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drury c cost management accounting 11ed 2021

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Textbook in PDF format For thirty-five years, Colin Drury’s Management and Cost Accounting has successfully helped learners master the key concepts and processes of management and cost accounting. Now in its eleventh edition, the book retains its trademark clear and accessible style, covering everything students need to know for their management accounting career and exams. Every chapter has been updated to include an “Employability Skills” question, new review problems from accounting examination bodies and recent examples of well-known international organizations such as ACCA, CIMA and ATT. The new edition also includes introductions to emerging new technologies such as big data, the Internet of Things and AI. Cover Brief Contents In Memoriam Preface About the Authors Acknowledgements Introduction to Management and Cost Accounting Introduction to Management Accounting The Users of Accounting Information Differences between Management Accounting and Financial Accounting The Decision-Making, Planning and Control Process The Impact of the Changing Business Environment on Management Accounting Focus on Customer Satisfaction and New Management Approaches Functions of Management Accounting Summary of the Contents of This Book Guidelines for Using This Book An Introduction to Cost Terms and Concepts Cost Objects Manufacturing, Merchandising and Service Organizations Direct and Indirect Costs Period and Product Costs Cost Behaviour Relevant and Irrelevant Costs and Revenues Avoidable and Unavoidable Costs Sunk Costs Opportunity Costs Incremental and Marginal Costs The Cost and Management Accounting Information System Cost Accumulation for Inventory Valuation and Profit Measurement Cost Assignment Assignment of Direct and Indirect Costs Different Costs for Different Purposes Cost-Benefit Issues and Cost Systems Design Assigning Direct Costs to Cost Objects Plant-Wide (Blanket) Overhead Rates The Two-Stage Allocation Process An Illustration of the Two-Stage Process for a Traditional Costing System An Illustration of the Two-Stage Process for an ABC System Extracting Relevant Costs for Decision-Making Budgeted Overhead Rates Under- and Over-Recovery of Overheads Non-Manufacturing Overheads Cost Assignment in Non-Manufacturing Organizations The Indirect Cost Assignment Process Inter-Service Department Reallocations Accounting Entries for a Job-Costing System Materials Recording Procedure Pricing the Issues of Materials Control Accounts Recording the Purchase of Raw Materials Recording the Issue of Materials Accounting Procedure for Labour Costs Accounting Procedure for Manufacturing Overheads Non-Manufacturing Overheads Accounting Procedures for Jobs Completed and Products Sold Costing Profit and Loss Account Job-Order Costing in Service Organizations Interlocking Accounting Accounting Entries for a Just-in-Time Manufacturing System Process Costing Flow of Production and Costs in a Process Costing System Process Costing When All Output Is Fully Complete Process Costing with Ending Work in Progress Partially Complete Beginning and Ending Work in Progress of Uncompleted Units Partially Completed Output and Losses in Process Process Costing in Service Organizations Batch/Operating Costing Losses in Process and Partially Completed Units Joint and By-Product Costing Joint Products and By-Products Methods of Allocating Joint Costs Irrelevance of Joint Cost Allocations for Decision-Making Accounting for By-Products Income Effects of Alternative Cost Accumulation Systems External and Internal Reporting Variable Costing Absorption Costing Variable Costing and Absorption Costing: A Comparison of Their Impact on Profit Some Arguments in Support of Variable Costing Some Arguments in Support of Absorption Costing Alternative Denominator-Level Measures Derivation of the Profit Function for an Absorption Costing System Information for Decision-Making Cost-Volume-Profit Analysis Curvilinear CVP Relationships Linear CVP Relationships A Numerical Approach to CVP Analysis The Contribution Margin Ratio Relevant Range Margin of Safety Constructing the Break-Even or CVP