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Contents in Brief2

1 Accounting:Information for Decision Making2

1 Accounting:Information for Decision Making2

Table of Contents2

Comprehensive Problem2

Accounting Information:A Means to an End4

Types of Accounting Information5

Accounting from a User s Perspective5

Accounting Systems6

The Cost of Producing Accounting Information7

Determining Information Needs7

Basic Functions of an Accounting System8

Who Designs and Installs Accounting Systems?8

Decision Making by Extemal Parties9

External Users of Accounting Information9

Objectives of External Financial Reporting10

Characteristics of Externally Reported Information13

Decision Making by Internal Parties14

Internal Users of Accounting Information14

Objectives of Management Accounting16

Characteristics of Management Accounting Information17

Integrity of Accounting Information18

Institutional Features19

Professional Organizations21

Competence,Judgment,and Ethical Behavior22

Supplemental Topic:Careers in Accounting25

Public Accounting25

Management Accounting25

Governmental Accounting26

What About Bookkeeping?27

Accounting Education27

Accounting as a Stepping-Stone27

End-of-Chapter Review28

Assignment Material31

2 Basic Financial Statements38

2 Basic Financial Statements38

Introduction to Financial Statements40

A Starting Point:Statement of Financial Position41

Assets43

Liabilities45

Creditors Claims Have Priority Over Those of Owners45

Owner s Equity45

The Accounting Equation46

The Effects of Business Transactions:An Illustration47

the Accounting Equation52

Effects of These Business Transactions on52

Income Statement54

Statement of Cash Flows54

Relationships Among Financial Statements56

Forms of Business Organizations58

Sole Proprietorships58

Parmerships59

Corporations59

Reporting Ownership Equity in the Balance Sheet59

The Use of Financial Statements by Outsiders60

The Need for Adequate Disclosure61

Management s Interest in Financial Statements61

End-of-Chapter Review63

Assignment Material67

3 The Accounting Cycle:Capturing82

Economic Events82

3 The Accounting Cycle:Capturing Economic Events82

The Role of Accounting Records84

The Ledger84

The Use of Accounts84

Debit and Credit Entries85

Double-Entry Accounting—The Equality of Debits andCredits86

Recording Transactions in Ledger Accounts:An87

Illustration87

The Journal90

Posting Journal Entries to the Ledger Accounts(and How to Read a Journal Entry)91

