...Seventh Edition Accounting for Decision Making and Control Jerold L. Zimmerman University of Rochester To: Conner, Easton, and Jillian ACCOUNTING FOR DECISION MAKING AND CONTROL, SEVENTH EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2009, 2006, and 2003. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 0 ISBN MHID 978-0-07-813672-6 0-07-813672-5 Vice President & Editor-in-Chief: Brent Gordon Vice President of EDP: Sesha Bolisetty Editorial Director: Stewart Mattson Sponsoring Editor: Dick Hercher Marketing Manager: Sankha Basu Editorial Coordinator: Rebecca Mann Project Manager: Erin Melloy Design Coordinator: Brenda A. Rolwes Cover Designer: Studio Montage, St. Louis, Missouri Production Supervisor: Sue Culbertson Media Project Manager: Balaji Sundararaman Compositor: MPS Limited, A Macmillan Company...
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...Seventh Edition Accounting for Decision Making and Control Jerold L. Zimmerman University of Rochester To: Conner, Easton, and Jillian ACCOUNTING FOR DECISION MAKING AND CONTROL, SEVENTH EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2009, 2006, and 2003. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 0 ISBN MHID 978-0-07-813672-6 0-07-813672-5 Vice President & Editor-in-Chief: Brent Gordon Vice President of EDP: Sesha Bolisetty Editorial Director: Stewart Mattson Sponsoring Editor: Dick Hercher Marketing Manager: Sankha Basu Editorial Coordinator: Rebecca Mann Project Manager: Erin Melloy Design Coordinator: Brenda A. Rolwes Cover Designer: Studio Montage, St. Louis, Missouri Production Supervisor: Sue Culbertson Media Project Manager: Balaji Sundararaman Compositor: MPS Limited, A Macmillan Company...
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...Budgeting and Control MHRM 502-2 Supported Distance Program June 2015 Addis Ababa Table of Contents Title Page Unit One: Overview of Budgeting and Control .............................................................................. 2 1.1. The Basic Concepts of Budget and Budgeting ................................................................ 2 1.2. Definition of Budget ........................................................................................................ 3 1.3. Budgeting and Forecasting .............................................................................................. 4 1.4. Budgeting and Management ............................................................................................ 6 1.5. Budgeting and Planning ................................................................................................... 6 1.5.1 Purposes of Planning and Budgeting systems ................................................................. 7 1.5.2 Limitation of Budgeting................................................................................................. 10 1.5.3 Planning Cycles ............................................................................................................. 11 1.6. Budgeting process (Budget cycle) ................................................................................. 14 1.6.1 Designing the budget ...............................................................................
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...Principles of Management Control Systems 20 Fo rI B ICFAI UNIVERSITY S U se O nl y C la s s of 09 Principles of Management Control Systems 20 Fo rI B ICFAI Center for Management Research Road # 3, Banjara Hills, Hyderabad – 500 034 S U se O nl y C la s s of 09 The Institute of Chartered Financial Analysts of India, January 2006. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means – electronic, mechanical, photocopying or otherwise – without prior permission in writing from Institute of Chartered Financial Analysts of India. Fo ISBN 81-7881-995-3 Ref. No. PMCS/A 01 2K6 31 For any clarification regarding this book, the students may please write to ICFAI giving the above reference number, and page number. While every possible care has been taken in preparing this book, ICFAI welcomes suggestions from students for improvement in future editions. rI B S U se O nl y C la s s of 20 09 Contents PART I: AN OVERVIEW OF MANAGEMENT CONTROL SYSTEMS Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Introduction to Management Control Systems Approaches to Management Control Systems Designing Management Control Systems Key Success Variables as Control Indicators Organizing for Adaptive Control Autonomy and Responsibility Transfer Pricing 3 15 28 42 57...
