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Read, highlight, and take notes, across web, tablet, and phone. Go to Google New Age International, - Cost accounting - pages Nature and Scope of Management Accounting. QR code for Advanced Cost Accounting. Check our section of free e-books and guides on Accounting now! Process Costing, Operation and Operating Costing, Reconciliation of Cost and Financial Accounts, Management Accounting: Nature and Scope, Advanced Accountancy. Advanced Cost And Management Accounting Problems And Solutions Ed. 6th. bySaxena, V. K. eBooks and Texts · Bharat Ek Khoj.
This unique feature of the text helps the student understand the very practical requirements of an ABC system. Activity-Based Budgeting Activity-based budgeting is now combined with traditional budgeting concepts in Chapter 8. This integrated treatment helps students to see how budgets can be extended with the power of activity-based cost concepts. This chapter introduces the basics of activitybased budgeting and gives an expanded example in a service setting.
Flexible budgeting and the behavioral impact of budgets are also included in this chapter. Just-in-Time Effects JIT manufacturing and downloading are defined and their own cost management practices discussed in Chapters 11 and JIT is compared and contrasted with traditional manufacturing practices.
The effects on areas such as cost traceability, inventory management, product costing, and responsibility accounting are carefully delineated. Life Cycle Cost Management In Chapter 11, we define and contrast three different life cycle viewpoints: production life cycle, marketing life cycle, and consumable life cycle.
We then show how these concepts can be used for strategic planning and analysis. In later chapters, we show how life cycle concepts are useful for pricing and profitability analysis Chapter The use of life cycle costing for environmental cost management is also discussed Chapter The breadth, depth, and numerous examples illustrating life cycle cost applications allow the student to see the power and scope of this methodology.
Activity-Based Management and the Balanced Scorecard There are three types of responsibility accounting systems: functional-based, activity-based, and strategic-based. These three systems are compared and contrasted, and the activityand strategic-based responsibility accounting systems are discussed in detail. Activity-based responsibility accounting focuses on controlling and managing processes.
The mechanism for doing this process value analysis is defined and thoroughly discussed in Chapter Numerous examples are given to facilitate understanding. Value-added and non-valueadded cost reports are described.
Activity-based responsibility accounting also covers activity measures of performance, which are thoroughly covered in Chapter The Balanced Scorecard is equivalent to what we are calling strategic-based responsibility accounting. The basic concepts and methods of the Balanced Scorecard are presented in Chapter Costs of Quality: Measurement and Control ace Pref Often, textual treatments simply define quality costs and present cost of quality reports.
We go beyond this simple presentation in Chapter 14 and discuss cost of quality performance reporting. We also describe quality activities in terms of their value-added content. Finally, we introduce and describe ISO , an important quality assurance and reporting system that many firms must now follow. Productivity: Measurement and Control The new manufacturing environment demands innovative approaches to performance measurement.
Productivity is one of these approaches; yet it is either only superficially discussed in most cost and management accounting texts or not ix treated at all. In Chapter 15, we offer a thorough treatment of the topic, including some new material on how to measure activity and process productivity. Strategic Cost Management A detailed introduction to strategic cost management is provided in Chapter Understanding strategic cost analysis is a vital part of the new manufacturing environment.
Strategic cost management is defined and illustrated. Strategic positioning is discussed. Structural and executional cost drivers are introduced. Value chain analysis is described with the focus on activity-based supplier and customer costing. The role of target costing in strategic cost management is also emphasized. Environmental Costs: Measurement and Control Chapter 16 reflects the growing strategic importance of environmental cost management.
This chapter introduces and discusses the concept of ecoefficiency. It also defines, classifies, and illustrates the reporting of environmental costs and how to assign those costs to products and processes.
The role of life-cycle costing in environmental cost management is detailed. Finally, we describe ways the Balanced Scorecard can be extended to include an environmental perspective.
A linear programming framework is used to facilitate the description of TOC and provide a setting where students can see the value of linear programming. In fact, our treatment of linear programming is motivated by the need to develop the underlying concepts so that TOC can be presented and discussed. This edition expands the coverage of TOC by adding a discussion of constraint accounting. Service Sector Focus The significance of the service sector is recognized in this text through the extensive application of cost management principles to services.
The text explains that services are not simply less complicated manufacturing settings but instead have their own characteristics. These characteristics require modification of cost management accounting principles. Sections addressing services appear in a number of chapters, including product costing, pricing, and quality and productivity measurement.
We are convinced that students are interested in ethical dimensions of business and can be taught areas in which ethical conflicts occur.
