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管理会计（英文版·原书第16版） 
定 价：99 元 丛书名：高等学校经济管理英文版教材
9 7 6 8 5 7 1 1 0 1 3 1 1 读者对象:高等院校会计专业师生 
本书通过巧妙地介绍管理人员在组织中必备的3项基本技巧（计划运营、控制行动、制定决策），引导出管理会计的重要性，具体诠释如何收集并有效应用会计信息。本书内容全面，囊括了各种类型的企业案例。各章涉及的大量实例，在企业聚焦、实务广角等专栏中体现，帮助读者理解管理者在实际工作中所涉及的管理会计的专业概念。
本书可作为会计学、财务管理等专业本科生和MBA的教材，也可作为管理会计理论研究者、企业管理者以及从事企业实务的会计师的参考书。
出版说明
赞誉 作者简介 加里森为你导航 第16版《管理会计》的变动内容 绪论：管理会计概述1 商业聚焦 管理会计：不只是数字计算1 P.1 管理会计是什么2 P.2 为什么管理会计对你的职业生涯如此重要5 P.3 管理会计：超越数字的管理9 本章小结/术语表/思考题18 练习题19 第1章 管理会计与成本概念21 商业聚焦 削减管理费用21 1.1 按成本对象进行的成本分类22 1.2 制造业企业的成本分类23 1.3 用于编制报表的成本分类25 1.4 用于预测成本性态的成本分类27 1.5 用于决策的成本分类34 1.6 依据不同目的选择不同的成本分类35 本章小结37 复习题：成本术语38 术语表39 思考题/练习题40 问题42 案例43 附录1A 质量成本47 小结50 术语表/问题51 第2章 分批成本法：计算单位生产成本52 商业聚焦 高校T恤公司： 为美国150多所高校服务52 2.1 分批成本法综述53 2.2 分批成本法举例54 2.3 分批成本法：管理者的视角61 2.4 分批成本法使用多重预计制造费用分配率62 2.5 分批成本法：对外财务报告的视角65 2.6 分批成本法在服务业公司的应用66 本章小结67 复习题：计算单位生产成本67 术语表/思考题69 练习题70 问题72 案例74 附录2A 基于作业的完全成本法75 术语表/问题78 案例78 附录2B 预计制造费用分配率及生产能力80 问题83 案例83 第3章 分批成本法：成本流转和对外报告86 商业聚焦 托尔兄弟公司的存货核算86 3.1 分批成本法：成本流转87 3.2 产成品成本表与销货成本表97 3.3 制造费用分配不足与分配过度：详述99 本章小结/复习题：分批成本核算系统中的成本流转104 术语表/思考题107 练习题108 问题109 案例111 第4章 分步成本法113 商业聚焦 “一抹即净”的成本核算113 4.1 分批成本法和分步成本法的比较114 4.2 分步成本法下的成本流转115 4.3 分步成本法计算：3个关键概念118 4.4 加权平均法：举例119 4.5 经营成本法125 本章小结125 复习题：分步成本流转和成本核算126 术语表/思考题128 练习题129 问题131 案例132 附录4A 先进先出法133 练习题/问题/案例138 附录4B 服务部门成本分配139 练习题142 问题/案例142 第5章 本量利关系145 商业聚焦 摇滚小子和莱恩娱乐公司拉动了本量利杠杆145 5.1 本量利分析的基础147 5.2 保本分析和目标利润分析159 5.3 在选择成本结构中考虑本量利因素163 5.4 设计销售佣金167 5.5 销货组合167 本章小结/复习题：本量利关系170 术语表/思考题173 练习题173 问题175 案例177 附录5A 分析混合成本178 术语表183 练习题/问题184 第6章 变动成本法与分部报告：管理工具187 商业聚焦 汽车产业的错误激励机制187 6.1 变动成本法与完全成本法概述188 6.2 变动成本法与完全成本法实例190 6.3 变动成本法与完全成本法之间收益的协调194 6.4 变动成本法与边际贡献法的优点196 6.5 分部利润表与边际贡献法198 6.6 分部利润表实例200 6.7 分部利润表：决策制定与保本分析203 6.8 分部利润表：常见错误205 6.9 利润表：外部报告的视角207 本章小结208 复习题1：变动成本法与完全成本法 的比较209 复习题2：分部利润表211 术语表/思考题212 练习题213 问题216 案例218 附录6A 超级变动成本法219 术语表223 问题223 第7章 作业成本法：帮助决策的工具224 商业聚焦 航空公司燃油成本的动因224 7.1 作业成本法概述225 7.2 作业成本核算系统的设计229 7.3 作业成本法的运行233 7.4 传统成本核算系统与作业成本法下产品成本的比较243 7.5 确定流程改进的目标247 7.6 作业成本法与外部报告248 7.7 作业成本法的局限248 本章小结/复习题：作业成本法249 术语表251 思考题/练习题252 问题255 附录7A 时间驱动作业成本法：基于微软Excel的方式257 问题262 第8章 全面预算264 商业聚焦 危机管理规划：美国内战信托基金264 8.1 企业为何以及如何编制预算265 8.2 全面预算概述267 8.3 编制全面预算270 本章小结/复习题：预算表289 术语表291 思考题/练习题292 问题295 案例299 第9章 弹性预算和业绩分析301 商业聚焦 公司为什么需要弹性预算呢301 9.1 差异分析循环302 9.2 弹性预算303 9.3 弹性预算差异307 9.4 多成本动因的弹性预算313 9.5 一些常见错误315 本章小结317 复习题：运用弹性预算进行差异分析317 术语表/思考题/练习题319 问题322 案例324 第10章 标准成本和差异326 商业聚焦 管理材料和人工326 10.1 标准成本的制定327 10.2 成本差异分析的通用模型331 10.3 标准成本的应用：直接材料差异333 10.4 标准成本的应用：直接人工差异336 10.5 标准成本的应用：变动制造费用成本差异338 10.6 材料差异中一个重要的细节341 10.7 标准成本：管理的含义343 本章小结/复习题：标准成本344 术语表346 思考题/练习题347 问题348 案例349 附录10A 标准成本系统中预计制造费用分配率和制造费用分析357 术语表/练习题/问题357 附录10B 标准成本系统：Excel角度的财务报告359 练习题/问题366 第11章 分权制组织中的业绩考核368 商业聚焦 稀缺性战略368 11.1 组织中的分权369 11.2 责任会计370 11.3 评价投资中心业绩：投资报酬率371 11.4 剩余收益375 11.5 经营业绩衡量378 11.6 平衡计分卡381 本章小结/复习题：ROI和RI385 术语表387 思考题/练习题387 问题388 案例390 附录11A 转移定价392 复习题：转让定价398 术语表/练习题399 问题/案例399 附录11B 服务部门成本401 术语表406 练习题406 第12章 差量分析：决策的关键407 商业聚焦 理解决策的质量407 12.1 决策：6个关键概念408 12.2 确定相关成本和相关收益：一个案例410 12.3 差量分析：总量成本法和差量成本法412 12.4 增加或关闭生产线和其他分部415 12.5 自制还是外购决策418 12.6 特殊订单决策422 12.7 业务量权衡决策423 12.8 联产品成本和出售或深加工决策428 12.9 作业成本法和相关成本432 本章小结432 复习题：差量分析432 术语表/思考题433 练习题434 