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Solution Manual for Cost Management A Strategic Emphasis 5th Edition by Edward Blocher

Solution Manual for Cost Management A Strategic Emphasis 5th Edition by Edward Blocher

Cost Management: A Strategic Emphasis, by Blocher/Stout/Cokins is the first cost accounting text to offer integrated coverage of strategic management topics in cost accounting. The text is written to help students understand more about management and the role of cost accounting in helping an organization succeed. This text aims to teach management concepts and methods, also to demonstrate how managers use cost management information to make better decisions and improve their organization’s competitiveness. In teaching these key management skills, the text takes on a strategic focus. It addresses issues such as: How does a firm compete? What type of cost management information is needed for a firm to succeed? How does the management accountant develop and present this information? This text helps students learn why, when, and how cost information is used to make effective decisions that lead a firm to success.

PART ONE INTRODUCTION TO STRATEGY, COST MANAGEMENT, AND COST SYSTEMS

1(272)

Cost Management and Strategy

2(31)

Management Accounting and the Role of Cost Management

3(4)

The Four Functions of Management

4(2)

Strategic Management and the Strategic Emphasis in Cost Management

6(1)

Types of Organizations

6(1)

The Contemporary Business Environment

7(3)

The Global Business Environment

8(1)

Lean Manufacturing

8(1)

Use of Information Technology, the Internet, and Enterprise Resource Management

8(1)

Focus on the Customer

9(1)

Management Organization

9(1)

Social, Political, and Cultural Considerations

10(1)

The Strategic Focus of Cost Management

10(1)

Contemporary Management Techniques: The Management Accountant’s Response to the Contemporary Business Environment

10(4)

The Balanced Scorecard (BSC) and Strategy Map

11(1)

The Value Chain

12(1)

Activity-Based Costing and Management

12(1)

Business Intelligence

12(1)

Target Costing

12(1)

Life-Cycle Costing

12(1)

Benchmarking

13(1)

Business Process Improvement

13(1)

Total Quality Management

13(1)

Lean Accounting

13(1)

The Theory of Constraints

13(1)

Enterprise Sustainability

14(1)

Enterprise Risk Management

14(1)

How a Firm Succeeds: The Competitive Strategy

14(1)

Developing a Competitive Strategy

15(4)

Cost Leadership

16(1)

Differentiation

16(1)

Other Strategic Issues

16(2)

The Five Steps for Strategic Decision Making

18(1)

The Professional Environment of Cost Management

19(4)

Professional Organizations

19(2)

Professional Certifications

21(1)

Professional Ethics

21(2)

Summary

23(1)

Key Terms

24(1)

Comments on Cost Management in Action

24(1)

Self-Study Problem

25(1)

Questions

25(1)

Brief Exercises

26(1)

Exercises

26(1)

Problems

26(6)

Solution to Self-Study Problem

32(1)

Implementing Strategy: The Value Chain, the Balanced Scorecard, and the Strategy Map

33(30)

Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis

34(2)

Execution

36(2)

Value-Chain Analysis

38(4)

Value-Chain Analysis in Computer Manufacturing

39(1)

The Five Steps for Strategic Decision Making for CIC Manufacturing

40(2)

The Balanced Scorecard and the Strategy Map

42(7)

The Balanced Scorecard

42(2)

The Strategy Map

44(2)

Expanding the Balanced Scorecard and Strategy Map: Sustainability

46(3)

Summary

49(1)

Key Terms

49(1)

Comments on Cost Management in Action

49(1)

Self-Study Problems

50(1)

Questions

50(1)

Brief Exercises

51(1)

Exercises

51(1)

Problems

52(9)

Solutions to Self-Study Problems

61(2)

Basic Cost Management Concepts

63(28)

Costs, Cost Drivers, Cost Objects, and Cost Assignment

64(9)

Cost Assignment and Cost Allocation: Direct and Indirect Costs

64(3)

Cost Drivers and Cost Behavior

67(1)

Activity-Based Cost Drivers

67(1)

Volume-Based Cost Drivers

68(3)

Structural and Executional Cost Drivers

71(2)

Cost Concepts for Product and Service Costing

73(5)

Product Costs and Period Costs

73(1)

Manufacturing, Merchandising, and Service Costing

74(2)

Attributes of Cost Information

76(2)

Summary

78(1)

Key Terms

78(1)

Comments on Cost Management in Action

78(1)

Self-Study Problem

79(1)

Questions

79(1)

Brief Exercises

80(1)

Exercises

80(6)

Problems

86(4)

Solution to Self-Study Problem

90(1)

Job Costing

91(36)

Costing Systems

91(2)

Cost Accumulation: Job or Process Costing?

