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Managerial Accounting

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Managerial Accounting

Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields.

AccountingBusiness
Author
OpenStax
Publisher
LibreTexts
Source
LibreTexts
License
CC BY-NC-SA
Language
EN
Category
Accounting & Auditing
Read online Download PDF (open licence)
Contents· 120 sections
  1. 01: Accounting as a Tool for Managers
  2. 1.0E: 1.E: Accounting as a Tool for Managers (Exercises)
  3. 1.01: Prelude to Accounting as a Tool for Managers
  4. 1.02: Define Managerial Accounting and Identify the Three Primary Responsibilities of Management
  5. 1.03: Distinguish between Financial and Managerial Accounting
  6. 1.04: Explain the Primary Roles and Skills Required of Managerial Accountants
  7. 1.05: Describe the Role of the Institute of Management Accountants and the Use of Ethical Standards
  8. 1.06: Describe Trends in Todays Business Environment and Analyze Their Impact on Accounting
  9. 1.07: Summary and Key Terms
  10. 02: Building Blocks of Managerial Accounting
  11. 2.0E: 2.E: Building Blocks of Managerial Accounting (Exercises)
  12. 2.01: Prelude to Building Blocks of Managerial Accounting
  13. 2.02: Distinguish between Merchandising Manufacturing and Service Organizations
  14. 2.03: Identify and Apply Basic Cost Behavior Patterns
  15. 2.04: Estimate a Variable and Fixed Cost Equation and Predict Future Costs
  16. 2.05: Summary and Key Terms
  17. 03: Cost-Volume-Profit Analysis
  18. 3.0E: 3.E: Cost-Volume-Profit Analysis (Exercises)
  19. 3.01: Prelude to Cost-Volume-Profit Analysis
  20. 3.02: Explain Contribution Margin and Calculate Contribution Margin per Unit Contribution Margin Ratio and Total Contribution Margin
  21. 3.03: Calculate a Break-Even Point in Units and Dollars
  22. 3.04: Perform Break-Even Sensitivity Analysis for a Single Product Under Changing Business Situations
  23. 3.05: Perform Break-Even Sensitivity Analysis for a Multi-Product Environment Under Changing Business Situations
  24. 3.06: Calculate and Interpret a Companys Margin of Safety and Operating Leverage
  25. 3.07: Summary and Key Terms
  26. 04: Job Order Costing
  27. 4.0E: 4.E: Job Order Costing (Exercises)
  28. 4.01: Prelude to Job Order Costing
  29. 4.02: Distinguish between Job Order Costing and Process Costing
  30. 4.03: Describe and Identify the Three Major Components of Product Costs under Job Order Costing
  31. 4.04: Use the Job Order Costing Method to Trace the Flow of Product Costs through the Inventory Accounts
  32. 4.05: Compute a Predetermined Overhead Rate and Apply Overhead to Production
  33. 4.06: Compute the Cost of a Job Using Job Order Costing
  34. 4.07: Determine and Dispose of Underapplied or Overapplied Overhead
  35. 4.08: Prepare Journal Entries for a Job Order Cost System
  36. 4.09: Explain How a Job Order Cost System Applies to a Nonmanufacturing Environment
  37. 4.10: Summary and Key Terms
  38. 05: Process Costing
  39. 5.0E: 5.E: Process Costing (Exercises)
  40. 5.01: Prelude to Process Costing
  41. 5.02: Compare and Contrast Job Order Costing and Process Costing
  42. 5.03: Explain and Identify Conversion Costs
  43. 5.04: Explain and Compute Equivalent Units and Total Cost of Production in an Initial Processing Stage
  44. 5.05: Explain and Compute Equivalent Units and Total Cost of Production in a Subsequent Processing Stage
  45. 5.06: Prepare Journal Entries for a Process Costing System
  46. 5.07: Summary and Key Terms
  47. 06: Activity-Based Variable and Absorption Costing
  48. 6.0E: 6.E: Activity-Based Variable and Absorption Costing (Exercises)
  49. 6.01: Prelude to Activity-Based Variable and Absorption Costing
  50. 6.02: Calculate Predetermined Overhead and Total Cost under the Traditional Allocation Method
  51. 6.03: Describe and Identify Cost Drivers
  52. 6.04: Calculate Activity-Based Product Costs
