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Introduction to Managerial Accounting 6th Edition Brewer Solutions Manual

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Categories: Accounting, Solutions Manual Tags: 6th Edition, Brewer, Garrison, Introduction to Managerial Accounting, Noreen, Solutions Manual

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Introduction to Managerial Accounting 6th Edition Brewer Solutions Manual

Product details:

ISBN-10 ‏ : ‎ 0077630319
ISBN-13 ‏ : ‎ 978-0077630317
Author: Peter C. Brewer

Introduction to Managerial Accounting, 6/e by Brewer/Garrison/Noreen is based on the market-leading text, Managerial Accounting, by Garrison, Noreen and Brewer. Brewer 6e is a briefer, more accessible, and thoroughly student-friendly text that satisfies the basic needs of the managerial accounting student without unnecessary depth on advanced topics associated with the follow-up course cost accounting/cost management. Faculty and students alike will find this new edition has retained the hallmark features of the Garrison brand: author-written supplements, excellent readability, terrific examples, and balanced end-of-chapter material. In addition, Connect Accounting for Brewer/Garrison/Noreen has been expanded with new learning resources for your students.

Table contents:

Chapter 1 An Introduction to Managerial Accounting
The Management Cycle and the Need for Managerial Accounting Information
Strategy
Planning
Implementation
Control
Financial and Managerial Accounting
For the Managers
Emphasis on the Future
Relevance and Flexibility of Data
Emphasis on Timeliness
Focus on Segments of an Organization
Regulation
Managerial Accounting—Not Mandatory
Are Financial and Managerial Accounting Independent?
Increased Relevance of Managerial Accounting
Globalization
The Lean Business Model
Just-in-Time
The JIT Approach
Zero Defects and JIT
Total Quality Management
The Plan–Do–Check–Act Cycle
Process Reengineering
The Theory of Constraints
An Example of TOC
TOC and Continuous Improvement
Ethical Responsibility and Corporate Governance
Professional Ethics
Corporate Governance
Implications of the Changing Business Environment on Managerial Accounting
Organization of the Text
Learning Objectives Summary
Questions
Exercises
Problems
Appendix 1A: Code of Ethics for Professional Accountants—International Federation of Accountants
PART I: PRODUCT AND SERVICE COSTING
Chapter 2 Cost Concepts
Why Cost Classification Is Important to Managers
Cost Classification by Behaviour
Variable Cost
Fixed Cost
Cost Classification by Traceability
Direct Cost
Indirect Cost
Cost Classification by Relevance
Differential Cost and Revenue
Opportunity Cost
Sunk Cost
Cost Classification by Function
Manufacturing Costs
Nonmanufacturing Costs
Product Costs Versus Period Costs
Product Costs
Period Costs
Cost Classifications on Financial Statements
The Balance Sheet
The Income Statement
Schedule of Cost of Goods Manufactured
Product Costs—A Closer Look
An Example of Cost Flows
Cost Classification Summary
Learning Objectives Summary
Application Competency Summary
Review Problem 1: Cost Terms
Review Problem 2: Schedule of Cost of Goods Manufactured and Income Statement
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
Chapter 3 Systems Design: Job-Order Costing
The Purpose of Costing Systems
Types of Costing Systems
Job Shops and Job-Order Costing
Flow Shops and Process Costing
Approaches to Costing—Key Management Decisions
Absorption Versus Variable Costing Approaches
Normal Versus Actual Costing Approaches
Overhead Cost Allocation Approaches
An Overview of Job-Order Costing—Determining the Cost of a Specific Job
Measuring Direct Materials Cost
Job Cost Sheet
Measuring Direct Labour Cost
Application of Overhead
Choice of an Allocation Base for Overhead Cost
Computation of Job Costs
Cost Flows in a Job-Order System
The Purchase and Issue of Materials
Labour Cost
Manufacturing Overhead Costs
Cost of Goods Manufactured
Cost of Goods Sold
Summary of Manufacturing Cost Flows
Under- and Overapplied Overheads
Causes of Under- and Overapplied Overheads
Disposition of Under- or Overapplied Overhead Balances
Multiple Predetermined Overhead Rates
Nonmanufacturing Costs
Learning Objectives Summary
Application Competency Summary
Review Problem: Job-Order Costing
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
Chapter 4 Process Costing
Comparison of Job-Order and Process Costing
Similarities Between Job-Order and Process Costing
Differences Between Job-Order and Process Costing
Process Cost Flows
The Flow of Materials, Labour, and Overhead Costs
Materials, Labour, and Overhead Cost Entries
Product Cost Categories in a Process Costing System
Measuring Production Volume in a Process Costing Environment: The Quantity Schedule
The Flow of Physical Units
Challenge of Measuring Production Activity: Whole Units Versus Partially Completed Units
