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1 Introduction to Cost Accounting and Cost Management1

1 Introduction to Cost Accounting and Cost Management1

FINANCIAL，MANAGEMENT，AND COST ACCOUNTING2

Early Accounting Systems3

THE EVOLUTION OF ACCOUNTING3

Accounting in the Twentieth Century4

Total Quality Management6

Customer Orientation6

EMERGING THEMES IN COST ACCOUNTING6

Advances in Information Technology7

Time as a Competitive Element7

Advances in the Manufacturing Environment8

Growth of the Service Industry10

Global Competition10

A SYSTEMS APPROACH10

COST MANAGEMENT-A CROSS-FUNCTIONAL PERSPECTIVE12

THE ROLE OF TODAY S COST AND MANAGEMENT ACCOUNTANT13

The Need for Flexibility13

Behavioral Impact of Cost Information13

Information for Planning，Controlling，and Decision Making14

Line and Staff Positions14

ACCOUNTING AND ETHICAL CONDUCT16

Ethical Behavior16

Standards of Ethical Conduct for Management Accountants17

Ethical Conduct19

CERTIFICATION20

The CMA20

The CPA20

The CIA21

2 Basic Cost Management Concepts30

Part1 Fundamental Cost Management Concepts30

■2 Basic Cost Management Concepts30

A SYSTEMS FRAMEWORK31

Accounting Information Systems31

Relationship to Other Operational Systems and Functions34

Different Systems for Different Purposes36

COST ASSIGNMENT：DIRECT TRACING，DRIVER TRACING，AND ALLOCATION37

Cost Objects37

Accuracy of Assignments38

PRODUCT AND SERVICE COSTS42

Different Costs for Different Purposes42

Product Costs and External Financial Reporting43

EXTERNAL FINANCIAL STATEMENTS46

Income Statement：Manufacturing Firm46

Income Statement：Service Organization48

ACTIVITY DRIVERS AND COST BEHAVIOR48

Cost Behavior Concepts48

Fixed Costs50

■22 Productivity：Measurement and Control51

Variable Costs52

Mixed Costs54

TRADITIONAL AND CONTEMPORARY COST MANAGEMENT SYSTEMS55

Traditional Cost Management Systems：A Brief Overview55

Contemporary Cost Management Systems：A Brief Overview56

Choice of a Cost Management System58

■3 Activity Cost Behavior80

3 Activity Cost Behavior80

COST BEHAVIOR AND THE RESOURCE USAGE MODEL81

Time Horizon81

Activities，Resource Usage，and Cost Behavior82

Measures of Activity Output84

Step-Cost Behavior84

Activities and Mixed Cost Behavior87

METHODS FOR SEPARATING MIXED COSTS INTO EIXED AND VARIABLE COMPONENTS88

The High-Low Method89

Scatterplot Method91

The Method of Least Squares94

RELIABILITY OF COST FORMULAS96

Hypothesis Test of Parameters97

Goodness-of-Fit Measures97

Confidence Intervals100

MULTIPLE REGRESSION101

MANAGERIAL JUDGMENT103

4 Product and Service Costing：Overhead Application and Job-Order System126

■4 Product and Service Costing：Overhead Application and Job-Order System126

Part2 Cost Accounting Systems126

CHARACTERISTICS OF THE PRODUCTION PROCESS127

Manufacturing Firms Versus Service Firms127

Unique Versus Standardized Products and Services130

Cost Accumulation131

SETTING UP THE COST ACCOUNTING SYSTEM131

Cost Measurement132

Cost Assignment135

OVERHEAD APPLICATION：A NORMAL COSTING VIEW136

Predetermined Overhead Rates136

Choosing the Activity Base137

Choosing the Activity Level138

The Basic Concept of Overhead Application139

Disposition of Overhead Variances141

THE JOB-ORDER COSTING SYSTEM：GENERAL DESCRIPTION143

Overview of the Job-Order Costing System143

Materials Requisitions144

Job Time Tickets146

Overhead Application146

Unit Cost Calculation147

JOB-ORDER COSTING：SPECIFIC COST FLOW DESCRIPTION147

Accounting for Materials147

Accounting for Direct Labor Cost148

Accounting for Overhead149

Accounting for Finished Goods151

Accounting for Cost of Goods Sold153

Accounting for Nonmanufacturing Costs154

