TY - BOOK AU - Singh, Kanhaiya TI - Management accounting: concepts and strategic costing decision SN - 9788126556373 U1 - 658.1511 PY - 2015/// CY - New Delhi PB - Wiley India Pvt. Ltd. KW - Managerial accounting KW - Business N1 - Table of content: Preface About the Author 1 Management Accounting Fundamentals 1.1 Beyond Cost Cutting 1.2 Concept of Management and Cost Accounting: An Introduction 1.3 Financial Accounting and Its Features 1.4 Cost Accounting 1.5 Best Practices in Costing System 1.6 Management Accounting 1.7 Management Accounting Information and Their Use 1.8 Practical Implications of Management Accountancy 1.9 Cost Management for Competitive Advantage 1.10 Decision-Making Process in a Firm 1.11 Management Accounting in Global Perspective 1.12 Management Accounting as Profession 1.13 Limitations of Management Accounting 2 Materials Cost Control 2.1 Introduction 2.2 Functions of Material Control Department 2.3 Essential Features of Material Control Process 2.4 Responsibilities of the Purchase Department 2.5 Materials Issue Process 2.6 Material Control Techniques 2.7 Material Pricing Methods 2.8 Quantity of Material Procurement 2.9 Material Management at Stores 2.10 Inventory Control Techniques 3 Labor Cost and Overhead Cost Control 3.1 Introduction 3.2 The Issues Concerned with Labor Cost Control 3.3 Mechanism of Labor Cost Control 3.4 Labor Attrition 3.5 Recording of Timings 3.6 Methods of Work Study 3.7 Methods of Wage Payment 3.8 Overhead Cost Control 4 Cost Concepts, Cost Classification and Unit Cost Analysis 4.1 Introduction 4.2 Cost Classification 4.3 Cost sheet 4.4 Valuation of Closing Stock 4.5 Preparation of Production Account 4.6 Calculation of Cost and Selling Price 4.7 Preparation of Statement of Cost and Abridged Profit and Loss Account 4.8 Calculation of Missing Figures in the Statement of Cost 5 Cost Analysis: Job Order, Batch and Contract Costing 5.1 Introduction 5.2 Job Order Costing 5.3 Batch Costing 5.4 Contract Costing 6 Process Costing and Joint Costing 6.1 Introduction 6.2 Features of Process Costing 6.3 Difference between Process and Job Costing 6.4 Preparation of Process Account 6.5 Process Accounts with Scrap 6.6 Normal Loss, Abnormal Loss and Abnormal Gain 6.7 Joint Products and By-Products 6.8 Difference between Joint Product and By-Product 6.9 Joint Costs 6.10 Methods of Costing of Joint Products 7 Income Recognition under Marginal and Absorption Costing 7.1 Introduction 7.2 Marginal Costing 7.3 Absorption Costing 7.4 Analysis of Difference in Income 7.5 Practical Application of Absorption and Marginal Costing 7.6 Reconciliation of Net Income 8 Cost–Volume–Profit Analysis 8.1 Introduction 8.2 Profit 8.3 Contribution 8.4 Break-even (BE) Analysis 8.5 Application of PV Ratio 8.6 BE Chart 8.7 Uses of CVP Analysis 8.8 Assumptions of BE Analysis 8.9 Limitations of BE Analysis 8.10 Limitations of CVP Analysis 8.11 CVP Analysis 8.12 Multi-Product CVP Analysis 9 Standard Costing and Variance Analysis 9.1 Standard Costing 9.2 Need for Fixing Standards 9.3 Process of Standard Costing 9.4 Factors Determining Standards under Each Cost Component 9.5 Uses of Standard Costing 9.6 Benefits of Standard Costing 9.7 Limitations of Standard Costing 9.8 Relationship between Standard Costing and Budgetary Control 9.9 Standard Costing and Variance Analysis 9.10 Material Yield Variance 9.11 Labor Cost Variances 9.12 Idle Time Variance 9.13 Labor Yield Variance 9.14 Labor Mix Variance 9.15 Overhead Variances 9.16 Analysis of Variances 9.17 Sales Variances 9.18 Variances Based on Profits 9.19 Control Ratios 10 Budget and Budgetary Control System 10.1 Introduction 10.2 Essentials of a Budget Document 10.3 Budget Implementation Process 