Principles of Cost Accounting / Edition 14

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Discover how readable, real, and relevant cost accounting can be with VanDerbeck's Principles of Cost Accounting, 15e. Within the book's concise 10-chapter format, you will gain a thorough understanding of cost concepts, cost behavior, and cost accounting techniques as they apply to manufacturing and service businesses. Current topics like Lean Manufacturing are also discussed in this new edition. VanDerbeck makes cost accounting come to life!

Earn the grade you want with enhanced learning resources:

A step-by-step approach introduces concepts in small, manageable sections that are immediately reinforced with questions, Self-Study Problems, practice exercise, and quizzes. Interactive Internet Exercises at the end of each chapter allow you to explore real-world cost accounting applications by analyzing the practices of companies such as Coca-Cola and General Mills.

Master the procedures and concepts of cost accounting with the rich array of learning resources at the Principles of Cost Accounting, 15e interactive companion Web site:

Experience Accounting Videos allow you to discover how the managers of companies like Hard Rock Café and Cold Stone Creamery use accounting information to fuel better business performance. The Experience Accounting Videos can be bundled at no additional cost with new copies of the text or purchased separately. You can access the videos at

A suspense-filled novel from the prolific New York Times bestselling author of Firefox and The Last Raven. The Cold War is over, but old hatred still fuels the greed for global power. Against official orders, two British agents pursue elusive leads linking a prestigious electronics firm to the KGB and Moscow, as they are plunged into a desperate race against time--where far more than their lives may be forfeited.

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Editorial Reviews

This textbook introduces cost concepts, cost behavior, and cost accounting techniques, applying them to manufacturing and service businesses. It provides instruction on calculating the cost of products and services, setting prices, bidding on contracts, and analyzing profitability. It also describes the evaluation of management and subunit performance within an organization, and the use of accounting to move managers toward the organization's goals. Specific chapters cover materials, labor, factory overhead, process cost accounting, standard cost accounting, budgeting, service businesses, and management decision making. VanDerbeck teaches accounting at Xavier University. Annotation c. Book News, Inc., Portland, OR (
From the Publisher
"My students love CengageNOW. I have received feedback from students stating that they love the fact that they get immediate feedback using CengageNOW and can work through problems multiple times which helps them to understand the concepts associated with the problems."

"The reading level is excellent, and the book is easy for students to navigate. Also, the comprehensive problem in Chapter 4 is an excellent learning tool!"

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Product Details

  • ISBN-13: 9780324374179
  • Publisher: Cengage Learning
  • Publication date: 3/15/2007
  • Edition description: Older Edition
  • Edition number: 14
  • Pages: 504
  • Product dimensions: 8.43 (w) x 9.99 (h) x 0.94 (d)

Meet the Author

Edward J. Vanderbeck has been a professor of accounting for 30 years and Chair of the Department of Accountancy at Xavier University, Cincinnati, Ohio, for 22 years. Before retiring in 2008, Professor Vanderbeck specialized in teaching cost accounting to accounting majors and managerial accounting to undergraduate and MBA students. He has taught at the two-year college level at SUNY—Delhi. He has a BA in accounting from SUNY—Binghamton and an MS in business administration from SUNY—Albany. He is licensed as a CPA (inactive) in the state of Ohio. Professor Vanderbeck has worked as an internal revenue agent, and has performed a faculty internship at what was formerly the Big Eight accounting firm of Touche-Ross. He has served as a developmental editor and marketing manager for accounting publications with South-Western. Professor Vanderbeck is an avid tennis player and a student of casino gaming strategies.

Maria R. Mitchell is Associate Professor of Accountancy at Thomas More College in Crestview Hills, Kentucky, where she teaches cost accounting and advanced accounting, to accounting majors and introductory accounting topics to freshman and adult students. Prior to starting her academic career full-time, Ms. Mitchell worked on the audit staff at KPMG and for a global industrial products company, where she was responsible for financial reporting and assisted with activities-based costing implementation projects. She has also been an adjunct instructor at Xavier University and Cincinnati State Technical and Community College. Professor Mitchell is a CPA in the state of Ohio, has an MBA from Xavier University and a BS Accounting from Northern Kentucky University. Outside the classroom, she enjoys the outdoors, reading, gardening, cooking, and studying genealogy.

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Table of Contents

1 Introduction to Cost Accounting 1

Uses of Cost Accounting Information 4

Determining Product Costs and Pricing, Planning and Control

Professional Ethics, CMA Certification, and Corporate Governance 9

Relationship of Cost Accounting to Financial and Management Accounting 10

Costs of Goods Sold, Inventories

Elements of Manufacturing Costs 15

Direct Materials, Direct Labor, Factory Overhead, Summary of Manufacturing Costs, Flow of Costs

Illustration of Accounting for Manufacturing Costs 18

Cost Accounting Systems 27

Special Order, Continuous or Mass Production, Combination of Systems, Standard Costing

Illustration of a Job Order Cost System 30

Work in Process in the Manufacturing Statement

IMA Statement of Ethical Professional Practice 36

Principles, Standards, Resolution of Ethical Conflict

2 Accounting for Materials 63

Materials Control 64

Physical Control of Materials, Controlling the Investment in Materials

Materials Control Procedures 70

Materials Control Personnel, Control during Procurement, Control during Storage and Issuance

