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Managerial Accounting Braun 4th Edition Test Bank

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This is completed downloadable of Managerial Accounting Braun 4th Edition Test Bank

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ISBN-10 ‏ : ‎ 0133428370
ISBN-13 ‏ : ‎ 978-0133428377
Author: Karen W. Braun, Wendy M. Tietz

Managerial Accounting, Fourth Edition helps students make the connection between managerial accounting concepts and the businesses they deal with everyday through strong coverage and effective practice. By presenting actual accounting decisions made in companies like Target and J. Crew, the text’s precise coverage of the core concepts engages students in the learning process.

MyAccountingLab for Managerial Accounting is an online homework, tutorial, and assessment program that truly engages students in learning. It helps students better prepare for class, quizzes, and exams–resulting in better performance in the course–and provides educators with a dynamic set of tools for gauging individual and class progress.

Table of Content:

Managerial Accounting
Copyright
Contents
Preface
Making Connections with Managerial Accounting
Making Connections Using the Framework for Managerial Accounting
About the Authors
Acknowledgments
1 Introduction to Managerial Accounting
1 Introduction to Managerial Accounting
What Is Managerial Accounting?
A Road Map: How Managerial Accounting Fits In
Differences Between Managerial Accounting and Financial Accounting
What Role Do Management Accountants Play?
The Skills Required of Management Accountants
The Profession of Accounting in Canada
Ethics
Examples of Ethical Dilemmas
Decision Guidelines
Summary Problem 1
What Regulatory and Business Issues Affect Today’s Management Accountants?
International Financial Reporting Standards (IFRS)
Extensible Business Reporting Language (XBRL)
Shifting Economy
How Do Companies Compete in Today’s Global Marketplace?
Integrated Reporting
Tools for Time-Based Competition
Traditional Production Systems
Lean Production Systems
Total Quality Management
How Do Managers Improve Quality?
Using the Costs of Quality Framework to Aid Decisions
Decision Guidelines
Summary Problem 1
Summary Problem 2
Decision Guidelines
Summary Problem 3
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
2 Building Blocks of Managerial Accounting
2 Building Blocks of Managerial Accounting
What Are the Most Common Business Sectors and Their Activities?
Which Business Activities Make Up the Value Chain?
Coordinating Activities Across the Value Chain
How Do Companies Define Cost?
Costs for Internal Decision Making and External Reporting
Merchandising Companies’ Inventoriable Product Costs
Manufacturing Companies’ Inventoriable Product Costs
Review: Inventoriable Product Costs or Period Costs?
Prime and Conversion Costs
Additional Labour Compensation Costs
Decision Guidelines
Summary Problem 1
How Are Inventoriable Product Costs and Period Costs Shown in the Financial Statements?
Merchandising Companies
Manufacturing Companies
Comparing Balance Sheets
Other Cost Terms Used by Managers
Relevant and Irrelevant Costs
Fixed and Variable Costs
Manufacturing Costs
Calculating Total and Average Costs
Decision Guidelines
Summary Problem 2
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
3 Cost Behaviour
3 Cost Behaviour
Cost Behaviour: How Do Changes in Volume Affect Costs?
Variable Costs
Relevant Range
Fixed Costs
Mixed Costs
Changing Costs in the Relevant Range
Other Cost Behaviours
Decision Guidelines
Summary Problem 1
Determining Cost Behaviour
High-Low Method
Regression Analysis
Predicting Costs
Data Concerns
The Contribution Margin Income Statement
Contribution Margin Income Statements Are Organized by Cost Behaviour
Decision Guidelines
Summary Problem 2
Appendix 3A
Variable Versus Absorption Costing
Reconciling the Difference in Income
Operating Income with Decreasing Inventory