问题437 案例439 附录12A 定价决策441 小结/术语表453 练习题454 问题454 第13章 资本预算决策456 商业聚焦 商业运输“舰队”采用了电动卡车456 13.1 资本预算概述457 13.2 回收期法459 13.3 净现值法462 13.4 内含报酬率法468 13.5 净现值法的拓展470 13.6 不确定的现金流量473 13.7 优先决策：投资项目的排序474 13.8 简单报酬率法475 13.9 投资项目的事后审计477 本章小结478 复习题：资本预算方法的比较478 术语表/思考题480 练习题481 问题/案例482 附录13A 现值的概念483 复习题：基本的现值计算486 术语表/练习题487 附录13B 现值系数表488 附录13C 所得税与净现值法490 小结492 练习题/问题492 第14章 现金流量表494 商业聚焦 了解现金流量494 14.1 现金流量表：核心概念496 14.2 现金流量表举例504 14.3 解释现金流量表511 本章小结513 复习题514 术语表518 思考题/练习题518 问题520 附录14A 确定经营活动现金流量净额的直接法523 问题525 第15章 财务报表分析526 商业聚焦 可口可乐企图“减脂”526 15.1 财务报表分析的局限性527 15.2 比较财务报表及同基财务报表527 15.3 比率分析：流动性532 15.4 比率分析：资产管理534 15.5 比率分析：负债管理536 15.6 比率分析：盈利能力538 15.7 比率分析：市场业绩541 15.8 比率及比较比率数据来源的总结543 本章小结545 复习题：选择的比率及财务杠杆545 术语表548 思考题/练习题549 问题551 综合练习555 Contents Contents PROLOGUE Managerial Accounting: An Overview 1 What Is Managerial Accounting? 2 Planning 3 Controlling 4 Decision Making 4 Why Does Managerial Accounting Matter to Your Career? 5 Business Majors 5 Accounting Majors 7 Professional Certification—A Smart Investment 7 Managerial Accounting: Beyond the Numbers 9 An Ethics Perspective 9 Code of Conduct for Management Accountants 9 A Strategic Management Perspective 10 An Enterprise Risk Management Perspective 12 A Corporate Social Responsibility Perspective 15 A Process Management Perspective 16 A Leadership Perspective 17 Intrinsic Motivation 17 Extrinsic Incentives 17 Cognitive Bias 18 Summary 18 Glossary 18 Questions 19 Exercises 19 CHAPTER 1 Managerial Accounting and Cost Concepts 21 Cost Classifications for Assigning Costs to Cost Objects 22 Direct Cost 23 Indirect Cost 23 Cost Classifications for Manufacturing Companies 23 Manufacturing Costs 23 Direct Materials 24 Direct Labor 24 Manufacturing Overhead 24 Nonmanufacturing Costs 25 Cost Classifications for Preparing Financial Statements 25 Product Costs 26 Period Costs 26 Cost Classifications for Predicting Cost Behavior 27 Variable Cost 27 Fixed Cost 29 The Linearity Assumption and the Relevant Range 30 Mixed Costs 31 Cost Terminology—A Closer Look 33 Cost Classifications for Decision Making 34 Differential Cost and Revenue 34 Sunk Cost and Opportunity Cost 35 Using Different Cost Classifications for Different Purposes 35 The Traditional Format Income Statement 36 The Contribution Format Income Statement 37 Summary 37 Review Problem: Cost Terms 38 Glossary 39 Questions 40 Exercises 40 Problems 42 Cases 43 Appendix 1A: Cost of Quality 44 Quality Cost Reports 47 International Aspects of Quality 50 Summary (Appendix 1A) 50 Glossary (Appendix 1A) 51 CHAPTER 2 Job-Order Costing: Calculating Unit Product Costs 52 Job-Order Costing—An Overview 53 Job-Order Costing—An Example 54 Measuring Direct Materials Cost 55 Job Cost Sheet 55 Measuring Direct Labor Cost 56 Computing Predetermined Overhead Rates 57 Applying Manufacturing Overhead 58 Manufacturing Overhead—A Closer Look 59 The Need for a Predetermined Rate 59 Computation of Total Job Costs and Unit Product Costs 60 Job-Order Costing—A Managerial Perspective 61 Choosing an Allocation Base—A Key to Job Cost Accuracy 62 Job-Order Costing Using Multiple Predetermined Overhead Rates 62 Multiple Predetermined Overhead Rates—A Departmental Approach 62 Multiple Predetermined Overhead Rates—An Activity-Based Approach 