Managerial Accounting Tools for Business Decision Making 7th Edition by Paul D Kimmel, Jerry J Weygandt, Donald E Kieso ISBN 9781118957714 111895771X

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ISBN 10: 111895771X
ISBN 13: 9781118957714
Author: Paul D Kimmel, Jerry J Weygandt, Donald E Kieso

• Managerial Accounting: Tools for Business Decision Making, 7th Edition by Weygandt, Kimmel, and Kieso provides students with a clear introduction to fundamental managerial accounting concepts. 
• The Seventh Edition helps students get the most out of their accounting course by making practice simple.  Both in the print text and online in WileyPLUS with ORION new opportunities for self-guided practice allow students to check their knowledge of accounting concepts, skills, and problem solving techniques and receive personalized feedback at the question, learning objective, and course level. 
• Newly streamlined learning objectives help students use their study time efficiently by creating a clear connections between the reading and video content, and the practice, homework, and assessments questions.
• Weygandt, Managerial Accounting is a best-selling program ideal for a one semester undergraduate Managerial Accounting Course that focuses on teaching students the core concepts.

Managerial Accounting Tools for Business Decision Making 7th Edition Table of contents:

1 Managerial Accounting
LO 1: Identify the features of managerial accounting and the functions of management.
Comparing Managerial and Financial Accounting
Management Functions
Organizational Structure
LO 2: Describe the classes of manufacturing costs and the differences between product and period costs.
Manufacturing Costs
Product Versus Period Costs
Illustration of Cost Concepts
LO 3: Demonstrate how to compute cost of goods manufactured and prepare financial statements for a manufacturer.
Income Statement
Cost of Goods Manufactured
Cost of Goods Manufactured Schedule
Balance Sheet
LO 4: Discuss trends in managerial accounting.
Service Industries
Focus on the Value Chain
Balanced Scorecard
Business Ethics
Corporate Social Responsibility
2 Job Order Costing
LO 1: Describe cost systems and the flow of costs in a job order system.
Process Cost System
Job Order Cost System
Job Order Cost Flow
Accumulating Manufacturing Costs
LO 2: Use a job cost sheet to assign costs to work in process.
Raw Materials Costs
Factory Labor Costs
LO 3: Demonstrate how to determine and use the predetermined overhead rate.
LO 4: Prepare entries for manufacturing and service jobs completed and sold.
Assigning Costs to Finished Goods
Assigning Costs to Cost of Goods Sold
Summary of Job Order Cost Flows
Job Order Costing for Service Companies
Advantages and Disadvantages of Job Order Costing
LO 5: Distinguish between under- and overapplied manufacturing overhead.
Under- or Overapplied Manufacturing Overhead
3 Process Costing
LO 1: Discuss the uses of a process cost system and how it compares to a job order system.
Uses of Process Cost Systems
Process Costing for Service Companies
Similarities and Differences Between Job Order Cost and Process Cost Systems
LO 2: Explain the flow of costs in a process cost system and the journal entries to assign manufacturing costs.
Process Cost Flow
Assigning Manufacturing Costs—Journal Entries
LO 3: Compute equivalent units.
Weighted-Average Method
Refinements on the Weighted-Average Method
LO 4: Complete the four steps to prepare a production cost report.
Compute the Physical Unit Flow (Step 1)
Compute the Equivalent Units of Production (Step 2)
Compute Unit Production Costs (Step 3)
Prepare a Cost Reconciliation Schedule (Step 4)
Preparing the Production Cost Report
Costing Systems—Final Comments
LO *5: APPENDIX 3A: Compute equivalent units using the FIFO method.
Equivalent Units Under FIFO
Comprehensive Example
FIFO and Weighted-Average
4 Activity-Based Costing
LO 1: Discuss the difference between traditional costing and activity-based costing.
Traditional Costing Systems
Illustration of a Traditional Costing System
The Need for a New Approach
Activity-Based Costing
LO 2: Apply activity-based costing to a manufacturer.
Identify and Classify Activities and Assign Overhead to Cost Pools (Step 1)
Identify Cost Drivers (Step 2)
Compute Activity-Based Overhead Rates (Step 3)
Allocate Overhead Costs to Products (Step 4)
