Book Description :
Genre : Educational, Accounting
Written By : Christopher J.Skousen, Larry M.Walther
Book Size : 9.97 Mb
This book is the last of seven books which introduces the basic principles of accounting. In this book you will learn about planning for success through budgeting. Key budgets, such as the sales, production, direct materials purchases, direct labor, overhead, selling and administrative, and cash budgets are all discussed in detail. Critical elements of budget analysis, including flexible budgets, standard costs, and variance analysis are discussed. Key topics including sunk costs, outsourcing, special orders, make versus buy, and evaluation of long-term projects.
Content :
Part.1 Budgeting: Planning for Success
Importance of Budgets
Forms and Functions
Avoiding Business Chaos
An Electrifying Case in Budgeting
Recapping Benefits of Budgeting
Budget Processes and Human Behavior
Budget Construction
Mandated Budgets
Participative Budgets
Blended Approach
Organizational Structure Considerations
Flattening the Organization Chart
Budget Estimation
Slack and Padding
Zero-Based Budgeting
The Impossible Budget and Employee Capitulation
Ethical Challenges in Budgeting
Components of the Budget
Sales Budget
Production Budget
Direct Material Purchases Budget
Direct Labor Budget
Factory Overhead Budget
Selling and Administrative Expense Budget
Cash Budget
Budgeted Income Statement and Balance Sheet
External Use Documents
Performance Appraisal
Budget Periods and Adjustments
Continuous Budgets
Flexible Budgets
Encumbrances
Part. 2 Tools for Enterprise Performance Evaluation
Responsibility Accounting and Management by Exception
Centralized Versus Decentralized Decision-Making
Responsibility Centers
Cost Center
Profit Center
Investment Center
Affixing Responsibility
Responsibility Center Reports
The Power of a Data Base System
Traceable Versus Common Fixed Costs
Management by Expansion
Flexible Budgets
Flexible Budget for Performance Evaluations
Flexible Budgets for Planning
Flexible Budgets and Efficiency of Operation
Standard Costs
Setting Standards
Philosophy of Standards
The Downside of the Standards
Variance Analysis
Variances Relating to Direct Materials
An Illustration of Direct Material Variance Calculations
Journal Entries for Direct Material Variances
When Purchases Differ From Usage
Variances Relating to Direct Labor
An Illustration of Direct Labor Variance Calculations
Journal Entries for Direct Labor Variances
Factory Overhead Variances
Variable Versus Fixed Overhead
Variances Relating to Variable Factory Overhead
Exploring Variable Overhead Variances
An Illustration of Variable Overhead Variances
Journal Entry for Variable Overhead Variances
Careful Interpretation of Variable Overhead Variances
Variances Relating to Fixed Factory Overhead
An Illustration of Fixed Overhead Variances
Journal Entry for Fixed Overhead Variances
Recapping Standards and Variances
Examining Variances
Balanced Scorecard Approach to Performance Evaluation
The Balance Scorecard in Operation
Part.3 Reporting Techniques in Support of Managerial Decision Making
Variable Versus Absorption Costing
Absorption Costing
Variable Costing
Variable Costing in Action
A Double-Edge Sword
Avoiding a Downward Spiral
Confused?
An In-Depth Comparison of Variable Costing and Absorption Costing Income Statements
The Impact of Inventory Fluctuations
Segment Reporting
Internal Reporting of Segment Data
The Problem of Segment Income Measurement
Contribution Income Statement Format
External Reporting of Segment Data
Measures of Residual Income
Keeping Residual Income in Perspective
Concepts in Allocating Service Department Costs
The Direct Method of Allocating Service Department Cost
The Step Method of Allocating Service Department Cost
Multiple Steps and Simultaneous Allocations
Leveraging the Power of Modern Information Systems
Line Item Versus Object of Expenditure
Business Dashboard
Part 4. Analytics for Managerial Decision Making
Cost Characteristics and Decision-Making Ramifications
Sunk Costs Versus Relevant Costs
A Basic Illustration of Relevant Cost/Benefit Analysis
Complicating Factors
Business Decision Logic
Outsourcing
Outsourcing Illustration
Capacity Considerations in Outsourcing
Illustration of Capacity Considerations
Qualitative Issues in Outsourcing
Special Orders
Capacity Constraints and the Impact on Special Order Pricing
Discontinuing a Product, Department, or Project
The 80/20 Concept
Capital Expenditure Decisions
Management Stewardship
Logic and Justification of Capital Decisions
Compound Interest and Present Value
Compound Interest
Future Value of Annuities
Future Value of an Annuity Due
Future Value of an Ordinary Annuity
Present Value
Present Value of an Annuity Due
Present Value of an Ordinary Annuity
Electronic Spreadsheet Functions
Challenge Your Thinking
Evaluation of Long-Term Projects
Net Present Value
Impact of Changes in Interest Rates
Emphasis on After Tax Cash Flows
Accounting Rate of Return
Internal Rate of Return
Payback Method
Conclusion
Appendix
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