64 Job-Order Costing—An External Reporting Perspective 65 Overhead Application and the Income Statement 65 Job Cost Sheets: A Subsidiary Ledger 66 Job-Order Costing in Service Companies 66 Summary 67 Review Problem: Calculating Unit Product Costs 67 Glossary 69 Questions 69 Applying Excel 69 Exercises 70 Problems 72 Case 74 Appendix 2A: Activity-Based Absorption Costing 75 Glossary (Appendix 2A) 78 Appendix 2A: Exercises, Problems, and Case 78 Appendix 2B: The Predetermined Overhead Rate and Capacity 80 Appendix 2B: Exercises, Problem, and Case 83 CHAPTER 3 Job-Order Costing: Cost Flows and External Reporting 86 Job-Order Costing—The Flow of Costs 87 The Purchase and Issue of Materials 88 Issue of Direct and Indirect Materials 89 Labor Cost 90 Manufacturing Overhead Costs 91 Applying Manufacturing Overhead 91 The Concept of a Clearing Account 92 Nonmanufacturing Costs 93 Cost of Goods Manufactured 94 Cost of Goods Sold 94 Schedules of Cost of Goods Manufactured and Cost of Goods Sold 97 Underapplied and Overapplied Overhead—A Closer Look 99 Computing Underapplied and Overapplied Overhead 99 Disposition of Underapplied or Overapplied Overhead Balances 101 Closed to Cost of Goods Sold 101 Closed Proportionally to Work in Process, Finished Goods, and Cost of Goods Sold 101 Comparing the Two Methods for Disposing of Underapplied or Overapplied Overhead 103 A General Model of Product Cost Flows 103 Summary 104 Review Problem: The Flow of Costs in a Job-Order Costing System 105 Glossary 107 Questions 108 Exercises 108 Problems 109 Cases 111 CHAPTER 4 Process Costing 113 Comparison of Job-Order and Process Costing 114 Similarities between Job-Order and Process Costing 114 Differences between Job-Order and Process Costing 114 Cost Flows in Process Costing 115 Processing Departments 115 The Flow of Materials, Labor, and Overhead Costs 116 Materials, Labor, and Overhead Cost Entries 117 Materials Costs 117 Labor Costs 117 Overhead Costs 117 Completing the Cost Flows 118 Process Costing Computations: Three Key Concepts 118 Key Concept #1 119 Key Concept #2 119 Key Concept #3 119 The Weighted-Average Method: An Example 119 Step 1: Compute the Equivalent Units of Production 121 Step 2: Compute the Cost per Equivalent Unit 123 Step 3: Assign Costs to Units 123 Step 4: Prepare a Cost Reconciliation Report 124 Operation Costing 125 Summary 125 Review Problem: Process Cost Flows and Costing Units 126 Glossary 128 Questions 128 Exercises 129 Problems 131 Case 132 Appendix 4A: FIFO Method 133 Appendix 4A: Exercises, Problems, and Case 138 Appendix 4B: Service Department Cost Allocations 139 Appendix 4B: Exercises, Problems, and Case 142 CHAPTER 5 Cost-Volume-Profit Relationships 145 The Basics of Cost-Volume-Profit (CVP) Analysis 147 Contribution Margin 147 CVP Relationships in Equation Form 149 CVP Relationships in Graphic Form 150 Preparing the CVP Graph 150 Contribution Margin Ratio (CM Ratio) and the Variable Expense Ratio 152 Applications of the Contribution Margin Ratio 154 Additional Applications of CVP Concepts 155 Example 1: Change in Fixed Cost and Sales Volume 155 Alternative Solution 1 156 Alternative Solution 2 156 Example 2: Change in Variable Costs and Sales Volume 156 Solution 156 Example 3: Change in Fixed Cost, Selling