Principles of Accounting, 12th Edition PDF by Belverd E. Needles, Marian Powers, and Susan V. Crosson

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Principles of Accounting, 12th Edition
By Belverd E. Needles, Marian Powers, and Susan V. Crosson
Principles of Accounting, 12th Edition

Contents

CHAPTER 1 Accounting Principles and the Financial Statements 1
BUSINESS INSIGHT KEEP-FIT CENTER 1
Concepts Underlying Accounting
Measurement 2
Financial and Managerial Accounting 2
Accounting Measurement 3
Forms of Business Organization 4
Concepts Underlying Financial Position 6
Assets 6
Liabilities 6
Owner’s Equity 7
Financial Statements 8
Income Statement 8
Statement of Owner’s Equity 8
Balance Sheet 8
Statement of Cash Flows 10
Relationships Among the Financial
Statements 11
Generally Accepted Accounting Principles 12
GAAP and the Independent CPA’s Report 12
Organizations That Issue Accounting Standards 13
Other Organizations That Influence GAAP 13
Professional Conduct 14
Decision Makers: The Users of Accounting
Information 15
Management 15
Users with a Direct Financial Interest 15
Users with an Indirect Financial Interest 16
Governmental and Not-for-Profit Organizations 16
Business Goals and Activities 17
Financial Analysis 18
Ethical Financial Reporting 19
TriLevel Problem 20
Chapter Rev iew 22
Chapter Assignments 24
 
CHAPTER 2 Analyzing and Recording Business Transactions 39
BUSINESS INSIGHT PAWS AND HOOFS CLINIC 39
Concepts Underlying Business
Transactions 40
Recognition 40
Valuation 40
Classification 41
Double-Entry System 42
Accounts 42
Chart of Accounts 42
The T Account 44
Rules of Double-Entry Accounting 44
Normal Balance 45
Owner’s Equity Accounts 45
The Accounting Cycle 46
Business Transaction Analysis 47
Summary of Transactions 54
The Trial Balance 56
Preparation and Use of a Trial Balance 56
Finding Trial Balance Errors 57
Recording and Posting Transactions 58
General Journal 58
General Ledger 59
Some Notes on Presentation 60
Ethical Financial Reporting and Business
Transactions 62
Recognition 62
Cash Flows and the Timing of
Transactions 63
TriLevel Problem 65
Chapter Rev iew 68
Chapter Assignments 69
 
CHAPTER 3 Adjusting the Accounts
BUSINESS INSIGHT RELIABLE ANSWERING SERVICE 85
Concepts Underlying Income
Measurement 86
Net Income 86
Income Measurement Assumptions 87
Concepts Underlying Accrual Accounting 88
Recognizing Revenues 88
Recognizing Expenses 89
The Adjustment Process 90
Type 1 Adjustment: Allocating Recorded Costs
(Deferred Expenses) 91
Type 2 Adjustment: Recognizing Unrecorded
Expenses (Accrued Expenses) 94
Type 3 Adjustment: Allocating Recorded,
Unearned Revenues (Deferred Revenues) 96
Type 4 Adjustment: Recognizing Unrecorded,
Earned Revenues (Accrued Revenues) 97
A Note About Business Transactions 98
Using the Adjusted Trial Balance to Prepare
Financial Statements 99
Adjusting Entries and the Financial
Statements 101
Net Income: Ethical Measurement and Cash
Flows 102
Ethical Considerations for Business 102
Using Accrual-Based Information to Make
Management Decisions 103
TriLevel Problem 104
Chapter Rev iew 108
Chapter Assignments 110
 
CHAPTER 4 Completing the Accounting Cycle
BUSINESS INSIGHT SPEEDY MOV ERS 131
Concepts Underlying Closing
Entries 132
Closing Entries 132
Preparing Closing Entries 134
Step 1: Closing the Credit Balances 135
Step 2: Closing the Debit Balances 136
Step 3: Closing the Income Summary
Account Balance 138
Step 4: Closing the Withdrawals Account
Balance 139
The Accounts After Closing 140
Reversing Entries: An Optional First
Step 141
The Work Sheet: An Accountant’s Tool 143