92(1)

Cost Measurement: Actual, Normal, or Standard Costing

92(1)

Overhead Assignment under Normal Costing: Volume-Based or Activity-Based?

93(1)

The Strategic Role of Costing

93(1)

Job Costing: The Cost Flows

93(5)

Direct and Indirect Materials Costs

94(2)

Direct and Indirect Labor Costs

96(1)

Factory Overhead Costs

97(1)

Actual Costing

97(1)

Normal Costing

98(1)

The Application of Factory Overhead in Normal Costing

98(3)

Cost Drivers for Factory Overhead Application

99(1)

Applying Factory Overhead Costs

99(1)

Departmental Overhead Rates

99(1)

Disposition of Underapplied and Overapplied Overhead

100(1)

Job Costing in Service Industries; Project Costing

101(2)

Operation Costing

103(2)

Summary

105(1)

Spoilage, Rework, and Scrap in Job Costing

106(1)

Key Terms

107(1)

Comments on Cost Management in Action

108(1)

Self-Study Problem

108(1)

Questions

109(1)

Brief Exercises

109(1)

Exercises

110(3)

Problems

113(12)

Solution to Self-Study Problem

125(2)

Activity-Based Costing and Customer Profitability Analysis

127(53)

The Strategic Role of Activity-Based Costing

127(1)

Role of Volume-Based Costing

128(1)

Activity-Based Costing

129(2)

Resources, Activities, Resource Consumption Cost Drivers, and Activity Consumption Cost Drivers

129(1)

What Is Activity-Based Costing?

129(1)

The Two-Stage Cost Assignment Procedure

130(1)

Steps in Developing an Activity-Based Costing System

131(2)

Identify Resource Costs and Activities

131(1)

Assign Resource Costs to Activities

132(1)

Assign Activity Costs to Cost Objects

132(1)

Benefits of Activity-Based Costing

133(1)

A Comparison of Volume-Based and Activity-Based Costing

133(5)

Volume-Based Costing

134(1)

Activity-Based Costing

135(2)

The Five Steps of Strategic Decision Making for Haymarket BioTech Inc

137(1)

Calculating the Cost of Capacity in ABC

138(1)

Activity-Based Management

138(3)

What Is Activity-Based Management?

138(1)

Activity Analysis

139(1)

Value-Added Analysis

139(2)

Real-World Activity-Based Costing/Management Applications

141(5)

ABC/M Application in Manufacturing: Industrial Air Conditioner Units

141(2)

ABC/M Application in the Service Industry: A Retirement and Assisted-Living Community

143(1)

ABC/M Applications in Government

144(2)

Customer Profitability Analysis

146(5)

Customer Cost Analysis

147(1)

Customer Profitability Analysis

148(1)

Customer Lifetime Value and Customer Equity

149(2)

Implementation Issues and Extensions

151(3)

Multistage Activity-Based Costing

152(1)

Resource Consumption Accounting (RCA)

152(1)

Time-Driven Activity-Based Costing (TDABC)

153(1)

Summary

154(1)

Key Terms

154(1)

Comments on Cost Management in Action

155(1)

Self-Study Problem

155(1)

Questions

156(1)

Brief Exercises

156(1)

Exercises

157(8)

Problems

165(13)

Solution to Self-Study Problem

178(2)

Process Costing

180(51)

Characteristics of Process Costing Systems

181(3)

Equivalent Units

181(1)

Flow of Costs in Process Costing

182(1)

Steps in Process Costing

183(1)

Process Costing Methods

184(1)

Illustration of Process Costing

184(11)

Weighted-Average Method

184(5)

First-In, First-Out (FIFO) Method

189(6)

