Managerial Accounting 5th Edition Wild Test Bank

Managerial Accounting 5th Edition Wild Test Bank

Product details:

• ISBN-10 ‏ : ‎ 1259176495
• ISBN-13 ‏ : ‎ 978-1259176494
• Author: JOHN J. WILD

Wild, Managerial Accounting responds to the market’s need for an integrated solution with balanced managerial content that has a corporate approach throughout. Its innovation is reflected in its extensive use of small business examples, the integration of new technology learning tools, superior end-of-chapter material, and a highly engaging, pedagogical design. McGraw-Hill’s complete digital solution, Connect, provides students every advantage as they strive to understand the key concepts of managerial accounting and its role in business.

Wild, Managerial Accounting can be used in partnership with Wild, Financial Accounting Fundamentals (FAF) for the introductory financial accounting course preceding the managerial course in a two-course sequence. Wild, FAF provides an integrated solution that uses the same pedagogy and framework as Wild, Managerial Accounting.

Table contents:

Part I
Fundamentals and Cost Accumulation
Systems
1 The Changing Role of Managerial
Accounting in a Dynamic Business
Environment 2
Managerial Accounting: A Business Partnership with
Management 4
Managing Resources, Activities, and People 4
Decision Making 5
Planning 5
Directing Operational Activities 5
Controlling 6
How Managerial Accounting Adds Value to the
Organization 6
Objectives of Managerial Accounting Activity 6
The Balanced Scorecard 8
M.A.P. The Balanced Scorecard 9
Managerial versus Financial Accounting 10
Managerial Accounting in Different Types of
Organizations 11
Where Are Managerial Accountants Located in an
Organization? 12
Organization Chart 12
Line and Staff Positions 12
Cross-Functional Deployment 13
Physical Location 14
Major Themes in Managerial Accounting 16
Information and Incentives 16
Behavioral Issues 17
Costs and Benefits 17
Evolution and Adaptation in Managerial
Accounting 17
e-Business 17
Service versus Manufacturing Firms 18
Emergence of New Industries 18
Global Competition 18
Focus on the Customer 19
Cross-Functional Teams 19
Computer-Integrated Manufacturing 20
Product Life Cycles and Diversity 20
Time-Based Competition 20
M.A.P. The Internet as a Lifeline 21
Information and Communication Technology 21
Just-in-Time Inventory Management 22
Total Quality Management 23
Continuous Improvement 23
Cost Management Systems 23
Strategic Cost Management and the Value Chain 24
Theory of Constraints 25
The Ethical Climate of Business and the Role of the
Accountant 25
Managerial Accounting as a Career 26
Professional Organizations 27
Professional Certification 27
Professional Ethics 27
Focus on Ethics: Standards of Ethical Conduct for
Practitioners of Managerial Accounting and Financial
Management 27
Chapter Summary 28
Key Terms 29
Review Questions 29
Exercises 30
Problems 30
Cases 32
Current Issues in Managerial Accounting 33
2 Basic Cost Management Concepts and
Accounting for Mass Customization
Operations 34
What Do We Mean by a Cost? 36
Product Costs, Period Costs, and Expenses 36
Costs on Financial Statements 38
Income Statement 38
Balance Sheet 40
Manufacturing Operations and Manufacturing Costs 41
M.A.P. Mass Customization 42
Mass-Customization Manufacturing 42
Manufacturing Costs 43
Manufacturing Cost Flows 45
Production Costs in Service Industry Firms and
Nonprofit Organizations 47
Basic Cost Management Concepts: Different Costs for
Different Purposes 48
The Cost Driver Team 48
Variable and Fixed Costs 49
The Cost Management and Control Team 50
M.A.P. Airline Industry: Cost Structure, Cost Drivers,
and a Shifting Business Model 52
The Outsourcing Action Team 54
Costs and Benefits of Information 57
Focus on Ethics:Was WorldCom?s Controller Just
Following Orders? 57
Chapter Summary 58
Review Problems on Cost Classifications 59
Key Terms 60
Review Questions 60
Exercises 61
Problems 64
Cases 73
Current Issues in Managerial Accounting 75
3 Product Costing and Cost Accumulation in
a Batch Production Environment 76
Product and Service Costing 78
Product Costing in Nonmanufacturing Firms 78
