Essential Concepts And Examples Second Edition Steven M Bragg-Books Pdf

Essential Concepts and Examples Second Edition Steven M Bragg
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Copyright 2011 by Steven M Bragg All rights reserved. Published by Steven M Bragg Centennial Colorado, No part of this publication may be reproduced stored in a retrieval system or transmitted in any form or by any means. except as permitted under Section 107 or 108 of the 1976 United States Copyright Act without the prior written permission. of the Publisher Requests to the Publisher for permission should be addressed to Steven M Bragg 6727 E Fremont Place. Centennial CO 80112, Limit of Liability Disclaimer of Warranty While the publisher and author have used their best efforts in preparing this book. they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and. specifically disclaim any implied warranties of merchantability or fitness for a particular purpose No warranty may be. created or extended by written sales materials The advice and strategies contained herein may not be suitable for your. situation You should consult with a professional where appropriate Neither the publisher nor author shall be liable for any. loss of profit or any other commercial damages including but not limited to special incidental consequential or other. ISBN 13 978 0 9800699 1 4, Printed in the United States of America. Course Information, Course Title Cost Accounting Fundamentals. Learning Objectives, Describe the situations in which we use cost accounting.
Describe the role of the cost accountant, Explain how and when to compile inventory costs using different costing methodologies. Describe when to use job costing and how to compile the cost of a job. Describe when to use process costing and how to use the various methods for compiling process. Describe when to use standard costing create standard costs and calculate variances from stand. Describe the various methods for allocating joint costs as well as the proceeds from by products. Explain the proper accounting for various types of spoilage rework and scrap. Explain the types of costs to include in the formulation of a product price and the circumstances. under which these costs may be included or excluded. Demonstrate how to use cost accounting in the development of new products. Describe how transfer pricing works and the impact of using different transfer pricing methods. Explain how direct costing can be used as an analysis tool. Demonstrate how activity based costing can be used as an analysis tool. Describe the concept of the constraint and how to use constraint analysis to properly analyze. various management decisions, Explain the various methods for reviewing a capital budgeting proposal. Demonstrate how to create a cost accumulation system. Describe the variability of costs under different circumstances. Explain the types of quality costs and how to accumulate them. Prerequisites None, Program Level Overview, Program Content Cost Accounting Fundamentals addresses all aspects of cost accounting including. how to compile inventory costs when to use job costing process costing and standard costing and how. to allocate joint costs We also explain how to use cost accounting in the development of new products. and their prices as well as how to conduct analyses with direct costing activity based costing and. constraint analysis, Advance Preparation None, Recommended CPE Credit 16 hours. Table of Contents, Chapter 1 Overview of Cost Accounting 1.
Introduction 1, Financial Reporting 1, Management Reporting 1. Problem Resolution 3, Price Setting 4, Cost Investigation 4. Budget Formulation 5, Constraint Analysis 6, Cost Accumulation Systems 6. Review Questions 8, Review Answers 9, Chapter 2 The Cost Accountant Job Description 10. Introduction 10, To Whom Does the Cost Accountant Report 10.
What Are the Principal Accountabilities of the Cost Accountant 10. What Are the Qualifications of a Cost Accountant 12. Who Does the Cost Accountant Supervise 12, Summary 13. Review Questions 14, Review Answers 15, Chapter 3 Inventory Valuation 16. Introduction 16, Valuation Step 1 The Quantity of Inventory on Hand 16. The Periodic Inventory System 16, The Perpetual Inventory System 17. The Gross Profit Method 18, Valuation Step 2a Inventory Costing 19.
The First In First Out Method 19, The Last In First Out Method 20. The Weighted Average Method 22, Standard Costing 23. The Retail Inventory Method 23, Valuation Step 2b Inventory Costing 24. Job Costing 24, Process Costing 24, By Product and Joint Product Costing 24. Valuation Step 3 Overhead Allocation 25, Valuation Step 4 Inventory Valuation 27.
The Lower of Cost or Market Rule 28, Obsolete Inventory Accounting 29. Summary 30, Review Questions 31, Review Answers 32. Chapter 4 Job Costing 34, Introduction 34, Overview of Job Costing 34. When Not to Use Job Costing 35, Accounting for Direct Materials in Job Costing 35. Accounting for Labor in Job Costing 36, Accounting for Actual Overhead Costs in Job Costing 37.
