Cornerstones of Managerial Accounting

806 Pages·2013·28.45 MB·English

by  Maryanne M. Mowen

FIFTH EDITION
CORNERSTONES
OF MANAGERIAL ACCOUNTING
Maryanne M. Mowen
Oklahoma State University
Don R. Hansen
Oklahoma State University
Dan L. Heitger
Miami University
Australia (cid:129) Brazil (cid:129) Japan (cid:129) Korea (cid:129) Mexico (cid:129) Singapore (cid:129) Spain (cid:129) United Kingdom (cid:129) United States
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CornerstonesofManagerialAccounting, ª2014,2012South-Western,CengageLearning
FifthEdition
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Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
This book is dedicated to our students—past, present, and future—who are at the heart
of our passion for teaching.
Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
BRIEF CONTENTS
CHAPTER 1 Introduction to Managerial Accounting 2
CHAPTER 2 Basic Managerial Accounting Concepts 26
CHAPTER 3 Cost Behavior 66
CHAPTER 4 Cost-Volume-Profit Analysis: A Managerial Planning Tool 116
‘‘MAKINGTHECONNECTION’’ 170
CHAPTER 5 Job-Order Costing 172
CHAPTER 6 Process Costing 230
CHAPTER 7 Activity-Based Costing and Management 280
CHAPTER 8 Absorption and Variable Costing, and Inventory Management 342
CHAPTER 9 Profit Planning 380
CHAPTER 10 Standard Costing: A Managerial Control Tool 430
‘‘MAKINGTHECONNECTION’’ 474
CHAPTER 11 Flexible Budgets and Overhead Analysis 476
CHAPTER 12 Performance Evaluation and Decentralization 522
CHAPTER 13 Short-Run Decision Making: Relevant Costing 572
CHAPTER 14 Capital Investment Decisions 622
‘‘MAKINGTHECONNECTION’’ 670
CHAPTER 15 Statement of Cash Flows 674
CHAPTER 16 Financial Statement Analysis 714
Glossary 760
Check Figures 768 my
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Index 772 brik/
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iv
Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
NEW TO THIS EDITION
(cid:129) Addition of ‘‘Why’’ to Cornerstone Examples: Each Cor- (cid:129) Additional Conceptual Material in End-of-Chapter:
nerstone now includes a ‘‘Why’’ portion, reinforcing for Additional Conceptual Connection questions are identi-
studentsthereasonsbehindthecalculations. fied in the end-of-chapter content. These questions ask
students to go beyond the calculations to articulate the
(cid:129) Increased Readability and Refined Design: The new edi- conceptual context behind the work they’ve just
tion features improved design for various features to completed and how that information may impact a
improve readability including the Q&A inserts, Corner- company’sdecision-making.
stones, capitalization of account titles, and better place-
mentofexhibits. (cid:129) Additional Excel Spreadsheet Templates: To give stu-
dents additional practice using Excel to complete their
homework, each chapter will have an average of two
additionaltemplates.
NEW TO
(cid:129) Author-Revised Feedback: CengageNOW helps students (cid:129) Blueprint Connections: Blueprint Connections in
progress farther outside the classroom and keeps them CengageNOW are shorter extensions of the Blueprint
from getting stuck in their studies by providing them Problems that build upon concepts covered and intro-
with meaningful, written feedback as they work. In this duced within the Blueprint Problems. These scenario-
edition, that feedback has been fully revised by the basedexerciseshelpreinforcestudents’knowledgeofthe
author team to guide students and to be consistent with concept,strengthenanalyticalskills,andareusefulasin-
materialpresentedinthetext. class activities or as homework/review after the lecture
andbeforetheexam.
(cid:129) Post-Submission Feedback: Also available in Cengage-
NOW is the ability to show the full solution in (cid:129) Conceptual Conversion Questions: End-of-chapter ques-
addition to newly added source calculations to enhance tions or requirements within larger questions that were
the learning process. Now students can see where they previouslyshortanswerformathavebeenconvertedtobe
mayhavegonewrongsothattheycancorrectitthrough assignableandgradablewithinCengageNOW.
furtherpractice.
