Test Bank for Managerial Accounting: Tools for Business Decision Making (8th Edition) by Jerry J. Weygandt

  • ISBN-10:  1119390389 / ISBN-13:  9781119390381
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    • Edition: 8th Edition
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    Table of contents:

    1 Managerial Accounting 1-1
    Just Add Water . . . and Paddle: Current Designs 1-1
    Managerial Accounting Basics 1-3
    Comparing Managerial and Financial Accounting 1-3
    Management Functions 1-3
    Organizational Structure 1-4
    Managerial Cost Concepts 1-7
    Manufacturing Costs 1-7
    Product Versus Period Costs 1-8
    Illustration of Cost Concepts 1-9
    Manufacturing Costs in Financial Statements 1-10
    Income Statement 1-11
    Cost of Goods Manufactured 1-11
    Cost of Goods Manufactured Schedule 1-12
    Balance Sheet 1-13
    Managerial Accounting Today 1-14
    Service Industries 1-14
    Focus on the Value Chain 1-15
    Balanced Scorecard 1-17
    Business Ethics 1-17
    Corporate Social Responsibility 1-18
    2 Job Order Costing 2-1
    Profiting from the Silver Screen: Disney 2-1
    Cost Accounting Systems 2-3
    Process Cost System 2-3
    Job Order Cost System 2-3
    Job Order Cost Flow 2-4
    Accumulating Manufacturing Costs 2-5
    Assigning Manufacturing Costs 2-7
    Raw Materials Costs 2-8
    Factory Labor Costs 2-10
    Predetermined Overhead Rates 2-12
    Entries for Jobs Completed and Sold 2-15
    Assigning Costs to Finished Goods 2-15
    Assigning Costs to Cost of Goods Sold 2-16
    Summary of Job Order Cost Flows 2-17
    Job Order Costing for Service Companies 2-18
    Advantages and Disadvantages of Job Order Costing 2-19
    Applied Manufacturing Overhead 2-20
    Under- or Overapplied Manufacturing Overhead 2-21
    3 Process Costing 3-1
    The Little Guy Who Could: Jones Soda 3-1
    Overview of Process Cost Systems 3-3
    Uses of Process Cost Systems 3-3
    Process Costing for Service Companies 3-4
    Similarities and Differences Between Job Order Cost and Process Cost Systems 3-4
    Process Cost Flow and Assigning Costs 3-6
    Process Cost Flow 3-6
    Assigning Manufacturing Costs—Journal Entries 3-6
    Equivalent Units 3-9
    Weighted-Average Method 3-9
    Refinements on the Weighted-Average Method 3-10
    The Production Cost Report 3-12
    Compute the Physical Unit Flow (Step 1) 3-13
    Compute the Equivalent Units of
    Production (Step 2) 3-13
    Compute Unit Production Costs (Step 3) 3-14
    Prepare a Cost Reconciliation Schedule (Step 4) 3-15
    Preparing the Production Cost Report 3-15
    Costing Systems—Final Comments 3-16
    Appendix 3A: FIFO Method for Equivalent Units 3-19
    Equivalent Units Under FIFO 3-19 Comprehensive Example 3-20
    FIFO and Weighted-Average 3-24
    4 Activity-Based Costing 4-1
    Precor Is on Your Side: Precor 4-1
    Traditional vs. Activity-Based Costing 4-3
    Traditional Costing Systems 4-3
    Illustration of a Traditional Costing System 4-3
    The Need for a New Approach 4-4
    Activity-Based Costing 4-4
    ABC and Manufacturers 4-7
    Identify and Classify Activities and Allocate Overhead to Cost Pools (Step 1) 4-7
    Identify Cost Drivers (Step 2) 4-8
    Compute Activity-Based Overhead Rates (Step 3) 4-8
    Assign Overhead Costs to Products (Step 4) 4-9
    Comparing Unit Costs 4-10
    ABC Benefits and Limitations 4-12
    The Advantage of Multiple Cost Pools 4-12
    The Advantage of Enhanced Cost Control 4-13
    The Advantage of Better Management Decisions 4-15
    Some Limitations and Knowing When to Use ABC 4-16
    ABC and Service Industries 4-17
    Traditional Costing Example 4-18
    Activity-Based Costing Example 4-18
    Appendix 4A: Just-in-Time Processing 4-22
    Objective of JIT Processing 4-23
    Elements of JIT Processing 4-23
    Benefits of JIT Processing 4-23
    5 Cost-Volume-Profit 5-1
    Don’t Worry—Just Get Big: 5-1
    Cost Behavior Analysis 5-2
    Variable Costs 5-3
    Fixed Costs 5-3
    Relevant Range 5-5
    Mixed Costs 5-6
    Mixed Costs Analysis 5-7
    High-Low Method 5-7
    Importance of Identifying Variable and Fixed Costs 5-9
    Cost-Volume-Profit Analysis 5-10