Comparison of Weighted-Average and FIFO Methods

195(1)

Process Costing with Multiple Departments

195(6)

Transferred-In Costs

195(1)

Weighted-Average Method

196(2)

The FIFO Method

198(3)

Journal Entries for Process Costing

201(1)

Implementation and Enhancement of Process Costing

201(2)

Activity-Based Costing and the Theory of Constraints

201(1)

Just-in-Time Systems and Backflush Costing

202(1)

Summary

203(1)

Appendix: Spoilage in Process Costing

204(3)

Key Terms

207(1)

Comments on Cost Management in Action

207(1)

Self-Study Problems

208(1)

Questions

209(1)

Brief Exercises

209(1)

Exercises

210(4)

Problems

214(11)

Solutions to Self-Study Problems

225(6)

Cost Allocation: Departments, Joint Products, and By-Products

231(42)

The Strategic Role of Cost Allocation

232(1)

The Ethical Issues of Cost Allocation

233(1)

Cost Allocation to Service and Production Departments

233(13)

First Phase: Trace Direct Costs and Allocate Indirect Costs to Departments

235(1)

Allocation Phases Two and Three

236(4)

Implementation Issues

240(6)

Cost Allocation in Service Industries

246(2)

Joint Product Costing

248(5)

Methods for Allocating Joint Costs to Joint Products

249(4)

Summary

253(1)

Appendix: By-Product Costing

253(3)

Key Terms

256(1)

Comments on Cost Management in Action

256(1)

Self-Study Problem

256(1)

Questions

256(1)

Brief Exercises

257(1)

Exercises

258(2)

Problems

260(11)

Solution to Self-Study Problem

271(2)

PART TWO PLANNING AND DECISION MAKING

273(316)

Cost Estimation

274(51)

Strategic Role of Cost Estimation

274(2)

Using Cost Estimation to Predict Future Costs

275(1)

Using Cost Estimation to Identify Cost Drivers

275(1)

Six Steps of Cost Estimation

276(1)

Define the Cost Object to Be Estimated

276(1)

Determine the Cost Drivers

276(1)

Collect Consistent and Accurate Data

276(1)

Graph the Data

277(1)

Select and Employ the Estimation Method

277(1)

Assess the Accuracy of the Cost Estimation

277(1)

Cost Estimation Methods

277(10)

An Illustration of Cost Estimation

277(1)

High-Low Method

277(3)

Regression Analysis

280(6)

Using Spreadsheet Software for Regression Analysis

286(1)

Illustration of the Use of Regression Analysis in the Gaming Industry

287(1)

The Five Steps of Strategic Decision Making for Harrah’s

287(1)

Implementation Problems: Nonlinearity

288(1)

Summary

289(1)

Learning Curve Analysis

290(3)

Regression Analysis

293(6)

Key Terms

299(1)

Comments on Cost Management in Action

299(1)

Self-Study Problems

300(3)

Questions

303(1)

Brief Exercises

303(1)

Exercises

304(5)

Problems

309(12)

Solutions to Self-Study Problems

321(4)

Profit Planning: Cost-Volume-Profit Analysis

325(39)

Cost-Volume-Profit Analysis

325(2)

Contribution Margin and Contribution Income Statement

326(1)

Strategic Role of CVP Analysis

327(1)

CVP Analysis for Breakeven Planning

328(4)

Equation Method: For Breakeven in Units

329(1)

Equation Method: For Breakeven in Dollars

330(1)

Contribution Margin Method

331(1)

CVP Analysis for Profit Planning

332(4)

Revenue Planning

332(1)

Cost Planning

333(3)

Including Income Taxes in CVP Analysis

336(1)

CVP Analysis for Activity-Based Costing

336(2)

Sensitivity Analysis of CVP Results

338(4)

What-If Analysis of Sales: Contribution Margin and Contribution Margin Ratio

338(1)

Margin of Safety

339(1)

Operating Leverage

339(2)

The Five Steps of Strategic Decision Making for CVP Analysis

341(1)

CVP Analysis with Two or More Products

342(2)

Value Stream Accounting and CVP

343(1)

CVP Analysis for Not-for-Profit Organizations

344(1)