Comparing Operating Income: Variable Versus Absorption Costing
Appendix 3B
Decision Guidelines
Summary Problem 3
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
4 Cost-Volume-Profit Analysis
4 Cost-Volume-Profit Analysis
Cost-Volume-Profit Analysis
The Unit Contribution Margin
The Contribution Margin Ratio
CVP and the Break-Even Point
The Shortcut Approach Using the Unit Contribution Margin
The Shortcut Approach Using the Contribution Margin Ratio
Calculating the Volume Needed to Earn a Target Profit
Graphing CVP Relationships
Decision Guidelines
Summary Problem 1
The CVP as a Tool to Plan for Changing Business Conditions
Changing Variable Costs
Changing Fixed Costs
Changing the Mix of Products Offered for Sale
Common Indicators of Risk
Operating Leverage
Decision Guidelines
Summary Problem 2
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
Demo Doc
5 Job Costing
5 Job Costing
What Methods Are Used to Determine the Cost of Manufacturing a Product?
Job Costing
How Do Manufacturers Determine a Job’s Cost?
Scheduling Production
Purchasing Raw Materials
Using a Job Cost Record to Keep Track of Job Costs
Tracing Direct Material Costs to a Job
Tracing Direct Labour Cost to a Job
Allocating Manufacturing Overhead to a Job
How Do Managers Deal with Underallocated or Overallocated Manufacturing Overhead?
Completing the Job Cost Record and Using It to Make Business Decisions
Decision Guidelines
Summary Problem 1
How Do Manufacturers Treat Nonmanufacturing Costs?
What Journal Entries Are Needed in a Manufacturer’s Job Costing System?
Purchase of Raw Materials
Incurring Other Manufacturing Overhead Costs
Completion of Jobs
Decision Guidelines
Summary Problem 2
Appendix 5A
Finding the Total Cost of the Job and Adding a Profit Markup
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
Demo Doc
6 Process Costing
6 Process Costing
Process Costing: An Overview
How Does the Flow of Costs Differ Between Job and Process Costing?
The Building Blocks of Process Costing
Process Costing in the First Processing Department
The Process Costing Procedure
Average Unit Costs
Journal Entries in a Process Costing System
Decision Guidelines
Summary Problem 1
Process Costing in a Second or Later Processing Department
Process Costing in GogglesPlus’ Insertion Department
Steps 1 and 2: Summarize the Flow of Physical Units and Compute Output in Terms of Equivalent Units
Steps 3 and 4: Summarize Total Costs to Account For and Compute the Cost Per Equivalent Unit
Step 5: Assign Total Costs to Units Completed and to Units in Ending Work in Process Inventory
Unit Costs and Gross Profit
Production Cost Reports
Decision Guidelines
Summary Problem 2
Appendix 6A
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
Demo Doc
7 Activity-Based Costing
7 Activity-Based Costing
Simple Cost Systems and the Potential for Distortion
Using Departmental Overhead Rates to Allocate Indirect Costs
Using Activity-Based Costing to Allocate Indirect Costs
ABC in the Service Industry: Dan’s Dentist Service
Activity-Based Management (ABM)
Passing the Cost–Benefit Test
Decision Guidelines
Summary Problem 1
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solution
8 Short-Term Business Decisions
8 Short-Term Business Decisions
How Do Managers Make Decisions?
Regular-Pricing Decisions
Cost-Plus Pricing
Target Costing
Keys to Making Short-Term Special Decisions
How Do Managers Make Special Business Decisions?
Decision Guidelines
Summary Problem 1
Decisions to Drop Products or Segments
Other Considerations
Product Mix Decisions
Changing Assumptions: Product Mix When Demand Is Limited
Outsourcing Decisions (Make-or-Buy)
Sell-As-Is or Process-Further Decisions
Transfer-Pricing Decisions
Insufficient Capacity
Decision Guidelines
Summary Problem 2
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
9 The Master Budget and Responsibility Accounting
9 The Master Budget and Responsibility Accounting
How and Why Do Managers Use Budgets?
What Are the Benefits of Budgeting?
The Master Budget
