudo-profit center, 566, 566n Strict equality constraints, 446n Transfer prici ng s ystem, selec ting, 569– Suboptimization, 556, 611
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Unexpired cost, 25 Unit contribution margin, 434 Unit cost formula for determining, 211 production costs: the numerator, 211–213 production quantity: the denominator, 213 separate calculations of, 215n Unit-level costs, 120 Units (use Units (use of term), 165n Units started and completed, 219 University of St. Thomas, 750 Upstream costs, 3, 4 Usage, 812 U.S. Office of Federal Procurement Policy, 5 U.S. tax rate, 661, 661n
V Valuation methods, 164–165 Value, 745 Value-added (VA) activity, 114, 742, 786 Value-added (VA) versus non-value-added (NVA) activities, 114–117, 117n Value chain, 786–787 communication network, 12 components of, 11 cost management system (CMS), 535 customer service, 12 defined, 11 design, 11 distribution, distributio n, 12 marketing, 12 production, 11 research and development, 11 supply, 11 Value chart, 117 Value engineering (VE), 792 Values statement, 599 Variable (VOH) variances, 274–275
Variable cost, 26–27, 383 Variable costing absorption costing, comparison to, 86–87 absorption costing, differences between, 82–83 defined, 81–82 illustrations, 84–86 income statement, 83 relationships, 83 Variable cost of goods sold, 83 Variable cost ratio (VC%), 385 Variable Manufacturing Overhead Control, 274 Variable overhead (VOH) rate, 274 Variable overhead costs, 37 Variable overhead efficiency variance, 275 Variable overhead spending variance, 274–275 Variance analysis, 283 Variance analysis model favorable (F), 269, 270 total variance, 269 total variance, diagrammed, 270 unfavorable (U), 269, 270 Variances actual costs, 228n analysis model, 269–270 JIT and, 802–804 labor, 273 material variance computations, 270–272 overhead, 273–279 point-of-purchase material variance model, 272 responsibility accounting systems, 552–553 revenue, 555n sales price, 555 sales volume, 555 standard cost system, 176–177, 268 Vendor certification, 797 Vendor partnerships, 797, 798 Vertex, 448
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Virtual reality, 791 Volume variance, 86, 276–27
W
WA EUP calculation, 231, 232 Waldenbooks, 8 Wal-Mart, 9, 117n, 522, 525–5 Waste, 477 Weighted average (WA) met 216–218, 219–223 Worker pay, 623–624 Workers, defined, 599n Workforce diversity, 840–842 Working capital, 711 Work in process, 32 Work in Process (WIP) Invent actual cost system, 38 first-in, first-out (FIFO), 211 perpetual inventory system predetermined OH rate, 6 process costing, 213 weighted average (WA), 2 Work in Process (WIP) Invent Work in Process (WIP) valu methods, 164–165 Workplace, the changing, 83
X Xbox 360, 528–529, 751 Xerox, 766
Y “Yardsticks,” 532 Yield, 291 Yield variances, 290 Young employees, 621–622,
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