(cid:129) Animated Activities: Animated Activities in Cengage-
NOW are the perfect prelecture assignment to expose
students to concepts before class! These illustrations vis-
ually guide students through selected core topics using a
realisticcompanyexampletoillustratehowtheconcepts
relate to the everyday activities of a business. Animated
Activities are assignable or available for self-study and
review.
my
Ala
brik/
elfa
Pix
ª
v
Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
CHAPTER-BY-CHAPTER ENHANCEMENTS
Chapter1:IntroductiontoManagerialAccounting Chapter9:ProfitPlanning
(cid:129) RevisedExhibit1.2:TheValueChain. (cid:129) Addedthe‘Why’toeachCornerstone.
(cid:129) Revised10%oftheend-of-chaptermaterial. (cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) Updatedchapteropenerimage. (cid:129) NewdesignimprovesreadabilityoftheQ&Afeature.
(cid:129) Added2additionalspreadsheettemplates.
Chapter2:BasicManagerialAccountingConcepts (cid:129) Addednewimportantequation:EndingCashBalance¼Cash
(cid:129) Addedthe‘Why’toeachCornerstone. Available(cid:2)ExpectedCashDisbursements.
(cid:129) Revised25%oftheend-of-chaptermaterial. (cid:129) Addednewimportantequation:CashAvailable¼BeginningCash
(cid:129) Revised‘ImportantEquations.’ BalanceþExpectedCashReceipts.
(cid:129) Addednewimportantequation:ConversionCost¼DirectLaborþ
ManufacturingOverhead. Chapter10:StandardCosting:AManagerialControlTool
(cid:129) Addednewimportantequation:PrimeCost¼DirectMaterialsþ (cid:129) Addedthe‘Why’toeachCornerstone.
DirectLabor. (cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) Updatedchapteropenerimage. (cid:129) NewdesignimprovesreadabilityoftheQ&Afeature.
(cid:129) Added2additionalspreadsheettemplates.
Chapter3:CostBehavior (cid:129) Updatedchapteropenerimage.
(cid:129) Addedthe‘Why’toeachCornerstone.
Chapter11:FlexibleBudgetsandOverheadAnalysis
(cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) NewdesignimprovesreadabilityoftheQ&Afeature. (cid:129) Addedthe‘Why’toeachCornerstone.
(cid:129) RevisedExhibit3.3:Semi-VariableCost. (cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) Revised‘ImportantEquations.’ (cid:129) NewdesignimprovesreadabilityoftheQ&Afeature.
(cid:129) Updatedchapteropenerimage. (cid:129) Updatedchapteropenerimage.
(cid:129) Revised‘ImportantEquations.’
Chapter4:Cost-Volume-ProfitAnalysis:AManagerialPlanning
Chapter12:PerformanceEvaluationandDecentralization
Tool
(cid:129) Addedthe‘Why’toeachCornerstone. (cid:129) Addedthe‘Why’toeachCornerstone.
(cid:129) Revised25%oftheend-of-chaptermaterial. (cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) NewdesignimprovesreadabilityoftheQ&Afeature. (cid:129) NewdesignimprovesreadabilityoftheQ&Afeature.
(cid:129) Revised‘ImportantEquations.’ (cid:129) Updatedchapteropenerimage.
(cid:129) Added3additionalspreadsheettemplates.
Chapter13:Short-RunDecisionMaking:RelevantCosting
Chapter5:Job-OrderCosting (cid:129) Addedthe‘Why’toeachCornerstone.
(cid:129) Addedthe‘Why’toeachCornerstone. (cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) Revised25%oftheend-of-chaptermaterial. (cid:129) NewdesignimprovesreadabilityoftheQ&Afeature.
(cid:129) NewdesignimprovesreadabilityoftheQ&Afeature. (cid:129) Revised‘ImportantEquations.’