Price, and Sales Volume 156 Solution 157 Example 4: Change in Variable Cost, Fixed Cost, and Sales Volume 157 Solution 157 Example 5: Change in Selling Price 158 Solution 158 Break-Even and Target Profit Analysis 159 Break-Even Analysis 159 The Equation Method 159 The Formula Method 159 Break-Even in Dollar Sales 160 Target Profit Analysis 160 The Equation Method 161 The Formula Method 161 Target Profit Analysis in Terms of Dollar Sales 161 The Margin of Safety 162 CVP Considerations in Choosing a Cost Structure 163 Cost Structure and Profit Stability 163 Operating Leverage 164 Structuring Sales Commissions 167 Sales Mix 167 The Definition of Sales Mix Sales Mix and Break-Even Analysis Summary 170 Review Problem: CVP Relationships 170 Glossary 173 Questions 173 Exercises 173 Problems 175 Cases 177 Appendix 5A: Analyzing Mixed Costs 178 Glossary (Appendix 5A) 183 Appendix 5A: Exercises and Problems 184 CHAPTER 6 Variable Costing and Segment Reporting: Tools for Management 187 Overview of Variable and Absorption Costing 188 Variable Costing 188 Absorption Costing 188 Selling and Administrative Expenses 189 Summary of Differences 189 Variable and Absorption Costing—An Example 190 Variable Costing Contribution Format Income Statement 190 Absorption Costing Income Statement 192 Reconciliation of Variable Costing with Absorption Costing Income 194 Advantages of Variable Costing and the Contribution Approach 196 Enabling CVP Analysis 196 Explaining Changes in Net Operating Income 197 Supporting Decision Making 197 Segmented Income Statements and the Contribution Approach 198 Traceable and Common Fixed Costs and the Segment Margin 198 Identifying Traceable Fixed Costs 199 Traceable Fixed Costs Can Become Common Fixed Costs 199 Segmented Income Statements—An Example 200 Levels of Segmented Income Statements 201 Segmented Income Statements—Decision Making and Break-Even Analysis 203 Decision Making 203 Break-Even Analysis 204 Segmented Income Statements—Common Mistakes 205 Omission of Costs 205 Inappropriate Methods for Assigning Traceable Costs among Segments 206 Failure to Trace Costs Directly 206 Inappropriate Allocation Base 206 Arbitrarily Dividing Common Costs among Segments 206 Income Statements—An External Reporting Perspective 207 Companywide Income Statements 207 Segmented Financial Information 208 Summary 208 Review Problem 1: Contrasting Variable and Absorption Costing 209 Review Problem 2: Segmented Income Statements 211 Glossary 212 Questions 213 Exercises 213 Problems 216 Cases 218 Appendix 6A: Super-Variable Costing 219 Glossary (Appendix 6A) 223 Appendix 6A: Problems 223 CHAPTER 7 Activity-Based Costing: A Tool to Aid Decision Making 224 Activity-Based Costing: An Overview 225 Nonmanufacturing Costs and Activity-Based Costing 225 Manufacturing Costs and Activity-Based Costing 226 Cost Pools, Allocation Bases, and Activity-Based Costing 226 Designing an Activity-Based Costing (ABC) System 229 Steps for Implementing Activity-Based Costing 231 Step 1: Define Activities, Activity Cost Pools, and Activity Measures 232 The Mechanics of Activity-Based Costing 233 Step 2: Assign Overhead Costs to Activity Cost Pools 233 Step 3: Calculate Activity Rates 236 Step 4: Assign Overhead Costs to Cost Objects 237 Step 5: Prepare Management