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MBA Textbook: Managerial Accounting 6th Edition By Jim Jiambalvo
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Managerial accounting in the inforMation age
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GOAL OF MANAGERIAL ACCOUNTING 4 Planning 4
Budgets for Planning, 4
Control 4
Performance Reports for Control, 5
Decision Making 6 A Comparison of Managerial and Financial Accounting 7
Internal versus External Users, 7 Need to Use GAAP, 7 Detail of Information, 8 Emphasis on Nonmonetary Information, 8 Emphasis
on the Future, 8
Similarities between Financial and Managerial Accounting 8
COST TERMS USED IN DISCUSSING PLANNING, CONTROL, AND DECISION MAkING 8
Variable and Fixed Costs 9 Variable Costs, 9 Fixed Costs, 9
Sunk Costs 10 Opportunity Costs 10 Direct and Indirect Costs 10 Controllable and Noncontrollable Costs 11
TwO kEy IDEAS IN MANAGERIAL
ACCOUNTING 12
Decision Making Relies on Incremental Analysis, 12
ThE INFORMATION AGE AND MANAGERIAL ACCOUNTING 14
Impact of Information Technology on Management
of the Value Chain 15
Information Flows between Milano and Customers, 16 Information Flows between Milano and Suppliers, 16 Using Information Technology to Gain Internal Efficiencies, 16
Software Systems That Impact Value Chain Management
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Enterprise Resource Planning Systems, 16 Supply Chain Management Systems, 16 Customer Relationship Management Systems, 17
EThICAL CONSIDERATIONS IN MANAGERIAL DECISION MAkING 18
Ethical and Unethical Behavior 18 Sarbanes-Oxley Act, 19
A Framework for Ethical Decision Making 20 IMA Statement of Ethical Professional Practice 20
ThE CONTROLLER AS ThE TOP MANAGEMENT ACCOUNTANT 21
SUMMARy OF LEARNING OBjECTIVES 23
APPENDIx IMA STATEMENT OF EThICAL PROFESSIONAL PRACTICE2 24
Principles 24 Standards 24 Resolution of Ethical Conflict 24
Link to Practice:
Long Supply Chains Create Opportunity Costs, 10 Problems Related to the Wrong Performance Measures, 14 Casinos Manage with Data from CRM Systems, 17 Feds Investigat- ing Walmart Over Bribery in Mexico, 19 Are the Procurement Practices of the Hershey Company Ethical?, 21
Review Problems 25 Key Terms 26 Self-Assessment 26 Questions 27 Exercises 28 Problems 31 Cases 34
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xviii Contents
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JOB-OrdEr cOStIng fOr MAnufActurIng And SErVIcE cOMPAnIES 36
CoST ClaSSiFiCaTioNS FoR maNUFaCTURiNG FiRmS
RElaTioN bETwEEN ThE CoSTS oF JobS aND
ThE Flow oF CoSTS iN woRk iN PRoCESS, FiNiShED GooDS, aND CoST oF GooDS SolD 55
alloCaTiNG ovERhEaD To JobS:
a CloSER look 56
overhead allocation Rates 56 The overhead allocation base 56
activity-based Costing (abC) and multiple
overhead Rates 57
PREDETERmiNED ovERhEaD RaTES 58
Eliminating overapplied or Underapplied
overhead 59
Job-oRDER CoSTiNG FoR SERviCE
ComPaNiES 60
Comprehensive Example 61
moDERN maNUFaCTURiNG PRaCTiCES
aND PRoDUCT CoSTiNG SySTEmS 63
Just-in-Time (JiT) Production 63 lean manufacturing, 64
Computer-Controlled manufacturing 64 Total Quality management 65
SUmmaRy oF lEaRNiNG obJECTivES 67
Link to Practice:
Product and Period Costs at SpaceX, 41 Examples of Companies Using Job-Order and Process Costing Systems, 46 Lean Principles Are Not Just for Manufacturing Firms,
64 Just-in-Time or Just-in-Case, 65 Can There Be Too Much Emphasis on Quality?, 66