Comparing Unit Costs
LO 3: Explain the benefits and limitations of activity-based costing.
The Advantage of Multiple Cost Pools
The Advantage of Enhanced Cost Control
The Advantage of Better Management Decisions
Some Limitations and Knowing When to Use ABC
LO 4: Apply activity-based costing to service industries.
Traditional Costing Example
Activity-Based Costing Example
LO *5: APPENDIX 4A: Explain just-in-time (JIT) processing.
Objective of JIT Processing
Elements of JIT Processing
Benefits of JIT Processing
5 Cost-Volume-Profit
LO 1: Explain variable, fixed, and mixed costs and the relevant range.
Variable Costs
Fixed Costs
Relevant Range
Mixed Costs
LO 2: Apply the high-low method to determine the components of mixed costs.
High-Low Method
Importance of Identifying Variable and Fixed Costs
LO 3: Prepare a CVP income statement to determine contribution margin.
Basic Components
CVP Income Statement
LO 4: Compute the break-even point using three approaches.
Mathematical Equation
Contribution Margin Technique
Graphic Presentation
LO 5: Determine the sales required to earn target net income and determine margin of safety.
Target Net Income
Margin of Safety
6 Cost-Volume-Profit Analysis: Additional Issues
LO 1: Apply basic CVP concepts.
Basic Concepts
Basic Computations
CVP and Changes in the Business Environment
LO 2: Explain the term sales mix and its effects on break-even sales.
Break-Even Sales in Units
Break-Even Sales in Dollars
LO 3: Determine sales mix when a company has limited resources.
LO 4: Indicate how operating leverage affects profitability.
Effect on Contribution Margin Ratio
Effect on Break-Even Point
Effect on Margin of Safety Ratio
Operating Leverage
LO *5: APPENDIX 6A: Explain the differences between absorption costing and variable costing.
Example Comparing Absorption Costing with Variable Costing
Net Income Effects
Decision-Making Concerns
Potential Advantages of Variable Costing
7 Incremental Analysis
LO 1: Describe management’s decision-making process and incremental analysis.
Incremental Analysis Approach
How Incremental Analysis Works
Qualitative Factors
Relationship of Incremental Analysis and Activity-Based Costing
Types of Incremental Analysis
LO 2: Analyze the relevant costs in accepting an order at a special price.
LO 3: Analyze the relevant costs in a make-or-buy decision.
Opportunity Cost
LO 4: Analyze the relevant costs in determining whether to sell or process materials further.
Single-Product Case
Multiple-Product Case
LO 5: Analyze the relevant costs to be considered in repairing, retaining, or replacing equipment.
LO 6: Analyze the relevant costs in deciding whether to eliminate an unprofitable segment or product.
8 Pricing
LO 1: Compute a target cost when the market determines a product price.
Target Costing
LO 2: Compute a target selling price using cost-plus pricing.
Cost-Plus Pricing
Variable-Cost Pricing
LO 3: Use time-and-material pricing to determine the cost of services provided.
LO 4: Determine a transfer price using the negotiated, cost-based, and market-based approaches.
Negotiated Transfer Prices
Cost-Based Transfer Prices
Market-Based Transfer Prices
Effect of Outsourcing on Transfer Pricing
Transfers Between Divisions in Different Countries
LO *5: APPENDIX 8A: Determine prices using absorption-cost pricing and variable-cost pricing.
Absorption-Cost Pricing
Variable-Cost Pricing
LO *6: APPENDIX 8B: Explain issues involved in transferring goods between divisions in different countries.
9 Budgetary Planning
LO 1: State the essentials of effective budgeting and the components of the master budget.
Budgeting and Accounting
The Benefits of Budgeting
Essentials of Effective Budgeting
The Master Budget
LO 2: Prepare budgets for sales, production, and direct materials.
Sales Budget
Production Budget
Direct Materials Budget
LO 3: Prepare budgets for direct labor, manufacturing overhead, and selling and administrative expenses, and a budgeted income statement.
Direct Labor Budget
Manufacturing Overhead Budget
Selling and Administrative Expense Budget
Budgeted Income Statement
LO 4: Prepare a cash budget and a budgeted balance sheet.
Cash Budget
Budgeted Balance Sheet
LO 5: Apply budgeting principles to nonmanufacturing companies.
Merchandisers
Service Companies
Not-for-Profit Organizations
10 Budgetary Control and Responsibility Accounting