Preparing the Work Sheet 143
Closing Entries and the Financial
Statements 146
The Importance of the Work Sheet and
Closing Entries for Managers 148
Using the Work Sheet 148
TriLevel Problem 149
Chapter Rev iew 151
Chapter Assignments 152
 
CHAPTER 5 Foundations of Financial Reporting and the Classified
Balance Sheet 169
BUSINESS INSIGHT SURF-WITH-PARK COMPANY 169
Concepts Underlying Financial
Reporting 170
Objective of Financial Reporting 170
Qualitative Characteristics of Accounting
Information 171
Accounting Conventions 172
Ethical Financial Reporting 174
Classified Balance Sheet 175
Assets 175
Liabilities 177
Owner’s Equity 178
Overview of Classified Balance Sheet Accounts 179
Using Classified Financial Statements 180
Evaluation of Liquidity 180
Evaluation of Profitability 181
TriLevel Problem 188
Chapter Rev iew 191
Chapter Assignments 192
 
CHAPTER 6 Accounting for Merchandising Operations
BUSINESS INSIGHT MINK COMPANY 205
Concepts Underlying Merchandising
Accounting 206
Forms of the Income Statement 208
Multistep Income Statement 208
Single-Step Income Statement 211
Terms of Sale 212
Sales and Purchases Discounts 212
Transportation Costs 213
Terms of Debit and Credit Card Sales 214
Perpetual Inventory System 215
Purchases of Merchandise 215
Sales of Merchandise 217
Periodic Inventory System 221
Purchases of Merchandise 222
Sales of Merchandise 224
Merchandising Transactions and the
Financial Statements 227
The Operating Cycle and Foreign
Business Transactions 228
Operating Cycle 228
Foreign Business Transactions 229
TriLevel Problem 231
Chapter Rev iew 234
Chapter Assignments 235
SUPPLEMENT TO CHAPTER 6: Special–Purpose Journals 249
Sales Journal 249
Purchases Journal 252
Cash Receipts Journal 254
Cash Payments Journal 257
General Journal 259
CHAPTER ASSIGNMENTS 260
CHAPTER 7 Inventories 263
BUSINESS INSIGHT GRABS COMPANY 263
Concepts Underlying Inventory
Accounting 264
Accrual Accounting and Valuation of
Inventories 264
Goods Flow and Cost Flows 265
Conservatism and the Lower-of-Cost-or-Market
(LCM) Rule 265
Disclosure of Inventory Methods 266
Summary of Inventory Decisions 266
Inventory Cost Under the Periodic
Inventory System 268
Specific Identification Method 268
Average-Cost Method 269
First-In, First-Out (FIFO) Method 269
Last-In, First-Out (LIFO) Method 270
Summary of Inventory Costing Methods 271
Impact of Inventory Decisions 272
Effects on the Financial Statements 272
Effects on Income Taxes 273
Effects on Cash Flows 273
Inventory Cost Under the Perpetual
Inventory System 274
Specific Identification Method 274
Average-Cost Method 275
FIFO Method 275
LIFO Method 276
Summary of Inventory Costing Methods 276
Valuing Inventory by Estimation 277
Retail Method 277
Gross Profit Method 278
Inventory and the Financial Statements 278
Management Issues Related to
Inventory 280
Evaluating the Level of Inventory 280
Inventory Management 281
Effects of Inventory Misstatements on Income
Measurement 282
TriLevel Problem 284
Chapter Rev iew 287
Chapter Assignments 288
CHAPTER 8 Cash and Internal Control
BUSINESS INSIGHT SUNG’S GRILL 301
Concepts Underlying Internal Control 302
The Need for Internal Controls 302
Components of Internal Control 303
Control Activities 303
Internal Control and Achieving Control
Objectives 304
Limitations on Internal Control 305
Internal Control over Merchandising
Transactions 306
Control of Cash Receipts 307
Control of Purchases and Cash Disbursements 307
Cash Equivalents and Cash Control 311
Cash Equivalents 311
Cash Control Methods 312
Petty Cash Funds 314
Establishing the Petty Cash Fund 314
Making Disbursements from the Petty Cash
