Principles of Cost Accounting

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ISBN: 9780324191691 | 0324191693
Cover: Hardcover
Copyright: 3/8/2004

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Summary

Supplemental Materials

This book provides readers with a thorough, but concise, understanding of concepts, behavior, and accounting techniques applicable to manufacturing cost systems.

Chapter 1 Introduction to Cost Accounting

(50)

Uses of Cost Accounting Data

(4)

Determining Product Costs and Pricing

Planing and Control

Professional Ethics and CMA Certification

Relationship of Cost Accounting to Financial and Managerial Accounting

(3)

Cost of Goods Sold

Inventories

Elements of Manufacturing Costs

(2)

Direct Materials

Direct Labor

Factory Overhead

Summary of Manufacturing Costs

Illustration of Accounting for Manufacturing Costs

(10)

Flow of Costs

Cost Accounting Systems

(28)

Special Order

Continuous or Mass Production

Combination of Systems

Standard Costing

Illustration of a Job Order Cost System

Work in Process Control Account

Work in Process in the Manufacturing Statement

Basic Cost System

Journal Entries

Financial Statements

Chapter 2 Accounting for Materials

(48)

Materials Control

(5)

Physical Control of Materials

Controlling the Investment in Materials

Materials Control Procedures

(8)

Materials Control Personnel

Control During Procurement

Control During Storage and Issuance

Accounting For Materials

(11)

Determining the Cost of Materials Issued

Accounting Procedures

Just-in-Time Materials Control

(23)

JIT and Cost Control

JIT and Cost Flows

Chapter 3 Accounting for Labor

(36)

Scrap, Spoiled Goods, and Defective Work

(21)

Scrap Materials

Spoiled and Defective Work

Wage Plans

100

(2)

Hourly Rate Plan

Piece-Rate Plan

Modified Wage Plans

Controlling Labor Cost

102

(4)

Labor Time Records

Payroll Function

Accounting for Labor Costs and Employers' Payroll Taxes

106

(7)

Employers' Payroll Taxes

Illustration of Accounting for Labor Costs

Payroll Accrual

113

(3)

Special Labor Cost Problems

116

(19)

Shift Premium

Employee Pension Costs

Bonuses

Vacation and Holiday Pay

Accounting for Bonuses, Vacations, and Holiday Pay

Chapter 4 Accounting for Factory Overhead

135

(56)

Identifying Cost Behavior Patterns

136

(1)

Analyzing Semivariable Factory Overhead Costs

137

(5)

Observation Method

High-Low Method

Scattergraph Method

Limitations of High-Low and Statistical Scattergraph Methods

Budgeting Factory Overhead Costs

142

(1)

Accounting for Actual Factory Overhead

143

(5)

Factory Overhead Analysis Spreadsheets

Schedule of Fixed Costs

General Factory Overhead Expenses

Summary of Factory Overhead

Distributing Service Department Expenses

148

(6)

Applying Factory Overhead to Production

154

(5)

Direct Labor Cost Method

Direct Labor Hour Method

Machine Hour Method

Activity-Based Costing Method

Accounting for Actual and Applied Factory Overhead

159

(32)

Chapter 5 Process Cost Accounting-General Procedures

191

(40)

Comparison of Basic Cost Systems

192

(1)

Materials and Labor Costs

Product Cost In a Process Cost System

193

(1)

Factory Overhead Costs

Nondepartmentalized Factory

Work in Process Inventories

194

(3)

Departmentalized Factory

Cost of Production Summary-One Department, No Beginning Inventory

197

(2)

Cost of Production Summary-One Department, Beginning Inventory

199

(2)

Cost of Production Summary-Multiple Departments, No Beginning Inventory

201

(9)

Cost of Production Summary-Multiple Departments, Beginning Inventory

210

(7)

Changes in Prior Department's Unit Transfer Costs

217

(14)

Cost of Production Summary, Two Departments

Chapter 6 Process Cost Accounting-Additional Procedures: Accounting for Joint Products and By-Products

231

(42)

Equivalent Production-Materials Not Uniformly Applied

232

(7)

Illustrative Problem No. 1

Illustrative Problem No. 2

Illustrative Problem No. 3

Units Lost in Production

239

(2)

Units Gained in Production

241

(2)

Equivalent Production-First-In, First-out Method

243

(7)

Illustrative Problem No. 1

Illustrative Problem No. 2

Joint Products and By-Products

250

(23)

Accounting for Joint Products

Accounting for By-Products

Chapter 7 The Master Budget and Flexible Budgeting

273

(32)

Preparing the Master Budget

274

(1)

Principles of Budgeting

274

(10)

Sales Budget

Production Budget

Direct Materials Budget

Direct Labor Budget

Factory Overhead Budget

Cost of Goods Sold Budget

Selling and Administrative Expenses Budget

Budgeted Income Statement

Other Budgets

Flexible Budgeting

284

(3)

Evaluating Budget Performance

Preparing the Flexible Budget

Preparing a Performance Report Based on Flexible Budgeting

Preparing the Flexible Budget for Factory Overhead

287

(18)

Using the Flexible Budget

Semifixed and Semivariable Costs

Service Department Budgets and Variances

Summary of the Budgeting Process

Chapter 8 Standard Cost Accounting-Materials, Labor and Factory Overhead

305

(56)

Types of Standards

306

(1)

Standard Cost Procedures

307

(1)

Determination of Standard Costs for Materials and Labor

Determination of Variances

308

(4)

Recording Standard Costs for Materials and Labor

Accounting for Variances

312

(3)

Alternative Method of Recording Materials Cost

Disposition of Standard Cost Variances

Analysis of Variances

315

(4)

Features of Standard Cost Accounting

319

(1)

Illustration of Standard Cost in a Departmentalized Factory

320

(6)

Analysis of Factory Overhead Standard Cost Variances

326

(1)

Two-Variance Method of Analysis

327

(4)

Four-Variance Method of Analysis

331

(2)

Appendix: Four-Variance and Three-Variance Methods of Analysis

Three-Variance Method of Analysis

333

(28)

Chapter 9 Cost Accounting for Service Businesses

361

(22)

Job Order Costing for Service Businesses

362

(3)

Job Cost Sheet for a Service Business

Choosing the Cost Allocation Base

Tracing Direct Costs to the Job

Cost Performance Report

Budgeting for Service Businesses

365

(4)

The Revenue Budget

The Labor Budget

The Overhead Budget

The Other Direct Expenses Budget

The Budgeted Income Statement

Activity-Based Costing in a Service Firm

369

(3)

Converting Indirect Costs to Direct Costs

Multiple Indirect Cost Pools

Job Cost Sheet-Activity-Based Costing

Allocations using Simplified Costing Versus Activity-Based Costing

372

(11)

Chapter 10 Cost Analysis for Management Decision Making

383

(40)

Variable Costing and Absorption Costing

384

(4)

Product Costs Versus Period Costs

Illustration of Variable and Absorption Costing Methods

Merits and Limitations of Variable Costing

388

(1)

Segment Reporting for Profitability Analysis

389

(2)

Cost-Volume-Profit Analysis

391

(7)

Break-Even Analysis

Break-Even Chart

Break-Even Analysis for Management Decisions

Effect of Sales Mix on Break-Even Analysis

Contribution Margin Ratio and Margin of Safety

398

(1)

Effect of Income Tax on Break-Even Point and Net Income

399

(1)

Differential Analysis

400

(3)

Accept or Reject a Special Order

Make or Buy

Distribution Costs

403

(20)

Glossary

423

(10)

Index

433

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Principles of Cost Accounting

Summary

Table of Contents

Supplemental Materials