Reports 240 Comparison of Traditional and ABC Product Costs 243 Product Margins Computed Using the Traditional Cost System 243 The Differences between ABC and Traditional Product Costs 244 Targeting Process Improvements 247 Activity-Based Costing and External Reports 248 The Limitations of Activity-Based Costing 248 Summary 249 Review Problem: Activity-Based Costing 250 Glossary 251 Questions 252 Exercises 252 Problems 255 Appendix 7A: Time-Driven Activity-Based Costing: A Microsoft Excel-Based Approach 257 Appendix 7A: Problem 262 CHAPTER 8 Master Budgeting 264 Why and How Do Organizations Create Budgets? 265 Advantages of Budgeting 265 Responsibility Accounting 265 Choosing a Budget Period 266 The Self-Imposed Budget 266 Human Factors in Budgeting 267 The Master Budget: An Overview 267 Seeing the Big Picture 269 Preparing the Master Budget 270 The Beginning Balance Sheet 271 The Budgeting Assumptions 271 The Sales Budget 274 The Production Budget 275 Inventory Purchases—Merchandising Company 276 The Direct Materials Budget 276 The Direct Labor Budget 278 The Manufacturing Overhead Budget 279 The Ending Finished Goods Inventory Budget 280 The Selling and Administrative Expense Budget 281 The Cash Budget 282 The Budgeted Income Statement 286 The Budgeted Balance Sheet 287 Summary 289 Review Problem: Budget Schedules 289 Glossary 291 Questions 291 Exercises 292 Problems 295 Case 299 CHAPTER 9 Flexible Budgets and Performance Analysis 301 The Variance Analysis Cycle 302 Flexible Budgets 303 Characteristics of a Flexible Budget 303 Deficiencies of the Static Planning Budget 303 How a Flexible Budget Works 306 Flexible Budget Variances 307 Activity Variances 307 Revenue and Spending Variances 308 A Performance Report Combining Activity and Revenue and Spending Variances 310 Performance Reports in Nonprofit Organizations 313 Performance Reports in Cost Centers 313 Flexible Budgets with Multiple Cost Drivers 313 Some Common Errors 315 Summary 317 Review Problem: Variance Analysis Using a Flexible Budget 317 Glossary 319 Questions 319 Exercises 319 Problems 322 Case 324 CHAPTER 10 Standard Costs and Variances 326 Standard Costs—Setting the Stage 327 Setting Direct Materials Standards 328 Setting Direct Labor Standards 328 Setting Variable Manufacturing Overhead Standards 329 Using Standards in Flexible Budgets 330 A General Model for Standard Cost Variance Analysis 331 Using Standard Costs—Direct Materials Variances 333 The Materials Price Variance 334 The Materials Quantity Variance 335 Using Standard Costs—Direct Labor Variances 336 The Labor Rate Variance 336 The Labor Efficiency Variance 337 Using Standard Costs—Variable Manufacturing Overhead Variances 338 The Variable Manufacturing Overhead Rate and Efficiency Variances 339 An Important Subtlety in the Materials Variances 341 Standard Costs—Managerial Implications 343 Advantages of Standard Costs 343 Potential Problems with Standard Costs 343 Summary 344 Review Problem: Standard Costs 344 Glossary 346 Questions 347 Problems 348 Case 349 Appendix 10A: Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System 350 Glossary (Appendix 10A) 357 Appendix 10A: Exercises and Problems 357 Appendix 10B: Standard Cost Systems: A Financial Reporting Perspective Using Microsoft Excel 