Review Problems 68 Key Terms 71 Self-Assessment 71
38 manufacturing Costs 38
Cost of Goods manufactured, 44 Cost of Goods Sold, 44
Direct material Cost 49 Direct labor Cost 50
Journal Entry to Record Direct labor, 51 manufacturing overhead 52
Journal Entries to Record manufacturing overhead, 52
assigning Costs to Jobs: a Summary 53
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Questions exercises Problems Cases
Direct material, 91 Direct labor, 91 manufacturing overhead, 91 Transferred-in Cost, 91
high-low method 131 Regression analysis 134 The Relevant Range and Cost Estimation 135
CoST-volUmE-PRoFiT aNalySiS
The Profit Equation 137 break-Even Point 137
ESTimaTE FixED aND vaRiablE CoSTS 150 Setting Up the Spreadsheet 150 interpreting the output of the Regression Program 151
Link to Practice:
Contents xix aNalySiS 100
“yoU GET whaT yoU mEaSURE!” aND maNUFaCTURiNG PRoCESSES 102
SUmmaRy oF lEaRNiNG obJECTivES 102
Link to Practice:
What Type of Costing System Is Used by ExxonMobil Corpora- tion for the Product Mobil 1?, 88 Virtual Plant Tour for Company Using Process Costing, 90
PRoCESS CoSTiNG aND iNCREmENTal
Review Problems Key Terms Self-Assessment Questions exercises Problems
124 Contribution margin approach 141
125 Contribution margin Ratio approach 142
aSSUmPTioNS iN CvP aNalySiS 145
CoDECoNNECT ExamPlE REviSiTED:
aNSwERiNG maRy’S QUESTioNS 146
Planning, 146 Control, 146 Decision making, 47 oPERaTiNG lEvERaGE 148 CoNSTRaiNTS 149 SUmmaRy oF lEaRNiNG obJECTivES 150
131 aPPENDix USiNG REGRESSioN iN ExCEl To
margin of Safety, 138
Contribution margin 139
Units Needed to achieve Profit Target, 139 Contribution margin Ratio 140
Dollar Sales Needed to achieve Profit Target, 140
“what if” analysis 140
Change in Fixed and variable Costs, 141 Change in Selling Price, 141
Review Problems 152 Key Terms 154 Self-Assessment 154 Questions 155 exercises 156
Problems 161 Cases 170
136 Using Less Water but Paying Higher Rates!, 125 Breaking Even on a Golf Course Is Harder than Making Par, 138 Deciding to Use the Contribution Margin per Unit or the Contribution Margin Ratio, 146 Which Firm Has the Higher Contribution Margin Ratio?, 147 Impact of Operating Leverage at Vulcan Materials, 148 Fixed Costs Too High—Make Them Variable!, 149
allocating budgeted and actual Service
Department Costs 213
PRoblEmS wiTh CoST alloCaTioN 213
Responsibility accounting and Controllable
Costs 213
arbitrary allocations 214 Unitized Fixed Costs and lump-Sum allocations 215 The Problem of Too Few Cost Pools 217 Using only volume-Related allocation bases 218
aCTiviTy-baSED CoSTiNG
The Problem of Using only measures of Production volume to allocate overhead 218
The abC approach 219 hierarchy of activities, 220
Relating Cost Pools to Products Using Cost Drivers 221
The abC approach at mcmaster Screen Technologies:
a Comprehensive Example 221
mcmaster’s Costs under the Traditional approach, 221 mcmaster’s Costs under the abC approach, 222
Pros and Cons of abC 225 benefits, 225 limitations, 226
aCTiviTy-baSED maNaGEmENT 226 REmEmbER—yoU GET whaT yoU mEaSURE! 228 SUmmaRy oF lEaRNiNG obJECTivES 228
aPPENDix aCTiviTy-baSED maNaGEmENT 229
Step 1: Determine major activities 229
Step 2: identify Resources Used by Each activity 230
Step 3: Evaluate the Performance of the activities 230
Step 4: identify ways to improve the Efficiency and/or Effectiveness of the activities 231