What Is Net Income?93

Revenue95

Expenses96

The Accrual Basis of Accounting97

Investments and Withdrawals by the Owner98

Debit and Credit Rules for Revenue and Expenses98

Recording December s Revenue and Expense99

Transactions:An Illustration99

The Journal104

December s Ledger Balances104

The Accounting Cycle106

The Trial Balance106

Uses and Limitations of the Trial Balance107

Adjusting Entries:The Next Step in the107

Accounting Cycle107

Shop Supplies:An Asset That Turns into an Expense107

The Concept of Depreciation108

Recording Depreciation Expense:An Illustration110

The Adjusted Trial Balance111

Preparing Financial Statements112

The Income Statement112

The Statement of Owner s Equity113

The Balance Sheet113

The Statement of Cash Flows113

Relationship Among the Financial Statements115

Closing the Temporary Equity Accounts115

Closing Entries for Revenue Accounts116

Closing Entries for Expense Accounts116

Closing the Income Summary Account117

Closing the Owner s Drawing Account118

Summary of the Closing Process118

After-Closing Trial Balance119

The Accounting Cycle in Perspective120

Some Concluding Remarks120

End-of-Chapter Review121

Assignment Material127

4 The Accounting Cycle:Preparing an Annual Report142

4 The Accounting Cycle:Preparing142

an Annual Report142

Preparing the Annual Report144

Adjusting Entries:A Closer Look145

The Need for Adjusting Entries145

Types of Adjusting Entries145

Characteristics of Adjusting Entries146

Year-End at Overnight Auto Service148

Apportioning Recorded Costs149

Apportioning Unearned Revenue151

Recording Unrecorded Expenses153

Recording Unrecorded Revenue155

Adjusting Entries and Accounting Principles155

The Concept of Materiality156

Effects of the Adjusting Entries157

Preparing the Statements158

Drafting the Notes That Accompany Financial159

Statements159

What Types of Informaton Must Be Disclosed?161

Closing the Accounts162

A Last Look at Overnight:Was 2002 a Good Year?163

Preparing Financial Statements Covering DifferentPeriods of Time164

Supplemental Topic:The Worksheet166

Isn t This Really a Spreadsheet ?166

What s It Used For?166

The Mechanics:How It s Done166

What If... :A Special Applicarion of WorksheetSoftware169

End-of-Chapter Review170

Assignment Material175

A Comprehensive Accounting Cycle Problem190

Comprehensive Problem 1—Tony s Rentals190

Comprehensive Problem 1:Tony s Rentals190

5 Accounting for Merchandising Activities192

5 Accounting for Merchandising Activities192

Merchandising Companies194

The Operating Cycle of a Merchandising Company194

Income Statement of a Merchandising Company195

What Accrounting Information Does a MerchandisingCompany Need?196

General Ledger Accounts196

Subsidiary Ledgers:A Source of Needed Details196

Two Approaches Used in Accounting for199

Perpetual Inventory Systems199

Merchandising Transactions199

Closing Entries in a Perpetual Inventory System202

Periodic Inventory Systems202

Taking a Physical Inventory202

Operation of a Periodic Inventory System203

Closing Process in a Periodic Inventory System204

Comparison of Perpetual and Periodic204

Inventory Stems204

Selecting an Inventory System205

Modifying an Accounting System206

Special Journals Provide Speed and Efficiency206

Credit Terms and Cash Discounts207

Transactions Relating to Purchases207

Transportation Costs on Purchases209

Returns of Unsatisfactory Merchandise209

Transactions Relating to Sales210

Sales Returns and Allowances210

Sales Discounts211

Delivery Expenses212

Accounting for Sales Taxes212

Evaluating the Performance of a Merchandising212

Company212

Net Sales212

Gross Profit Margins213

Using Information About Profit Margins214

End-of-Chapter Review215

Assignment Material220

6 Forms of Business Organization232

6 Forms of Business Organization232

Sole Proprietorships234

The Concept of the Separate Business Entity234

Characteristics of a Sole Proprietorship234

Unlimited Personal Liability (Subtitle:The OwnerCould Lose EVERYTHING!)235

Accounting Practices of Sole Proprietorships235

Evaluating the Financial Statements of a235

Proprietorship235

Partnerships236

General Partnerships237

Parmerships That Limit Personal Liability238