Flow of Costs in Manufacturing Firms 79
Types of Product-Costing Systems 79
Job-Order Costing Systems 80
Process-Costing Systems 81
Summary of Alternative Product-Costing
Systems 81
Accumulating Costs in a Job-Order Costing
System 81
Job-Cost Record 82
Direct-Material Costs 82
Direct-Labor Costs 84
Manufacturing-Overhead Costs 84
M.A.P. Supply Chain Management 85
Summary of Event Sequence in Job-Order
Costing 86
Illustration of Job-Order Costing 88
Purchase of Material 88
Use of Direct Material 88
Use of Indirect Material 88
Use of Direct Labor 89
Use of Indirect Labor 89
Incurrence of Manufacturing-Overhead
Costs 90
Application of Manufacturing Overhead 90
Summary of Overhead Accounting 91
Selling and Administrative Costs 92
Completion of a Production Job 92
Sale of Goods 92
Underapplied and Overapplied Overhead 93
Schedule of Cost of Goods Manufactured 94
Schedule of Cost of Goods Sold 95
Posting Journal Entries to the Ledger 95
Further Aspects of Overhead Application 97
Accuracy versus Timeliness of Information:
A Cost-Benefit Issue 97
Choosing the Cost Driver for Overhead
Application 99
Limitation of Direct Labor as a Cost Driver 99
Departmental Overhead Rates 99
M.A.P. Are Layoffs a Good Way to Cut Costs during
an Economic Downturn? 100
Two-Stage Cost Allocation 100
Project Costing: Job-Order Costing in Nonmanufacturing
Organizations 102
Changing Technology in Manufacturing
Operations 103
Electronic Data Interchange 103
M.A.P. Online Purchasing 103
Use of Bar Codes 104
Focus on Ethics: Did Boeing Exploit Accounting Rules to
Conceal Cost Overruns and Production Snafus? 104
Chapter Summary 105
Key Terms 106
Appendix to Chapter 3: Activity-Based Costing:
An Introduction 106
Review Questions 109
Exercises 110
Problems 115
Cases 127
Current Issues in Managerial Accounting 129
4 Process Costing and Hybrid Product-
Costing Systems 130
Comparison of Job-Order Costing and Process
Costing 132
Flow of Costs 132
Differences between Job-Order and Process
Costing 134
Equivalent Units: A Key Concept 134
Equivalent Units 135
Illustration of Process Costing 136
Basic Data for Illustration 136
M.A.P. Process-Costing Steps in Paper
Manufacturing 138
Weighted-Average Method of Process Costing 138
Other Issues in Process Costing 142
Actual versus Normal Costing 142
Other Cost Drivers for Overhead Application 143
Subsequent Production Departments 143
Hybrid Product-Costing Systems 143
Operation Costing for Batch Manufacturing
Processes 144
Chapter Summary 147
Key Terms 148
Appendix to Chapter 4: Process Costing in Sequential
Production Departments 148
Review Questions 151
Exercises 152
Problems 155
Cases 163
Current Issues in Managerial Accounting 165
Part II
Cost Management Systems,
Activity-Based Costing, and Activity-Based
Management
5 Activity-Based Costing and Cost
Management Systems 166
Aerotech Corporation: A Tale of Two Cities 168
Aerotech?s Phoenix Plant: Traditional Production
Process 168
Production Process 168
Plant Layout 169
Traditional, Volume-Based Product-Costing
System 169
Trouble in Phoenix 171
Activity-Based Costing System 172
Interpreting the ABC Product Costs 177
The Punch Line 179
Why Traditional, Volume-Based Systems
Distort Product Costs 179
M.A.P. Cost Distortion at Rockwell
International 182
Activity-Based Costing: Some Key Issues 182
Cost Drivers 182
Homogeneous Activity Cost Pools 184
M.A.P. Activity Cost Drivers in the Health Care
Industry 184
Collecting ABC Data 185
Activity Dictionary and Bill of Activities 186
Direct versus Indirect Costs 186
When Is a New Product-Costing System Needed? 187
Cost Management Systems 188
Non-Value-Added Costs 189
Identifying Non-Value-Added Costs in the
Phoenix Plant 190
Activity-Based Costing in the Service Industry 191
M.A.P. Activity-Based Costing in the Service
Industry 192
Focus on Ethics: Ethical Issues Surrounding
Activity-Based Costing 193
Chapter Summary 194
Review Problems on Cost Drivers and
Product-Cost Distortion 194
Key Terms 195
Review Questions 195
Exercises 196
Problems 200
Cases 212
6 Activity-Based Management and
Today?s Advanced Manufacturing
Environment 216
Aerotech?s Bakersfield Plant: Advanced Manufacturing