  53. 6.05: Compare and Contrast Traditional and Activity-Based Costing Systems
  54. 6.06: Compare and Contrast Variable and Absorption Costing
  55. 6.07: Summary and Key Terms
  56. 07: Budgeting
  57. 7.0E: 7.E: Budgeting (Exercises)
  58. 7.01: Prelude to Budgeting
  59. 7.02: Describe How and Why Managers Use Budgets
  60. 7.03: Prepare Operating Budgets
  61. 7.04: Prepare Financial Budgets
  62. 7.05: Prepare Flexible Budgets
  63. 7.06: Explain How Budgets Are Used to Evaluate Goals
  64. 7.07: Summary and Key Terms
  65. 08: Standard Costs and Variances
  66. 8.0E: 8.E: Standard Costs and Variances (Exercises)
  67. 8.01: Prelude to Standard Costs and Variances
  68. 8.02: Explain How and Why a Standard Cost Is Developed
  69. 8.03: Compute and Evaluate Materials Variances
  70. 8.04: Compute and Evaluate Labor Variances
  71. 8.05: Compute and Evaluate Overhead Variances
  72. 8.06: Describe How Companies Use Variance Analysis
  73. 8.07: Summary and Key Terms
  74. 09: Responsibility Accounting and Decentralization
  75. 9.0E: 9.E: Responsibility Accounting and Decentralization (Exercises)
  76. 9.01: Prelude to Responsibility Accounting and Decentralization
  77. 9.02: Differentiate between Centralized and Decentralized Management
  78. 9.03: Describe How Decision-Making Differs between Centralized and Decentralized Environments
  79. 9.04: Describe the Types of Responsibility Centers
  80. 9.05: Describe the Effects of Various Decisions on Performance Evaluation of Responsibility Centers
  81. 9.06: Summary and Key Terms
  82. 10: Short-Term Decision Making
  83. 10.0E: 10.E: Short-Term Decision Making (Exercises)
  84. 10.01: Prelude to Short-Term Decision Making
  85. 10.02: Identify Relevant Information for Decision-Making
  86. 10.03: Evaluate and Determine Whether to Accept or Reject a Special Order
  87. 10.04: Evaluate and Determine Whether to Make or Buy a Component
  88. 10.05: Evaluate and Determine Whether to Keep or Discontinue a Segment or Product
  89. 10.06: Evaluate and Determine Whether to Sell or Process Further
  90. 10.07: Evaluate and Determine How to Make Decisions When Resources Are Constrained
  91. 10.08: Summary and Key Terms
  92. 11: Capital Budgeting Decisions
  93. 11.0E: 11.E: Capital Budgeting Decisions (Exercises)
  94. 11.01: Prelude to Capital Budgeting Decisions
  95. 11.02: Describe Capital Investment Decisions and How They Are Applied
  96. 11.03: Evaluate the Payback and Accounting Rate of Return in Capital Investment Decisions
  97. 11.04: Explain the Time Value of Money and Calculate Present and Future Values of Lump Sums and Annuities
  98. 11.05: Use Discounted Cash Flow Models to Make Capital Investment Decisions
  99. 11.06: Compare and Contrast Non-Time Value-Based Methods and Time Value-Based Methods in Capital Investment Decisions
  100. 11.07: Summary and Key Terms
  101. 12: Balanced Scorecard and Other Performance Measures
  102. 12.0E: 12.E: Balanced Scorecard and other Performance Measures (Exercises)
  103. 12.01: Prelude to Balanced Scorecard and Other Performance Measures
  104. 12.02: Explain the Importance of Performance Measurement
  105. 12.03: Identify the Characteristics of an Effective Performance Measure
  106. 12.04: Evaluate an Operating Segment or a Project Using Return on Investment Residual Income and Economic Value Added
  107. 12.05: Describe the Balanced Scorecard and Explain How It Is Used
  108. 12.06: Summary and Key Terms
  109. 13: Sustainability Reporting
  110. 13.0E: 13.E: Sustainability Reporting (Exercises)
  111. 13.01: Prelude to Sustainability Reporting
  112. 13.02: Describe Sustainability and the Way It Creates Business Value
  113. 13.03: Identify User Needs for Information
  114. 13.04: Discuss Examples of Major Sustainability Initiatives
  115. 13.05: Future Issues in Sustainability
  116. 13.06: Summary and Key Terms
  117. 14: Appendix
  118. 14.01: Financial Statement Analysis
  119. 14.02: Time Value of Money
  120. 14.03: Suggested Resources