The Concept of Degree of Completion
Equivalent Units of Production
The Quantity Schedule
Product Costing in a Process Costing Environment: The Weighted Average Cost Method
Measuring Production Activity—WACM
Cost per Equivalent Unit—WACM
Cost Accounting—WACM Approach
The Production Report: WACM
Product Costing in a Process Costing Environment—FIFO Approach
Costs to Allocate: FIFO
Measuring the Volume of Production—FIFO
Cost per Equivalent Unit: FIFO
Cost Accounting—FIFO Approach
Production Report—The FIFO Method
A Comparison of Costing Methods
The Logic of the WACM Calculation of Cost per EU
WACM and FIFO Method: A Summary
Learning Objectives Summary
Application Competency Summary
Review Problem: Process Cost Flows and Reports
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
Chapter 5 Activity-Based Costing
Assigning Overhead Costs to Cost Objects
Plantwide Overhead Rate
Departmental Overhead Rate
Activity-Based Costing
Designing an Activity-Based Costing System
Step 1: Identify Activities and Create an Activity Dictionary
Step 2: Create Activity Cost Pools
Step 3: Identify the Resources Consumed by Individual Activity Cost Pools
Step 4: Identify the Activity Measure for Each Activity Cost Pool
Step 5: Estimate the Total Activity Volume for Each Measure
Step 6: Compute a Predetermined Activity Rate for Each Activity Cost Pool
Step 7: Allocate Activity Costs to Desired Cost Objects
Using Activity-Based Costing
The Traditional Costing System
The ABC System
Computing Product Costs
Comparison of the Two Approaches
Activity-Based Costing in Nonmanufacturing Functions and Organizations
Examples of Using Activity-Based Costing in Allocating Nonmanufacturing Costs
Example of Using Activity-Based Costing in Service Companies
Evaluating Activity-Based Costing
Benefits of Activity-Based Costing
Limitations of Activity-Based Costing
Learning Objectives Summary
Application Competency Summary
Review Problem: Activity-Based Costing
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
PART II: PLANNING AND DECISION MAKING
Chapter 6 Cost Behaviour: Analysis and Use
Types of Cost Behaviour Patterns
Variable Costs
True Variable Versus Step-Variable Costs
The Linearity Assumption and the Relevant Range
Fixed Costs
Types of Fixed Costs
Fixed Costs and the Relevant Range
Mixed Costs
The Analysis of Mixed Costs
Nonquantitative Approaches to Cost Analysis
Quantitative Approaches to Cost Analysis
The High–Low Method
The Scattergraph Method
The Least-Squares Regression Method
Comparing the Three Methods
Contribution Margin
Learning Objectives Summary
Application Competency Summary
Review Problem 1: Cost Behaviour
Review Problem 2: High–Low Method
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
Chapter 7 Budgeting
Budgets
Responsibility for Budgets
Advantages of Budgeting
An Overview of the Master Budget
Choosing a Budget Period
Zero-Based Budgeting
Budgeting
Preparing the Master Budget
The Sales Budget
The Production Budget
Inventory Purchases—Merchandising Firm
The Direct Materials Budget
The Direct Labour Budget
The Manufacturing Overhead Budget
The Ending Finished Goods Inventory Budget
The Selling and Administrative Expense Budget
The Cash Budget
The Budgeted Income Statement
The Budgeted Balance Sheet
Master Budget for a Merchandise Company
Practical Issues in Budgeting
Organizational and Financial Control Using Budgets
Beyond Budgeting
Learning Objectives Summary
Application Competency Summary
Review Problem 1: Budget Schedules
Review Problem 2: Comprehensive Budget Preparation
Review Problem 3: Interest Calculations in a Cash Budget
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
Chapter 8 Cost–Volume–Profit Relationships
The Basics of CVP Analysis
The Contribution Margin Income Statement
Contribution Margin and CVP Analysis
Contribution Margin Ratio and CVP Analysis
CVP Relationships in Equation Form
CVP Relationships in Graphical Form
Assumptions of CVP Analysis
Some Applications of CVP Concepts
Example 1: Increase in Fixed Cost, Leading to an Increase in Sales Volume
Example 2: Increase in Unit Variable Costs, Leading to an Increase in Sales Volume
Example 3: Increase in Fixed Cost, Decrease in Selling Price, Leading to an Increase in Sales Volume
Example 4: Increase in Variable Cost per Unit and Decrease in Fixed Cost, Leading to an Increase in
Example 5: Calculation of Selling Price to Meet Profit Target
Importance of the Contribution Margin
Break-Even Analysis
Break-Even Computations
Target Profit Analysis
The Effect of Income Tax
The Margin of Safety
CVP Considerations in Choosing a Cost Structure
Cost Structure and Profit Stability
Operating Leverage
Learning Objectives Summary
Application Competency Summary
Review Problem 1: CVP Relationships
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
Chapter 9 Relevant Costs: The Key to Decision Making
Cost Concepts for Decision Making
Identifying Relevant Costs and Benefits
Common Mistakes to Avoid in Relevant Cost Analysis