SINGLE VERSUS MULTIPLE OVERHEAD RATES155

APPENDIX：ACCOUNTIGN FOR SPOILAGE IN A TRADITIONAL JOB ORDER SYSTEM158

■5 Product and Service Costing：A Process Systems Approach180

5 Product and Service Costing：A Process Systems Approach180

PROCESS COSTING SYSTEMS：BASIC OPERATIONAL AND COST CONCEPTS181

Cost Flows181

The Production Report184

Unit Cost184

Service Organizations185

PROCESS COSTING WITH NO WORK IN PROCESS INVENTORIES185

JIT Manufacturing Firms186

PROCESS COSTING WITH ENDING WORK IN PROCESS INVENTORIES187

Equivalent Units as Output Measures187

Cost of Production Report Illustrated188

Nonuniform Application of Productive Inputs189

Beginning Work in Process Inventories190

FIFO COSTING METHOD191

Step3：Computation of Unit Cost192

Step4：Valuation of Inventories192

Step1：Physical Flow Analysis192

Step 2：Calculation of Equivalent Units192

Step5：Cost Reconciliation194

Journal Entries194

WEIGHTED AVERAGE COSTING METHOD196

Step1：Physical Flow Analysis196

Step2：Calculation of Equivalent Units197

Step3：Computation of Unit Cost197

Step4：Valuation of Inventories197

Production Report198

Step5：Cost Reconciliation198

FIFO Compared With Weighted Average198

TREATMENT OF TRANSFERRED-IN GOODS200

Step1：Physical Flow Schedule201

Step2：Calculation of Equivalent Units202

Step3：Computation of Unit Costs202

Step4：Valuation of Inventories202

OPERATION COSTING203

Basics of Operations Costing204

Operation Costing Example205

APPENDIX：SPOILED UNITS208

■6 Support Department Cost Allocation231

6 Support Department Cost Allocation231

AN OVERVIEW OF COST ALLOCATION232

Types of Departments232

Types of Allocation Bases234

OBJECTIVES OF ALLOCATION235

ALLOCATING ONE DEPARTMENT S COSTS TO ANOTHER DEPARTMENT237

A Single Charging Rate238

Dual charging Rates238

Budgeted Versus Actual Usage240

Fixed Versus Variable Bases：A Note of Caution242

CHOOSING A SUPPORT DEPARTMENT COST ALLOCATION METHOD243

Direct Method of Allocation244

Sequential Method of Allocation245

Reciprocal Method of Allocation246

Comparison of the Three Methods250

DEPARTMENAL OVERHEAD RATES AND PRODUCT COSTING251

7 Joint Product and By-product Costing268

■7 Joint Product and By-product Costing268

GENERAL CHARACTERISTICS OF JOINT PRODUCTION269

Cost Separability and the Need for Allocation270

Distinction and Similarity Between Joint Products and Byproducts271

Examples of Joint Products and By-prod-ucts272

ACCOUNTING FOR JOINT PRODUCT COSTS273

Benefits-Received Approaches273

Allocation Based on Relative Market Value276

ACCOUNTING FOR BY-PRODUCTS279

Noncost Methods of Accounting for By-products280

Cost Methods of Accounting for By-products281

Output Decisions282

EFFECT OF JOINT PRODUCT COSTS ON COST CONTROL AND DECISION MAKING282

Pricing Joint Products283

Further Processing Decisions283

Pricing Based on Cost of Further Production284

JOINT PRODUCTION OF SERVICES285

Contemporary Cost Accounting285

■8 Activity-Based Costing300

8 Activity-Based Costing300

Contemporary Cost Accounting300

LIMITATIONS OF TRADITIONAL COST ACCOUNTING SYSTEMS301

Plantwide and Departmental Rates301

The Inadequacy of Plantwide and Departmental Rates303

An Example Illustrating the Failure of Unit-Based Overhead Rates305

ACTIVITY-BASED PRODUCT COSTING：GENERAL DESCRIPTION308

First-Stage Procedure309

Second-Stage Procedure311

Comparison of Traditional and ABC Product Costs312

ABC and Service Organizations312

ACTIVITY IDENTIFICATION AND CLASSIFICATION315

Activity Identification315

Classification of Activities316

Comparison with Traditional Costing320

An Illustrative Example320

Homogeneous Sets：Necessary or Not?322

ABC DATA BASE324