Fund 315
Reimbursing the Petty Cash Fund 315
Internal Control and the Financial
Statements 317
Management Issues Related to Internal
Control 318
Management’s Responsibility for Internal
Control 318
Independent Accountant’s Audit of Internal
Control 318
TriLevel Problem 319
Chapter Rev iew 320
Chapter Assignments 322
CHAPTER 9 Receivables 335
BUSINESS INSIGHT SMART COMPUTER COMPANY 335
Concepts Underlying Notes and Accounts
Receivable 336
Accounts Receivable 336
Notes Receivable 337
The Allowance Method: Using Accrual Accounting
to Value Receivables 338
Disclosure of Receivables 339
Uncollectible Accounts 340
Percentage of Net Sales Method 340
Accounts Receivable Aging Method 341
Comparison of the Two Methods 343
Writing Off Uncollectible Accounts 344
Common Calculations for Notes
Receivable 345
Maturity Date 346
Duration of a Note 346
Interest 346
Maturity Value 347
Accrued Interest 347
Dishonored Note 347
Receivables and the Financial Statements 348
Evaluating the Level of Accounts Receivable
and Ethical Ramifications 349
Receivables Turnover 349
Days’ Sales Uncollected 350
Financing Receivables 350
Ethics and Estimates in Accounting for
Receivables 352
TriLevel Problem 353
Chapter Rev iew 355
Chapter Assignments 356
CHAPTER 10 Long-Term Assets 367
BUSINESS INSIGHT NEIGHBORHOOD CARRIERS 367
Concepts Underlying Long-Term Assets 368
Classification, Accrual Accounting, and Disclosure
of Long-Term Assets 368
Valuation and Disclosure of Long-Term Assets 369
Recognition of the Acquisition Cost of Long-Term
Assets 370
Acquisition Cost of Property, Plant, and
Equipment 372
Specific Applications of Determining the
Acquisition Cost of Property, Plant, and
Equipment 372
Depreciation 374
Factors in Computing Depreciation 375
Methods of Computing Depreciation 375
Special Issues in Determining Depreciation 379
Disposal of Depreciable Assets 380
Discarded Plant Assets 380
Plant Assets Sold for Cash 381
Exchanges of Plant Assets 383
Natural Resources 384
Depletion 384
Depreciation of Plant Assets Related to Natural
Resources 385
Development and Exploration Costs in the Oil and
Gas Industry 385
Intangible Assets 386
Research and Development Costs 389
Computer Software Costs 389
Goodwill 390
Long-Term Assets and the Financial
Statements 390
Management Decisions Relating to
Long-Term Assets 392
Acquiring and Financing Long-Term Assets 392
Ethics in Acquiring and Financing Long-Term
Assets 393
TriLevel Problem 394
Chapter Rev iew 396
Chapter Assignments 398
CHAPTER 11 Current Liabilities and Fair Value Accounting 409
BUSINESS INSIGHT TERESA’S FITNESS CENTER 409
Concepts Underlying Current Liabilities 410
Recognition 410
Valuation 410
Classification 410
Disclosure 411
Common Types of Current Liabilities 412
Definitely Determinable Liabilities 412
Estimated Liabilities 420
Contingent Liabilities and
Commitments 424
Valuation Approaches to Fair Value
Accounting 425
Interest, the Time Value of Money, and Future
Value 426
Present Value 427
Present Value of an Ordinary Annuity 429
Applications Using Present Value 430
Valuing an Asset at Present Value 431
Present Value of a Deferred Payment 431
Other Applications 432
Current Liabilities and the Financial
Statements 432
Business Issues Related to Current
Liabilities 433
Working Capital and the Current Ratio 433
Evaluating Accounts Payable 433
TriLevel Problem 436
Chapter Rev iew 438
Chapter Assignments 439
CHAPTER 12 Accounting for Partnerships 451
BUSINESS INSIGHT ANKIN AND KENT
PARTNERSHIP 451
Concepts Underlying Partnerships 452
Characteristics of Partnerships 452
Advantages and Disadvantages of Partnerships