Accounting Practices of Parmerships239

Evaluating the Financial Statements of a Partnership240

What Is a Corporation?240

Corporations240

Stockholders Liability for Debts of a Corporation241

What Types of Businesses Choose the Corporate242

Form of Organization?242

Accounting for Corporate Income Taxes242

Salaries Paid to Owners244

Owner s Equity in a Corporate Balance Sheet244

Accounting for Dividends245

Retained Earnings245

The Issuance of Capital Stock245

Closing Entries and the Statement of Retained Earnings246

Evaluating the Financial Statements of a Corporation247

The Concept—and the Problem—of Double Taxation248

S Corporations248

Selecting an Appropriate Form of Business249

Organization249

Incorporating an Established Business249

Supplemental Topic:Partnership Accounting—251

A Closer Look251

Opening the Accounts of a New Partnership251

Allocating Partnership Net Income Among the Partners253

End-of-Chapter Review258

Assignment Material262

7 Financial Assets274

7 Financial Assets274

How Much Cash Should a Business Have?276

The Valuation of Financial Assets276

Reporting Cash in the Balance Sheet277

The Statement of Cash Flows277

Cash277

Cash Management278

Internal Control Over Cash279

Cash Disbursements280

Bank Statements281

Reconciling the Bank Statement282

The Cash Budget as a Control Device285

Short-Term Investments285

Petty Cash Funds285

Mark-to-Market:A New Principle of Asset Valuation286

Accounts Receivable287

Uncollectible Accounts288

The Allowance for Doubtful Accounts289

Writing Off an Uncollectible Account Receivable290

Recovery of an Account Receivable Previously291

Written Off291

Manthly Estimates of Credit Losses291

Direct Write-off Method294

Income Tax Regulations and Financial Reporting294

Internal Controls for Receivables294

Management of Accounts Receivable295

Factoring Accounts Receivable295

Credit Card Sales295

Evaluating the Quality of Accounts Receivable296

Notes Receivable and Interest Charges298

Supplemental Topic A:Accounting for MarketableSecurities299

Purchases of Marketable Secutities299

Recognition of Investment Revenue300

Sales of Investments300

Adjusting Marketable Securities to Market Value301

Interest Revenue302

Reporting Investment Transactions in the FinancialStatements302

Supplemental Topic B:Notes Receivable and302

Nature of Interest303

Accounting for Notes Receivable303

The Decision of Whether to Accrue Interest305

End-of-Chapter Review306

Assignment Material311

8 Inventories and the Cost of Goods Sold328

8 Inventories and the Cost of Goods Sold328

Inventory Defined330

The Flow of Inventory Costs330

Which Unit Did We Sell?330

Data for an Illustrution331

Specific Identification332

Cost Flow Assumptions332

Average-Cost Method333

First-In,First-Out Method334

Last-In,First-Out Method334

Evaluation of the Methods335

Do Inventory Methods Really Affect Performance?337

The Principle of Consistency338

Taking a Physical Inventory339

Just-in-Time (JIT) Inventory Systems339

Recording Shrinkage Losses340

LCM and Other Write-Downs of Inventory341

The Year-End Cutoff of Transactions341

Periodic Inventory Systems342

Importance of an Accurate Valuation of Inventory345

Techniques for Estimating the Cost of Goods sold andthe Ending Inventory346

The Gross Profit Method347

The Retail Method347

Textbook Inventory Systems Can Be Modified...and They Often Are348

Evaluating the Liquidity of Inventory349

Inventory Turnover Rate349

Accounting Methods Can Affect Analytical Ratios350

Supplemental Topic:LIFO Reserves351

The Significance of a LIFO Reserve352

End-of-Chapter Review354

Assignment Material358

Guitar Universe,Inc.374

Comprehensive Problem 2—Guitar Universe,Inc.374

9 Plant Assets and Depreciation376

9 Plant Assets and Depreciation376

Plant Assets as a Stream of Future Services378

Major Categories of Plant Assets378

Accountable Events in the Lives of Plant Assets378

Acquisitions of Plant Assets378

Determining Cost:An Example379

Some Special Considerations379

Capital Expenditures and Revenue Expenditures380

Allocating the Cost of Plant and Equipment overthe Years of Use381

Depreciation381

Causes of Depreciation382