    Basic Components 5-10
    CVP Income Statement 5-11
    Break-Even Analysis 5-14
    Mathematical Equation 5-15
    Contribution Margin Technique 5-15
    Graphic Presentation 5-16
    Target Net Income and Margin of Safety 5-18
    Target Net Income 5-18
    Margin of Safety 5-20
    Appendix 5A: Regression Analysis 5-22
    6 Cost-Volume-Profit Analysis:Additional Issues 6-1
    Not Even a Flood Could Stop It: Whole Foods Market 6-1
    Basic CVP Concepts 6-3
    Basic Concepts 6-3
    Basic Computations 6-3
    CVP and Changes in the Business
    Environment 6-5
    Sales Mix and Break-Even Sales 6-8
    Break-Even Sales in Units 6-8
    Break-Even Sales in Dollars 6-9
    Sales Mix with Limited Resources 6-12
    Operating Leverage and Profitability 6-14
    Effect on Contribution Margin Ratio 6-15
    Effect on Break-Even Point 6-15
    Effect on Margin of Safety Ratio 6-16
    Operating Leverage 6-16
    Appendix 6A: Absorption Costing vs. Variable Costing 6-19
    Example Comparing Absorption Costing with Variable Costing 6-19
    Net Income Effects 6-21
    Decision-Making Concerns 6-25
    Potential Advantages of Variable Costing 6-27
    7 Incremental Analysis 7-1
    Keeping It Clean: Method Products 7-1
    Decision-Making and Incremental Analysis 7-3
    Incremental Analysis Approach 7-3
    How Incremental Analysis Works 7-4
    Qualitative Factors 7-5
    Relationship of Incremental Analysis and Activity-Based Costing 7-5
    Types of Incremental Analysis 7-6
    Special Orders 7-6
    Make or Buy 7-8
    Opportunity Cost 7-9
    Sell or Process Further 7-10
    Single-Product Case 7-11
    Multiple-Product Case 7-11
    Repair, Retain, or Replace Equipment 7-14
    Eliminate Unprofitable Segment or Product 7-15
    8 Pricing 8-1
    They’ve Got Your Size—and Color: 8-1
    Target Costing 8-3
    Establishing a Target Cost 8-4
    Cost-Plus and Variable-Cost Pricing 8-5
    Cost-Plus Pricing 8-5
    Limitations of Cost-Plus Pricing 8-7
    Variable-Cost Pricing 8-8
    Time-and-Material Pricing 8-10
    Transfer Prices 8-13
    Negotiated Transfer Prices 8-14
    Cost-Based Transfer Prices 8-17
    Market-Based Transfer Prices 8-18
    Effect of Outsourcing on Transfer Pricing 8-18
    Transfers Between Divisions in Diff erent Countries 8-19
    Appendix 8A: Absorption-Cost and Variable-Cost Pricing 8-21
    Absorption-Cost Pricing 8-21
    Variable-Cost Pricing 8-23
    Appendix 8B: Transfers Between Divisions in Different Countries 8-24
    9 Budgetary Planning 9-1
    What’s in Your Cupcake?: BabyCakes NYC 9-1
    Effective Budgeting and the Master Budget 9-3
    Budgeting and Accounting 9-3
    The Benefits of Budgeting 9-3
    Essentials of Eff ective Budgeting 9-3
    The Master Budget 9-6
    Sales, Production, and Direct Materials Budgets 9-8
    Sales Budget 9-8
    Production Budget 9-9
    Direct Materials Budget 9-10
    Direct Labor, Manufacturing Overhead, and S&A Expense Budgets 9-13
    Direct Labor Budget 9-13
    Manufacturing Overhead Budget 9-14
    Selling and Administrative Expense Budget 9-15
    Budgeted Income Statement 9-15
    Cash Budget and Budgeted Balance Sheet 9-17
    Cash Budget 9-17
    Budgeted Balance Sheet 9-20
    Budgeting in Nonmanufacturing Companies 9-22
    Merchandisers 9-22
    Service Companies 9-23
    Not-for-Profit Organizations 9-24
    10 Budgetary Control and Responsibility Accounting 10-1
    Pumpkin Madeleines and a Movie: Tribeca Grand Hotel 10-1
    Budgetary Control and Static Budget Reports 10-3
    Budgetary Control 10-3
    Static Budget Reports 10-4
    Flexible Budget Reports 10-6
    Why Flexible Budgets? 10-7
    Developing the Flexible Budget 10-9
    Flexible Budget—A Case Study 10-9
    Flexible Budget Reports 10-11
    Responsibility Accounting and Responsibility Centers 10-13
    Controllable versus Noncontrollable Revenues and Costs 10-15
    Principles of Performance Evaluation 10-15
    Responsibility Reporting System 10-17
    Types of Responsibility Centers 10-18
    Investment Centers 10-22
    Return on Investment (ROI) 10-23
    Responsibility Report 10-23
    Judgmental Factors in ROI 10-24
    Improving ROI 10-24
    Appendix 10A: ROI vs. Residual Income 10-28