CoNClUSioN 231
thE uSE Of cOSt InfOrMAtIOn In MAnAgEMEnt dEcISIOn MAkIng
when your boss asks, “what Does This Product (Service) Cost?” you Should Say, “why Do you
want to know?” 258
aNalySiS oF DECiSioNS FaCED
by maNaGERS 259
additional Processing Decision 259
make-or-buy Decisions: The General Refrigeration Example 261
Dropping a Product line 265 beware of the Cost allocation Death Spiral! 267
Summary of incremental, avoidable,
Sunk, and opportunity Costs 267
DECiSioNS iNvolviNG JoiNT CoSTS 269 allocation of Joint Costs 269
additional Processing Decisions and
Joint Costs 271
QUaliTaTivE CoNSiDERaTioNS iN DECiSioN aNalySiS 271
SUmmaRy oF lEaRNiNG obJECTivES 273 aPPENDix ThE ThEoRy oF CoNSTRaiNTS 273 ThE FivE-STEP PRoCESS oF ToC 273
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PrIcIng dEcISIOnS, cuStOMEr PrOfItABILIty AnALySIS, And ActIVIty-BASEd PrIcIng 294
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imPliCaTioNS oF ToC FoR iNSPECTioNS, baTCh SiZES, aND aCRoSS-ThE-boaRD CUTS 275
Link to Practice:
Sell Partially Completed Superyacht?, 261 Boeing’s Global Outsourcing Strategy Blamed for 3-Year Delay in 787,
262 PACCAR Decides to Make as Well as Buy!, 264
Indian Wireless Company Outsources to U.S. and European Firms!, 264, Spike TV Drops Impact Wrestling, 266 Ronald H. Coase’s Contribution to Incremental Analysis, 268 The Sunk Cost Effect, 270 Qualitative Considerations in Outsourcing to China, 272
Review Problems 276 Key Terms 278 Self-Assessment 278 Questions 279 exercises 279 Problems 284 Cases 292
Contents xxi
Link to Practice:
Cost-plus Contracts Create Incentive to Misallocate Costs, 208 Basis for Allocating Costs to Federal Grants and Contracts, 211 Disputes over Allocations not Limited to the Private Sector, 215 Avoiding a Disastrous Decision by Using ABC, 225 Banks and Other Service Companies Use ABM, 227 ABC Points to Process Improvement and Cost Control, 227
Review Problems Key Terms Self-Assessment Questions exercises Problems
Step 1: identify the binding Constraint Step 2: optimize Use of the Constraint
Step 3: Subordinate Everything Else to the Constraint
Step 4: break the Constraint
Step 5: identify a New binding Constraint
xxii Contents
Review Problems Key Terms Self-Assessment Questions exercises Problems
Pricing Strategy: Apple’s Approach to Pricing, 297 Pricing Power More Important Than Management, 298 Pricing Treasure Hunt Items at Costco, 300 Insull’s Most Radical Innovation Wasn’t Technology—It Was Pricing!, 301 Target Costing Analyst Position at Whirlpool, 302 How to Fix Unprof- itable Customers, 305 Sprint Drops Customers for Excessive Use of Customer Service, 305
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cAPItAL BudgEtIng And OthEr LOng-run dEcISIOnS
326
CaPiTal bUDGETiNG DECiSioNS 328
EvalUaTiNG iNvESTmENT oPPoRTUNiTiES:
TimE valUE oF moNEy aPPRoaChES 328
basic Time value of money Calculations 329 The Net Present value method 331
Steps in the NPv method, 331 an Example of the NPv approach, 331 Comparing alternatives with NPv, 333
The internal Rate of Return method 334
The internal Rate of Return with Unequal
Cash Flows 336
Summary of Net Present value and internal Rate
of Return methods 337
CoNSiDERiNG “SoFT” bENEFiTS
iN iNvESTmENT DECiSioNS 337
Calculating the value of Soft benefits Required
to make an investment acceptable 338
ESTimaTiNG ThE REQUiRED RaTE oF RETURN 339