ASSIGNING COSTS TO ACTIVITIES326

■9 Strategic Cost Management，Life Cycle Cost Management，and JIT353

9 Strategic Cost Management，Life Cycle Cost Management，and JIT353

STRATEGIC COST MANAGEMENT354

Creating and Sustaining a Competitive Advantage354

Value-Chain Framework，Linkages，and Activities355

Value-Chain Analysis359

LIFE CYCLE COST MANAGEMENT365

Product Life Cycle Viewpoints365

Interactive Viewpoint367

Role of Target Costing371

Short Life Cycles372

JUST-IN-TIME(JIT) MANUFACTURING AND PURCHASING372

Inventory Effects373

Plant Layout374

Grouping of Employees376

Employee Empowerment376

Total Quality Control376

JIT and Automation377

JIT AND TTS EFFECT ON THE COST MANAGEMENT SYSTEM378

Traceability of Overhead Costs378

Product Costing378

JIT s Effect on Job-Order and Process Costing Systems380

Backflush Costing380

■10 Cost-Volume-Profit Analysis410

10 Cost-Volume-Profit Analysis410

Part3 Decision Making：Traditional and Contemporary Approaches410

THE BREAK-EVEN POINTS IN UNITS411

Operating-Income Approach412

Contribution-Margin Approach413

Profit Targets413

After-Tax Profit Targets415

BREAK-EVEN POINT IN SALES DOLLARS416

Profit Targets419

Comparison of the Two Approaches420

MULTIPLE-PRODUCT ANALYSIS420

Break-even Point in Units420

Sales Dollars Approach423

GRAPHICAL REPRESENTATION OF CVP RELATIONSHIPS424

The Profit-Volume Graph424

The Cost-Volume-Profit Graph426

Assumptions of Cost-Volume-Profit Analysis427

CHANGES IN THE CVP VARIABLES429

Introducing Risk and Uncertainty431

Sensitivity Analysis and CVP433

CVP ANALYSIS AND ACTIVITY-BASED COSTING434

Example Comparing Conventional and ABC Analysis435

Strategic Implications：Conventional CVP Analysis Versus ABC Analysis436

CVP Analysis and JIT437

■11 Activity Resource Usage Model and Relevant Costing：Tactical Decision Making463

11 Activity Resource Usage Model and Relevant Costing：Tactical Decision Making463

The Tactical Decision-Making Process464

TACTICAL DECISION MAKING464

Qualitative Factors466

RELEVANT COSTS AND REVENUES468

Relevant Costs Illustrated468

Irrelevant Costs Illustrated468

RELEVANCY，COST BEHAVIOR，AND THE ACTIVITY RESOURCE USAGE MODEL469

Resources Acquired as Used and Needed469

Resources Acquired in Advance(Short Term)470

Resources Acquired in Advance (Multiperiod Service Capacity)471

ILLUSTRATIVE EXAMPLES OF TACTICAL DECISION MAKING471

Make-or-Buy Decisions471

Keep-or-Drop Decisions475

Special-Order Decisions478

Decisions to Sell or Process Further480

Relevant Costing and Ethical Behavior482

12 Capital Investment Decisions502

■12 Capital Investment Decisions502

TYPES OF CAPITAL INVESTMENT DECISIONS503

NONDISCOUNTING MODELS505

Payback Period505

Accounting Rate of Return507

DISCOUNTING MODELS：THE NET PRESENT VALUE METHOD508

NPV Defined508

An Example Illustrating Net Present Value509

INTERNAL RATE OF RETURN509

Example：Multiple-Period Setting with Uniform Cash Flows511

Multiple-Period Setting：Uneven Cash Flows511

MUTUALLY EXCLUSIVE PROJECTS512

NPV Compared with IRR512

Example：Mutually Exclusive Projects514

Capital Investment and Ethical Lssues515

COMPUTATION AND ADJUSTMENT OF CASH FLOWS516

Adjusting Forecasts for Inflation517

Conversion of Gross Cash Flows to After-Tax Cash Flows517

CAPITAL INVESTMENT：THE CONTEMPORARY MANUFACTURING ENVIRONMENT524

How Investment Differs525

How Estimates of Operating Cash Flows Differ525

Salvage Value528

Discount Rates529

APPENDIX A：PRESENT VALUE CONCEPTS530

Future Value530

Present Value531

13 Inventory Management：Economic Order Quantity，JIT，and the Theory of Constraints550

■13 Inventory Management：Economic Order Quantity，JIT，and the Theory of Constraints550

