Efnisyfirlit

• Preface
  • Preface
    • Cover
    • Title Page
    • Copyright
    • Preface
• 1. Introduction to management accounting
  • Introduction
    • Introduction to management accounting
    • Learning outcomes
  • Succeeding in a competitive environment
    • Succeeding in a competitive environment
  • How are businesses organised?
    • How are businesses organised?
  • How are businesses managed?
    • How are businesses managed?
    • 1 Establish mission, vision and objectives
    • 2 Undertake a position analysis
    • 3 Identify and assess the strategic options
    • 4 Select strategic options and formulate plans
    • 5 Perform, review and control
  • The changing business landscape
    • The changing business landscape
  • What is the financial objective of a business?
    • What is the financial objective of a business?
    • Meeting the needs of other stakeholders
    • Thinking long term
  • Balancing risk and return
    • Balancing risk and return
  • What is management accounting?
    • What is management accounting?
  • How useful is management accounting information?
    • How useful is management accounting information?
  • Management accounting principles
    • Management accounting principles
  • Weighing up the costs and benefits
    • Weighing up the costs and benefits
  • Management accounting as an information system
    • Management accounting as an information system
  • It’s just a phase
    • It’s just a phase
  • What information do managers need?
    • What information do managers need?
  • Reporting non-financial information
    • Reporting non-financial information
  • Influencing managers’ behaviour
    • Influencing managers’ behaviour
  • Reaping the benefits of information technology
    • Reaping the benefits of information technology
  • From bean counter to team member
    • From bean counter to team member
  • Reasons to be ethical
    • Reasons to be ethical
  • Management accounting and financial accounting
    • Management accounting and financial accounting
  • Summary
    • Summary
  • Key terms
    • Key terms
  • References
    • References
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 2. Relevant costs and benefits for decision making
  • Introduction
    • Relevant costs and benefits for decision making
    • Learning outcomes
  • Cost–benefit analysis
    • Cost–benefit analysis
  • What is meant by ‘cost’?
    • What is meant by ‘cost’?
  • Relevant costs: opportunity and outlay costs
    • Relevant costs: opportunity and outlay costs
  • Opportunity costs: further issues
    • Opportunity costs: further issues
  • Irrelevant costs: sunk costs and committed costs
    • Irrelevant costs: sunk costs and committed costs
  • Sunk cost fallacy
    • Sunk cost fallacy
  • Determining the relevant cost of labour and materials
    • Determining the relevant cost of labour and materials
    • Labour
    • Materials
  • Non-measurable costs and benefits
    • Non-measurable costs and benefits
  • Summary
    • Summary
  • Key terms
    • Key terms
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 3. Cost–volume–profit analysis
  • Introduction
    • Cost–volume–profit analysis
    • Learning outcomes
  • Cost behaviour
    • Cost behaviour
  • Fixed cost
    • Fixed cost
  • Variable cost
    • Variable cost
  • Semi-fixed (semi-variable) cost
    • Semi-fixed (semi-variable) cost
    • Analysing semi-fixed (semi-variable) costs
  • Finding the break-even point
    • Finding the break-even point
  • Contribution
    • Contribution
    • Contribution margin ratio
  • Margin of safety
    • Margin of safety
  • Achieving a target profit
    • Achieving a target profit
  • Operating gearing and its effect on profit
    • Operating gearing and its effect on profit
  • Profit–volume charts
    • Profit–volume charts
  • The economist’s view of the break-even chart
    • The economist’s view of the break-even chart
  • The struggle to break even
    • The struggle to break even
  • Weaknesses of break-even analysis
    • Weaknesses of break-even analysis
  • Using contribution to make decisions: marginal analysis
    • Using contribution to make decisions: marginal analysis
    • Pricing/assessing opportunities to enter contracts
    • The most efficient use of scarce resources
    • Make-or-buy decisions
    • Are there hidden costs?