aDDiTioNal CaSh Flow CoNSiDERaTioNS 340 Cash Flows, Taxes, and the Depreciation Tax Shield 340 adjusting Cash Flows for inflation 342
oThER loNG-RUN DECiSioNS 343
Payback Period method accounting Rate of Return
344 345
BudgEtAry PLAnnIng And cOntrOL
368
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The accounting Rate of Return is Not a Reliable Estimate of the internal Rate of Return, 347
xxiii why budget-based Compensation Can lead
to budget Padding and income Shifting 388
EvalUaTioN, mEaSUREmENT, aND maNaGEmENT bEhavioR 389
ThE PRESToN JoySTiCk CaSE REviSiTED 390 SUmmaRy oF lEaRNiNG obJECTivES 390
Link to Practice:
Problems with Five-Year Budgets, 372 People Problems in Budgeting, 372 Budget Process in Great Britain, 374
Address Cash Flow Uncertainty with a Revolving Loan,
383 Spreadsheets for Budgeting, 383 Using Rolling Budgets to Deal with Changes in Economic Conditions, 387 Ratcheting and the Ability to Achieve Budget Targets
Standard Costs and budgets 416 Development of Standard Costs 416 ideal versus attainable Standards 417
a GENERal aPPRoaCh To vaRiaNCE
aNalySiS 418
ExamPlE 426 material variances 428 labor variances 428 overhead variances 429
iNvESTiGaTioN oF STaNDaRD CoST
vaRiaNCES 429
maTERial vaRiaNCES material Price variance material Quantity variance
419 management by Exception 430
419 Favorable variances may be Unfavorable 430
420 Can Process improvements lead to Unfavorable variances? 431
421 beware: Evaluation in Terms of variances
DiRECT laboR vaRiaNCES
labor Rate variance 421
labor Efficiency variance
Can lead to Excess Production 431 421 RESPoNSibiliTy aCCoUNTiNG aND vaRiaNCES 432
ovERhEaD vaRiaNCES 422 Controllable overhead variance 422
Detailed analysis of the Controllable overhead
variance 422
overhead volume variance 424
Computing the overhead volume variance, 424 interpreting the overhead volume variance, 425
Calculating the Financial impact of operating
at more or less than Planned Capacity 426
SUmmaRy oF lEaRNiNG obJECTivES 432
aPPENDix RECoRDiNG STaNDaRD CoSTS iN aCCoUNTS 433
Recording material Costs 433 Recording labor Cost 433 Recording manufacturing overhead 434 Recording Finished Goods 434 Recording Cost of Goods Sold 435 Closing variance accounts 435
Control of operations 532
assessment of vendors, Customers, and other
business Partners 532
assessment of appearance to investors and
Creditors 533
hoRiZoNTal aND vERTiCal aNalySES 533 analysis of the balance Sheet 533 analyzing the income Statement 535
EaRNiNGS maNaGEmENT aND ThE NEED To ComPaRE EaRNiNGS aND CaSh-Flow iNFoRmaTioN 537
oThER SoURCES oF iNFoRmaTioN oN FiNaNCial PERFoRmaNCE
management Discussion and analysis Credit Reports
News articles
RaTio aNalySiS Profitability Ratios
Financial leverage, 541 Summary of the Profitability Ratios, 541
Turnover Ratios
Summary of Turnover Ratios, 543
Debt-Related Ratios
Summary of Debt-Related Ratios, 544
xxvi Contents
a maNaGERial PERSPECTivE oN ThE
aNalySiS oF hGw’S FiNaNCial STaTEmENTS 544 Control of operations 544
Financial Ratios and Decision making, 544
Financial Ratios in a balanced Scorecard: you Get what you measure!, 545
Stability of vendors, Customers, and other
business Partners 545
appearance to investors and Creditors 545 SUmmaRy oF aNalySES 546 SUmmaRy oF lEaRNiNG obJECTivES 547
Link to Practice:
Watching Cash Flow versus Earnings, 537 Tribune Company Took on Too Much Debt, 544 Comparative Ratio Data,
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