Accounting for Managers: Interpreting Accounting Information for Decision Making

Accounting for Managers: Interpreting Accounting Information for Decision Making

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By (author) Paul M. Collier

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  • Publisher: John Wiley & Sons Ltd
  • Format: Paperback | 552 pages
  • Dimensions: 188mm x 239mm x 25mm | 1,021g
  • Publication date: 27 April 2009
  • Publication City/Country: Chichester
  • ISBN 10: 0470777648
  • ISBN 13: 9780470777640
  • Edition: 3, Revised
  • Edition statement: 3rd Revised edition
  • Illustrations note: Illustrations
  • Sales rank: 399,135

Product description

A new edition of a successful textbook on how accounting information is used by non-financial managers! This revised and updated third edition of Accounting for Managers builds on the success of the previous two editions in explaining how non-financial managers use accounting information. Accounting for Managers emphasises the interpretation rather than the construction of accounting information and encourages a critical, rather than unthinking acceptance of the underlying assumptions behind accounting. It links theory with practical examples and case studies drawn from real life business situations across a range of industries.* Completely revised and updated examples throughout the book.* Introduces three new chapters: Accounting for Inventory, Accounting Information Systems and Strategic Management Accounting.* Includes new sections on professional ethics, customer profitability analysis, CVP for multiple products and weighted contribution margin for breakeven analysis, accounting for waste, environmental accounting.* Expanded treatment of transfer pricing and budgeting sections.

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Author information

Paul M. Collier is Professor of Accounting at Monash University in Melbourne, Australia. He was previously at Aston Business School in Birmingham UK. Before becoming an academic, Paul was chief financial officer of a listed printing company and has worked in senior financial and general management positions in the UK and Australia. He has also conducted numerous executive education courses. Paul has been a board member and chair of the audit committee of a large UK housing association and an examiner for CIMA. This book is a result of his practical experience as a producer and user of accounting information as well as his teaching and training experience in the UK and Australia. A comprehensive package of supplementary material is available on the book companion website at www.wileyeurope.com/college/collier, including PowerPoint slides, additional questions and solutions to the book and case study questions and solutions.

Back cover copy

This updated and revised third edition of "Accounting for Managers" builds on the international success of the first two editions in explaining how accounting is used by non-financial managers. Emphasizing the interpretation rather than the construction of accounting information, "Accounting for Managers" encourages a critical, rather than an unthinking acceptance of accounting techniques. Whilst immensely valuable for planning, decision-making and control, users of accounting information need to recognize the assumptions behind, and the limitations of particular accounting techniques. As in the previous editions, "Accounting for Managers" links theory with practical examples and case studies drawn from real business situations across a wide range of manufacturing, retail and service industries. "Accounting for Managers" has been written for postgraduate and undergraduate students who are taking courses in accounting, as well as non-financial managers undertaking executive education courses who need a better understanding of the role played by accounting and how it affects their organization and business unit. New in the 3rd editionChapters on accounting for inventory, accounting and information systems, and strategic management accountingAdditional case studies including the HMV Group, Tektronix and ANT.Revised and updated examples.