LO 1: Describe budgetary control and static budget reports.
Budgetary Control
Static Budget Reports
LO 2: Prepare flexible budget reports.
Why Flexible Budgets?
Developing the Flexible Budget
Flexible Budget—A Case Study
Flexible Budget Reports
LO 3: Apply responsibility accounting to cost and profit centers.
Controllable Versus Noncontrollable Revenues and Costs
Principles of Performance Evaluation
Responsibility Reporting System
Types of Responsibility Centers
LO 4: Evaluate performance in investment centers.
Return on Investment (ROI)
Responsibility Report
Judgmental Factors in ROI
Improving ROI
LO *5: APPENDIX 10A: Explain the difference between ROI and residual income.
Residual Income Compared to ROI
Residual Income Weakness
11 Standard Costs and Balanced Scorecard
LO 1: Describe standard costs.
Distinguishing Between Standards and Budgets
Setting Standard Costs
LO 2: Determine direct materials variances.
Analyzing and Reporting Variances
Direct Materials Variances
LO 3: Determine direct labor and total manufacturing overhead variances.
Direct Labor Variances
Manufacturing Overhead Variances
LO 4: Prepare variance reports and balanced scorecards.
Reporting Variances
Income Statement Presentation of Variances
Balanced Scorecard
LO *5: APPENDIX 11A: Identify the features of a standard cost accounting system.
Journal Entries
Ledger Accounts
LO *6: APPENDIX 11B: Compute overhead controllable and volume variances.
Overhead Controllable Variance
Overhead Volume Variance
12 Planning for Capital Investments
LO 1: Describe capital budgeting inputs and apply the cash payback technique.
Cash Flow Information
Illustrative Data
Cash Payback
LO 2: Use the net present value method.
Equal Annual Cash Flows
Unequal Annual Cash Flows
Choosing a Discount Rate
Simplifying Assumptions
Comprehensive Example
LO 3: Identify capital budgeting challenges and refinements.
Intangible Benefits
Profitability Index for Mutually Exclusive Projects
Risk Analysis
Post-Audit of Investment Projects
LO 4: Use the internal rate of return method.
Comparing Discounted Cash Flow Methods
LO 5: Use the annual rate of return method.
13 Statement of Cash Flows
LO 1: Discuss the usefulness and format of the statement of cash flows.
Usefulness of the Statement of Cash Flows
Classification of Cash Flows
Significant Noncash Activities
Format of the Statement of Cash Flows
LO 2: Prepare a statement of cash flows using the indirect method.
Indirect and Direct Methods
Indirect Method—Computer Services Company
Step 1: Operating Activities
Summary of Conversion to Net Cash Provided by Operating Activities—Indirect Method
Step 2: Investing and Financing Activities
Step 3: Net Change in Cash
LO 3: Analyze the statement of cash flows.
Free Cash Flow
LO *4: APPENDIX 13A: Prepare a statement of cash flows using the direct method.
Step 1: Operating Activities
Step 2: Investing and Financing Activities
Step 3: Net Change in Cash
LO *5: APPENDIX 13B: Use the T-account approach to prepare a statement of cash flows.
14 Financial Statement Analysis
LO 1: Apply horizontal and vertical analysis to financial statements.
Need for Comparative Analysis
Tools of Analysis
Horizontal Analysis
Vertical Analysis
LO 2: Analyze a company’s performance using ratio analysis.
Liquidity Ratios
Profitability Ratios
Solvency Ratios
Summary of Ratios
LO 3: Apply the concept of sustainable income.
Discontinued Operations
Other Comprehensive Income
A Time Value of Money
LO 1: Compute interest and future values.
Nature of Interest
Future Value of a Single Amount
Future Value of an Annuity
LO 2: Compute present values.
Present Value Variables
Present Value of a Single Amount
Present Value of an Annuity
Time Periods and Discounting
Present Value of a Long-Term Note or Bond
LO 3: Compute the present value in capital budgeting situations.
LO 4: Use a financial calculator to solve time value of money problems.
Present Value of a Single Sum
Present Value of an Annuity
Useful Applications of the Financial Calculator
B Standards of Ethical Conduct for Management Accountants
IMA Statement of Ethical Professional Practice
Principles
Standards
Resolution of Ethical Conflict
Company Index
Subject Index

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Tags: Paul D Kimmel, Jerry J Weygandt, Donald E Kieso, Managerial Accounting, Business Decision