Accounting for Standard Overhead Costs in Job Costing 38. The Importance of Closing a Job 39, The Role of the Subsidiary Ledger in Job Costing 39. Job Costing Controls 40, Summary 41, Review Questions 42. Review Answers 43, Chapter 5 Process Costing 45, Introduction 45. Overview of Process Costing 45, The Weighted Average Method 45. The Standard Costing Method 47, The First In First Out Method 48.
The Hybrid Accounting System 50, Process Costing Journal Entries 51. Problems With Process Costing 52, Summary 52, Review Questions 54. Review Answers 55, Chapter 6 Standard Costing 57, Introduction 57. Overview of Standard Costing 57, Advantages of Standard Costing 57. Disadvantages of Standard Costing 58, How to Create a Standard Cost 59.
Historical Attainable and Theoretical Standards 60. How to Account for Standard Costs 60, Overview of Variances 61. The Purchase Price Variance 62, Material Yield Variance 63. Labor Rate Variance 63, Labor Efficiency Variance 64. Variable Overhead Spending Variance 65, Variable Overhead Efficiency Variance 65. Fixed Overhead Spending Variance 66, Selling Price Variance 67.
Sales Volume Variance 67, Problems with Variance Analysis 68. The Controllable Variance 69, The Favorable or Unfavorable Variance 69. Where to Record a Variance 69, Which Variances to Report 70. How to Report Variances 71, Summary 71, Review Questions 72. Review Answers 73, Chapter 7 Joint and By Product Costing 75.
Introduction 75, Split Off Points and By Products 75. Why We Allocate Joint Costs 76, How to Allocate Joint Costs 76. How to Determine Prices 77, Special Concerns With By Product Costing 78. Summary 78, Review Questions 79, Review Answers 80. Chapter 8 Waste Accounting 82, Introduction 82, Definition of Spoilage 82.
Accounting for Normal Spoilage 82, Accounting for Abnormal Spoilage 84. Accounting for the Sale of Spoilage 84, Cost Allocation to Spoilage 84. Definition of Rework 85, Reporting Rework 85, Accounting for Rework 86. Definition of Scrap 86, Accounting for Scrap 86, Impact of Waste on Manufacturing Systems 87. Summary 88, Review Questions 89, Review Answers 90.
Chapter 9 Product Pricing 91, Introduction 91, What Does This Cost 91. The Issue of Pricing Duration 92, The Issue of Overhead Costs 93. The Issue of Overhead Application 94, Corporate Overhead Costs 96. What Does This Cost Part Two 98, The Issue of the Bottleneck 98. What Does This Cost Part Three 99, Summary 100, Review Questions 101.
Review Answers 102, Chapter 10 Target Costing 104, Introduction 104. The Basic Steps of Target Costing 104, Value Engineering Considerations 105. The Cost Reduction Program 106, The Milestone Review Process 107. Problems with Target Costing 107, The Members of a Design Team 108. The Role of the Cost Accountant in Target Costing 108. Data Sources for Target Costing 109, The Product Life Cycle and Target Costing 110.
Summary 110, Review Questions 112, Review Answers 113. Chapter 11 Transfer Pricing 114, Introduction 114, Overview of Transfer Pricing 114. Market Price Basis for Transfer Pricing 115, Adjusted Market Price Basis for Transfer Pricing 116. Negotiated Basis for Transfer Pricing 116, Contribution Margin Basis for Transfer Pricing 117. Cost Plus Basis for Transfer Pricing 117, Cost Anomalies in a Cost Based Transfer Price 118.
Pricing Problems Caused by Transfer Pricing 118, The Tax Impact of Transfer Prices 119. Summary 121, Review Questions 122, Review Answers 123. Chapter 12 Direct Costing 125, Introduction 125, Overview of Direct Costing 125. Contribution Margin Versus Gross Margin 126, Direct Costing as an Analysis Tool 127. Direct Costing Pitfalls 131, Summary 133, Review Questions 135.
Review Answers 136, Chapter 13 Activity Based Costing 137. Introduction 137, The Problem With Overhead Allocation 137. Overview of Activity Based Costing 139, Activity Based Management 144. Advantages of Activity Based Costing 145, Problems with Activity Based Costing 147. The Incremental Cost Reduction Fallacy 149, The Bill of Activities 150.
