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E-grāmata: Cost Accounting For Dummies

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  • Formāts: PDF+DRM
  • Izdošanas datums: 31-Dec-2021
  • Izdevniecība: For Dummies
  • Valoda: eng
  • ISBN-13: 9781119856030
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Cost Accounting For DummiesPalielināt
  • Formāts: PDF+DRM
  • Izdošanas datums: 31-Dec-2021
  • Izdevniecība: For Dummies
  • Valoda: eng
  • ISBN-13: 9781119856030
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Take control of overhead, budgeting, and profitability with cost accounting

Cost accounting is one of the most important skills in business, and its popularity as a course in undergraduate and graduate business and management programs speaks to its usefulness. But if you’ve ever felt intimidated by the subject’s jargon or concepts, you can stop worrying. Cost accounting is for everyone!

In Cost Accounting For Dummies, you’ll be taken step-by-step through the basic and advanced topics found in a typical cost accounting class, from how to define costs and how to allocate them to products or services. You’ll learn how to determine if a capital expenditure is worth it and how to design a budget model that forecasts changes in costs based on activity levels.

Whether you’re a student in your first cost accounting course or a professional trying to get a grip on your books, you’ll benefit from:

  • Simple methods to evaluate business risks and rewards
  • Explanations of how to manage and control costs during periods of business change and pivots
  • Descriptions of how to use cost accounting to price IT projects

Cost Accounting For Dummies is the gold standard in getting a firm grasp on the challenging and rewarding world of cost accounting.