Methods of Computing Depreciation383

The Straight-Line Method384

The Declining-Balance Method386

MACRS:The Tax Method387

Which Depreciation Methods Do Most389

Businesses Use?389

Financial Statement Disclosures391

The Impairment of Plant Assets392

Disposal of Plant and Equipment392

Equipment393

Gains and Losses on Disposals of Plant and393

Gains and Losses for Income Tax Purposes394

Which Amounts Are Recorded in the Accounting395

Records?395

Trading in Used Assets for New Ones396

Characteristics397

Operating Expenses Versus Intangible Assets397

Intangible Assets397

Other Income Tax Reporting Obligations397

Amortization398

Goodwill398

Patents400

Trademarks and Trade Names401

Franchises401

Copyright © 2025  最新更新

Other Intangibles and Deferred Charges401

Research and Development(R D) Costs401

Natural Resources402

Accounting for Natural Resources402

A Common Goal403

Depreciation,Amortization,and Depletion—403

Plant Transactions and the Statement of Cash Flows403

The Units-of-Output Method404

Supplemental Topic:Other Depreciation Methods404

MACRS405

Sum-of-the-Years Digits405

Decelerated Depreciation Methods405

Depreciation Methods in Use:A Survey405

End-of-Chapter Review407

Assignment Material411

10 Liabilities424

10 Liabilities424

The Nature of Liabilities426

Accounts Payable427

Notes Payable427

Current Liabilities427

The Current Portion of Long-Term Debt428

Accrued Liabilities429

Payroll Liabilities429

Unearned Revenue430

Long-Term Liabilities430

Maturing Obligations Intended to Be Refinanced430

Installment Notes Payable431

Special Types of Liabilities433

Bonds Payable433

What Are Bonds?434

Tax Advantage of Band Financing436

Accounting for Bonds payable436

The Concept of Present Value438

Bond Prices After Issuance439

Early Retirement of Bonds Payable440

Capital Leases441

Lease Payment Obligations441

Operating Leases441

Liabilities for Pensions and Other PostretirementBenefits442

Deferred Income Taxes445

Liabilities and Cash Flows446

Evaluating the Safety of Creditors Claims447

How Much Debt Should a Business Have?448

Supplemental Topic A:Estimated Liabilities,Loss450

Estimated Liabilities450

Loss Contingencies450

Contingencies,and Commitments450

Commitments452

Supplemental Topic B:Bonds Issued at a Discount452

or a Premium452

Accounting for Bond Discount:An Illastration452

Accounting for Bond Premium454

Bond Discount and Premium in Perspective454

End-of-Chapter Review455

Assignment Material460

11 Stockholders Equity:Paid-in Capital474

11 Stockholders Equity:Paid-in Capital474

Corporations476

Why Businesses Incorporate476

Publicly Owned Corporations478

Formation of a Corporation478

Stockholder Records in a Corporation481

Paid-in Capital of a Corporation482

Authorization and Issuance of Capital Stock483

Common Stocks and Preferred Stocks484

Characteristics of Preferred Stock485

Subscriptions to Capital Stock488

Stock Issued for Assets Other Than Cash488

Donated Capital489

Book Value per Share of Common Stock489

Market Value490

Market Price of Preferred Stock491

Market Price of Common Stock492

Book Value and Market Price493

Stock Splits493

Treasury Stock494

Recording Purchases of Treasury Stock494

Reissuance of Treasiru Stock495

Stock Buyback Programs496

End-of-Chapter Review498

Assignment Material502

12 Income and Changes in Retained Earnings512

12 Income and Changes in Retained Earnings512

Reposing the Results of Operations514

Developing Predictive Information514

Reporting Irregular Items:An Illustration514

Continuing Operations515

Discontinued Operations515

Extraordinary Items516

Changes in Accounting Principles519

Earnings per Share (EPS)520

Basic and Diluted Earnings per Share522

Divideut Dates524

Cash Dividends524

Other Transactions Affecting Retained Earnings524

Liquidating Dividends525

Stock Dividends526

Statement of Retained Earnings528

Prior Period Adjustments529

Comprehensive Income530

Statement of Stockholders Equity531

Stockholders Equity Section of the Balance Sheet532

End-of-Chapter Review533

Assignment Material538

13 Statement of Cash Flows552

13 Statement of Cash Flows552

Statement of Cash Flows554

Example of a Statement of Cash Flows554