359 Appendix 10B: Exercises and Problems 366 CHAPTER 11 Performance Measurement in Decentralized Organizations 368 Decentralization in Organizations 369 Advantages and Disadvantages of Decentralization 369 Responsibility Accounting 370 Cost, Profit, and Investment Centers 370 Cost Center 370 Profit Center 370 Investment Center 370 Evaluating Investment Center Performance—Return on Investment 371 The Return on Investment (ROI) Formula 371 Net Operating Income and Operating Assets Defined 371 Understanding ROI 371 Criticisms of ROI 374 Residual Income 375 Motivation and Residual Income 376 Divisional Comparison and Residual Income 377 Operating Performance Measures 378 Throughput (Manufacturing Cycle) Time 378 Delivery Cycle Time 378 Manufacturing Cycle Efficiency (MCE) 379 Example 380 Required: 380 Solution 380 Balanced Scorecard 381 Common Characteristics of Balanced Scorecards 381 A Company’s Strategy and the Balanced Scorecard 383 Tying Compensation to the Balanced Scorecard 385 Summary 385 Review Problem: Return on Investment (ROI) and Residual Income 386 Glossary 387 Questions 387 Exercises 387 Problems 388 Case 390 Appendix 11A: Transfer Pricing 392 Appendix 11A: Review Problem: Transfer Pricing 398 Glossary (Appendix 11A) 399 Appendix 11A: Exercises, Problems, and Case 399 Appendix 11B: Service Department Charges 401 Charging Costs by Behavior 402 Some Cautions in Allocating Service Department Costs 404 Glossary (Appendix 11B) 406 Appendix 11B: Exercises 406 CHAPTER 12 Differential Analysis: The Key to Decision Making 407 Decision Making: Six Key Concepts 408 Key Concept #1 408 Key Concept #2 408 Key Concept #3 408 Key Concept #4 409 Key Concept #5 409 Key Concept #6 409 Identifying Relevant Costs and Benefits: An Example 410 Decision Analysis: The Total Cost and Differential Cost Approaches 412 Why Isolate Relevant Costs? 414 Adding and Dropping Product Lines and Other Segments 415 An Illustration of Cost Analysis 415 A Comparative Format 417 Beware of Allocated Fixed Costs 417 Make or Buy Decisions 418 Strategic Aspects of the Make or Buy Decision 419 An Example of a Make or Buy Decision 419 Opportunity Cost 421 Special Order Decisions 422 Volume Trade-Off Decisions 423 What Is a Constraint? 423 Utilizing a Constrained Resource to Maximize Profits 424 Managing Constraints 427 Joint Product Costs and Sell or Process Further Decisions 428 Santa Maria Wool Cooperative: An Example 429 Activity-Based Costing and Relevant Costs 432 Summary 432 Review Problem: Differential Analysis 432 Glossary 433 Questions 434 Exercises 434 Problems 437 Cases 439 Appendix 12A: Pricing Decisions 441 The Absorption Costing Approach to Cost-Plus Pricing 442 Pricing and Customer Latitude 445 Value-Based Pricing 450 Target Costing 452 Summary (Appendix 12A) 453 Glossary (Appendix 12A) 453 Appendix 12A: Exercises and Problems 454 CHAPTER 13 Capital Budgeting Decisions 456 Capital Budgeting—An Overview 457 Typical Capital Budgeting Decisions 457 Cash Flows versus Net Operating Income 457 Typical Cash Outflows 457 Typical Cash Inflows 458 The Time Value of Money 458 The Payback Method 459 Evaluation of the Payback Method 459 An Extended Example of Payback 460 Payback and Uneven Cash Flows 460 The Net Present Value Method 462 The Net Present Value