Introduction 1(4)
About This Book
1(1)
Foolish Assumptions
2(1)
Icons Used in This Book
2(1)
Beyond the Book
3(1)
Where to Go from Here
3(2)
PART 1 UNDERSTANDING THE FUNDAMENTALS OF COSTS
5(94)
Chapter 1 So You Want to Know about Cost Accounting
1(16)
Comparing Accounting Methods
8(1)
Considering your shareholders
8(1)
Mulling over creditors
9(1)
Addressing concerns of regulators
9(1)
Using management accounting
9(1)
Fitting in cost accounting
10(1)
Using Cost Accounting to Your Advantage
11(1)
Starting with cost-benefit analysis
11(1)
Planning your work: Budgeting
12(1)
Controlling your costs
12(1)
Setting a price
13(1)
Improving going forward
14(3)
Chapter 2 Brushing Up on Cost Accounting Basics
17(14)
Understanding the Big Four Terms
17(1)
Comparing direct and indirect costs
18(2)
Mulling over fixed and variable costs
20(1)
Fitting the costs together
21(1)
Covering Costs in Different Industries
22(1)
Reviewing manufacturing costs
22(1)
Considering costs for retailers
23(1)
Adding up costs for e-commerce firms
23(1)
Finding costs most companies incur
24(1)
Why Are You Spending? Cost Drivers
25(1)
Pushing equipment too hard and relevant range
25(1)
Previewing inventoriable costs
26(1)
Following the Rules of the Cost Accounting Road
27(1)
Understanding generally accepted accounting principles (GAAP)
27(2)
Deciding on accrual basis or cash basis
29(1)
Finishing with conservatism
30(1)
Chapter 3 Using Cost-Volume-Profit Analysis to Plan Your Business Results
31(22)
Understanding How Cost-Volume-Profit Analysis Works
32(1)
Calculating the breakeven point
32(2)
Financial losses: The crash of your cash
34(1)
Contribution margin: Covering fixed costs
35(1)
Lowering the breakeven point to reach profitability sooner
36(1)
Target net income: Setting the profit goal
37(1)
Using operating leverage
38(2)
Assessing e-commerce businesses
40(1)
Timing is everything when it comes to costs
41(1)
Using Cost-Volume-Profit Analysis to Make Savvy Business Decisions
42(1)
Deciding to advertise
43(1)
Lowering your price without losing your profit
44(1)
Combining the results of two products
45(3)
Costing and pricing a new product
48(3)
The Tax Man Cometh, the Profits Goeth
51(1)
Understanding pre-tax dollars
51(1)
Adjusting target net income for income taxes
52(1)
Chapter 4 Estimating Costs with Job Costing
53(22)
Understanding How Job Costing Works
54(1)
Cost objects: The sponges that absorb money
55(1)
Charging customers for direct and indirect costs
56(1)
Implementing job costing in manufacturing: An example
57(4)
Deciding on costing for IT consulting projects
61(3)
Taking a Closer Look at Indirect Costs using Normal Costing
64(1)
Budgeting for indirect costs
65(1)
Following a normal job costing system
66(1)
Following the Flow of Costs through a Manufacturing System
67(1)
Control starts with control accounts
67(1)
Explaining the debit and credit process
68(2)
Walking through a manufacturing cost example
70(3)
Applying the methodology to other control accounts
73(2)
Chapter 5 More Activity, More Cost: Activity-Based Costing
75(24)
Avoiding the Slippery Peanut Butter Costing Slope
76(1)
Recognizing a single indirect cost allocation
77(1)
A fly in the peanut butter: Dealing with different levels of client activity
77(2)
Missing the mark: Undercosting and overcosting
79(2)
Designing an Activity-Based Costing System
81(1)
Refining your approach
81(1)
Grouping costs using a cost hierarchy
82(1)
Testing your ABC design
83(4)
Using Activity-Based Costing to Compute Total Cost, Profit, and Sale Price
87(1)
Allocating indirect costs evenly by product
88(1)
Analyzing and reallocating cost activities
88(1)
Changing allocations to cost pools
89(1)
Changing prices after ABC
90(1)
Implementing ABC Costing for a Business Pivot
91(1)
Deciding whether to pivot
92(1)
Mulling over a pivot example
93(1)
Using ABC Costing for a New Business Model
94(1)
Considering sunk costs
94(1)
Reviewing food and labor costs
95(1)
Allocating new overhead costs
95(1)
Applying ABC costing to overhead costs
96(2)
Evaluating your results
98(1)
PART 2 PLANNING AND CONTROL
99(86)
Chapter 6 What's the Plan, Stan? Budgeting for a Better Bottom Line
101(24)
Brushing Up on Budgeting Basics
102(1)
Seeing the master budget and its component parts
102(1)
Why budgeting is important
103(1)
Considering the costs and benefits of data collection
104(2)
Leveraging AI and data analytics for effective budgeting
106(1)
Planning strategically
107(1)
Planning How to Plan: Factors That Impact Your Budgeting Process
108(1)
Experience counts
109(1)
Timing is everything
109(1)
People get you headed in the right direction
110(1)
Sales projections pay off
111(1)
The Nuts and Bolts (and Washers) of Budgeting
112(1)
Understanding the budgeting financials
113(3)
Reviewing revenue and production budgets
116(3)
Budgeting with Cash Accounting or Accrual Accounting
119(1)
Cash basis accounting: Using your checkbook to budget
119(2)
I accrue, you accrue, we all accrue with accrual accounting
121(1)
Budgeting to Produce the Income Statement and Balance Sheet
122(1)
The well-balanced balance sheet
122(1)
The incredible income statement
123(2)
Chapter 7 Constant Change: Variance Analysis
125(24)
Variance Analysis and Budgeting
126(1)
Using management by exception to recognize large variances
126(1)
Seeing the problem in using a static budget
127(4)