Purpose of the Statement554

Classification of Cash Flows555

Critical Importance of Cash Flows from OperatingActivities557

The Approach to Preparing a Statement of557

Cash Flows557

An Illustration558

Preparing a Statement of Cash Flows:558

Investing Activities559

Operating Activities559

Financing Activities561

Cash and Cash Equivalents561

Cash Flows from Operating Activities561

Cash Payments for Merchandise and for Expenses563

Differences Between Net Income and Net Cash566

Flows from Operating Activities566

Reporting Operating Cash Flows:The Direct566

and Indirect Methods566

Cash Flows from Investing Activities567

Cash Flows from Financing Activities568

Relationship Between the Statement of Cash Flowsand the Balance Sheet569

The Statement of Cash Flows:A Second Look570

Using the Statement of Cash Flows570

What Priority Should Managers Give to IncreasingNet Cash Flows?572

Budgeting:The Primary Cash Management Tool572

Managing Cash Flows572

Industries Incorporated572

Annotated Statement of Cash Flows:ABM572

Some Strategies for Permanent Improvements in574

Cash Flow574

Concluding Comments...576

Supplemental Topic A:The Indirect Method577

Comparison of the Direct and Indirect Methods577

Differences Between Net Income and Net Cash Flowsfrom Operating Activities578

Reconciling Net Income with Net Cash Flows578

The Indirect Method:A Summary580

Indirect Method May Be Required in580

a Supplementary Schedule580

Supplemental Topic B:A Worksheet for Preparing581

a Statement of Cash Flows581

Data for an Illustration581

The Worksheet582

Entry582

End-of-Chapter Review586

Assignment Material592

14 Financial Statement Analysis608

14 Financial Statement Analysis608

Financial Statements Are Designed for Analysis610

Tools of Analysis611

Dollar and Percentage Changes611

Trend Percentages612

Component Percentages613

Ratios614

Standards of Comparison614

Quality of Earnings615

Quality of Assets and the Relative Amount of Debt616

Impact of Inflation616

Measures of Liquidity and Credit Risk616

A Classified Balance Sheet616

Working Capital618

Current Ratio619

Quick Ratio619

Debt Ratio620

Evaluating Financial Ratios620

Concluding Comment—Solvency Credit Risk，622

and the Law622

Measures of Profitability623

Classifications in the Income Statement623

Some Specific Examples of Corporate Earnings623

and Losses623

Multiple-Step Income Statements624

Price-Earnings Ratio627

Earnings per Share627

Single-Step Income Statements628

Evaluating the Adequacy of Net Income629

Return on Investment(ROI)629

Return on Assets(ROA)629

Return on Equity(ROE)630

Comprehensive Illustration:Seacliff Company631

Analysis by Common Stockholders634

Return on Investmens(ROI)636

Leverage637

Analysis by Long-Term Creditors638

Analysis by Short-Term Creditors639

Cash Flow Anatysis642

Usefulness of Notes to Financial Statements643

Some Concluding Comments644

Sources of Financial Information644

Financial Analysis and Stock Price644

Summary of Analytical Measurements645

End-of-Chapter Review647

Assignment Material652

a Publicly Owned Corporation671

Part Ⅰ671

Comprehensive Problem 3—Toys R Us,Inc.671

Analysis of the Financial Statements of671

Comprehensive Problem 3 Toys R Us,Inc.671

Possible Credit Rating672

Part Ⅲ672

Part Ⅱ672

15 Global Business and Accounting674

15 Global Business and Accounting674

Globalization676

Environmental Forces Shaping Globalization678

Political and Legal Systems678

Economic Systems680

Culture681

Technology and Infrastructure683

Foreign Currencies and Exchange Rates685

Exchange Rates685

Accounting for Transactions with Foreign Companies686

Currency Fluctuations—Who Wins and Who Loses?690

Consolidated Financial Statements That IncludeForeign Subsidiaries691

Global Sourcing691

Foreign Corrupt Practices Act693

End-of-Chapter Review695

Assignment Material699

16 Management Accounting:A Business Partner708

16 Management Accounting:708

A Business Partner708

Management Accounting:Basic Framework710

Management Accounting s Role in Assigning710

Decision-Making Authority710

Management Accounting s Role in Decision Making710

Management Accounting s Role in Performance711

