Test Bank Cost Accounting With Integrated Data Analytics 1st Edition by Karen Congo Farmer
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Test Bank Cost Accounting With Integrated Data Analytics 1st Edition by Karen Congo Farmer
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Test Bank Cost Accounting With Integrated Data Analytics 1st Edition by Karen Congo Farmer
Cost Accounting with Integrated Data Analytics takes the approach that you need to reach students in order to engage and effectively teach them to make meaning of costing concepts
ISBN: 978-1-119-62439-4
Karen Congo Farmer, Amy Fredin
Table of Contents
1 Cost Accounting Has Purpose 1-1
1.1 Companies Know Their Purpose: Do You Know Yours? 1-2
Purpose Is Meaningful 1-2
Company Strategy: Turning Purpose into Action 1-2
Your Own Strategy 1-4
Measures, Targets, and Results on the Balanced Scorecard 1-5
1.2 The Purpose of Cost Accounting 1-9
Data Analytics in Action: Data Analytics Isn’t New 1-9
Big Picture Thinking and Decision-Making 1-10
Using Data Analytics to Problem-Solve 1-14
Data Analytics in Action: Keeping Score 1-14
The Value Chain 1-15
1.3 What Guides Our Purpose? 1-17
The Importance of Ethics in Business 1-17
Governing Bodies Within Accounting 1-18
Appendix 1A: Why You Should Learn to Learn 1-23
Your Role as a Lifelong Learner 1-23
Fixed versus Growth Mindset 1-23
Purposeful Pedagogy 1-24
How This Text Can Help You Learn 1-25
Data Analytics Activities 1-35
2 Refresher on Cost Terms 2-1
2.1 Overview of Costs 2-2
Using Financial Statements to Interpret Revenues and Expenses 2-2
Costs versus Expenses: Let’s Get Specific 2-3
Opportunity Costs and Sunk Costs 2-4
2.2 Costs for Service Providers, Merchandisers, and Manufacturers 2-7
Service Providers 2-7
Data Analytics in Action: Cutting Corners 2-8
Merchandisers 2-8
Manufacturers 2-10
2.3 Defining and Assigning Costs 2-11
Product and Period Costs 2-12
Manufacturing and Nonmanufacturing Costs 2-12
The Cost Object, Direct Costs, and Indirect Costs 2-14
Prime Costs and Conversion Costs 2-15
2.4 Variable and Fixed Costs and the Relevant Range 2-16
Variable Costs 2-16
Managing Variable Costs 2-17
Data Analytics in Action: It’s a Snap! 2-17
Fixed Costs 2-17
Managing Fixed Costs 2-18
Relevant Range and Costs of Capacity 2-19
Fixed Costs on a Per-Unit Basis: Be Careful 2-20
2.5 Tracing Product Costs from the Balance Sheet to the Income Statement 2-21
Inventoriable Costs 2-22
Raw Materials Inventory on the Balance Sheet 2-22
Work-in-Process Inventory on the Balance Sheet 2-23
Finished Goods Inventory on the Balance Sheet 2-24
Cost of Goods Manufactured 2-25
Cost of Goods Sold 2-26
2.6 Comparing Gross Margin and Contribution Margin Income Statements 2-28
Gross Margin versus Contribution Margin 2-28
Full Costs 2-30
Data Analytics Activities 2-49
3 Cost Behavior and Cost Estimation 3-1
3.1 The Basics of Cost Behavior 3-2
Selecting Cost Drivers 3-2
Data Analytics in Action: Counting Cars 3-2
The Relevant Range, and Costs Within It 3-3
3.2 Estimating Costs Is Crucial: Here’s How 3-9
Account Analysis Method 3-9
High-Low Method 3-10
Data Analytics in Action: Scatter to Avoid Slacking? 3-12
Excel Tutorial: The Scatter Plot 3-12
3.3 Sophisticated Cost Estimation with Regression 3-15
Overview of the Regression Method 3-15
Excel Tutorial: Regression Analysis 3-17
Evaluating Regression Output 3-21
Assumptions of Regression 3-23
Multiple Regression 3-25
3.4 When Costs Are Nonlinear: The Learning Curve 3-29
Applying the Learning Curve 3-30
Learning Curve Impacts on Costs and Prices 3-31
Data Analytics Activities 3-54
4 Cost-Volume-Profit Analysis 4-1
4.1 Contribution Margin and the Break-Even Sales Point 4-2
Data Analytics in Action: Consuming Coffee and Trends 4-2
Contribution Margin 4-2
Numbers of Sales in Units to Break Even 4-4
Sales in Dollars to Break Even 4-5
What Happens After Break-Even Analysis? 4-6
4.2 Cost-Volume-Profit (CVP) Analysis 4-8
It’s Graphic: Understanding CVP Relationships 4-9