Assumptions and Limitations of CVP Analysis

344(2)

Linearity, the Relevant Range, and Step Costs

344(1)

Identifying Fixed and Variable Costs for CVP Analysis

345(1)

Summary

346(1)

Key Terms

346(1)

Comments on Cost Management in Action

346(1)

Self-Study Problem

347(1)

Questions

347(1)

Brief Exercises

347(1)

Exercises

348(3)

Problems

351(12)

Solution to Self-Study Problem

363(1)

Strategy and the Master Budget

364(66)

Role of Budgets

365(1)

Strategy, the Long-Term Plan, and the Master Budget

366(3)

Importance of Strategy in Budgeting

366(1)

Formulation of Strategy

366(1)

Strategic Goals and Long-Term Objectives

367(1)

Short-Term Objectives and the Master Budget

367(2)

The Budgeting Process

369(4)

Budget Committee

369(1)

Budget Period

369(1)

Budget Guidelines

370(1)

Initial Budget Proposal

370(1)

Negotiation, Review, and Approval

371(1)

Revision

371(1)

Comprehensive Budgeting Example: Kerry Window Systems, Inc. (KWS)

372(1)

The Five Steps of Strategic Decision-Making for Kerry Window Systems, Inc

372(1)

Master Budget

373(13)

Sales Budget

373(1)

Manufacturing Budgets

374(6)

Merchandise Purchases Budget

380(1)

Selling and General Administrative Expense Budget

380(1)

Cash Receipts (Collections) Budget

381(1)

Cash Budget

382(2)

Budgeted Income Statement

384(1)

Budgeted Balance Sheet

384(2)

Uncertainty and the Budgeting Process

386(3)

What-If Analysis

386(1)

Sensitivity Analysis

387(1)

Integrated Budgeting and Planning Software

388(1)

Budgeting in Service Companies

389(1)

Budgeting in Service Industries

389(1)

Alternative Budgeting Approaches

390(5)

Zero-Base Budgeting (ZBB)

391(1)

Activity-Based Budgeting (ABB)

391(2)

Time-Driven Activity-Based Budgeting

393(1)

Kaizen (Continuous Improvement) Budgeting

394(1)

Behavioral Issues in Budgeting

395(4)

Budgetary Slack

395(1)

Goal Congruence

395(1)

Authoritative or Participative Budgeting?

395(1)

Difficulty Level of the Budget Target

396(1)

Linkage of Compensation and Budgeted Performance

396(3)

Summary

399(1)

Key Terms

399(1)

Comments on Cost Management in Action

400(1)

Self-Study Problems

400(1)

Questions

401(1)

Brief Exercises

402(1)

Exercises

403(10)

Problems

413(14)

Solutions to Self-Study Problems

427(3)

Decision Making with a Strategic Emphasis

430(46)

The Five Steps of the Decision-Making Process

430(4)

Relevant Cost Analysis

431(1)

Relevant Cost Information

431(2)

Batch-Level Cost Drivers

433(1)

Fixed Costs and Depreciation

434(1)

Other Relevant Information: Opportunity Costs

434(1)

Strategic Cost Analysis

434(1)

Special Order Decisions

435(1)

Relevant Cost Analysis

435(2)

Strategic Analysis

437(1)

Is TTS Now Operating at Full Capacity?

437(1)

Excessive Relevant Cost Pricing

437(1)

Other Important Strategic Factors

438(1)

Value Stream Accounting and the Special Order Decision

438(1)

Make, Lease, or Buy Decision

438(1)

Relevant Cost Analysis

438(3)

Strategic Analysis

441(1)

Sell Before or After Additional Processing

441(1)

Relevant Cost Analysis

441(1)

Strategic Analysis

442(1)

Profitability Analysis

442(1)

Profitability Analysis: Keep or Drop a Product Line

442(2)

Strategic Analysis

444(1)

Profitability Analysis: Service and Not-for-Profit Organizations

444(1)

Multiple Products and Limited Resources

445(1)

One Production Constraint

445(2)

Two or More Production Constraints

447(1)

Behavioral and Implementation Issues

448(1)

Consideration of Strategic Objectives

448(1)

