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Management and Cost Accounting For Dummies, UK Edition


Learn to:

  • Understand the basic concepts, terminology and methods in management and cost accounting
  • Interpret accounting information for business decisions and budgeting
  • Manage costs in your organisation

Get to grips with management and cost accounting – fast

With easy-to-understand explanations and real-life examples, Management & Cost Accounting For Dummies provides students and trainees with the basic concepts, terminology and methods to identify, measure, analyse, interpret and communicate accounting information in the context of managerial decision-making.

  • Get a bird's-eye view – find out what management and cost accounting is all about, why it's so important and what every accountant and businessperson needs to know about it
  • Learn the costs of doing business – get the lowdown on the various kinds of business costs, how they behave, and how to tackle job costing, process costing and product costing
  • Be the man, or woman, with a plan – learn about the key role business accountants play in planning and budgeting for the future
  • Go with the flow – discover how to develop dynamic budgets and how budgeting is key to long- and short- term business decisions
  • Gear up – outfit yourself with powerful accounting tools for monitoring, evaluating and controlling activities throughout your organisation

Open the book and find:

  • Tools and techniques for communicating accounting information
  • The balanced scorecard and the theory of constraints – two must-have tools
  • Ways to use management accounting for evaluation and budgetary control
  • How to classify and allocate the different types of costs
  • Ten key management accounting formulas
  • Ten careers in management and cost accounting

Mark P. Holtzman, PhD, CPA, is Chair of the Department of Accounting and Taxation, Seton Hall University. He has taught accounting at college level for 17 years. Sandy Hood is a lecturer in management and cost accounting. He also lectures on the Peter Jones Enterprise Academy course, a one-year course that helps budding entrepreneurs set up their own businesses and learn practical business skills.

Introduction  1

Part I: Getting Started with Management and Cost Accounting  7

Chapter 1: Planning and Control: The Role of Management Accounting 9

Chapter 2: Using Management Accounting in Your Business 27

Part II: Understanding and Managing Costs  45

Chapter 3: Classifying Direct and Indirect Costs 47

Chapter 4: Allocating, Apportioning and Absorbing Overhead 71

Chapter 5: Costing Products Flowing Through a Business 95

Chapter 6: Job Costing: Pricing Individual Orders 105

Chapter 7: Process Costing: Tracking What’s Produced and How Much it Costs 119

Chapter 8: Observing How Variable and Fixed Costs Behave 143

Part III: Planning and Budgeting  161

Chapter 9: Using Contribution Analysis to Make Better Decisions 163

Chapter 10: Decision-Making Within the Reality of Limited Capacity 189

Chapter 11: Deciding on Long-Term Purchases: Capital Budgeting 205

Chapter 12: Naming Your Price: Approaches to Decision-Making 229

Chapter 13: Doing Deals between Company Divisions: Transfer Prices 243

Chapter 14: Planning Budgets for the Future 259

Part IV: Using Management Accounting for Evaluation and Control  279

Chapter 15: Using Flexible Budgets to Exert Control 281

Chapter 16: Variance Analysis: Flexing Standard Costs 293

Chapter 17: Establishing Accountability with Responsibility Accounting 317

Chapter 18: The Balanced Scorecard: Reviewing Your Business’s Report Card 329

Chapter 19: Squeezing Out of a Tight Spot with the Theory of Constraints 347

Part V: The Part of Tens  357

Chapter 20: Ten Key Management Accounting Formulas 359

Chapter 21: Ten Careers in Management Accounting 371

Index  375