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...Principles of Management Control Systems 20 Fo rI B ICFAI UNIVERSITY S U se O nl y C la s s of 09 Principles of Management Control Systems 20 Fo rI B ICFAI Center for Management Research Road # 3, Banjara Hills, Hyderabad – 500 034 S U se O nl y C la s s of 09 The Institute of Chartered Financial Analysts of India, January 2006. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means – electronic, mechanical, photocopying or otherwise – without prior permission in writing from Institute of Chartered Financial Analysts of India. Fo ISBN 81-7881-995-3 Ref. No. PMCS/A 01 2K6 31 For any clarification regarding this book, the students may please write to ICFAI giving the above reference number, and page number. While every possible care has been taken in preparing this book, ICFAI welcomes suggestions from students for improvement in future editions. rI B S U se O nl y C la s s of 20 09 Contents PART I: AN OVERVIEW OF MANAGEMENT CONTROL SYSTEMS Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Introduction to Management Control Systems Approaches to Management Control Systems Designing Management Control Systems Key Success Variables as Control Indicators Organizing for Adaptive Control Autonomy and Responsibility Transfer Pricing 3 15 28 42 57...
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...text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. 111 FINAGEN ISBN: 0−390−55204−6 Finance Contents Ross−Westerfield−Jaffe • Corporate Finance, Seventh Edition I. Overview 1 1 20 34 34 35 70 98 130 152 152 193 219 219 241 241 275 1. Introduction to Corporate Finance 2. Accounting Statements and Cash Flow II. Value and Capital Budgeting Introduction 4. Net Present Value 5. How to Value Bonds and Stocks 7. Net Present Value and Capital Budgeting 8. Risk Analysis, Real Options, and Capital Budgeting III: Risk 10. Return and Risk: The Capital−Asset−Pricing Model (CAPM) 12. Risk, Cost of Capital, and Capital Budgeting VII. Short−Term Finance 27. Cash Management VIII. Special Topics 29. Mergers and Acquisitions 31. International Corporate Finance Harvard Business School Entrepreneurship Cases JAFCO American Ventures, Inc.: Building a Venture Capital Firm 299 299 Case Harvard Business School Finance Cases Pioneer...
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...reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. 111 FINAGEN ISBN: 0−390−55313−1 Finance Contents Ross−Westerfield−Jaffe • Corporate Finance, Seventh Edition I. Overview 1 1 20 34 34 69 97 129 151 151 192 192 214 214 248 1. Introduction to Corporate Finance 2. Accounting Statements and Cash Flow II. Value and Capital Budgeting 4. Net Present Value 5. How to Value Bonds and Stocks 7. Net Present Value and Capital Budgeting 8. Risk Analysis, Real Options, and Capital Budgeting III: Risk 10. Return and Risk: The Capital−Asset−Pricing Model (CAPM) VII. Short−Term Finance 27. Cash Management VIII. Special Topics 29. Mergers and Acquisitions 31. International Corporate Finance Baker−Lembke−King • Advanced Financial Accounting, Sixth Edition 19. Not−for−Profit Entities 272 272 Text...
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...CHARTER CONTROLS | Final Report | ENTRP 492Cole CheslockTyson Jones Kalsun Romero-GoertzDecember 4, 2011 | Table of Contents DISCLAIMER 3 ACKNOWLEDGEMENTS 4 EXECUTIVE SUMMARY 5 INTRODUCTION 7 COMPANY OVERVIEW 7 INDUSTRY OVERVIEW 8 External Environment 8 Key External Drivers 9 METHODOLOGY 10 SCOPE 11 FINDINGS AND RECOMMENDATIONS 12 GOVERNMENT CONTRACTS 12 OEM CONTRACTS 14 ACCOUNTING METHODS 16 ORGANIZATIONAL STRUCTURE & PLANNING 19 ONLINE PRESENCE & BRAND AWARENESS 23 Social Networking 24 MARKETING PLAN 27 Competitive Analysis 27 4 P’s Analysis 28 Industry Segments 28 CITATIONS 32 APPENDIX 33 To-Do List 33 Manufacturing Metrics 34 PRO FORMA INCOME STATEMENTS 35 ------------------------------------------------- DISCLAIMER This material is based upon work supported by Washington State University. Any opinions, findings, conclusions, or recommendations are those of the authors and do not reflect the views of Washington State University, its employees or its administration. ------------------------------------------------- ACKNOWLEDGEMENTS Our team would like to acknowledge and extend our heartfelt gratitude to the following persons who have made this report’s completion a possibility. We would first like to thank our team mentor and advisor Albert Christensen and Kristin McMahon, who provided our team with much needed support and assistance in reviewing our papers. We would also like to thank our professor Mr. Pickett...