Chapter 1 introduces the role of ethics and reprints the ethical standards developed by the Institute of Management Accountants. To reinforce coverage of ethics, every chapter includes an ethics case for discussion. In addition, many chapters include sections on ethics.
For example, Chapter 19, on pricing and revenue analysis, includes material on the ethical dimensions of pricing. Ethical behavior is just one aspect of human behavior that is affected by cost management systems. The systems used for planning, control, and decision making can affect the way in which people act. Insights from behavioral decision theory are presented in appropriate sections of the text.
Chapter 8, on activity-based budgeting, includes a section on the behavioral impact of budgets. We believe that an integration of behavioral issues with accounting issues leads to a more complete understanding of the role of the accountant today. Pref ace Behavioral Issues x Real World Examples Our years of experience in teaching cost and management accounting have convinced us that students like and understand real world applications of accounting concepts.
These real world examples make the abstract accounting ideas concrete and provide meaning and color. Therefore, real world examples are integrated throughout every chapter. Use of color for company names that appear in the chapters and the company index at the end of the text will help you locate these examples. Outstanding Pedagogy We think of this text as a tool that can help students learn cost accounting and cost management concepts.
Of paramount importance is text readability. We have tried to write a very readable text and to provide numerous examples, real world applications, and illustrations of important cost accounting and cost management concepts. Of course, many numerical examples are also provided.
Key terms lists at the end of each chapter identify text pages for fuller explanation. Exercises and Problems to support every learning objective are included, and the relevant topics and learning objectives are noted in the text margins.
The exercises and problems are graduated in difficulty from easy to challenging. CMA exam problems are included to enable the student to practice relevant problem material. Each chapter includes at least one ethics case. All chapters also include a cyber research case to give students practice in doing research on the Internet. These exercises encourage students to work in groups to solve cost management problems.
These problems are designed to help students use spreadsheet applications to solve cost accounting problems.
Part 2: Fundamental Costing and Control. Chapters 5 through 10 provide thorough coverage of product costing, planning, and control in both functional-based and activity-based costing systems.
Part 3: Advanced Costing and Control. Chapters 11 through 16 present the key elements of the new cost management approaches. Examples of the topics covered in this section include activity-based customer and supplier costing, strategic cost management, activity-based budgeting, activity-based management, process value analysis, target costing, kaizen costing, quality costing, environmental cost management, productivity, the Balanced Scorecard, and lean manufacturing and accounting. Part 4: Decision Making.
Chapters 17 through 21 bring the costing and control tools together in the discussion of decision making. In this way, students can see how each system can be used for costing, control, and decision making and can evaluate the advantages and disadvantages of each system. We have provided a framework for comprehensively treating both functional-based and activity-based topics. A common terminology links the two approaches; however, the functional- and activity-based approaches differ enough to warrant separate and comprehensive treatments.
The nature and extent of the coverage of contemporary topics is described below. Preface Historical Perspective Chapter 1 provides a brief history of cost accounting. The historical perspective allows students to see why functional-based cost management systems work well in some settings but no longer work for other settings.
The forces that are changing cost management practices are described. The cost management system is broken down into the cost accounting system and the operational control system. The criteria for choosing an activity-based system over a functional-based system are also discussed. Cost Assignment Methods In Chapter 2, three methods of cost assignment are delineated: direct tracing, driver tracing, and allocation. Once the general cost assignment model is established, the model is used to help students understand the differences between functional-based and activity-based cost management systems.
A clear understanding of how the two systems differ is fundamental to the organizational structure that the text follows. Chapter 11 provides a detailed discussion of value chain analysis and introduces the industrial value chain. Value chain analysis means that managers must understand and exploit internal and external linkages so that a sustainable competitive advantage can be achieved.
Exploitation of these linkages requires a detailed understanding of the costs associated with both internal and external factors. The costing examples developed show how the value chain concepts can be operationalized—a characteristic not clearly described by other treatments.
Cost Management: Accounting and Control
The chapter on cost behavior analysis is more general than usual chapters that treat the subject. Traditional treatment usually focuses on cost as a function of production volume. We break away from this pattern and focus on cost as a function of changes in activity usage with changes in production activity as a special case.
This resource usage model plays an important role in numerous contemporary applications. It vii viii Preface is used in value chain analysis Chapter 11 , activity-based management Chapter 12 , and tactical decision and relevant costing analysis Chapter The extensive applications of the activity resource usage model represent a unique feature of the text.
This text presents a comprehensive approach to activity-based costing and management.