(cid:129) Revised‘ImportantEquations.’
Chapter14:CapitalInvestmentDecisions
Chapter6:ProcessCosting (cid:129) Addedthe‘Why’toeachCornerstone.
(cid:129) Addedthe‘Why’toeachCornerstone. (cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) Revised25%oftheend-of-chaptermaterial. (cid:129) NewdesignimprovesreadabilityoftheQ&Afeature.
(cid:129) NewdesignimprovesreadabilityoftheQ&Afeature. (cid:129) Revised‘ImportantEquations.’
(cid:129) Added2additionalspreadsheettemplates. (cid:129) Added2additionalspreadsheettemplates.
(cid:129) Updatedchapteropenerimage.
Chapter15:StatementofCashFlows
Chapter7:Activity-BasedCostingandManagement (cid:129) Addedthe‘Why’toeachCornerstone.
(cid:129) Addedthe‘Why’toeachCornerstone. (cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) Revised25%oftheend-of-chaptermaterial. (cid:129) NewdesignimprovesreadabilityoftheQ&Afeature.
(cid:129) NewdesignimprovesreadabilityoftheQ&Afeature. (cid:129) Added2additionalspreadsheettemplates.
(cid:129) Added4additionalspreadsheettemplates. (cid:129) Updatedchapteropenerimage.
(cid:129) Revised‘ImportantEquations.’
Chapter16:FinancialStatementAnalysis
Chapter8:AbsorptionandVariableCosting,andInventory (cid:129) Addedthe‘Why’toeachCornerstone.
Management (cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) NewdesignimprovesreadabilityoftheQ&Afeature.
(cid:129) Addedthe‘Why’toeachCornerstone.
(cid:129) Added4additionalspreadsheettemplates.
(cid:129) Revised25%oftheend-of-chaptermaterial.
(cid:129) Updatedchapteropenerimage.
(cid:129) NewdesignimprovesreadabilityoftheQ&Afeature.
(cid:129) UpdatedchapteropenerwithcurrentdataforApple,Inc.
(cid:129) Added4additionalspreadsheettemplates.
(cid:129) UpdateddatesinExhibit16.2:RatioAnalysis. my
(cid:129) Addednewimportantequation:VariableCostingProductCost¼ Ala
(cid:129) DDAdiirrdeeeccdttMMneaawtteeirrmiiaapllssoþþrtaDDntiirreeeqccuttaLLtaaiobbnoo:rrAþþbsVVoaarrrpiitaaibbollneeCOOovvseetrrihhneegaaPddr.oþductCost¼ Pixelfabrik/
FixedOverhead. ª
vi
Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
SUPERIOR SUPPLEMENTS
CengageNOW for Cornerstones of progress. The Test Bank is available electronically for instructors
only on the IRCD and on the password protected portion of the
Managerial Accounting, 5e
text’swebsiteathttp://login.cengage.com.ExamView¤testingsoft-
CengageNOWoffers: wareisavailableonlyontheIRCD.
(cid:129) Auto-gradedHomework(staticandalgorithmic),TestBank, PowerPoint¤ Lecture Slides
PersonalizedStudyPlan,Gradebook,andeBookareallinone
resource.
The PowerPoint¤ slides have been revised and ‘toned down’ to
(cid:129) SmartEntryhelpseliminatecommondataentryerrorsand
allow for greater ease in preparing and presenting lectures to en-
preventsstudentsfromguessingtheirwaythroughhomework.
couragelivelyclassroomdiscussions.AllCornerstoneswithineach
(cid:129) LearningOutcomesReportingprovidestheabilitytoanalyze
studentworkfromthegradebook.Eachproblemistaggedby chapterappearintheslides.Theslidesareavailableforinstructors
topic,learningobjective,levelofdifficulty,timeestimates, only on the IRCD and on the password protected portion of the
Bloom’sTaxonomy,AICPA,ACBSP,IMA,andotherbusi- text’swebsiteathttp://login.cengage.com.