Evaluation and Rewards711

Accounting Systems:A Business Partner712

Accounting for Manufacturing Operations713

Classifications of Manufacturing Costs713

Product Costs Versus Period Costs713

Product Costs and the Matching Principle715

Inventories of a Manufacturing Business715

The Flow of Costs Parallels the Flow of PhysicalGoods716

Accounting for Manufacturing Costs:An Illustration716

Direct Materials717

Direct Labor718

Manufacturing Overhead718

Overhead Application Rates720

Direct and Indirect Manufacturing Costs720

What Drives Overhead Costs?722

Workin Process Inventory,Finished Goods Inventory,and the Cost of Goods Sold723

The Need for Per-Unit Cost Data724

Determining the Cost of Finished Goods Manufactured724

Financial Statements of a Manufacturing Company725

End-of-Chapter Review727

Assignment Material730

17 Accounting Systems for Measuring Costs746

17 Accounting Systems for Measuring Costs746

Cost Accounting Systems748

Basic Cost Accounting Methods749

Job Order Costing750

The Job Cost Sheet750

Accounting for Direct Materials751

Flow of Costs in Job Costing:An Illustration751

Accounting for Direct Labor Costs752

Accounting for Overhead Costs752

Accounting for Completed Jobs753

Job Order Costing in Service Industries755

Process Costing756

Work in Process Account—The Key to Process Costing756

Process Costing and Equivalent Units757

Cost per Equivalent Unit759

Flow of Costs in Process Costing:An Illustration761

Computing and Using Unit Costs762

Evalua tingDepartmental Efficiency763

Activity-Based Costing(ABC)763

ABC Versus a Single Application Rate:A Comparison764

Determining Unit Costs Using ABC770

The Trend Toward More Informative Cost771

Accounting Systems771

End-of-Chapter Review773

Assignment Material779

18 Costing and the Value Chain792

18 Costing and the Value Chain792

The Value Chain794

Value-and Non-Value-Added Activities794

Activity-Based Management795

Activity-Based Management Across the Value Chain796

ABC:A Subset of Activity-Based Management798

The Target Costing Process798

Components of the Target Costing Process799

Target Costing:An Illustration800

Characteristics of the Target Costing Process803

Just-in-Time Inventory Procedures803

JIT,Supplier Relationships,and Product Quality804

Measures of Efficiency in a JIT System805

A Concluding Comment805

Total Quality Management and the Value Chain806

Components of the Cost of Quality806

Measuring the Cost of Quality808

Productivity and Quality809

Managing Across the Value Chain809

End-of-Chapter Review810

Assignment Material814

19 Cost-Volume-Profit Analysis824

19 Cost-Volume-Profit Analysis824

Cost-Volume Relationships826

Cost-Volume Relationships:A Graphic Analysis827

The Behavior of Per-Unit Costs829

Economies of Scale830

Additional Cost Behavior patterns831

Cost Behavior and Operating Income832

Cost-Volume-Profit Analysis:An Illustration833

Preparing and Using a Cost-Volume-Profit Graph833

Contribution Margin:A Key Relationship835

How Many Dollars in Sales Must We Generate?836

How Many Units Must We Sell?836

What Is Our Margin of Safety?837

What Change in Operating Income Do We Anticipate?837

Business Applications of CVP837

Additional Considerations in CVP840

CVP Analysis When a Company Sells Many Products840

Determining Semivariable Cost Elements:841

The High-Low Method841

Assumptions Underlying Cost-Volume-Profit Analysis842

Sunmary of Basic Cost-Volume-Profit Relationships842

End-of-Chapter Review844

Assignment Material847

20 Incremental Analysis860

20 Incremental Analysis860

The Challenge of Changing Markets862

The Concept of Relevant Cost Information862

Relevant Information in Business Decisions863

Opportunity Costs864

Sunk Costs Versus Out-of-Pocket Costs864

Incremental Analysis in Common Business865

Decisions865

Special Order Decisions865

Production Constraint Decisions867

Make or Buy Decisions868

Sell,Scrap,or Rebuild Decisions870

Joint Product Decisions871

Concluding Comments872

End-of-Chapter Review874

Assignment Material877

Comprehensive Problem 4—Gilster Company887

Comprehensive Problem 4 The Gilster887

Company887

21 Responsibility Accounting and Performance890

Evaluation890