Predatory Pricing

448(1)

Replacement of Variable Costs with Fixed Costs

449(1)

Proper Identification of Relevant Factors

450(1)

Summary

450(1)

Linear Programming and the Product Mix Decision

451(2)

Key Terms

453(1)

Comments on Cost Management in Action

453(1)

Self-Study Problems

453(1)

Questions

454(1)

Brief Exercises

455(1)

Exercises

456(4)

Problems

460(14)

Solutions to Self-Study Problems

474(2)

Strategy and the Analysis of Capital Investments

476(69)

Strategy and the Analysis of Capital Expenditures

477(2)

Underlying Nature of Capital Investments

477(1)

Organizational Strategy and Capital-Investment Analysis

477(1)

Effect of Capital Expenditures on Strategic Cost Drivers

478(1)

Chapter Overview—Where Are We Headed?

479(1)

The Role of Accounting in the Capital-Budgeting Process

479(5)

Linkage to the Master Budget

479(1)

Linkage to Strategy and to the Balanced Scorecard (BSC)

479(2)

Generation of Relevant Financial Data for Decision-Making Purposes

481(1)

Conducting Post-Audits

482(1)

The Five Steps of Strategic Decision Making: Cost-Benefit Analysis of a Hospital Bar-Code Technology Investment

482(2)

Identification of Relevant Cash-Flow Data for Capital-Expenditure Analysis

484(8)

Why Focus on Cash Flows?

484(1)

Cash Flows—A Framework for Analysis

484(1)

Sample Data Set: Mendoza Company—Equipment-Replacement Decision

484(1)

Determining After-Tax Cash Flows for Capital-Investment Analysis

485(6)

Recap—After-Tax Cash Flow Information for the Mendoza Company Investment Proposal

491(1)

Discounted Cash Flow (DCF) Capital-Budgeting Decision Models

492(8)

Types of Capital-Budgeting Decision Models

492(1)

DCF Models: Specifying the Discount Rate

492(2)

Estimating the WACC

494(2)

Net Present Value (NPV) Decision Model

496(1)

Internal Rate of Return (IRR) Decision Model

497(2)

The Modified Internal Rate of Return (MIRR)

499(1)

Comparison of NPV and IRR Methods: Which to Use?

500(1)

Templates for Structuring a DCF Capital-Budgeting Analysis

500(1)

Uncertainty and the Capital-Budgeting Process

500(7)

What-If Analyses

500(2)

Scenario Analysis

502(1)

Monte Carlo Simulation

503(1)

Real Options

503(4)

Other Capital-Budgeting Decision Models

507(3)

Payback Period

507(2)

Accounting (Book) Rate of Return

509(1)

Behavioral Issues in Capital Budgeting

510(3)

Common Behavioral Problems: Cost Escalation, Incrementalism, and Uncertainty Intolerance

510(1)

Goal-Congruency Issues

511(1)

Addressing the Goal-Congruency Problem

512(1)

Summary

513(2)

Spreadsheet Templates for Conducting a DCF Analysis

515(2)

DCF Models: Some Advanced Considerations

517(3)

Present Value Tables

520(2)

Key Terms

522(1)

Comments on Cost Management in Action

522(1)

Self-Study Problem

522(1)

Questions

523(1)

Brief Exercises

524(1)

Exercises

525(5)

Problems

530(11)

Solution to Self-Study Problem

541(4)

Cost Planning for the Product Life Cycle: Target Costing, Theory of Constraints, and Strategic Pricing

545(44)

Target Costing

547(7)

Value Engineering

548(2)

Target Costing and Kaizen

550(1)

An Illustration: Target Costing in Health Product Manufacturing

551(1)

An Illustration Using Quality Function Deployment (QFD)

552(1)

Benefits of Target Costing

553(1)

The Theory of Constraints

554(7)

The Use of the Theory of Constraints Analysis in Health Product Manufacturing

555(1)

Steps in the Theory of Constraints Analysis

555(4)

The Five Steps of Strategic Decision Making for Speed and Efficiency in the Fashion Industry

559(1)

Theory of Constraints Reports

560(1)

Activity-Based Costing and the Theory of Constraints

560(1)