How Are the Operating Budgets Prepared?
Production Budget
Direct Materials Budget
Direct Labour Budget
Manufacturing Overhead Budget
Operating Expenses Budget
Budgeted Income Statement
Decision Guidelines
Summary Problem 1
How Are Financial Budgets Prepared?
Cash Payments Budget
Combined Cash Budget
Budgeted Balance Sheet
Sensitivity Analysis
What Is Responsibility Accounting?
Responsibility Accounting Performance Reports
Decision Guidelines
Summary Problem 2
Appendix 9A
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
Demo Doc
10 Flexible Budgets and Standard Costs
10 Flexible Budgets and Standard Costs
How Do Managers Use Flexible Budgets and Variances?
How Do Managers Use Standard Costs to Analyze Direct Material and Direct Labour Variances?
Direct Material Variances
Direct Labour Variances
Price and Efficiency Variances: Three Common Pitfalls
Using Variances
How Do Managers Use Standard Costs to Analyze Manufacturing Overhead Variances?
Production Volume Variance
Overview of Kool-Time’s Manufacturing Overhead Variances
Decision Guidelines
Summary Problem 1
The Static Budget
The Flexible Budget
Using Flexible Budgets for Planning
Using Flexible Budgets to Evaluate Performance
How Do Managers Compute the Sales Volume Variance and Flexible Budget Variance?
Sales Volume Variance
Decision Guidelines
Summary Problem 2
Appendix 10A
Standard Cost Income Statement for Management
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
11 Performance Evaluation and the Balanced Scorecard
11 Performance Evaluation and the Balanced Scorecard
Why Do Companies Decentralize Operations?
Performance Evaluation Systems
Limitations of Financial Performance Measurement
The Four Perspectives of the Balanced Scorecard
Decision Guidelines
Summary Problem 1
Evaluating the Financial Performance of Cost, Revenue, and Profit Centres
Profit Centre Performance Reports
Evaluating the Financial Performance of Investment Centres
Return on Investment (ROI)
Residual Income (RI)
Economic Value Added (EVA)
Limitations of Financial Performance Measures
Decision Guidelines
Summary Problem 2
Appendix 11A
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
12 Capital Investment Decisions and the Time Value of Money
12 Capital Investment Decisions and the Time Value of Money
What Is Capital Budgeting?
Capital Budgeting Process
Calculating the Payback Period and Accounting Rate of Return
Accounting Rate of Return (ARR)
Decision Guidelines
Summary Problem 1
Computing the Time Value of Money
Future Values and Present Values: Points Along the Time Continuum
Calculating Future Values of Single Sums and Annuities Using FV Factors
Calculating Present Values of Single Sums and Annuities Using PV Factors
Calculating the Net Present Value and Internal Rate of Return
Capital Rationing and the Profitability Index
Internal Rate of Return (IRR)
Capital Budgeting Methods in Comparison
Decision Guidelines
Summary Problem 2
Appendix 12A
Table B: Present Value of Annuity of $1
Table C: Future Value of $1
Table D: Future Value of $1
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Serial Case
Capstone Application Problems
Try It Solutions
13 Financial Statement Analysis
13 Financial Statement Analysis
What Are the Most Common Methods of Analysis?
Horizontal Analysis
Horizontal Analysis of the Income Statement
Trend Percentages
Vertical Analysis
How Do We Compare One Company with Another?
Decision Guidelines
Summary Problem 1
What Are Some of the Most Common Financial Ratios?
Measuring Ability to Sell Inventory and Collect Receivables
Measuring Ability to Pay Long-Term Debt
Measuring Profitability
Analyzing Share Investments
Red Flags in Financial Statement Analysis
Decision Guidelines
Summary Problem 2
Learning Objectives and Accounting Vocabulary
Quick Check
Short Exercises
Exercises Group A
Exercises Group B
Problems Group A
Problems Group B
Critical Thinking
Application & Analysis Mini Cases
Team Project
Try It Solutions

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