BASICS OF TRADITIONAL INVENTORY MANAGEMENT551

Traditional Reasons for Holding Inventory552

Economic Order Quantity：The Traditional Inventory Model553

Computing the EOQ554

Reorder Point554

Demand Uncertainty and the Reorder Point554

A Manufacturing Example556

EOQ and Inventory Management556

JIT AND INVENTORY MANAGEMENT：A DIFFERENT VIEW557

A Pull System558

Setup and Carrying Costs：The JIT Approach559

Due-Date Performance：The JIT Solution560

Avoidance of Shutdown and Process Reliability：The JIT Approach560

Discounts and Price Increases：JIT Purchasing Versus Holding Inventories564

JIT s Limitations564

BASIC CONCEPTS OF CONSTRAINED OPTIMIZATION565

One Binding Internal Constraint566

Internal Binding Constraint and External Binding Constraint566

Multiple Internal Binding Constraints567

THEORY OF CONSTRAINTS570

Basic Concepts570

Five-Step Approach571

■14 Pricing and Revenue Analysis589

14 Pricing and Revenue Analysis589

Customer Demand590

BASIC ECONOMIC PRICING CONCEPTS590

Price Elasticity of Demand591

Market Structure and Price593

COST-BASED PRICING595

TARGET COSTING AND PRICING597

LIFE CYCLE PRICING599

Development Stage599

Introduction Stage600

Growth Stage600

Decline Stage601

PRICES AND CONTROL601

Sale Price and Price Volume Variances601

Maturity Stage601

Other Methods of Evaluating Revenue602

LEGAL SYSTEM，ETHICS，AND PRICING602

Predatory Pricing603

Price Discrimination604

Fairness and Pricing607

■15 Profitability Analysis619

15 Profitability Analysis619

REASONS FOR MEASURING PROFIT620

MEASURES OF PROFIT621

Absorption Costing Approach to Measuring Profit621

Variable Costing Approach to Measuring Profit624

ANALYSIS OF PROFIT-RELATED VARIANCES627

Contributin Margin Variance627

Market Share and Size Variances629

PROFITABILITY OF SEGMENTS630

Profit by Product Line630

Divisional Profit634

Customer Profitability635

Overall Profit640

TIME AND PROFIT640

Short-Run Profitability641

Long-Run Profitability641

THE PRODUCT LIFE CYCLE642

Behavioral Decision Theory644

THE IMPACT OF PROFIT ON BEHAVIOR644

Ethics646

LIMITATIONS OF PROFIT MEASUREMENT647

16 Budgeting for Planning and Control676

Part4 Cost Planning and Control Systems676

■16 Budgeting for Planning and Control676

THE ROLE OF BUDGETING IN PLANNING AND CONTROL677

Purposes of Budgeting677

The Budgeting Process678

Gathering Information for Budgeting680

PREPARING THE OPERATING BUDGET683

PREPARING THE FINANCIAL BUDGET689

The Cash Budget690

Static Budgets Versus Flexible Budgets694

USING BUDGETS FOR CONTROL694

The Behavioral Dimension of Budgeting698

Operating Budgets for Merchandising and Service Firms703

Zero-Base Budgeting703

OTHER TYPES OF BUDGETS703

■17 Standard Costing：A Traditional Control Approach727

17 Standard Costing：A Traditional Control Approach727

UNIT STANDARDS728

How Standards Are Developed728

Types of Standards729

Why Standard Cost Systems Are Adopted729

STANDARD PRODUCT COSTS730

VARIANCE ANALYSIS：GENERAL DESCRIPTION733

Price and Efficiency Variances733

The Decision to Investigate733

VARIANCE ANALYSIS AND ACCOUNTING：MATERIALS AND LABOR735

Direct Materials Price and Usage Variances735

Direct Labor Variances740

Disposition of Materials and Labor Variances743

VARIANCE ANALYSIS：OVERHEAD COSTS744

Four-Variance Method：Variable Overhead Variances745

Four-Variance Analysis：Fixed Overhead Variances749

Total Fixed Overhead Variance749

Two-and Three Variance Analyses753

MIX AND YIELD VARIANCES：MATERIALS AND LABOR754

Materials Mix and Yield Variances755

Labor Mix and Yield Variances757

■18 Decentralization：Responsibility Accounting，Performance Evaluation，and Transfer Pricing774