nessprogramstandardstoallowgreaterguidanceindevelop-
ingassessmentsandevaluatingstudentprogress. Spreadsheet Templates and Solutions
(cid:129) AssignmentsOptionsarethemostrobustandflexibleinthe
industry. Allspreadsheetproblemsandsolutions,identifiedbyaspreadsheet
(cid:129) EnhancedFeedbackprovidesadditionalpre-andpost-
icon in the text, are available for instructors only on the IRCD
submissionguidance.
and on the password protected portion of the text’s website at
(cid:129) CornerstonesVideosfurtherreinforceconceptsandexamples
http://login.cengage.com. All spreadsheet template files are avail-
forvisuallearners.
ableforstudentsatwww.cengagebrain.com.
(cid:129) BlueprintProblemsandConnectionsarescenario-basedexer-
cisestohelpreinforceknowledgeoftheconcept,strengthenan-
alyticalskills,andarebestusedashomeworkorreview. Instructor’s Resource CD-ROM (ISBN-10:
(cid:129) AnimatedActivitiesarevisualillustrationsthatguidestudents
1285055098 | ISBN-13: 9781285055091)
throughselectedcoretopicsusingarealisticcompanyexample
toillustratehowconceptsrelatetoeverydaybusinessactivities.
Place all of the key teaching resources you need at your fingertips
(cid:129) ConceptualConversiontoselectproblemsand/orrequirements
with this all-in-one resource. The IRCD includes everything you
thatareshortanswerinthetextarenowconvertedtobeas-
signableandgradeableinCNOW. need to plan, teach, grade, and assess student understanding and
progress.ThisCDcontains:
(cid:129) SolutionsManual
Solutions Manual
(cid:129) TestBankinMicrosoft¤WordandExamView¤
(cid:129) Microsoft¤PowerPointslides
Author-writtenandcarefullyverifiedmultipletimestoensureaccu-
(cid:129) Instructor’sManual
racy and consistency with the text, the Solutions Manual contains
(cid:129) SpreadsheetTemplatesandSolutions
answers to all Discussion Questions, Multiple-Choice Questions,
CornerstoneExercises,Exercises,Problems,andCasesthatappear All resources on the IRCD are also available to instructors
in the text. These solutions help you easily plan, assign, and effi- only on the password protected portion of the text’s website at
ciently grade assignments. All solutions are given in simplified http://login.cengage.com.
ExcelspreadsheetsandalsoareavailableinPDFformat.TheSol-
utions Manual is available electronically for instructors only on CengageBrain.com Free Study Tools
theIRCDandonthepasswordprotectedportionofthetext’sweb-
for Students
siteathttp://login.cengage.com.
This robust product website provides immediate access to a rich
Test Bank array of interactive learning resources for students that include
flashcards, chapter-by-chapter online quizzes, sample final exam,
The Test Bank has been revised and verified to ensure accuracy crossword puzzles, PowerPoint¤ student slides, and the Corner-
and is available in both Word¤ and ExamView¤ formats. It
stones Videos. Students should go to www.cengagebrain.com. At
my includes questions clearly identified by topic, learning objectives,
Ala the CengageBrain.com homepage, search by the author, title, or
brik/ level of difficulty, Time Estimate, Bloom’s Taxonomy, AICPA, ISBN of the text at the top of the page. CengageBrain.com
elfa ACBSP, IMA, and other business program standards to allow will lead students to the product page to access the free study
Pix greaterguidanceindevelopingassessmentsandevaluatingstudent resources.