System Scope Issues 150, System Integration Issues 151. Summary 151, Review Questions 153, Review Answers 154. Chapter 14 Constraint Analysis 155, Introduction 155. Constraint Analysis Operational Terminology 155, Overview of Constraint Analysis 155. The Cost of the Bottleneck 157, Local Optimization 158.
Constraint Analysis Financial Terminology 159, Constraint Analysis from a Financial Perspective 159. The Constraint Analysis Model 160, The Decision to Sell at a Lower Price 162. The Decision to Outsource Production 162, The Capital Investment Decision 163. The Decision to Cancel a Product 164, Comparison of ABC to Constraint Analysis 165. Summary 166, Review Questions 167, Review Answers 168.
Chapter 15 Capital Budgeting Analysis 169, Introduction 169. Overview of Capital Budgeting 169, Bottleneck Analysis 170. Net Present Value Analysis 171, The Payback Method 172. Capital Budget Proposal Analysis 173, The Outsourcing Decision 174. The Capital Budgeting Application Form 175, The Post Installation Review 178.
The Lease Versus Buy Decision 178, Summary 180, Review Questions 181. Review Answers 182, Chapter 16 Cost Collection Systems 183. Introduction 183, Data Entry Accuracy 183, Data Entry with Bar Codes 184. Data Entry with Radio Frequency Identification RFID 185. Document Imaging 186, Special Considerations for Labor Tracking 188. The Duration of Cost Collection 191, The Chart of Accounts 191.
Other Sources of Cost Information 195, Summary 197. Review Questions 198, Review Answers 199, Chapter 17 Cost Variability 200. Introduction 200, Mixed Costs 200, Labor Based Fixed Costs 201. Costs Based on Purchase Quantities 202, Costs Based on Production Batch Sizing 203. Cost Based on Step Costs 204, Time Based Costs 204.
Experience Based Costs 205, Incorporating Cost Variability into Reports 207. Summary 208, Review Questions 210, Review Answers 211. Chapter 18 Cost of Quality 213, Introduction 213, Types of Quality 213. Costs Impacted by Quality 214, Reporting on the Cost of Quality 215. Summary 217, Review Questions 218, Review Answers 219.
Glossary 220, Appendix Selected Topics 223, What is Actual Costing 223. What is an Avoidable Cost 224, What is a Burden Rate 224. What is a Committed Cost 224, What are Conversion Costs 225. What is a Deferred Cost 225, What is a Differential Cost 225. What is a Direct Cost 226, What is a Discretionary Cost 226.
What is an Expired Cost 227, What is Historical Cost 227. What is an Indirect Cost 227, What is an Irrelevant Cost 228. What is Marginal Cost 228, What is Normal Costing 228. What is a Period Cost 229, What is Replacement Cost 229. What is a Step Cost 229, What is a Sunk Cost 230, What is a Traceable Cost 230.
Cost Accounting Fundamentals describes the key cost accounting concepts that most concern the. practicing cost accountant illustrates them with numerous examples and adds review questions and. answers to improve comprehension The book is designed for both professional accountants and stu. dents since both can benefit from its detailed descriptions of inventory valuation methods product. pricing techniques cost analysis methods and more Cost Accounting Fundamentals addresses five. major cost accounting topics which are, Part I Job Overview Chapters 1 and 2 describe the nature of cost accounting and the details of. the cost accountant job description, Part II Inventory Valuation Chapters 3 through 8 describe the various methods used to value. inventory including job costing process costing standard costing joint and by product costing. and accounting for waste products, Part III Product Pricing Chapters 9 through 11 describe the contribution of cost accounting to. product pricing including a lengthy discussion of how much a product costs for pricing purpos. es how target costing works and the mechanics of transfer pricing. Part IV Cost Analysis Methods Chapters 12 through 15 address a number of analysis methods. including direct costing activity based costing constraint analysis and capital budgeting analy. Cost Accounting Fundamentals addresses five major cost accounting topics which are Part I Job Overview Chapters 1 and 2 describe the nature of cost accounting and the details of the cost accountant job description Part II Inventory Valuation Chapters 3 through 8 describe the various methods used to value

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