    • Closing or continuation decisions
  • Summary
    • Summary
  • Key terms
    • Key terms
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 4. Full costing
  • Introduction
    • Full costing
    • Learning outcomes
  • What is full costing?
    • What is full costing?
  • Why do managers want to know the full cost?
    • Why do managers want to know the full cost?
  • Single-product businesses
    • Single-product businesses
    • Process-costing problems
  • Multi-product businesses
    • Multi-product businesses
    • Direct and indirect cost
    • Job costing
    • Full costing and cost behaviour
    • The problem of indirect cost
  • Overheads as service renderers
    • Overheads as service renderers
    • Job costing: a worked example
    • Job costing: a worked example-continued
    • Selecting a basis for charging overheads
    • Selecting a basis for charging overheads-continued
    • Segmenting the overheads
    • Dealing with overheads on a cost centre basis
    • Dealing with overheads on a cost centre basis-continued
    • Dealing with overheads on a cost centre basis-continued
    • Should we allocate overhead costs?
    • Batch costing
    • Non-manufacturing overheads
    • Full (absorption) costing and estimation errors
    • Full (absorption) costing and relevant costs
  • Full (absorption) costing versus variable costing
    • Full (absorption) costing versus variable costing
    • Which method is better?
  • Summary
    • Summary
  • Key terms
    • Key terms
  • Reference
    • Reference
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
    • Split from Exercises
• 5. Costing and cost management in a competitive environment
  • Introduction
    • Costing and cost management in a competitive environment
    • Learning outcomes
  • Cost determination in the changed business environment
    • Costing and pricing: the traditional way
    • Costing and pricing: the new environment
  • Cost management systems
    • Cost management systems
    • The problem of overheads
    • Taking a closer look
  • Activity-based costing
    • Activity-based costing
    • Assigning overheads
    • Identifying cost drivers
    • ABC and the traditional approach compared
    • ABC and service industries
    • Evaluating benefits and costs
    • ABC in practice
  • Managing costs over the product life cycle
    • Managing costs over the product life cycle
    • Total life-cycle costing
    • Minimising product total life cycle costs
  • Target costing
    • Target costing
    • Target costing and service businesses
    • Evaluating benefits and costs
  • Kaizen costing
    • Kaizen costing
    • The Kaizen philosophy
    • Evaluating benefits and costs
  • Other approaches to managing costs in the modern environment
    • Value chain analysis
    • Benchmarking
    • Finding a suitable benchmark
    • Total quality management
    • Managing quality costs
    • An alternative view
  • Summary
    • Summary
  • Key terms
    • Key terms
  • Reference
    • Reference
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 6. Budgeting
  • Introduction
    • Budgeting
    • Learning outcomes
  • How budgets link with strategic plans and objectives
    • How budgets link with strategic plans and objectives
    • Exercising control
    • The role of managers
  • Time horizon of plans and budgets
    • Time horizon of plans and budgets
  • Budgets and forecasts
    • Budgets and forecasts
  • Periodic and continual budgets
    • Periodic and continual budgets
  • Limiting factors
    • Limiting factors
  • How budgets link to one another
    • How budgets link to one another
  • How budgets help managers
    • How budgets help managers
  • The budget-setting process
    • The budget-setting process
    • Revising budgets
  • Using budgets in practice
    • Using budgets in practice
  • Incremental budgeting
    • Incremental budgeting
  • Zero-base budgeting
    • Zero-base budgeting
    • Evaluating benefits and costs
    • ZBB in practice
  • Preparing budgets
    • Preparing budgets
    • The cash budget
    • Preparing other budgets
  • Activity-based budgeting
    • Activity-based budgeting
    • Evaluating benefits and costs
  • Non-financial measures in budgeting
    • Non-financial measures in budgeting
  • Budgets and management behaviour
    • Budgets and management behaviour
  • Problems with budgets
    • Problems with budgets