Life-Cycle Costing

561(3)

The Importance of Design

562(1)

The Use of Life-Cycle Costing in a Software Firm

563(1)

Strategic Pricing Using the Product Life Cycle

564(3)

Pricing Using the Cost Life Cycle

564(2)

Strategic Pricing for Phases of the Sales Life Cycle

566(1)

Strategic Pricing: Analytical Pricing Methods

566(1)

Summary

567(1)

Using the Flow Diagram to Identify Constraints

567(1)

Key Terms

568(1)

Comments on Cost Management in Action

568(1)

Self-Study Problem

569(1)

Questions

569(1)

Brief Exercises

570(1)

Exercises

570(6)

Problems

576(11)

Solution to Self-Study Problem

587(2)

PART THREE OPERATIONAL-LEVEL CONTROL

589(210)

Operational Performance Measurement: Sales, Direct-Cost Variances, and the Role of Nonfinancial Performance Measures

590(55)

Management Accounting and Control Systems

591(1)

Developing an Operational Control System: The Five Steps of Strategic Decision Making for Schmidt Machinery

592(1)

Short-Term Financial Control

592(1)

Flexible-Budgets and Profit-Variance Analysis

593(14)

The Flexible Budget

593(3)

Sales Volume Variance and the Total Flexible-Budget Variance

596(1)

Breakdown of the Total Flexible-Budget Variance

597(1)

Selling Price Variance

597(1)

Variable Cost Flexible-Budget Variances

598(1)

Further Analysis of the Total Variable Cost Flexible-Budget Variance

599(1)

General Model for the Analysis of Variable Cost Variances

599(1)

Direct Materials Variances

600(4)

Direct Labor Variances

604(2)

Timing of Variance Recognition

606(1)

Standard Costs

607(3)

Standard Costs versus a Standard Cost System

607(1)

Types of Standards

607(1)

Standard-Setting Procedures

608(1)

Establishing Standard Costs

609(1)

Standard Cost Sheet

610(1)

Recording Cost Flows and Variances in a Standard Cost System

610(4)

Direct Materials Cost

611(1)

Direct Labor Cost

612(1)

Completion of Production

613(1)

The Strategic Role of Nonfinancial Performance Indicators

614(3)

Limitations of Short-Term Financial-Performance Indicators

614(1)

Business Processes

614(1)

Operating Processes

615(1)

Just-in-Time (JIT) Manufacturing

615(2)

Summary

617(2)

Key Terms

619(1)

Comments on Cost Management in Action

619(1)

Self-Study Problems

619(1)

Questions

620(1)

Brief Exercises

621(1)

Exercises

622(8)

Problems

630(11)

Solutions to Self-Study Problems

641(4)

Operational Performance Measurement: Indirect-Cost Variances and Resource-Capacity Management

645(59)

Standard Overhead Costs: Planning versus Control

646(2)

Variance Analysis for Manufacturing Overhead Costs

648(9)

Variable Overhead Cost Analysis

648(1)

Interpretation and Implications of Variable Overhead Variances

649(1)

Fixed Overhead Cost Analysis

650(5)

Interpretation of Fixed Overhead Variances

655(1)

Alternative Analyses of Overhead Variances

656(1)

Summary of Overhead Variances

657(1)

Recording Standard Overhead Costs

657(5)

Journal Entries and Variances for Overhead Costs

657(2)

Variance Disposition

659(2)

The Effects on Absorption Costing Income of Denominator-Level Choice in Allocating Fixed Overhead

661(1)

Standard Costs in Service Organizations

662(2)

Overhead Cost Variances in ABC Systems

664(5)

ABC-Based Flexible Budgets for Control

664(3)

Flexible-Budget Analysis under ABC When There Is a Standard Batch Size for Production Activity

667(1)

Extension of ABC Analysis: GPK and RCA

668(1)

Supplementing Financial Results with Nonfinancial Performance Indicators

668(1)

Investigation of Variances

669(2)

Causes and Controllability

670(1)

Role of Control Chart

671(1)

Summary

671(2)

Variance Investigation Decisions under Uncertainty

673(3)

Key Terms

676(1)