Method Illustrated 462 Recovery of the Original Investment 465 An Extended Example of the Net Present Value Method 466 The Internal Rate of Return Method 468 The Internal Rate of Return Method Illustrated 468 Comparison of the Net Present Value and Internal Rate of Return Methods 469 Expanding the Net Present Value Method 470 Least-Cost Decisions 470 Uncertain Cash Flows 473 An Example 473 Preference Decisions—The Ranking of Investment Projects 474 Internal Rate of Return Method 474 Net Present Value Method 474 The Simple Rate of Return Method 475 Postaudit of Investment Projects 477 Summary 478 Review Problem: Comparison of Capital Budgeting Methods 478 Glossary 480 Questions 480 Exercises 481 Problems 482 Cases 482 Appendix 13A: The Concept of Present Value 483 Appendix 13A: Review Problem: Basic Present Value Computations 486 Glossary (Appendix 13A) 487 Appendix 13A: Exercises 487 Appendix 13B: Present Value Tables 488 Appendix 13C: Income Taxes and the Net Present Value Method 490 Summary (Appendix 13C) 492 Appendix 13C: Exercises and Problems 492 CHAPTER 14 Statement of Cash Flows 494 The Statement of Cash Flows: Key Concepts 496 Organizing the Statement of Cash Flows 496 Operating Activities: Direct or Indirect Method? 497 The Indirect Method: A Three-Step Process 498 Step 1 498 Step 2 499 Step 3 500 Investing and Financing Activities: Gross Cash Flows 500 Property, Plant, and Equipment 501 Retained Earnings 502 Summary of Key Concepts 503 An Example of a Statement of Cash Flows 504 Operating Activities 505 Step 1 505 Step 2 506 Step 3 507 Investing Activities 507 Financing Activities 508 Seeing the Big Picture 509 Interpreting the Statement of Cash Flows 511 Consider a Company’s Specific Circumstances 511 Consider the Relationships among Numbers 512 Free Cash Flow 512 Earnings Quality 513 Summary 513 Review Problem 514 Glossary 518 Questions 518 Exercises 518 Problems 520 Appendix 14A: The Direct Method of Determining the Net Cash Provided by Operating Activities 523 Appendix 14A: Problems 525 CHAPTER 15 Financial Statement Analysis 526 Limitations of Financial Statement Analysis 527 Comparing Financial Data across Companies 527 Looking beyond Ratios 527 Statements in Comparative and Common-Size Form 527 Dollar and Percentage Changes on Statements 528 Common-Size Statements 530 Ratio Analysis—Liquidity 532 Working Capital 532 Current Ratio 533 Acid-Test (Quick) Ratio 533 Ratio Analysis—Asset Management 534 Accounts Receivable Turnover 534 Inventory Turnover 535 Operating Cycle 535 Total Asset Turnover 536 Ratio Analysis—Debt Management 536 Times Interest Earned Ratio 537 Debt-to-Equity Ratio 537 Equity Multiplier 538 Ratio Analysis—Profitability 538 Gross Margin Percentage 538 Net Profit Margin Percentage 539 Return on Total Assets 540 Return on Equity 540 Ratio Analysis—Market Performance 541 Earnings per Share 541 Price-Earnings Ratio 542 Dividend Payout and Yield Ratios 542 The Dividend Payout Ratio 542 The Dividend Yield Ratio 543 Book Value per Share 543 Summary of Ratios and Sources of Comparative Ratio Data 543 Summary 545 Review Problem: Selected Ratios and Financial Leverage 545 Glossary 548 Questions 548 Exercises 549 Problems 551 Integration Exercises 555
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