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: cengage.com/accounting/vanderbeck.
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 cengage.com/accounting/eav.
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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 (booknews.com)
From the Publisher
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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.
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