Opting for a flexible budget
131(3)
Investigating budget variances
134(1)
Analyzing in Material Price and Efficiency Variances
135(1)
Applying price variances to direct materials
136(1)
Applying efficiency variances to direct materials
137(2)
Implementing price variances for direct labor
139(1)
Sizing up efficiency variances for direct labor
139(1)
Using Your Findings to Make Decisions
140(1)
Following up on variances
141(2)
Judging the effectiveness of your employees
143(2)
Tying supply chain concepts to variance analysis
145(1)
Attaching ABC costing concepts to variance analysis
145(4)
Chapter 8 Focusing on Overhead Costs
149(14)
Using Cost Allocation to Minimize Overhead
150(1)
Paying for the Security Guard: Fixed Overhead Costs
151(1)
Planning fixed overhead costs
151(1)
Allocating fixed overhead costs
152(3)
Assessing potential causes of fixed overhead variances
155(1)
Those Vexing Variable Manufacturing Costs
156(1)
Working with variable overhead costs
156(3)
Implementing variance analysis
159(2)
Finding the reasons for a variable overhead variance
161(2)
Chapter 9 What's on the Shelf? Inventory Costing
163(22)
Working with Inventoriable Costs
164(1)
Using the matching principle to calculate profit on sale
164(2)
Erring on the conservative side
166(1)
Costing Methods for Inventory
166(2)
Using the first-in, first-out (FIFO) method
168(1)
Accounting with the last-in, first-out (LIFO) method
169(1)
Weighing the merits of weighted-average cost
170(1)
Considering specific identification method
171(1)
Analyzing profit using FIFO and LIFO
171(2)
Using Variable and Absorption Costing to Allocate Fixed Manufacturing Costs
173(1)
Defining period costs and product costs
174(1)
Applying variable and absorption costing
175(2)
Relating Capacity Issues to Inventory
177(1)
Reviewing theoretical and practical capacity
178(1)
Understanding capacity issues for e-commerce firms
179(2)
Using normal and master-budget capacity
181(1)
Choosing a capacity level
182(3)
PART 3 MAKING DECISIONS
185(64)
Chapter 10 Cost Drivers and Cost Estimation Methods
187(16)
Working with Cost Behavior
188(1)
Understanding linear and nonlinear cost functions
188(1)
Discovering how cost drivers determine total costs
189(1)
Considering Cost Estimation Methods
190(1)
Walking through the industrial engineering method
190(1)
Agreeing on the conference method
191(1)
Reviewing the account analysis method
191(1)
Checking out the quantitative analysis method
192(4)
Choosing a cost estimation method
196(1)
Exploring Nonlinear Cost Functions
197(1)
Changing cost functions and slope co-efficients
198(1)
Understanding the impact of quantity discounts
198(1)
Assessing the Impact of Learning Curves
198(2)
Considering how AI and Data Analytics Impact Learning Curves
200(1)
Reviewing AI and data analytics
200(1)
Throwing in the learning curve
200(1)
Simplifying a procedure
201(1)
Finding and using better data
201(2)
Chapter 11 Making Smart Business Decisions with Relevant Information
203(24)
Navigating the Geography of Relevance
204(1)
Introducing the decision model
205(1)
Applying a model to an equipment decision
206(2)
Understanding IT purchasing issues
208(2)
Considering relevant qualitative factors in decision-making
210(1)
Special Orders Don't Upset Us, Do They?
211(2)
Deciding between Outsourcing and In-house Production
213(4)
Weighing opportunity costs
217(1)
Contemplating the carrying cost of inventory
218(2)
Maximizing Profit When Capacity Is Limited
220(1)
Managing capacity and product mix
220(2)
Analyzing customer profit and capacity
222(5)
Chapter 12 Making Smart Pricing Decisions: Figuring Total Costs
227(22)
Understanding Influences on Prices
228(1)
Customers
228(1)
Competitors
228(1)
Suppliers
229(1)
Special orders
229(2)
Pricing for Profits Down the Road
231(1)
Reviewing market-based and cost-based pricing
231(1)
Aiming at the target: Target costing
232(4)
Arriving at a Reasonable Profit
236(1)
Using cost-plus pricing
237(2)
Using product life-cycle budgeting
239(6)
Managing IT product costs and pricing
245(4)
PART 4 ALLOCATING COSTS AND RESOURCES
249(86)
Chapter 13 Analysis Methods to Improve Profitability
251(20)
Processing Cost Allocation
252(1)
Why bother? Purposes of cost allocation
252(1)
Justifying cost allocation decisions
253(1)
Implementing Cost Allocation
254(1)
Using cost hierarchy to allocate costs
254(2)
Allocating tricky corporate costs
256(4)
Keeping track of customer revenues and costs
260(4)
Going Over Sales Mix and Sales Quantity Variances
264(1)
Remembering variances and contribution margin
265(1)
Getting the story about sales mix variance
265(4)
Calculating sales quantity variance
269(2)
Chapter 14 Behind the Scenes: Accounting for Support Costs and Common Costs
271(24)
Not Everyone Generates Revenue: Support Costs
272(1)
Introducing single rate cost allocation method
272(3)
Checking out dual rate cost allocations
275(2)
Using practical capacity to determine cost allocation rates
277(4)
Going Over Variance Analysis and Department Costs
281(1)
Choosing budgeted versus actual rate of usage
281(3)
Implications for the rate of usage selected
284(1)
Allocating to multiple departments
285(5)
Focusing on Common Costs
290(1)
Mulling over stand-alone cost allocation
290(1)
Stepping up to incremental cost allocation
291(1)
Making a Commitment: Contracts
292(1)
Contracting with the government