Summarized 453
Advantages of Partnerships 453
Disadvantages of Partnerships 453
Accounting for Partners’ Equity 454
Distribution of Partnership Income and
Losses 455
Stated Ratios 456
Capital Balance Ratios 456
Salaries, Interest, and Stated Ratios 458
Dissolution of a Partnership 461
Admission of a New Partner 461
Withdrawal of a Partner 465
Death of a Partner 467
Liquidation of a Partnership 467
Gain on Sale of Assets 468
Loss on Sale of Assets 470
The Balance Sheet and Partner’s Equity 472
Alternate Forms of Partnership-Type
Entities 474
Limited Partnerships and Joint Ventures 474
Limited Partnerships 474
Joint Ventures 474
Companies That Look Like Partnerships 475
TriLevel Problem 476
Chapter Rev iew 478
Chapter Assignments 480
CHAPTER 13 Accounting for Corporations 491
BUSINESS INSIGHT VIETECHA, INC. 491
Concepts Underlying the Corporate
Form of Business 492
The Corporate Form of Business 492
Advantages and Disadvantages of
Incorporation 493
Equity Financing 494
Components of Stockholders’
Equity 496
Characteristics of Preferred Stock 498
Issuance of Common Stock 500
Accounting for Par Value Stock 501
No-Par Stock 502
Issuance of Stock for Noncash Assets 503
Accounting for Treasury Stock 505
Purchase of Treasury Stock 505
Sale of Treasury Stock 506
Retirement of Treasury Stock 508
Accounting for Cash Dividends 510
Stock Dividends and Stock Splits 513
Stock Dividends 513
Stock Splits 515
The Statement of Stockholders’ Equity and
Book Value per Share 516
Statement of Stockholders’ Equity 516
Book Value per Share 518
Stockholders’ Equity and the Financial
Statements 518
Evaluating Dividend Policies, Company
Performance, and Stock Options 520
Dividend Yield 520
Return on Equity 520
Price-Earnings Ratio 521
Cash Flow Information 522
Stock Options as Compensation 522
TriLevel Problem 523
Chapter Rev iew 525
Chapter Assignments 527
CHAPTER 14 Long-Term Liabilities 545
BUSINESS INSIGHT SWAN MANUFACTURING
COMPANY 545
Concepts Underlying Long-Term
Liabilities 546
Recognition 546
Valuation 546
Classification 546
Disclosure 546
Types of Long-Term Debt 546
The Nature of Bonds 549
Bond Issue: Prices and Interest Rates 549
Characteristics of Bonds 550
Accounting for the Issuance of Bonds 551
Bonds Issued at Face Value 551
Bonds Issued at a Discount 552
Bonds Issued at a Premium 554
Bond Issue Costs 554
Using Present Value to Value a Bond 555
Amortization of Bond Discounts and
Premiums 557
Amortizing a Bond Discount 557
Amortizing a Bond Premium 562
Retirement and Conversion of Bonds 566
Retirement of Bonds 566
Conversion of Bonds 567
Other Bonds Payable Issues 568
Sale of Bonds Between Interest Dates 568
Year-End Accrual of Bond Interest Expense 570
Long-Term Leases 572
Pension Liabilities 576
Long-Term Liabilities and the Financial
Statements 576
Management Issues Related to Long-Term
Debt Financing 578
Evaluating the Decision to Issue Long-Term
Debt 578
Evaluating Long-Term Debt 579
Interest Coverage Ratio 580
Cash Flow Information 581
TriLevel Problem 581
Chapter Rev iew 584
Chapter Assignments 586
CHAPTER 15 The Statement of Cash Flows 601
BUSINESS INSIGHT DELIGA CORPORATION 601
Concepts Underlying the Statement of Cash
Flows 602
Relevance of the Statement of Cash Flows 602
Classification of Cash Flows 603
Required Disclosure of Noncash Investing and
Financing Transactions 605
Alternate Presentations of Operating Activities 605
Step One: Determining Cash Flows from
Operating Activities 607
Depreciation, Amortization, and Depletion 609
Gains and Losses 610
Changes in Current Assets 610
Changes in Current Liabilities 611
Schedule of Cash Flows from Operating