ª
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Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
ACKNOWLEDGMENTS AND THANKS
Wewouldliketothankthefollowingreviewerswhosevaluablecommentsandfeedbackhelpedshapeandrefinethisedition:
JaniceAkao,ButlerCommunityCollege NaceMagner,WesternKentuckyUniversity
NatalieAllen,TexasA&MUniversity Dr.SuneelMaheshwari,MarshallUniversity
MargaretAndersen,NorthDakotaStateUniversity SteveMarkoff,MontclairStateUniversity
Dr.VidyaAwasthi,SeattleUniversity LindaMarquis,NorthernKentuckyUniversity
TimothyB.Biggart,BerryCollege StephenMcCarthy,KeanUniversity
PhillipA.Blanchard,UniversityofArizona Dr.L.KevinMcNelis,NewMexicoStateUniversity
JohnF.Bongorno,CuyahogaCommunityCollege BirendraMishra,UniversityofCalifornia,Riverside
AnnK.Brooks,UniversityofNewMexico MarkE.Motluck,AndersonUniversity
Dr.JamesF.Brown,Jr.,UniversityofNebraska,Lincoln GeraldM.Myers,PacificLutheranUniversity
RobertS.Burdette,SaltLakeCommunityCollege CourtneyGreerNaismith,CollinCollege
CharlesCaliendo,UniversityofMinnesota MaryBethNelson,NorthShoreCommunityCollege
DonaldP.Campbell,BrighamYoungUniversity RichardNewmark,UniversityofNorthernColorado
Dr.TongyuCao,UniversityCollegeCork,Ireland AbbieGailParham,GeorgiaSouthernUniversity
YuChen,TexasA&MInternationalUniversity NicholePendleton,FriendsUniversity
BeaChiang,CollegeofNewJersey JeffreyPhillips,Colby-SawyerCollege
JayCohen,OaktonCommunityCollege Dr.JoAnnPinto,MontclairStateUniversity
RafikElias,CaliforniaStateUniversity,LosAngeles JohnPlouffe,CaliforniaStateUniversity
DianeEure,TexasStateUniversity SharonPolansky,TexasA&MUniversity,CorpusChristi
SusanFennema,KalamazooValleyCommunityCollege BarbaraReider,UniversityofMontana
CarlosFerran,GovernorsStateUniversity KirstenM.Rosacker,UniversityofWisconsin,LaCrosse
KimW.Gatzke,DelgadoCommunityCollege CharlesJ.Russo,TowsonUniversity
ConnieS.Hardgrove,CollegeofCentralFlorida Dr.AamirA.Salaria,Harris-StoweStateUniversity
MelvinHouston,WayneStateUniversity Dr.GerdSchulte,UniversityofAppliedScience
SharonJ.Huxley,PostUniversity AnnE.Selk,UniversityofWisconsin,GreenBay
Dr.IrisJenkel,St.NorbertCollege MargaretShackell,CornellUniversity
ToddA.Jensen,SierraCollege MehdiSheikholeslami,BemidjiStateUniversity
BrianA.Joy,HendersonCommunityCollege AidaShekib,GovernorsStateUniversity
MehmetKocakulah,UniversityofSouthernIndiana KhimL.Sim,WesternWashingtonUniversity
GopalKrishnan,LehighUniversity ErcanSinmaz,HoustonCommunityCollegeSystem
LindaKuechler,DaemenCollege JamesSmith,UniversityofSanDiego
MegCostelloLambert,OaklandCommunityCollege JillSmith,MissouriSouthernStateUniversity
ThomasF.Largay,ThomasCollege DianeStark,PhoenixCollege
Dr.WallaceR.Leese,CaliforniaStateUniversity,Chico LeoM.Stenson,RosemontCollege
RogerLirely,UniversityofTexasatTyler GeoffStephenson,OldsCollege my
JohnLogsdon,WebberInternationalUniversity Dr.RonaldJ.Strauss,MontclairStateUniversity brik/Ala
DennisM.Lo´pez,UniversityofTexasatSanAntonio JamesC.Sundberg,EasternMichiganUniversity elfa
CatherineE.Lumbattis,SouthernIllinoisUniversity, KarenGrossmanTabak,MaryvilleUniversity Pix
ª
Carbondale RitaN.Taylor,UniversityofCincinnati
viii
Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.