Comments on Cost Management in Action

676(1)

Self-Study Problems

676(2)

Questions

678(1)

Brief Exercises

679(1)

Exercises

679(9)

Problems

688(12)

Solutions to Self-Study Problems

700(4)

Operational Performance Measurement: Further Analysis of Productivity and Sales

704(42)

The Strategic Role of the Flexible Budget in Analyzing Sales and Productivity

705(1)

Analyzing Productivity

706(7)

Partial Productivity

708(4)

Total Productivity

712(1)

Analyzing Sales: Comparison with the Master Budget

713(9)

Sales Volume Variance Partitioned into Sales Quantity and Sales Mix Variances

714(4)

Sales Quantity Variance Partitioned into Market Size and Market Share Variances

718(3)

The Five Steps of Strategic Decision Making for Schmidt Machinery

721(1)

Analyzing Sales: Comparison with Prior Year Results

722(3)

Analysis of Selling Price and Volume Variances

723(1)

Analysis of Mix and Quantity Variances

724(1)

Analysis of Variable Cost Variances

725(1)

Summary

725(1)

Key Terms

726(1)

Comments on Cost Management in Action

726(1)

Self-Study Problems

726(1)

Questions

727(1)

Brief Exercises

728(1)

Exercises

729(3)

Problems

732(9)

Solutions to Self-Study Problems

741(5)

The Management and Control of Quality

746(53)

The Strategic Importance of Quality

746(3)

Baldrige Quality Award

747(1)

ISO 9000 and ISO 14000

747(1)

Quality and Profitability: Conceptual Linkage

747(2)

Accounting’s Role in the Management and Control of Quality

749(1)

The Five Steps of Strategic Decision Making: Improving Quality in Pharmaceutical and Medical-Product Companies

749(1)

Chapter Preview

750(1)

Comprehensive Framework for Managing and Controlling Quality

750(4)

The Meaning of Quality

750(1)

Knowledge of Business Processes

750(2)

Role of the Customer

752(1)

Financial Component

752(1)

Nonfinancial Performance Indicators

752(1)

Feedback Loops

752(1)

Relevant Cost Analysis

753(1)

Link to Operations Management

753(1)

Breadth of the System

753(1)

Setting Quality-Related Expectations: The Role of Six Sigma

754(4)

Setting Quality Expectations: A Six Sigma Approach

754(2)

Setting Quality Expectations: Goalpost versus Absolute Conformance Standards

756(1)

Goalpost Conformance

756(1)

Absolute Quality Conformance

757(1)

Goalpost or Absolute Conformance?

757(1)

Financial Measures and Cost of Quality (COQ)

758(6)

Relevant Cost Analysis

758(1)

Cost of Quality (COQ) Reporting

759(2)

COQ Reports

761(3)

COQ and Activity-Based Costing (ABC)

764(1)

Nonfinancial Quality Indicators

764(2)

Internal Nonfinancial Quality Metrics

764(1)

External (Customer Satisfaction) Quality Metrics

765(1)

Role of Nonfinancial Performance Measures

766(1)

Detecting and Correcting Poor Quality

766(5)

Detecting Poor Quality

766(2)

Taking Corrective Action

768(3)

Lean Manufacturing and Accounting for Lean

771(4)

Lean Manufacturing

771(1)

Accounting for Lean

772(1)

The Strategic Role of Lean Accounting

773(2)

Summary

775(1)

Taguchi Quality Loss Function

776(3)

Key Terms

779(1)

Self-Study Problems

779(1)

Questions

780(1)

Brief Exercises

781(1)

Exercises

782(7)

Problems

789(8)

Solutions to Self-Study Problems

797(2)

PART FOUR MANAGEMENT-LEVEL CONTROL

799(132)

Strategic Performance Measurement: Cost Centers, Profit Centers, and the Balanced Scorecard

800(45)

Performance Measurement and Control

801(4)

Operational Control versus Management Control

801(1)

Objectives of Management Control

802(1)

Employment Contracts

803(2)

Design of Management Control Systems for Motivation and Evaluation

805(1)

Informal Control Systems

806(1)

Formal Control Systems

806(1)

Strategic Performance Measurement

806(2)