Activities 613
Step Two: Determining Cash Flows from
Investing Activities 614
Investments 615
Plant Assets 615
Step Three: Determining Cash Flows from
Financing Activities 618
Bonds Payable 618
Common Stock 618
Retained Earnings 619
Treasury Stock 619
Step Four: Preparing the Statement of Cash
Flows 620
Cash Flows and the Financial Statements 621
Analyzing Cash Flows 622
Cash Flow Ratios 622
Free Cash Flow 624
Asking the Right Questions About the Statement
of Cash Flows 625
Ethical Considerations in Analyzing the Statement
of Cash Flows 626
TriLevel Problem 627
Chapter Rev iew 631
Chapter Assignments 632
SUPPLEMENT TO CHAPTER 15: THE DIRECT METHOD OF PREPARING THE STATEMENT OF CASH FLOWS 649
Determining Cash Flows from Operating
Activities 649
Cash Receipts from Sales 650
Cash Receipts from Interest and Dividends 650
Cash Payments for Purchases 650
Cash Payments for Operating Expenses 651
Cash Payments for Interest 652
Cash Payments for Income Taxes 652
Compiling the Statement of Cash Flows 652
CHAPTER 16 Financial Statement Analysis 659
BUSINESS INSIGHT MEDICAL INVESTMENTS 659
Concepts Underlying Financial Performance
Measurement 660
Standards of Comparison 661
Sources of Information 662
Tools and Techniques of Financial
Analysis 664
Horizontal Analysis 664
Trend Analysis 666
Vertical Analysis 667
Financial Ratio Analysis 670
Comprehensive Illustration of Financial
Ratio Analysis 670
Evaluating Profitability and Total Asset
Management 671
Evaluating Liquidity 673
Evaluating Financial Risk 675
Evaluating Operating Asset Management 677
Supplemental Financial Ratios for Assessing
Operating Asset Management and Liquidity 679
Evaluating Market Strength with Financial
Ratios 680
Financial Statement Analysis and
Performance Assessment 681
Evaluating Quality of Earnings 683
Accounting Methods 683
Accounting Estimates 684
One-Time Items 685
Management Compensation 687
TriLevel Problem 688
Chapter Rev iew 693
Chapter Assignments 694
SUPPLEMENT TO CHAPTER 16: HOW TO READ AN ANNUAL REPORT 715
The Components of an Annual Report 715
Letter to the Shareholders 715
Financial Highlights 715
Description of the Company 716
Management’s Discussion and Analysis 716
Financial Statements 716
Notes to the Financial Statements 720
Statements of Management’s Responsibilities 722
Auditors’ Reports 722
Excerpts from CVS Caremark Corporation’s
2011 Annual Report 725
Excerpts from Southwest Airlines Co.’s
2011 Annual Report 747
CHAPTER 17 Managerial Accounting and Cost Concepts 759
BUSINESS INSIGHT CHOICE CANDY COMPANY 759
The Role of Managerial Accounting 760
Managerial Accounting and Financial Accounting:
A Comparison 760
Concepts Underlying Costs 761
Cost Recognition 761
Cost Measurement 762
Financial Reporting 763
Cost Behavior 764
Value-Adding versus Non-Value-Adding Costs 765
Inventory Accounts in Manufacturing
Organizations 766
Document Flows and Cost Flows Through the
Inventory Accounts 766
The Manufacturing Cost Flow 768
Financial Statements and the Reporting of
Costs 771
Income Statement and Accounting for
Inventories 771
Statement of Cost of Goods Manufactured 773
Cost of Goods Sold and a Manufacturer’s Income
Statement 774
Measurement of Product Costs 775
Computing Product Unit Cost 775
Product Cost Measurement Methods 775
Computing Service Unit Cost 776
Managerial Accounting and the Management
Process 777
Evaluating 779
Communicating 779
Standards of Ethical Conduct 780
TriLevel Problem 782
Chapter Rev iew 785
Chapter Assignments 787
CHAPTER 18 Costing Systems: Job Order Costing 803
BUSINESS INSIGHT CUSTOM GOLF CARTS, INC. 803
Concepts Underlying Product Costing