292(1)
Thinking about reasonable and fair costs
293(2)
Chapter 15 Joint Costs, Separable Costs, and Using Up the Leftovers
295(18)
Working with Joint Costs
296(1)
Explaining joint cost terms
296(1)
Appreciating the importance of allocating joint costs
297(1)
Considering joint cost allocation methods
298(3)
Continuing Production: Computing Separable Costs After Splitoff
301(1)
Exploring the net realizable value method
301(2)
Introducing the constant gross margin percentage NRV method
303(5)
Choosing a Joint Cost Allocation Method
308(1)
Making the case for sales value at splitoff
308(1)
Falling back to other joint costing methods
308(1)
Deciding to sell or process further
309(1)
Holding a Garage Sale: Making the Most of Byproducts
310(3)
Chapter 16 Tracing Similar Products with Process Costing
313(22)
Process Costing: Presenting the Basic Approach
314(1)
Leading off with direct material costs
314(1)
Following up with conversion costs
315(1)
Sitting on the Factory Floor: Dealing with Work in Process
315(1)
Using Equivalent Units to Compare Apples to Apples
316(1)
Counting the units for equivalent units
317(1)
Hunting down the total costs of production
318(1)
Putting units and costs together
319(2)
Seeing different percentages of completion
321(4)
Using the Weighted Average Method for Process Costing
325(1)
Handling beginning work in process
325(1)
Continuing with equivalent units
326(2)
Introducing the First In, First Out Method of Process Costing
328(3)
Comparing Processing Costing Methods
331(1)
Mulling overweighted average and FIFO methods
331(2)
Debating transferred-in costs
333(2)
PART 5 CONSIDERING QUALITY ISSUES
335(66)
Chapter 17 What a Waste! Getting the Most from Spoilage, Scrap, and Reworked Products
337(22)
Accounting for Waste
338(1)
Determining the inspection point
338(1)
Understanding spoilage and scrap
338(3)
Spoilage and process costing
341(5)
Reworking a product to recoup some profit
346(1)
Applying Process Costing Methods to Spoilage
346(1)
Weighing in on the weighted average costing method
347(2)
Doing the FIFO Hokey Pokey: Put your first in first, take your first out first
349(3)
Job Costing for Spoilage, Reworked Products, and Scrap
352(1)
Making adjustments for normal and abnormal spoilage
352(3)
Reworking and selling a product
355(2)
Making allocation decisions about scrap
357(2)
Chapter 18 Making Smart Ordering Decisions
359(22)
Considering the Costs of Inventory
360(1)
Going through the ordering sequence
361(1)
Taking a closer look at stockout costs
362(1)
Calculating Inventory Quantity with the Economic Order Quantity Formula
363(2)
Figuring a Favorable Reorder Point
365(1)
Introducing safety stock: Creating a cushion
366(1)
Computing safety stock
366(1)
Evaluating Prediction Error
367(1)
Calculating relevant total costs
367(2)
Acting on a prediction error
369(1)
Buying more and ignoring EOQ
370(1)
Practicing Just-In-Time Purchasing
371(1)
Kicking around JIT benefits and risks
371(2)
Putting in a JIT purchasing system
373(3)
Adjusting total purchasing cost
376(1)
SCM and Customer Demand Issues
377(1)
Pulling apart the supply chain
378(1)
Analyzing demand
378(3)
Chapter 19 Quality: Building a Better Mousetrap
381(20)
Considering Quality Benefits and Costs
382(1)
Listing the benefits of quality
382(1)
Listing the costs of quality
383(1)
Taking steps to ensure quality
384(1)
Compiling a Cost of Quality Report
385(2)
Putting Quality Practices in Place
387(1)
Quality in job costing
387(1)
Taking a spin through inventory
388(1)
Customer Satisfaction: Measuring and Improving It
389(1)
Customer satisfaction's non-financial measurements
389(2)
Is measuring customer satisfaction worth the effort?
391(1)
Doing More in Less Time
392(1)
Analyzing performance related to time
392(2)
Calculating average waiting time
394(1)
Adding in manufacturing lead-time
395(1)
Eliminating the Constraint of the Bottleneck
396(1)
Fewer bottlenecks mean increased contribution margin
396(1)
Clearing bottlenecks
397(4)
PART 6 THE PART OF TENS
401(14)
Chapter 20 Ten Common Costing Mistakes and How to Avoid Them
403(6)
Pricing a Product Incorrectly
403(1)
Listing Fixed Costs As Variable Costs
404(1)
Labeling Period Costs As Product Costs
404(1)
Misusing Target Net Income
404(1)
Forgetting About Taxes
405(1)
Assigning Costs to the Wrong Product
405(1)
Not Reviewing Variances Correctly
406(1)
Redlining: Pushing Production Activity Above Relevant Range
406(1)
Ignoring the Timing of Costs
407(1)
Not Implementing Activity-Based Costing
407(2)
Chapter 21 Ten Ways to Increase Profits Using Costing
409(6)
Selling More Of The Right Products
409(1)
Implementing Sales Mix Analysis to Increase Total Profits
410(1)
Building a Higher Margin of Safety
410(1)
Deciding How Much You Need: Production and Scheduling Issues
410(1)
Who Does What: Handling Costs and Employee Issues
411(1)
Reducing and Managing Scrap
411(1)
Moving It off the Shelf: Inventory Issues
411(1)
Effectively Taking Special Orders
412(1)
Making Accurate Cost Allocations
412(1)
Addressing the Issue of Spoilage
412(3)
Index 415
Ken Boyd is Co-Founder of Accountinged.com and owns St. Louis Test Preparation. He tutors and coaches people on the principles of accounting and prepares them for challenging accounting licensing exams by making accounting interesting and fun.
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