  • Beyond conventional budgeting
    • Beyond conventional budgeting
  • The future of budgeting
    • The future of budgeting
    • The increasing role of IT
  • Summary
    • Summary
  • Key terms
    • Key terms
  • References
    • References
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 7. Accounting for control
  • Introduction
    • Accounting for control
    • Learning outcomes
  • Budgeting for control
    • Budgeting for control
  • Budgetary control and management by exception
    • Budgetary control and management by exception
  • Feedback and feedforward control
    • Feedback and feedforward control
  • Variances from budget
    • Variances from budget
    • Flexing the budget
    • Sales volume variance
    • Sales price variance
    • Materials variances
    • Labour variances
    • Fixed overhead variance
  • Reconciling the budgeted profit with the actual profit
    • Reconciling the budgeted profit with the actual profit
  • Reasons for adverse variances
    • Reasons for adverse variances
  • Variance analysis in service industries
    • Variance analysis in service industries
  • Non-operating-profit variances
    • Non-operating-profit variances
  • Investigating variances
    • Investigating variances
  • Variance analysis in practice
    • Variance analysis in practice
  • Compensating variances
    • Compensating variances
  • Standard quantities and costs
    • Standard quantities and costs
  • Setting standards
    • Setting standards
    • Who sets the standards?
    • How is information gathered?
    • What kind of standards should be used?
  • The learning-curve effect
    • The learning-curve effect
  • Other uses for standard costing
    • Other uses for standard costing
  • Some problems
    • Some problems
  • The new business environment
    • The new business environment
  • Making budgetary control effective
    • Making budgetary control effective
  • Behavioural issues
    • Behavioural issues
    • Failing to meet the budget
    • Types of management control
    • Direct control
    • Indirect control
  • Summary
    • Summary
  • Key terms
    • Key terms
  • Reference
    • Reference
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 8. Making capital investment decisions
  • Introduction
    • Making capital investment decisions
    • Learning outcomes
  • The nature of investment decisions
    • The nature of investment decisions
  • Investment appraisal methods
    • Investment appraisal methods
  • Accounting rate of return (ARR)
    • Accounting rate of return (ARR)
    • ARR and ROCE
    • Problems with ARR
  • Payback period (PP)
    • Payback period (PP)
    • Problems with PP
  • Net present value (NPV)
    • Net present value (NPV)
    • Why does time matter?
    • Interest lost
    • Risk
    • Inflation
    • What should managers do?
    • Dealing with the time value of money
    • Calculating the net present value
    • Using present value tables
    • The discount rate and the cost of capital
  • Why NPV is better
    • Why NPV is better
    • NPV and economic value
  • Internal rate of return (IRR)
    • Internal rate of return (IRR)
    • Problems with IRR
  • Some practical points
    • Some practical points
  • Investment appraisal in practice
    • Investment appraisal in practice
  • Investment appraisal and strategic planning
    • Investment appraisal and strategic planning
  • Managing investment projects
    • Managing investment projects
  • Summary
    • Summary
  • Key terms
    • Key terms
  • Reference
    • Reference
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 9. Managing risk
  • Introduction
    • Managing risk
    • learning Outcomes
  • Dealing with risk
    • Dealing with risk
  • Assessing the level of risk
    • Sensitivity analysis
    • Strengths and weaknesses of sensitivity analysis
    • Scenario analysis
    • Contingency planning
    • Expected values
    • Reacting to the level of risk
  • Risk heat maps
    • Risk heat maps
  • Summary
    • Summary
  • Key terms
    • Key terms
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 10. Strategic management accounting: performance evaluation and pricing in a competitive environment
  • Introduction
    • Strategic management accounting: performance evaluation and pricing in a competitive environment
    • Learning outcomes
  • What is strategic management accounting?
    • What is strategic management accounting?