10.4 Different Kinds of Budget 10.5 Advantages of Budgets and Budgeting Exercise 10.6 Limitations of Budgeting 10.7 Budgetary Control Systems 11 Activity-Based Costing and Target Costing 11.1 Introduction 11.2 Activity-Based Costing 11.3 Rational of Allocation of Costs under an ABC System 11.4 Steps in an ABC System 11.5 Target Costing 12 Responsibility Accounting and Transfer Pricing 12.1 Introduction 12.2 Responsibility Center 12.3 Focus on ROI 12.4 Factors Affecting Responsibility Center’s Performance 12.5 Transfer Pricing 13 Strategic Costing Decisions 13.1 Introduction 13.2 Life Cycle Costing 13.3 Stages of LCC 13.4 Product Life Cycle Stages 13.5 Assessment of Life Cycle Costs 13.6 Important Components of LCC 13.7 Value Chain System 13.8 Utilization of Internal Linkages: A Case 13.9 Internal Value Chain Linkages 13.10 Internal Linkage: A Case Analysis 13.11 Throughput Accounting 13.12 A Plus and Minus Approach 14 Pricing Decisions and Strategies 14.1 Introduction 14.2 Objectives of Pricing 14.3 Factors Affecting Pricing Decisions 14.4 Cost Factors and Pricing 14.5 Pricing and Contribution 14.6 Pricing Methods in Practice 15 Short-Term Decision-Making Strategies 15.1 Introduction 15.2 Essentials of the Decision-Making Process 15.3 Cost–Benefit Analysis 15.4 Relevant and Irrelevant Costs and Benefits 15.5 Key Limiting Factor 15.6 Decision to Accept or Reject 15.7 Outsourcing Decisions 15.8 Add or Drop a Product 15.9 Joint Products (Decision to Sell Now or Process Further) 15.10 Product Mix Decisions 16 Management Accounting in Global Perspective 16.1 Introduction 16.2 Activity as a Focus 16.3 Change in Focus 16.4 Management Accounting in a Competitive World 16.5 Management Accounting and Global Environment 16.6 Global Management Accounting Principles 16.7 Management Accounting and Developed Costing Systems 16.8 Modern Cost Management Systems 17 Balanced Scorecard and Performance Evaluation 17.1 Introduction 17.2 Concept of Balanced Scorecard 17.3 Balanced Scorecard and Performance Evaluation 17.4 Design of a Balanced Scorecard 17.5 Variants of Balanced Scorecard 17.6 Decentralized Operations 17.7 Performance Measurement Techniques 17.8 Comparison of Balanced Scorecard and Self-Assessment for Business Excellence 17.9 Six Sigma Philosophy 18 Financial Statement Analysis 18.1 Introduction 18.2 Accounting Statements and Financial Analysis 18.3 Important Factors Impacting Communication of useful Information 18.4 Information Analysis 18.5 Ratio Analysis of Financial Statements 18.6 Advantages of Financial Ratio Analysis 18.7 Limitations of Financial Ratio Analysis 18.8 Summary of Financial Ratios Additional Solved Problems Summary Key words Review Questions True or False Fill in the Blanks Problems for Practice Case Analyses Index [https://www.wileyindia.com/management-accounting-concepts-and-strategic-costing-decision.html] N2 - The book focuses on costing decision practices followed and practiced in the industry while taking various business operation decisions. Each chapter highlights the concepts of management accounting and links it to practical decision situations. Besides, there is an exhaustive coverage of new techniques in costing decisions such as Activity-Based Costing, Target Costing, Value Chain System, Price and Profitability Analysis, Balanced Scorecard, Global Perspective of Management Accounting, etc. It is written in an interactive manner which makes the readers understand and grasp the concepts comfortably. The numerical questions, both solved and unsolved, provided in the chapters are attributed towards decision-making situations. (https://www.wileyindia.com/management-accounting-concepts-and-strategic-costing-decision.html) ER -