Chart Alternative Presentation of CVP Analysis Multi-Product CVP Analysis Operating Leverage CVP Analysis Assumptions and Limitations The Impact of Information Technology Measuring Relevant Costs and Revenues for Decision-Making Identifying Relevant Costs and Revenues Importance of Qualitative/Non-Financial Factors Special Pricing Decisions Product Mix Decisions When Capacity Constraints Exist Replacement of Equipment - The Irrelevance of Past Costs Outsourcing and Make-or-Buy Decisions Discontinuation Decisions Determining the Relevant Costs of Direct Materials Determining the Relevant Costs of Direct Labour The Theory of Constraints and Throughput Accounting Pricing Decisions and Profitability Analysis The Role of Cost Information in Pricing Decisions A Price-Setting Firm Facing Short-Run Pricing Decisions A Price-Setting Firm Facing Long-Run Pricing Decisions A Price-Taking Firm Facing Short-Run Product Mix Decisions A Price-Taking Firm Facing Long-Run Product Mix Decisions Surveys of Practice Relating to Pricing Decisions Limitations of Cost-Plus Pricing Reasons for Using Cost-Plus Pricing Pricing Policies Customer Profitability Analysis Calculating Optimal Selling Prices Using Differential Calculus Activity-Based Costing The Need for a Cost Accumulation System in Generating Relevant Cost Information for Decision-Making Types of Cost System A Comparison of Traditional and ABC Systems The Emergence of ABC Systems Volume-Based and Non-Volume-Based Cost Drivers Designing ABC Systems Activity Hierarchies ABC Profitability Analysis Cost versus Benefits Considerations Time-Driven ABC Resource Consumption Models and Unused Capacity Periodic Review of an ABC Database ABC Cost Management Applications Decision-Making under Conditions of Risk and Uncertainty Risk and Uncertainty Probability Distributions and Expected Value Measuring the Amount of Risk Attitudes to Risk by Individuals Decision Tree Analysis Buying Perfect and Imperfect Information Maximin, Maximax and Regret Criteria Risk Reduction and Diversification Capital Investment Decisions: Appraisal Methods The Opportunity Cost of an Investment Compounding and Discounting The Concept of Net Present Value Calculating Net Present Values The Internal Rate Of Return Relevant Cash Flows Timing of Cash Flows Comparison of Net Present Value and Internal Rate of Return Techniques That Ignore the Time Value of Money Payback Method Accounting Rate of Return The Effect of Performance Measurement on Capital Investment Decisions Qualitative Factors Capital Investment Decisions: The Impact of Capital Rationing, Taxation, Inflation and Risk Capital Rationing Taxation and Investment Decisions The Effect of Inflation on Capital Investment Appraisal Calculating Risk-Adjusted Discount Rates Risk-Adjusted Discount Rates and the Weighted Average Cost of Capital Sensitivity Analysis Initiation, Authorization and Review of Projects Information for Planning, Control and Performance Measurement The Budgeting Process The Strategic Planning, Budgeting and Control Process The Multiple Functions of Budgets Conflicting Roles of Budgets The Budget Period Administration of the Budgeting Process Stages in the Budgeting Process A Detailed Illustration Computerized Budgeting Activity-Based Budgeting The Budgeting Process in Non-Profit-Making Organizations Zero-Based Budgeting Criticisms of Budgeting Management Control Systems Control at Different Organizational Levels Different Types of Control Mechanism Feedback and Feed-Forward Controls Harmful Side-Effects of Controls Management Accounting Control Systems Responsibility Centres The Nature of Management Accounting Control Systems The Controllability Principle Setting Performance Targets and Determining How Challenging They Should Be Determining How Much Influence Managers Should Have in Setting Targets Different Approaches That Managers Use to Evaluate Budgetees' Performance Contingency Theory Alternative Uses of Management Accounting Information Standard Costing and Variance Analysis 1 Operation of a Standard Costing System Establishing Cost Standards Purposes of Standard Costing A Summary of Variance Analysis for a Variable Costing System Material Variances Labour Variances Variable Overhead Variances A Generic Routine