The activity-based product costing model is introduced in Chapter 2 and described in detail in Chapter 4. In this chapter, the advantages of ABC over functional-based costing are related. A complete discussion of how to design an ABC system is given. This includes identifying activities, creating an activity dictionary, assigning costs to activities, classifying activities as primary and secondary, and assigning costs to products.
To fully understand how an ABC system works, students must understand the data needed to support the system. Thus, we show how the general ledger system must be unbundled to provide activity information.
Methods on simplifying a complex ABC system are discussed. In addition to discussion of approximately relevant ABC systems, we have added new material on the time-driven ABC systems.
Activity-Based Budgeting Activity-based budgeting is now combined with traditional budgeting concepts in Chapter 8.
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This integrated treatment helps students to see how budgets can be extended with the power of activity-based cost concepts. This chapter introduces the basics of activitybased budgeting and gives an expanded example in a service setting. Flexible budgeting and the behavioral impact of budgets are also included in this chapter.
JIT is compared and contrasted with traditional manufacturing practices. The effects on areas such as cost traceability, inventory management, product costing, and responsibility accounting are carefully delineated. We then show how these concepts can be used for strategic planning and analysis.
The breadth, depth, and numerous examples illustrating life cycle cost applications allow students to see the power and scope of this methodology.
Strategic Cost Management A detailed introduction to strategic cost management is provided in Chapter Understanding strategic cost analysis is a vital part of the new manufacturing environment.
Cost Management: Accounting and Control, 6th Edition
Strategic positioning is discussed. Structural and executional cost drivers are introduced. Value chain analysis is described with the focus on activity-based supplier and customer costing. The role of target costing in strategic cost management is also emphasized.
Activity-Based Management and the Balanced Scorecard There are three types of responsibility accounting systems: functional-based, activity-based, and strategic-based. These three systems are compared and contrasted, and the activity- Preface and strategic-based responsibility accounting systems are discussed in detail. Activitybased responsibility accounting focuses on controlling and managing processes. Numerous examples are given to facilitate understanding.
Value-added and non-value-added cost reports are described. Activity-based responsibility accounting also covers activity measures of performance, which are thoroughly covered in Chapter This note adopts a decision-maker perspective on accounting and finance with the goal of helping students develop a framework for understanding financial, managerial, and tax reports.
This lecture explains the following topics: This book financial Accounting: Guru Jambheshwar University of Science and Technology. This book explains the following topics: This book covers the following topics: This comprehensive college-level publication covers all managerial accounting topics and contains extensive and detailed examples, self-tests, questions, problems, alternate problems, and answers.
Cost systems, Using accounting for quality and cost management, Cost-volume-profit analysis, Short-term decision making: Differential analysis, Budgeting for planning and control, Control through standard costs, Responsibility accounting: Segmental analysis, Capital budgeting.
This book discussed about the basics of cost accounting, material, labour and overheads costing. Also highlighted the concept of activity based costing, cost records and different costing systems.
Institute of Cost and Works Accountants of India. This text uses the annual reports of real companies to illustrate many of the accounting concepts. It covers the following topics: Accounting Environment, Accounting and its use in business decisions, Recording business transactions, Adjustments for financial reporting, Completing the accounting cycle, Accounting theory, Introduction to inventories and the classified income statement, Measuring and reporting inventories.
This text gives an understanding of how to use accounting information to analyze business performance and make business decisions.
The text takes a business perspective. Microeconomic foundations of management accounting, Product costing and cost allocations, Determining the cost of inventory, Planning tools and performance measures for projects and divisions. This course note explains the basic concepts of financial and managerial reporting. The viewpoint is that of readers of financial and managerial reports rather than the accountants who prepare them.
Covered topics are: In constructing the seventeen chapters, the author have worked to guide you on a voyage through the world of business and financial reporting. It helps to attain a usable knowledge of the principles of financial accounting as well as an appreciation for its importance and logic. Measurement, Inventories: Additional Issues, Operational Assets: Acquisition and Disposition, Operational Assets: This note is a framework for understanding financial, managerial, and tax reports.
George Plesko, Prof.The text explains that services are not simply less complicated manufacturing settings but instead have their own ix x Preface characteristics. The text takes a business perspective. The Balanced Scorecard is equivalent to what we are calling strategic-based responsibility accounting.
English Only. Introduction to Financial and Managerial Accounting This course note explains the basic concepts of financial and managerial reporting. Budgetary Planning and Control Thus, we show how the general ledger system must be unbundled to provide activity information.
In this way, students can see how each system can be used for costing, control, and decision making and can evaluate the advantages and disadvantages of each system. The historical perspective allows students to see why functional-based cost management systems work well in some settings but no longer work for other settings. Sailent Feature: 1.