    Residual Income Compared to ROI 10-28
    Residual Income Weakness 10-29
    11 Standard Costs and Balanced Scorecard 11-1
    80,000 Different Caffeinated Combinations: Starbucks 11-2
    Overview of Standard Costs 11-3
    Distinguishing Between Standards and Budgets 11-4
    Setting Standard Costs 11-4
    Direct Materials Variances 11-7
    Analyzing and Reporting Variances 11-7
    Calculating Direct Materials Variances 11-9
    Direct Labor and Manufacturing Overhead Variances 11-11
    Direct Labor Variances 11-11
    Manufacturing Overhead Variances 11-14
    Variance Reports and Balanced Scorecards 11-16
    Reporting Variances 11-16
    Income Statement Presentation of Variances 11-16
    Balanced Scorecard 11-17
    Appendix 11A: Standard Cost Accounting System 11-21
    Journal Entries 11-21
    Ledger Accounts 11-23
    Appendix 11B: Overhead Controllable and Volume Variances 11-24
    Overhead Controllable Variance 11-24
    Overhead Volume Variance 11-25
    12 Planning for Capital Investments 12-1
    Floating Hotels: Holland America Line 12-2
    Capital Budgeting and Cash Payback 12-3
    Cash Flow Information 12-3
    Illustrative Data 12-4
    Cash Payback 12-4
    Net Present Value Method 12-6
    Equal Annual Cash Flows 12-7
    Unequal Annual Cash Flows 12-8
    Choosing a Discount Rate 12-9
    Simplifying Assumptions 12-9
    Comprehensive Example 12-10
    Capital Budgeting Challenges and Refinements 12-11
    Intangible Benefits 12-11
    Profitability Index for Mutually Exclusive Projects 12-13
    Risk Analysis 12-14
    Post-Audit of Investment Projects 12-15
    Internal Rate of Return 12-16
    Comparing Discounted Cash Flow Methods 12-17
    Annual Rate of Return 12-18
    13 Statement of Cash Flows 13-1
    Got Cash?: Microsoft 13-1
    Usefulness and Format of the Statement of Cash Flows 13-3
    Usefulness of the Statement of Cash Flows 13-3
    Classification of Cash Flows 13-3
    Significant Noncash Activities 13-4
    Format of the Statement of Cash Flows 13-5
    Preparing the Statement of Cash Flows—Indirect Method 13-6
    Indirect and Direct Methods 13-7
    Indirect Method—Computer Services Company 13-7
    Step 1: Operating Activities 13-9
    Summary of Conversion to Net Cash Provided by Operating Activities—Indirect Method 13-12
    Step 2: Investing and Financing Activities 13-13
    Step 3: Net Change in Cash 13-14
    Analyzing the Statement of Cash Flows 13-17
    Free Cash Flow 13-17
    Appendix 13A: Statement of Cash Flows—Direct Method 13-19
    Step 1: Operating Activities 13-19
    Step 2: Investing and Financing Activities 13-25
    Step 3: Net Change in Cash 13-26
    Appendix 13B: Worksheet for the Indirect Method 13-26
    Preparing the Worksheet 13-27
    Appendix 13C: Statement of Cash Flows—T-Account Approach 13-31
    14 Financial Analysis: The Big Picture 14-1
    It Pays to Be Patient: Warren Buffett 14-1
    Sustainable Income and Quality of Earnings 14-3
    Sustainable Income 14-3
    Quality of Earnings 14-7
    Horizontal Analysis and Vertical Analysis 14-9
    Horizontal Analysis 14-10
    Vertical Analysis 14-12
    Ratio Analysis 14-14
    Liquidity Ratios 14-15
    Solvency Ratios 14-16
    Profitability Ratios 14-16
    Comprehensive Example of Ratio Analysis 14-17
    Appendix A Time Value of Money A-1
    Interest and Future Values A-1
    Nature of Interest A-1
    Future Value of a Single Amount A-3
    Future Value of an Annuity A-5
    Present Value A-7
    Present Value Variables A-7
    Present Value of a Single Amount A-7
    Present Value of an Annuity A-9
    Time Periods and Discounting A-11
    Present Value of a Long-Term Note or Bond A-11
    Capital Budgeting Situations A-14
    Using Financial Calculators A-15
    Present Value of a Single Sum A-16
    Present Value of an Annuity A-17
    Future Value of a Single Sum A-17
    Future Value of an Annuity A-17
    Internal Rate of Return A 18
    Useful Applications of the Financial Calculator A-18
    Cases for Managerial Decision-Making
    (The full text of these cases is available in WileyPLUS.)
    Company Index I-1
    Subject Index I-3


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