Decentralization

807(1)

Types of Strategic Business Units

807(1)

The Balanced Scorecard

808(1)

Cost Centers

808(5)

Strategic Issues Related to Implementing Cost Centers

808(1)

Implementing Cost Centers in Departments

809(2)

Outsourcing or Consolidating Cost Centers

811(1)

Cost Allocation

812(1)

Revenue Centers

813(1)

Profit Centers

814(5)

Strategic Role of Profit Centers

814(1)

The Contribution Income Statement

815(1)

Variable Costing versus Full Costing

816(3)

The Contribution Income Statement and Value Streams

819(1)

Strategic Performance Measurement and the Balanced Scorecard

819(2)

Implementing the Balanced Scorecard and the Strategy Map for Performance Evaluation

819(1)

Implementing Strategy using the BSC: Six Steps to Maximize the Value of Nonfinancial Measures

820(1)

Management Control in Service Firms and Not-for-Profit Organizations

821(1)

Summary

822(1)

Key Terms

823(1)

Comments on Cost Management in Action

823(1)

Self-Study Problem

823(1)

Questions

824(1)

Brief Exercises

824(1)

Exercises

825(4)

Problems

829(15)

Solution to Self-Study Problem

844(1)

Strategic Performance Measurement: Investment Centers

845(49)

Five Steps in the Evaluation of the Financial Performance of Strategic Investment Units in an Organization

845(2)

Financial-Performance Indicators for Investment Centers

847(1)

Return on Investment

847(9)

ROI Equals Return on Sales Times Asset Turnover

847(1)

Illustration of Evaluation Using ROI

848(2)

Return on Investment: Measurement Issues

850(4)

Strategic Issues Regarding the Use of ROI

854(2)

Residual Income

856(3)

Time Period of Analysis

857(1)

Limitations of Residual Income

858(1)

Economic Value Added®

859(2)

Estimating EVA®

859(1)

Alternative Approaches to Estimating EVA® NOPAT and EVA® Capital

860(1)

Using Average Total Assets

861(1)

Transfer Pricing

861(5)

When Is Transfer Pricing Important?

862(1)

Objectives of Transfer Pricing

862(1)

Transfer-Pricing Methods

863(1)

Choosing the Right Transfer-Pricing Method: The Firmwide Perspective

863(3)

General Transfer-Pricing Rule

866(1)

International Issues in Transfer Pricing

867(2)

Other International Considerations

868(1)

Advance Pricing Agreements

869(1)

Summary

869(1)

Key Terms

870(1)

Comments on Cost Management in Action

870(1)

Self-Study Problems

870(1)

Questions

871(1)

Brief Exercises

871(1)

Exercises

872(5)

Problems

877(16)

Solutions to Self-Study Problems

893(1)

Management Compensation, Business Analysis, and Business Valuation

894(37)

Management Compensation

894(1)

Types of Management Compensation

895(1)

Strategic Role and Objectives of Management Compensation

896(2)

Design the Compensation Plan for Existing Strategic Condition

896(1)

Risk Aversion and Management Compensation

896(1)

Ethical Issues

897(1)

Objectives of Management Compensation

897(1)

Bonus Plans

898(5)

Bases for Bonus Compensation

898(2)

Bonus Compensation Pools

900(1)

Bonus Payment Options

901(2)

Tax Planning and Financial Reporting

903(1)

Management Compensation in Service Firms

903(2)

Business Analysis and Business Valuation

905(1)

Business Analysis

905(3)

The Balanced Scorecard

906(1)

Financial Ratio Analysis

907(1)

Business Valuation

908(4)

The Discounted Cash Flow Method

909(2)

Multiples-Based Valuation

911(1)

Enterprise Value

911(1)

An Illustration of the Five Steps of Strategic Decision Making in the Valuation of a Fashion Retailer

911(1)

Summary

912(1)

Key Terms

913(1)

Comments on Cost Management in Action

913(1)

Self-Study Problem

913(1)

Questions

914(1)

Brief Exercises

914(1)

Exercises

915(4)

Problems

919(10)

Solution to Self-Study Problem

929(2)

Glossary

931(11)

Index

942

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