  • Facing outwards
    • Facing outwards
    • Competitor analysis
    • Customer profitability analysis
  • Competitive advantage through cost leadership
    • Competitive advantage through cost leadership
  • Non-financial measures of performance
    • Non-financial measures of performance
  • Using measures as targets
    • Using measures as targets
    • The balanced scorecard
    • Strategic mapping
  • Measuring shareholder value
    • Measuring shareholder value
    • The quest for shareholder value
    • How can shareholder value be created?
    • The need for new measures
    • Economic value added (EVA®)
  • Just another fad?
    • Just another fad?
  • Pricing
    • Pricing
    • Economic theory
    • Some practical considerations
    • Full cost (cost-plus) pricing
    • Pricing on the basis of marginal cost
    • Target pricing
    • Pricing strategies
  • Summary
    • Summary
  • Key terms
    • Key terms
  • References
    • References
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 11. Measuring divisional performance
  • Introduction
    • Measuring divisional performance
    • Learning outcomes
  • Divisionalisation
    • Why do businesses divisionalise?
    • Devolving decisions
    • Divisional structures
    • Is divisionalisation a good idea?
  • Measuring divisional profit
    • Measuring divisional profit
    • Contribution
    • Controllable profit
    • Divisional profit before common expenses
    • Divisional profit for the period
  • Divisional performance measures
    • Divisional performance measures
    • Return on investment (ROI)
    • Residual income (RI)
    • Looking to the longer term
    • Comparing performance
  • EVA® revisited
    • EVA® revisited
  • Transfer pricing
    • Transfer pricing
    • The objectives of transfer pricing
    • Transfer pricing and tax mitigation
    • Transfer pricing policies
    • Market prices
    • Variable cost
    • Full cost
    • Negotiated prices
    • Divisions with mixed sales
    • Differential transfer prices
    • Transfer pricing and service industries
  • Non-financial measures of performance
    • Non-financial measures of performance
    • What is measured?
    • Choosing non-financial measures
    • Who should report?
  • Summary
    • Summary
  • Key terms
    • Key terms
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• 12. Managing working capital
  • Introduction
    • Managing working capital
    • Learning outcomes
  • What is working capital?
    • What is working capital?
  • Managing working capital
    • Managing working capital
  • The scale of working capital
    • The scale of working capital
  • Managing inventories
    • Managing inventories
    • Budgeting future demand
    • Financial ratios
    • Recording and reordering systems
    • Levels of control
    • Inventories management models
    • XYZ inventories management
  • Managing trade receivables
    • Managing trade receivables
    • Which customers should receive credit and how much should they be offered?
    • Length of credit period
    • An alternative approach to evaluating the credit decision
    • Cash discounts
    • Debt factoring and invoice discounting
    • Credit insurance
    • Collection policies
    • Reducing the risk of non-payment
  • Managing cash
    • Why hold cash?
    • How much cash should be held?
    • Controlling the cash balance
    • Cash budgets and managing cash
    • Operating cash cycle
    • Bank overdrafts
  • Managing trade payables
    • Managing trade payables
    • Taking advantage of cash discounts
    • Controlling trade payables
    • Managing working capital
  • Summary
    • Summary
  • Key terms
    • Key terms
  • Further reading
    • Further reading
  • Critical review questions
    • Critical review questions
  • Multiple choice questions
    • Multiple choice questions
  • Exercises
    • Exercises
• Appendix A Solutions to self-assessment questions
  • Appendix A Solutions to self-assessment questions
• Appendix B Solutions to critical review questions
  • Appendix B Solutions to critical review questions
• Appendix C Solutions to multiple choice questions
  • Appendix C  Solutions to multiple choice questions
• Appendix D Solutions to selected exercises
  • Appendix D
    • Chapter 6 Appendix D
    • Chapter 7 and 8 Appendix D
    • Chapter 9 Appendix D
    • Chapter 10-11 Appendix D
    • Chapter 12 Appendix D
• Appendix E
  • Present value table
• Footnotes
• Glossary

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