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...PRINCIPLES OF COST ACCOUNTING This page intentionally left blank PRINCIPLES OF COST ACCOUNTING 15E E D W A R D J. V A N D E R B E C K Professor Emeritus Department of Accountancy Xavier University Principles of Cost Accounting, 15th Edition Edward J. VanDerbeck ª 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. Vice President of Editorial, Business: Jack W. Calhoun Acquisitions Editor: Matt Filimonov Developmental Editor: Lauren Athmer Marketing Manager: Kristen Hurd Marketing Coordinator: Heather McAuliffe Content Project Manager: Corey Geissler Production Technology Analyst: Starratt Alexander Media Editor: Scott Fidler Sr. Manufacturing Coordinator: Doug Wilke Production Service: Cadmus Sr. Art Director: Stacy Shirley Internal Designer: Jennifer Lambert, Jen2Design, LLC Cover Designer: cmiller design Cover Image: ªGetty Images For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission...
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...PRINCIPLES OF COST ACCOUNTING This page intentionally left blank PRINCIPLES OF COST ACCOUNTING 15E E D W A R D J. V A N D E R B E C K Professor Emeritus Department of Accountancy Xavier University Principles of Cost Accounting, 15th Edition Edward J. VanDerbeck ª 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. Vice President of Editorial, Business: Jack W. Calhoun Acquisitions Editor: Matt Filimonov Developmental Editor: Lauren Athmer Marketing Manager: Kristen Hurd Marketing Coordinator: Heather McAuliffe Content Project Manager: Corey Geissler Production Technology Analyst: Starratt Alexander Media Editor: Scott Fidler Sr. Manufacturing Coordinator: Doug Wilke Production Service: Cadmus Sr. Art Director: Stacy Shirley Internal Designer: Jennifer Lambert, Jen2Design, LLC Cover Designer: cmiller design Cover Image: ªGetty Images For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission...
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...SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach Jack R. Meredith Broyhill Distinguished Scholar and Chair in Operations Wake Forest University Samuel J. Mantel, Jr. Joseph S. Stern Professor Emeritus of Operations Management University of Cincinnati John Wiley & Sons, Inc. DeDication To Avery and Mitchell, from “papajack.” J. R. M. To Maggie and Patty for their help, support, and affection. S. J. M. VICE PRESIDENT & EXECUTIVE PUBLISHER Don Fowley EXECUTIVE EDITOR Beth Golub ASSOCIATE EDITOR Jen Devine MARKETING MANAGER Carly DeCandia DESIGN DIRECTOR Harry Nolan SENIOR DESIGNER Kevin Murphy SENIOR PRODUCTION EDITOR Patricia McFadden SENIOR MEDIA EDITOR Lauren Sapira PRODUCTION MANAGEMENT SERVICES Ingrao Associates This book was set in by GGS Book Services PMG and printed and bound by RRD/Willard. The cover was printed by RRD/Willard. This book is printed on acid free paper. Copyright © 2009 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc...