Table of contents

About the Author. Preface to the 3rd Edition. Preface to the 2nd Edition. Acknowledgements. PART I: CONTEXT OF ACCOUNTING. 1. Introduction to Accounting. Accounting, accountability and the account. A short history of accounting. The role of management accounting. Recent developments in management accounting. A critical perspective. Conclusion. References. 2. Accounting and its Relationship to Shareholder Value and Corporate Governance. Capital and product markets. Value-based management. Shareholder value, strategy and accounting. Company regulation and corporate governance. Risk, internal control and management accounting. A critical perspective. Conclusion. References. 3. Recording Financial Transactions and the Principles of Accounting. Business events, transactions and the accounting system. The double entry: recording transactions. Extracting financial information from the accounting system. Basic principles of accounting. Cost terms and concepts: the limitations of financial accounting. Conclusion. References. 4. Management Control, Management Accounting and its Rational-Economic Assumptions. Management control systems. Management planning and control systems and management accounting. Non-financial performance measurement. A theoretical framework for management accounting. Conclusion. References. 5. Interpretive and Critical Perspectives on Accounting and Decision-Making. Research and theory in management accounting and control. Alternative paradigms. The interpretive paradigm and the social construction perspective. Culture, control and accounting. The radical paradigm and critical accounting. Power and accounting. Case study 6.1: easyJet. Ethics and accounting. Case study 6.2: Enron. Case study 6.3: WorldCom. Conclusion. References. PART II: THE USE OF FINANCIAL REPORTS FOR DECISION-MAKING. 6. Constructing Financial Reports: IFRS and the Framework of Accounting. True and fair view. International Financial Reporting Standards (IFRSs) - an overview. Framework for the Preparation and Presentation of Financial Statements. Reporting profitability: the Income Statement. Reporting financial position: the Balance Sheet. Accruals accounting. Depreciation. Specific IFRS accounting treatments. Reporting cash flow: the Cash Flow Statement. A theoretical perspective on financial reports. Conclusion. References. Appendix to chapter 6: IFRS as at 1st January 2008. Questions for chapter 6. 7. Interpreting Financial Reports and Alternative Perspectives. Annual Reports. Operating and Financial Review. Ratio analysis. Profitability. Liquidity. Gearing. Activity/efficiency. Working capital. Managing receivables. Managing inventory. Managing payables. Shareholder return. Interpreting financial information using ratios. Case study 7.1: HMV Group - interpreting financial reports. Limitations of financial reports and ratio analysis. Case study 7.2: Carrington printers - an accounting critique. Alternative theoretical perspectives on financial reports. Corporate social and environmental reporting. Applying different perspectives to financial reports. Conclusion. References. Questions for chapter 7. 8. Accounting for Inventory. Introduction to Inventory. Methods of costing inventory in manufacturing. Job costing illustration. Process costing illustration. Long term contract costing. Management accounting statements. Conclusion. Questions for chapter 8. PART III: USING ACCOUNTING INFORMATION FOR DECISION-MAKING, PLANNING AND CONTROL. 9. Accounting and Information Systems. Introduction to accounting and information systems. Methods of data collection. Types of information system. Business processes. Internal controls for information systems. Developing information systems. Conclusion. References. 10. Marketing Decisions. Marketing strategy. Cost behaviour. Cost-volume-profit analysis. Alternative approaches to pricing. Cost-plus pricing. Target rate of return pricing. Optimum selling price. Special pricing decisions. Transfer pricing. Segmental profitability. Case study 10.1: Retail Stores PLC - the loss-making division. Case study 10.2: SuperTech - using accounting information to win sales. Conclusion. References. Questions for chapter 10. 11. Operating Decisions. The operations function. Managing operations - manufacturing. Managing operations - services. Accounting for the cost of spare capacity. Capacity utilization and product mix. Theory of Constraints. Operating decisions: relevant costs. Total quality management. Environmental cost management. Case study 11.1: Quality Printing Company - pricing for capacity utilization. Case study 11.2: Vehicle Parts Co. - the effect of equipment replacement on costs and prices. Conclusion. References. Questions for chapter 11. 12. Human Resource Decisions. Human resources and accounting. The cost of labour. Relevant cost of labour. Case study 12.1: The Database Management Company - labour costs and unused capacity. Case study 12.2: Trojan Sales - the cost of losing a customer. Conclusion. References. Questions for chapter 12. 13. Accounting Decisions. Cost classification. Calculating product/service costs. Shifts in management accounting thinking. Alternative methods of overhead allocation. Activity-based costing. Contingency theory. International comparisons. Behavioural implications of management accounting. Case study 13.1: Tektronix. Case study 13.2: Quality Bank - the overhead allocation problem. Applying different perspectives to management accounting: costs. Conclusion. References. Questions for chapter 13. 14. Strategic Investment Decisions. Strategy. Investment appraisal. Accounting rate of return. Payback. Discounted cash flow. Comparison of techniques. Case study 14.1: Goliath Co. - investment evaluation. Conclusion: a critical perspective. References. Appendix to chapter 14: Present value factors. Questions for chapter 14. 15. Performance Evaluation of Business Units. Structure of business organizations. The decentralized organization and divisional performance measurement. Return on investment. Residual income. Controllability. Case study 15.1: Majestic Services - divisional performance measurement. Transfer pricing. Transaction cost economics. Conclusion: a critical perspective. References. Questions for chapter 15. 16. Budgeting. What is budgeting? The budgeting process. Retail budget example: Sports Stores Co-operative Ltd. Manufacturing budget example: Telcon Manufacturing. Cash forecasting. Cash forecasting example: Retail News Group. Theoretical perspectives on budgeting. A critical perspective: Beyond Budgeting? Case study 16.1: Svenska Handelsbanken - is budgeting necessary? Conclusion. References. Questions for chapter 16. 17. Budgetary Control. What is budgetary control? Flexible budgeting. Variance analysis. Variance analysis example: Wood's Furniture Co. Sales variance. Cost variances. Materials variance. Labour variance. Overhead variances. Reconciling the variances. Criticism of variance analysis. Cost control. Applying different perspectives to management accounting. Conclusion. References. Questions for chapter 17. 18. Strategic Management Accounting. Strategic management accounting. Accounting techniques to support strategic management accounting. Case study 18.1: ANT and strategic management accounting. Other costing approaches. Conclusion. References. Further reading. PART IV: SUPPORTING INFORMATION. Introduction to the Readings.