18 Decentralization：Responsibility Accounting，Performance Evaluation，and Transfer Pricing774

RESPONSIBILITY ACCOUNTING775

Types of Responsibility Centers775

DECENTRALIZATION776

Reasons for Decentralization776

The Role of Information and Accountability776

The Units of Decentralization778

MEASURING THE PERFORMANCE OF INVESTMENT CENTERS778

Return on Investment779

Residual Income783

Economic Value Added785

Multiple Measures of Performance788

Incentive Pay for Managers-Encouraging Goal Congruence789

Managerial Rewards789

MEASURIGN AND REWARDING THE PERFORMANCE OF MANAGERS789

TRANSFER PRICING792

The Impact of Transfer Pricing on Income792

The Transfer Pricing Problem793

SETTING TRANSFER PRICES794

Market Price794

Negotiated Transfer Prices795

Cost-Based Transfer Prices801

19 International Issues in Cost Management819

■19 International Issues in Cost Management819

MANAGEMENT ACCOUNTING IN THE INTERNATIONAL ENVIRONMENT820

LEVELS OF INVOLVEMENT IN INTERNATIONAL TRADE820

Importing and Exporting821

Wholly Owned Subsidiaries823

Joint Ventures824

FOREIGN CURRENCY EXCHANGE826

Managing Transaction Risk826

Managing Economic Risk829

Managing Translation Risk830

DECENTRALIZATION831

Advantages of Decentralization in the MNC831

Creation of Divisions832

MEASURING PERFORMANCE IN THE MULTINATIONAL FIRM833

Political and Legal Factors Affecting Performance Evaluation834

Multiple Measures of Performance836

TRANSFER PRICING AND THE MULTINATIONAL FIRM836

Performance Evaluation836

Income Taxes and Transfer Pricing837

ETHICS IN THE INTERNATIONAL ENVIRONMENT840

Contemporary Control Systems840

■20 Contemporary Responsibility Accounting855

Contemporary Control Systems855

20 Contemporary Responsibility Accounting855

RESPONSIBILITY ACCOUNTING856

Traditional vs．Contemporary Responsibility Accounting856

Limitations of Traditional Responsibility Accounting860

Activity-Based Management862

PROCESS VALUE ANALYSIS864

Driver Analysis：The Search for Root Causes864

Activity Analysis865

Performance Measurement866

The Role of Interim(Currently Attainable)Standards870

Benchmarking871

Drivers and Behavioral Effects872

ACTIVITY FLEXIBLE BUDGETING873

Fixed Activity Variances：Detailed Analysis876

Variable Activity Variances：Detailed Analysis877

LIFE CYCLE COST BUDGETING878

Whole-Life Product Cost879

Budgeting Life Cycle Costs：An Example879

CONTROL AT THE OPERATING LEVEL880

Quality881

Productivity882

Materials Cost882

Delivery Performance882

Inventory882

Machine Performance885

Operational Measures：A Qualification885

■21 Quality Costing：Measurement and Control906

21 Quality Costing：Measurement and Control906

MEASURING THE COSTS OF QUALITY907

Quality Defined908

Costs of Quality Defined910

Measuring Quality Costs912

RETORTING QUALITY COST INFORMATION914

Quality Cost Reports914

Optimal Distribution of Quality Cost：Traditional View916

Quality Cost Function：Contemporary View917

The Interface Between Cost Management and Total Quality920

USING QUALITY COST INFORMATION920

Using Quality Cost Information for Decision Making921

Certifying Quality Through ISO 9000923

CONTROLLING QUALITY COSTS925

Choosing the Quality Standard925

Types of Quality Performance Reports927

Using Quality Reports for Control932

22 Productivity：Measurement and Control951

PRODUCTIVE EFFICIENCY952

PARTIAL PRODUCTIVITY MEASUREMENT954

Partial Productivity Measurement Defined955

Partial Measures and Measuring Changes in Productive Efficiency955

Advantages of Partial Measures955

Disadvantages of Partial Measures956

TOTAL PRODUCTIVITY MEASUREMENT956

Profile Productivity Measurement956

Profit-Linked Productivity Measurement958

Price-Recovery Component960

MEASURING CHANGES IN ACTIVITY EFFICIENCY960

Activity Productivity Analysis961

Process Productivity Analysis963

Quality and Productivity967