Approach to Variance Analysis for Variable Costs Fixed Overhead Expenditure or Spending Variance Sales Variances Reconciling Budgeted Profit and Actual Profit Standard Absorption Costing Reconciliation of Budgeted and Actual Profit for a Standard Absorption Costing System A Generic Routine Approach to Variance Analysis Standard Costing and Variance Analysis 2: Further Aspects Recording Standard Costs in the Accounts Direct Materials Mix and Yield Variances Sales Mix and Sales Quantity Variances Distinguishing between Planning and Operating Variances The Investigation of Variances The Role of Standard Costing When ABC Has Been Implemented Divisional Financial Performance Measures Divisional Organizational Structures Advantages and Disadvantages of Divisionalization Prerequisites for Successful Divisionalization Distinguishing between the Managerial and Economic Performance of the Division Alternative Divisional Profit Measures Surveys of Practice Return on Investment Residual Income Economic Value Added (EVA(TM)) An Illustration of the Calculation of EVA(TM) Determining Which Assets Should Be Included in the Investment Base The Impact of Depreciation The Effect of Performance Measurement on Capital Investment Decisions Addressing the Dysfunctional Consequences of Short-Term Financial Performance Measures Transfer Pricing in Divisionalized Companies Purpose of Transfer Pricing Alternative Transfer Pricing Methods Market-Based Transfer Prices Cost Plus a Mark-Up Transfer Price Marginal/Variable Cost Transfer Prices Full Cost Transfer Prices without a Mark-Up Negotiated Transfer Prices Marginal/Variable Cost Plus Opportunity Cost Transfer Prices Comparison of Cost-Based Transfer Pricing Methods Proposals for Resolving Transfer Pricing Conflicts Domestic Transfer Pricing Recommendations International Transfer Pricing Economic Theory of Transfer Pricing Strategic Performance and CostManagement, ValueCreation and Challenges for the Future Strategic Performance Management The Performance Management Framework Strategy and Strategic Positioning Performance Measurement and Performance Management Systems Alternative Performance Management Frameworks The Balanced Scorecard Linking Performance Evaluation with the Balanced Scorecard Benefits and Limitations of the Balanced Scorecard Approach Strategic Cost Management and Value Creation Cost Management and the Value Chain Life Cycle Cost Management Target Costing Kaizen Costing Activity-Based Management Benchmarking Business Process Reengineering Just-in-Time Systems Quality Cost Management Challenges for the Future A Brief Historical Review of Management Accounting Globalization and Management Accounting Practices Environmental and Sustainability Issues Focus on Ethical Behaviour Information Technology and Digitalization Intellectual Capital and the Knowledge-Based Economy Integrated Reporting Implications for Management Accounting Addendum: The Application of Quantitative Methods to Management Accounting Cost Estimation and Cost Behaviour General Principles Applying to Estimating Cost Functions Cost Estimation Methods Tests of Reliability Relevant Range and Non-Linear Cost Functions A Summary of the Steps Involved in Estimating Cost Functions Cost Estimation When the Learning Effect Is Present Estimating Incremented Hours and Incremental Cost Multiple Regression Analysis Quantitative Models for the Planning and Control of Inventories Why Do Firms Hold Inventories? Relevant Costs for Quantitative Models under Conditions of Certainty Determining the Economic Order Quantity Assumptions of the EOQ Formula Application of the EOQ Model in Determining the Optimum Batch Size for a Production Run Quantity Discounts Determining When to Place the Order Uncertainty and Safety Stocks The Use of Probability Theory for Determining Safety Stocks Control of Inventory through Classification Other Factors Influencing the Choice of Order Quantity Materials Requirement Planning Just-in-Time (JIT) Purchasing Arrangements The Application of Linear Programming to Management Accounting Linear Programming Graphical Method Simplex Method Uses of Linear Programming Bibliography Glossary Appendices Answers to Review Problems Index

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