Systems 804
Job Order and Process Costing Systems 804
Job Order Costing in a Manufacturing
Company 805
Materials 805
Labor 807
Overhead 808
Completed Units 809
Sold Units 809
A Job Order Cost Card and the
Computation of Unit Cost 810
A Manufacturer’s Job Order Cost Card 810
Computation of Unit Cost 810
Job Order Costing in a Service
Organization 811
Cost Allocation 813
Allocating the Costs of Overhead 814
Actual Cost of Goods Sold or Cost of Sales 815
Allocating Overhead: The Traditional
Approach 817
Allocating Overhead: The ABC Approach 817
Product Unit Cost Information and the
Management Process 818
Planning 818
Performing 818
Evaluating 818
Communicating 818
Supporting the Management
Process 819
TriLevel Problem 820
Chapter Rev iew 823
Chapter Assignments 825
CHAPTER 19 Costing Systems: Process Costing 843
BUSINESS INSIGHT MILK PRODUCTS COMPANY 843
Concepts Underlying the Process Costing
System 844
Patterns of Product Flows and Cost Flow
Methods 845
Cost Flows Through the Work in Process Inventory
Accounts 846
Computing Equivalent Production 846
Equivalent Production for Direct Materials 847
Equivalent Production for Conversion Costs 848
Summary of Equivalent Production 848
Preparing a Process Cost Report Using the
FIFO Costing Method 849
Accounting for Units 851
Accounting for Costs 852
Assigning Costs 852
Process Costing for Two or More Production
Departments 854
Preparing a Process Cost Report Using the
Average Costing Method 856
Accounting for Units 856
Accounting for Costs 857
Assigning Costs 858
The Management Process and the Process
Costing System 861
TriLevel Problem 862
Chapter Rev iew 865
Chapter Assignments 867
CHAPTER 20 Valued-Based Systems: Activity-Based Costing
and Lean Accounting 881
BUSINESS INSIGHT BEAN BAG CONVERTIBLES, INC. 881
Concepts Underlying Value-Based
Systems 882
Value Chain Analysis 882
Supply Chains 882
Using Information from Value Chains and Supply
Chains 883
Process Value Analysis 883
Value-Adding and Non-Value-Adding Activities 883
Activity-Based Management 885
Activity-Based Costing 885
The Cost Hierarchy and the Bill of Activities 885
The New Operating Environment and Lean
Operations 889
Just-In-Time (JIT) 889
Continuous Improvement of the Work
Environment 891
Accounting for Product Costs in a JIT Operating
Environment 891
Backflush Costing 892
Cost Flows in Traditional and Backflush
Costing 893
Management Tools for Continuous
Improvement 896
Total Quality Management 896
Theory of Constraints 896
Comparison of ABM and Lean Operations 896
TriLevel Problem 899
Chapter Rev iew 902
Chapter Assignments 903
CHAPTER 21 Cost-Volume-Profit Analysis
BUSINESS INSIGHT MY MEDIA PLACE 921
Concepts Underlying Cost Behavior 922
Cost Behavior 922
Mixed Costs and the Contribution Margin
Income Statement 927
The Scatter Diagram Method 927
The High-Low Method 928
Statistical Methods 929
The Engineering Method 929
Contribution Margin Income Statements 929
Cost-Volume-Profit Analysis 931
Breakeven Analysis 931
Using an Equation to Determine the Breakeven
Point 932
The Breakeven Point for Multiple Products 933
Using CVP Analysis to Plan Future Sales,
Costs, and Profits 936
Assumptions Underlying CVP Analysis 936
Applying CVP to Target Profits 936
TriLevel Problem 940
Chapter Rev iew 942
Chapter Assignments 944
CHAPTER 22 The Budgeting Process 957
BUSINESS INSIGHT FRAMECRAFT COMPANY 957
Concepts Underlying the Budgeting
Process 958
The Master Budget 958
Preparation of a Master Budget 960
Budget Procedures 962
Operating Budgets 962
The Sales Budget 962
The Production Budget 963
The Direct Materials Purchases Budget 964