Technology 218
Just-in-Time Inventory and Production
Management 218
Flexible Manufacturing System 220
Plant Layout at Aerotech?s Bakersfield Facility 221
Cost Management System in Bakersfield 222
Two-Dimensional ABC and Activity-Based
Management 224
Using ABM to Eliminate Non-Value-Added
Activities and Costs 224
Achieving Cost Reduction 226
Customer-Profitability Analysis 226
Illustration of Customer-Profitability Analysis 227
M.A.P. DHL 230
M.A.P. Bank One Corp. and FedEx 231
M.A.P. Dow Chemical Company 232
Target Costing, Kaizen Costing, and Continuous
Improvement 232
Target Costing 233
Kaizen Costing 234
Toyota: Target Costing and Kaizen Costing in
Action 234
Benchmarking 236
Reengineering 236
Theory of Constraints 236
Focus on Ethics: Ethical Issues Surrounding
ABM and Cost-Reduction Initiatives 237
Chapter Summary 238
Key Terms 238
Review Questions 239
Exercises 239
Problems 243
Cases 251
Current Issues in Managerial Accounting 252
Part III
Planning, Control, and Cost Management
Systems
7 Activity Analysis, Cost Behavior, and Cost
Estimation 254
Cost Behavior Patterns 256
Variable Costs 257
Step-Variable Costs 257
Fixed Costs 258
Step-Fixed Costs 259
Semivariable Cost 260
Curvilinear Cost 262
Using Cost Behavior Patterns to Predict Costs 263
M.A.P. Is Direct Labor a Variable or a
Fixed Cost? 264
Engineered,Committed,and Discretionary Costs 265
Shifting Cost Structure in the Contemporary
Manufacturing Environment 266
Operations-Based versus Volume-Based Cost
Drivers 266
Cost Behavior in Other Industries 267
Cost Estimation 267
Account-Classification Method 268
Visual-Fit Method 268
High-Low Method 270
Least-Squares Regression Method 271
Multiple Regression 273
Data Collection Problems 274
Engineering Method of Cost Estimation 275
Effect of Learning on Cost Behavior 275
Costs and Benefits of Information 276
Focus on Ethics: Cisco Systems,Wal-Mart, Taco Bell,
Starbucks, U-Haul, General Dynamics, and Farmer?s
Insurance: Is Direct Labor a Variable Cost? 277
Chapter Summary 277
Review Problems on Cost Behavior and Estimation 277
Key Terms 279
Appendix to Chapter 7: Finding the Least-Squares
Regression Estimates 279
Review Questions 281
Exercises 282
Problems 286
Cases 294
Current Issues in Managerial Accounting 297
8 Cost-Volume-Profit Analysis 298
Illustration of Cost-Volume-Profit Analysis 300
Projected Expenses and Revenue 300
The Break-Even Point 301
Contribution-Margin Approach 302
Equation Approach 303
Graphing Cost-Volume-Profit Relationships 304
Interpreting the CVP Graph 304
Alternative Format for the CVP Graph 306
Profit-Volume Graph 306
Target Net Profit 307
Contribution-Margin Approach 307
Equation Approach 308
Graphical Approach 308
Applying CVP Analysis 308
Safety Margin 308
Changes in Fixed Expenses 309
Changes in the Unit Contribution Margin 309
Predicting Profit Given Expected Volume 311
Interdependent Changes in Key Variables 312
CVP Information in Published Annual Reports 313
M.A.P. Airlines Keep a Close Eye on Break-Even
Load Factors 313
CVP Analysis with Multiple Products 313
Assumptions Underlying CVP Analysis 316
Role of Computerized Planning Models and Electronic
Spreadsheets 316
CVP Relationships and the Income Statement 316
Traditional Income Statement 317
Contribution Income Statement 317
Comparison of Traditional and Contribution Income
Statements 318
Cost Structure and Operating Leverage 318
Operating Leverage 319
M.A.P. Operating Leverage Helps These Web
Companies Become Profitable 321
Labor-Intensive Production Processes versus Advanced
Manufacturing Systems 321
Cost Structure and Operating Leverage:
A Cost-Benefit Issue 321
M.A.P. Cost Structure and Operating
Leverage 322
CVP Analysis, Activity-Based Costing, and Advanced
Manufacturing Systems 322
A Move toward JIT and Flexible Manufacturing 324
ABC Provides a Richer Understanding of Cost Behavior
and CVP Relationships 325
Chapter Summary 326
Review Problems on Cost-Volume-Profit Analysis 326
Key Terms 327
Appendix to Chapter 8: Effect of Income Taxes 327
Review Questions 330
Exercises 330
Problems 333
Cases 334

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