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...understand the world of retailing and then develop and effectively implement a retail strategy. Types of Retailers CHAPTER THREE Multichannel Retailing CHAPTER FOUR Customer Buying Behavior Introduction to the World of Retailing Retailing Strategy Chapter 1 describes the functions that retailers perform and the variety of decisions they make to satisfy customers’ needs in rapidly changing, highly competitive retail environments. The remaining chapters in this section give you further background information to understand the world of retailing. Chapter 2 describes the different types of retailers. Chapter 3 examines how retailers use multiple selling channels— stores, the Internet, catalogs—to reach their customers. Merchandise Management Store Management Chapter 4 discusses the factors consumers consider when choosing retail outlets and buying merchandise. The chapters in Section II focus on the strategic decisions that retailers make. The chapters in Sections III and IV explore tactical decisions involving merchandise and store management. Introduction to the World of Retailing EXECUTIVE BRIEFING Maxine Clark, Chief Executive Bear, Build-A-Bear Workshop became President of Payless Shoe Stores, then a division of May Department Store with over 4,500 stores and $2 billion plus in annual sales at the time. In early 1997, I decided to launch a retail concept I had been thinking about—Build-A-Bear Workshop®. While most retailers are merchandise driven...
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...DISRUPTIVE TECHNOLOGICAL CHANGE 5 Give Responsibility for Disruptive Technologies to Organizations Whose Customers Need Them 6 Match the Size of the Organization to the Size of the Market 7 Discovering New and Emerging Markets 8 How to Appraise Your Organization’s Capabilities and Disabilities 9 Performance Provided, Market Demand, and the Product Life Cycle 10 Managing Disruptive Technological Change: A Case Study 11 The Dilemmas of Innovation: A Summary The Innovator’s Dilemma Book Group Guide About the Author 4 In Gratitude Although this book lists only one author, in reality the ideas it molds together were contributed and refined by many extraordinarily insightful and selfless colleagues. The work began when Professors Kim Clark,...
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...ftoc.indd 16 10/10/08 5:17:22 PM SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach ffirs.indd 1 10/10/08 5:16:30 PM SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach Jack R. Meredith Broyhill Distinguished Scholar and Chair in Operations Wake Forest University Samuel J. Mantel, Jr. Joseph S. Stern Professor Emeritus of Operations Management University of Cincinnati John Wiley & Sons, Inc. ffirs.indd 3 10/10/08 5:16:35 PM ftoc.indd 16 10/10/08 5:17:22 PM Dedication To Avery and Mitchell, from “papajack.” J. R. M. To Maggie and Patty for their help, support, and affection. S. J. M. VICE PRESIDENT & EXECUTIVE PUBLISHER Don Fowley EXECUTIVE EDITOR Beth Golub ASSOCIATE EDITOR Jen Devine MARKETING MANAGER Carly DeCandia Design Director Harry Nolan SENIOR DESIGNER Kevin Murphy SENIOR PRODUCTION EDITOR Patricia McFadden SENIOR Media editor Lauren Sapira PRODUCTION MANAGEMENT SERVICES Ingrao Associates This book was set in by GGS Book Services PMG and printed and bound by RRD/Willard. The cover was printed by RRD/Willard. This book is printed on acid free paper. Copyright © 2009 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976...
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...Key operations questions Chapter 1 Operations management ➤ What is operations management? ➤ Why is operations management important in all types of organization? ➤ What is the input–transformation– output process? ➤ What is the process hierarchy? ➤ How do operations processes have different characteristics? ➤ What are the activities of operations management? Chapter 2 Operations performance ➤ Why is operations performance important in any organization? ➤ How does the operations function incorporate all stakeholders’ objectives? ➤ What does top management expect from the operations function? ➤ What are the performance objectives of operations and what are the internal and external benefits which derive from excelling in each of them? ➤ How do operations performance objectives trade off against each other? Chapter 3 Operations strategy ➤ What is strategy and what is operations strategy? ➤ What is the difference between a ‘top-down’ and a ‘bottom-up’ view of operations strategy? ➤ What is the difference between a ‘market requirements’ and an ‘operations resources’ view of operations strategy? ➤ How can an operations strategy be put together? Part One INTRODUCTION This part of the book introduces the idea of the operations function in different types of organization. It identifies the common set of objectives to which operations managers aspire in order to serve their customers, and it explains how operations can have an important strategic role. Chapter 1 Operations...
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