Accounting for Materials 79

Determining the Cost of Materials Issued, Accounting Procedures

Just-in-Time Materials Control 91

JIT and Cost Control, JIT and Cost Flows

Scrap, Spoiled Goods, and Defective Work 97

Scrap Materials, Spoiled and Defective Work

3 Accounting for Labor 123

Wage Plans 125

Hourly Rate Plan, Piece-Rate Plan, Modified Wage Plans

Controlling Labor Cost 128

Labor Time Records, Payroll Function

Accounting for Labor Costs and Employers' Payroll Taxes 132

Employers' Payroll Taxes, Illustration of Accounting for Labor Costs

Payroll Accrual 141

Special Labor Cost Problems144

Shift Premium, Employee Pension Costs, Bonuses, Vacation and Holiday Pay, Accounting for Bonuses, Vacations, and Holiday Pay

4 Accounting for Factory Overhead 169

Identifying Cost Behavior Patterns 170

Analyzing Semivariable Factory Overhead Costs 172

Observation Method, High-Low Method, Scattergraph Method, Limitations of High-Low and Statistical Scattergraph Methods, Least-Squares Regression Method

Budgeting Factory Overhead Costs 179

Accounting for Actual Factory Overhead 180

Factory Overhead Analysis Spreadsheets, Schedule of Fixed Costs, General Factory Overhead Expenses, Summary of Factory Overhead

Distributing Service Department Expenses 185

Applying Factory Overhead to Production 192

Direct Labor Cost Method, Direct Labor Hour Method, Machine Hour Method, Activity-based Costing Method

Accounting for Actual and Applied Factory Overhead 198

5 Process Cost Accounting-General Procedures 237

Comparison of Basic Cost Systems 238

Materials and Labor Costs, Factory Overhead Costs

Product Cost in a Process Cost System 239

Nondepartmentalized Factory, Departmentalized Factory

Work in Process Inventories 240

Cost of Production Summary-One Department, No Beginning Inventory 244

Cost of Production Summary-One Department, Beginning Inventory 247

Cost of Production Summary-Multiple Departments, No Beginning Inventory 250

Cost of Production Summary-Multiple Departments, Beginning Inventory 259

Changes in Prior Department's Unit Transfer Costs 266

6 Process Cost Accounting-Additional Procedures; Accounting for Joint Products and By-Products 287

Equivalent Production-Materials Not Uniformly Applied 288

Illustrative Problem No. 1, Illustrative Problem No. 2, Illustrative Problem No. 3

Units Lost in Production 296

Units Gained in Production 298

Equivalent Production-First-In, First-Out Method 299

Illustrative Problem No. 1, Illustrative Problem No. 2

Joint Products and By-Products 309

Accounting for Joint Products, Accounting for By-Products

7 The Master Budget and Flexible Budgeting 337

Principles of Budgeting 338

Preparing the Master Budget 338

Sales Budget, Production Budget, Direct Materials Budget, Direct Labor Budget, Factory Overhead Budget, Cost of Goods Sold Budget, Selling and Administrative Expenses Budget, Budgeted Income Statement, Other Budgets, Evaluating Budget Performance

Flexible Budgeting 350

Preparing the Flexible Budget, Preparing a Performance Report Based on Flexible Budgeting

Preparing the Flexible Budget for Factory Overhead 355

Using the Flexible Budget, Semifixed and Semivariable Costs, Service Department Budgets and Variances, Summary of the Budgeting Process

8 Standard Cost Accounting-Materials, Labor, and Factory Overhead 379

Types of Standards 381

Standard Cost Procedures 381

Determination of Standard Costs for Materials and Labor, Recording Standard Costs for Materials and Labor

Determination of Variances 384

Alternative Method of Recording Materials Cost

Accounting for Variances 389

Alternative Method of Recording Materials Cost, Disposition of Standard Cost Variances

Interpreting Variances 392

Features of Standard Cost Accounting 397

Illustration of Standard Cost in a Departmentalized Factory 398

Analysis of Factory Overhead Standard Cost Variances 405

Two-Variance Method of Analysis 406

Four-Variance and Three-Variance Methods of Analysis 412

Four-Variance Method of Analysis 412

Three-Variance Method of Analysis 414

9 Cost Accounting for Service Businesses and the Balanced Scorecard 447

Job Order Costing for Service Businesses 448

Job Cost Sheet for a Service Business, Choosing the Cost Allocation Base, Tracing Direct Costs to the Job, Cost Performance Report

Budgeting for Service Businesses 451

The Revenue Budget, The Labor Budget, The Overhead Budget, The Other Direct Expenses Budget, The Budgeted Income Statement

Activity-Based Costing in a Service Firm 455

Converting Indirect Costs to Direct Costs, Multiple Indirect Cost Pools, Job Cost Sheet-Activity-Based Costing

Allocations Using Simplified Costing Versus Activity-Based Costing 459

The Balanced Scorecard 463

The Four Categories of a Balanced Scorecard, Guidelines for a Good Balanced Scorecard,

The Balanced Scorecard Illustrated

10 Cost Analysis for Management Decision Making 481

Variable Costing and Absorption Costing 482

Product Costs Versus Period Costs, Illustration of Variable and Absorption Costing Methods

Merits and Limitations of Variable Costing 486

Segment Reporting for Profitability Analysis 488

Cost-Volume-Profit Analysis 491

Break-even Analysis, Break-even Chart, Break-even Analysis for Management Decisions,

Effect of Sales Mix on Break-even Analysis

Contribution Margin Ratio and Margin of Safety 499

Effect of Income Tax on Break-even Point and Net Income 501

Differential Analysis 502

Accept or Reject a Special Order, Make or Buy

Distribution Costs 505

Glossary 531

Index 543

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