The Relevant Range: Quite Relevant 4-10
Margin of Safety 4-10
4.3 Break-Even with Target Profit and Taxes 4-12
Modifying the Break-Even to Include Target Profit 4-12
Modifying the Break-Even to Include Target Profit After 1 Tax 4-13
4.4 Break-Even with Multiple Products 4-14
Data Analytics in Action: Big Data for Bigger Sales 4-15
4.5 Operating Leverage and Sensitivity Analysis 4-17
Sensitivity Analysis Shows the Effects of Operating Leverage 4-17
Using the Degree of Operating Leverage Multiplier 4-18
4.6 CVP Analysis for Service and Nonprofit Organizations 4-21
Data Analytics in Action: More Service, Fewer Costs 4-21
Data Analytics Activities 4-35
5 Relevant Costs for the Decision 1 Maker 5-1
5.1 Decision-Making Made Easier 5-2
Data Analytics in Action: Don’t Succumb to Analysis Paralysis 5-2
5.2 What Are Relevant Costs and Relevant Information? 5-4
How Relevant Information Supports Decision-Making 5-4
Sunk Costs 5-5
The Total Cost Approach versus the Relevant Cost Approach 5-6
5.3 Management Decisions Requiring Use of Relevant Costs 5-7
Insource versus Outsource 5-7
Keep versus Drop 5-11
Excel Tutorial: Goal Seek 5-12
Product-Mix Decisions 5-14
Data Analytics in Action: Tasty, Fast, or Both? 5-15
Excel Tutorial: Solver 5-17
Special Orders 5-20
5.4 Decision-Making and Opportunity Costs 5-22
5.5 Fixed Costs and Decision-Making 5-25
Direct Fixed Costs 5-25
Common Fixed Costs 5-26
Allocated Fixed Costs 5-27
Data Analytics Activities 5-44
6 Mastering the Master Budget 6-1
6.1 Why Budget? 6-2
Budgeting and Behavior Modification 6-2
Data Analytics in Action: Budgeting Made Fun? 6-2
Types of Budgets 6-3
Budgeting and Ethical Considerations 6-5
6.2 The Master Budget 6-7
Revisiting the Strategic Planning Process 6-7
Organizational Structure and Responsibility Centers 6-8
The Master Budget Inputs and Outputs 6-10
Follow-Up and Feedback 6-11
6.3 The Operating Budget and the Budgeted Income Statement 6-12
Sales Forecast: It All Starts Here 6-13
Production Budget 6-14
Direct Materials Purchases Budget 6-16
Direct Labor Budget 6-17
Manufacturing Overhead Budget 6-18
Cost of Goods Sold and Cost of Goods Manufactured Budgets 6-20
Selling, General, and Administrative Expenses Budget 6-21
Non-Operating Expenses Budget 6-23
6.4 The Financial Budget and the Budgeted Balance Sheet 6-24
Budgeted Inventory Balance 6-25
Cash Receipts, Cash Collections, and the Budgeted Accounts Receivable Balance 6-26
Data Analytics in Action: Banks Expedite Loan Collections 6-27
Cash Disbursements and Budgeted Accounts Payable Balance 6-29
Budgeted Cash Balance 6-31
6.5 Budgeting in Retail and Service Organizations 6-35
Budgeting for Retailers 6-35
Budgeting for Service Providers and Nonprofit Organizations 6-36
Data Analytics Activities 6-57
7 Capital Budgeting Choices and Decisions 7-1
7.1 Capital Budgeting: The Point and the Context 7-2
Data Analytics in Action: Using Data to Scout a Location 7-2
The Circle of Life of Businesses 7-2
Return on Investment (ROI) 7-4
7.2 Elements of Capital Budgeting Decisions 7-6
Timeliness 7-6
Time Value of Money 7-7
Cash Flows: Lump Sums and Annuities 7-9
Discount Rate 7-13
Tax Rate 7-14
Depreciation Tax Shield: Yes You Can! 7-15
Data Analytics in Action: Data Informs Decision 1 Making 7-15
7.3 Tools to Evaluate Capital Budgeting Choices 7-17
Net Present Value (NPV): A Powerful Machine 7-17
Internal Rate of Return (IRR) 7-20
Payback Period 7-22
Accounting Rate of Return (ARR) 7-24
Profitability Index 7-25
7.4 Sensitivity Analysis 7-27
7.5 Making the Decision 7-29
7.6 The Follow-Up 7-33
Post-Investment Audit 7-33
Performance Evaluation 7-33
Data Analytics Activities 7-50
Time Value of Money Tables 7-52
8 Job Costing Visualized 8-1
8.1 Job Costing: An Overview 8-2
Defining Jobs and Job Costing 8-2
Revisiting Product Costs 8-2
Actual versus Normal Costing 8-4
Data Analytics in Action: Is It Hot in Here? 8-4
How Job Costing Is Organized 8-6
8.2 Actual and Applied Manufacturing Overhead 8-10
Accounting for Actual and Ap