The Direct Labor Budget 966
The Overhead Budget 966
The Selling and Administrative Expenses Budget 967
The Cost of Goods Manufactured Budget 968
Financial Budgets 970
The Budgeted Income Statement 970
The Capital Expenditures Budget 971
The Cash Budget 971
The Budgeted Balance Sheet 974
Budgeting and the Management Process 976
Advantages of Budgeting 976
Budgeting and Goals 976
Budgeting Basics 977
TriLevel Problem 979
Chapter Rev iew 981
Chapter Assignments 983
CHAPTER 23 Flexible Budgets and Performance Analysis 1005
BUSINESS INSIGHT WINTER WONDERLAND
RESORT 1005
Concepts Underlying Performance
Analysis 1006
What to Measure, How to Measure 1006
Types of Responsibility Centers 1007
Organizational Structure and Performance
Reports 1009
Performance Evaluation of Cost Centers and
Profit Centers 1011
Flexible Budgets and Performance Analysis 1011
Evaluating Cost Center Performance Using
Flexible Budgeting 1012
Evaluating Profit Center Performance Using
Variable Costing 1012
Performance Evaluation of Investment
Centers 1014
Return on Investment 1014
Residual Income 1016
Economic Value Added 1017
Performance Measurement 1018
Organizational Goals and the Balanced
Scorecard 1018
Performance Evaluation and the Management
Process 1021
Performance Incentives and Goals 1022
Linking Goals, Performance Objectives, Measures,
and Performance Targets 1022
Performance-Based Pay 1022
The Coordination of Goals 1022
TriLevel Problem 1024
Chapter Rev iew 1027
Chapter Assignments 1029 
 
CHAPTER 24 Standard Costing and Variance Analysis 1047
BUSINESS INSIGHT ICU, INC. 1047
Concepts Underlying Standard Costing 1048
Variance Analysis 1049
Computing Standard Costs 1049
Standard Direct Materials Cost 1049
Standard Direct Labor Cost 1050
Standard Overhead Cost 1050
Total Standard Unit Cost 1051
The Role of Flexible Budgets in Variance
Analysis 1051
Using Variance Analysis to Control Costs 1053
Computing and Analyzing Direct Materials
Variances 1054
Computing Total Direct Materials Cost Variance 1054
Business Application 1056
Computing and Analyzing Direct Labor
Variances 1057
Computing Total Direct Labor Cost Variance 1057
Business Application 1059
Computing and Analyzing Overhead
Variances 1060
Computing Total Overhead Cost Variance 1060
Business Application 1065
Using Cost Variances to Evaluate Managers’
Performance 1067
TriLevel Problem 1069
Chapter Rev iew 1075
Chapter Assignments 1076
 
CHAPTER 25 Short-Run Decision Analysis and Capital Budgeting 1089
BUSINESS INSIGHT HOME STATE BANK 1089
Concepts Underlying Decision
Analysis 1090
Concepts Underlying Incremental Analysis 1090
Incremental Analysis for Outsourcing
Decisions 1093
Outsourcing Analysis 1093
Incremental Analysis for Special Order
Decisions 1094
Special Order Analysis: Price and Relevant Cost
Comparison 1095
Special Order Analysis: Minimum Bid Price for
Special Order 1096
Incremental Analysis for Segment
Profitability Decisions 1096
Segment Profitability Analysis 1096
Incremental Analysis for Sales Mix
Decisions 1098
Sales Mix Analysis 1099
Incremental Analysis for
Sell-or-Process-Further Decisions 1101
Sell-or-Process-Further Analysis 1101
Analyzing Capital Investments 1102
Capital Budgeting Process 1103
The Minimum Rate of Return on Investment 1104
Capital Budgeting Analysis Measures and
Methods 1104
Other Methods of Capital Investment
Analysis 1106
TriLevel Problem 1111
Chapter Rev iew 1113
Chapter Assignments 1115
Appendix A Investments 1131
Appendix B Present Value Tables 1147
Endnotes 1155
Glossary 1159
Company Name Index 1176
Subject Index 1178
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