21 Responsibility Accounting and Performance Evaluation890

Responsibility Centers892

The Need for Information About Responsibility CenterPerformance892

Cost Centers,Profit Centers,and Investment Centers892

Responsibility Accounting Systems896

Responsibility Accounting:An Illustration896

Assigning Revenue and Costs to Business Centers896

Vorioble Costs898

Contribution Margin898

Fixed Costs898

Traceable Fixed Costs899

Common Fixed Costs899

Responsibility Margin900

When Is a Responsibility Center Unprofitable ?902

Evaluating Responsibility Center Managers902

Arguments Against Allocating Common Fixed Costs toBusiness Centers903

Transfer Prices903

Nonfinancial Objectives and Information905

Business Center Reporting in Financial Statements906

Supplemental Topic:Variable Costing907

Full Costing:The Traditional View of Product Costs907

Variable Costing:A Different View of Product Costs908

An Illustration of Variable Costing908

Fluctuation in the Level of Production911

Why Is Variable Costing Unacceptable for Use in914

Financial Statements and Income Tax Returns?914

End-of-Chapter Review915

Assignment Material918

22 Operational Budgeting930

22 Operational Budgeting930

Profit Rich,Yet Cash Poor932

Operating Cash Flows:The Lifeblood of Survival933

Budgeting:The Basis for Planning and Control934

Benefits Derived from Budgeting934

Establishing Budgeted Amounts935

The Budget Period935

The Master Budget:A Package of Related Budgets936

Steps in Preparing a Master Budget937

Preparing the Master Budget:An Illustration938

Operating Budget Estimates938

Budgeted Income Statement942

Financial Budget Estimates943

The Cash Budget948

Budgeted Balance Sheets948

Using Budgets Effectively948

Flexible Budgeting950

End-of-Chapter Review953

Assignment Material956

23 Standard Cost Systems968

23 Standard Cost Systems968

Establishing and Revising Standard Costs970

Standard Cost Systems970

Direct Material Standards971

Direct Labor Standards971

Manufacturing Overhead Standards971

Standard Costs and Variance Analysis:An Illustration972

Materials Price and Quantity Variances973

Labor Rate and Efficiency Variances975

Manufacturing Overhead Variances976

Valuation of Finished Goods979

Evaluating Cost Variances from Different Perspectives979

In Conclusion...981

A Final Note:JIT Systems and Variance Analysis982

End-of-Chapter Review983

Assignment Material986

Comprehensive Problem 5—Utease Corporation1000

Comprehensive Problem 5 Utease Corporation1000

24 Capital Budgeting1002

24 Capital Budgeting1002

Capital Investment Decisions1004

Financial and Nonfinancial Considerations1004

An Illustration1005

Evaluating Capital Investment Proposals:1005

Payback Period1006

Return on Average Investment1006

Discounting Future Cash Flows1007

Replacing Assets1010

Behavioral Considerations in Capital Budgeting1012

In Summary...1013

A Concluding Comment from the Authors1013

End-of-Chapter Review1014

Assignment Material1017

Appendix A Toys R Us Annual Report1029

APPENDIX A Annual Report of Toys R Us1029

APPENDIX B Exploring the Internet1056

Getting Started1056

Appendix B Exploring The Internet1056

Use of the Intemet in This Textbook1056

Internet Assignment Materials1057

The Concept1070

Amounts and Present Values1070

Relationships Between Present Values and FutureAmounts1070

APPENDIX C The Time Value of Money:Future1070

Appendix C The Time Value of Money:Future Amounts and Present Values1070

Compound Interest1071

Future Amounts1072

The Tables Approach1072

Applications of the Tune Value of Money Concept1072

The Future Amount of an Annuity1074

Interest Periods of Less Than One Year1075

Present Values1076

Using Present Value Tables1077

What Is the Appropriate Discount Rate?1077

The Present Value of an Annuity1078

Discount Periods of Less Than One Year1079

Interest-Bearing Receivables and Payables1080

Non-Interest-Bearing Notes1080

Valuation of Financial Instmments1080

Market Prices of Bonds1082

Capital Leases1082

Obligations for Postretirement Benefits1083

Deferred Income Taxes1084

Capital Budgeting:Another Application of PresentValue1084

Disclosure of Up-to-Date Present Value Information1084

Assignment Material1085

Index1089