Adding and Dropping Product Lines and Other Segments
An Illustration of Cost Analysis
Beware of Allocated Fixed Costs
The Make-or-Buy Decision
Opportunity Cost
Special Orders
Pricing New Products: Target Costing
Utilization of a Constrained Resource
Contribution in Relation to a Constrained Resource
Managing Constraints
Joint Product Costs and the Contribution Approach
Sell-or-Process-Further Decisions
Learning Objectives Summary
Application Competency Summary
Review Problem 1: Relevant Costs
Review Problem 2: Adding a Product Line
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
Chapter 10 Capital Budgeting Decisions
Capital Budgeting—Planning Investments
Typical Capital Budgeting Decisions
The Time Value of Money
The Net Present Value Method
Emphasis on Cash Flows
Simplifying Assumptions
Choosing a Discount Rate
Financing-Related Cash Flows
An Extended Example of the Net Present Value Method
Expanding the Net Present Value Method
The Total Cost Approach
The Incremental Cost Approach
Least-Cost Decisions
Preference Decisions—The Ranking of Investment Projects
The Internal Rate of Return Method
Calculating the Internal Rate of Return of a Project
Interpretation and Use of the IRR
Comparison of the IRR and NPV Methods
Other Approaches to Capital Budgeting Decisions
The Payback Method
Payback and Uneven Cash Flows
An Extended Example of Payback
Evaluation of the Payback Method
The Simple Rate of Return Method
Criticisms of the SRR Method
Postaudit of Investment Projects
Learning Objectives Summary
Application Competency Summary
Review Problem: Comparison of Capital Budgeting Methods
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
PART III: PERFORMANCE MANAGEMENT
Chapter 11 Standard Costs and Variance Analysis
Standard Costs
The Standard Cost Card
Ideal Versus Practical Standards
Setting Direct Materials Standards
Setting Direct Labour Standards
Setting Variable Manufacturing Overhead Standards
Preparing the Standard Cost Card
The Static Budget
Preparing the Static Budget
Calculating the Budgeted Variable Manufacturing Costs: Two Alternative Cost Formulas
Static Budget Performance Report
The Flexible Budget
Preparing the Flexible Budget for Evaluating Actual Performance
Comparing the Flexible Budget and the Static Budget: Sales Volume Variances
The Flexible Budget Performance Report: Flexible Budget Variances
Flexible Budget Variance Analysis: Price and Quantity Variances
A General Model for Standard Cost Flexible Budget Variance Analysis
Variance Analysis: Direct Materials Variances
Direct Materials Price Variance When the Quantity Purchased Does Not Equal the Quantity Used
Management Control Using Direct Materials Variances
Variance Analysis—Direct Labour Variances
Direct Labour Rate Variance
Labour Efficiency Variance
Variance Analysis—Variable Overhead Variances
Variable Overhead Spending (Rate) Variance
Variable Overhead Efficiency Variance
Summary of Variable Cost Variances
Fixed Overhead Cost Variances
The Nature of Fixed Costs of Manufacturing
Control of Fixed Overhead Costs
Fixed Overhead Budget Variance
Overhead Application in a Standard Costing System and the Volume Variance
Volume Variance for Colonial Pewter
Interpretation of the Volume Variance
A Note on the Denominator Activity Level
Overhead Variances and Under- or Overapplied Overhead Cost
The Flexible Budget Cost Variance Analysis Report
Standard Costing and Variance Analysis in an Activity-Based Costing Environment
Variance Analysis and Management by Exception
Evaluation of Controls Based on Standard Costs
Advantages of Standard Costs
Potential Problems With Standard Costs
Learning Objectives Summary
Application Competency Summary
Review Problem 1: Standard Costs and Variance Analysis
Review Problem 2: Overhead Cost Variances
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
Chapter 12 Organizational Structure and Performance Measurement
Decentralization in Organizations
Advantages and Disadvantages of Decentralization
Responsibility Centres
An Example of Responsibility Centres
Segmented Reporting
Measuring and Controlling Investment Centre Performance
Measuring Performance: The Return on Investment Formula
Controlling the Rate of Return
The ROI Levers for Controlling Performance: The DuPont Approach
Increase Sales to Improve ROI
Reduce Expenses to Improve ROI
Reduce Assets to Improve ROI
Criticisms of ROI
Residual Income—Another Measure of Investment Centre Performance
Motivation and Residual Income
Divisional Comparison and Residual Income
Computing Profitability of Non-Revenue-Generating Segments
Multi-Dimensional Performance Measurement: The Balanced Scorecard
Learning Objectives Summary
Application Competency Summary
Review Problem: Return on Investment and Residual Income
Questions
The Foundational 15
Brief Exercises
Exercises
Problems
Building Your Skills
Chapter Sources
Index

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