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Budgeting and Decision Making

Budgeting: Planning for SuccessImportance of BudgetsForms and FunctionsAvoiding Business ChaosAn Electrifying Case in BudgetingRecapping Benefits of BudgetingBudget Processes and Human BehaviorBudget ConstructionMandated BudgetsParticipative BudgetsBlended ApproachOrganizational Structure ConsiderationsFlattening the Organization ChartBudget EstimationSlack and PaddingZero-Based BudgetingThe Impossible Budget and Employee CapitulationEthical Challenges in BudgetingComponents of the BudgetSales BudgetProduction BudgetDirect Material Purchases BudgetDirect Labor BudgetFactory Overhead BudgetSelling and Administrative Expense BudgetCash BudgetBudgeted Income Statement and Balance SheetExternal Use DocumentsPerformance AppraisalBudget Periods and AdjustmentsContinuous BudgetsFlexible BudgetsEncumbrancesTools for Enterprise Performance EvaluationProfit CenterInvestment CenterResponsibility CentersCost CenterProfit CenterInvestment CenterAffixing ResponsibilityResponsibility Center ReportsThe Power of a Data Base SystemManagement by ExpansionThe Power of a Data Base SystemTraceable Versus Common Fixed CostsManagement by ExpansionFlexible BudgetsFlexible Budget for Performance EvaluationsFlexible Budgets for PlanningFlexible Budgets and Efficiency of OperationStandard CostsSetting StandardsPhilosophy of StandardsThe Downside of the StandardsVariance AnalysisVariances Relating to Direct MaterialsAn Illustration of Direct Material Variance CalculationsJournal Entries for Direct Material VariancesWhen Purchases Differ From UsageVariances Relating to Direct LaborAn Illustration of Direct Labor Variance CalculationsJournal Entries for Direct Labor VariancesAn Illustration of Variable Overhead VariancesVariances Relating to Variable Factory OverheadExploring Variable Overhead VariancesAn Illustration of Variable Overhead VariancesJournal Entry for Variable Overhead VariancesCareful Interpretation of Variable Overhead VariancesVariances Relating to Fixed Factory OverheadAn Illustration of Foxed Overhead VariancesJournal Entry for Fixed Overhead VariancesRecapping Standards and VariancesExamining VariancesBalanced Scorecard Approach to Performance EvaluationThe Balance Scorecard in OperationReporting Techniques in Support of Managerial Decision MakingVariable Versus Absorption CostingAbsorption CostingVariable CostingVariable Costing in ActionA Double-Edge SwordAvoiding a Downward SpiralConfused?An In-Depth Comparison of Variable Costing and Absorption Costing Income StatementsThe Impact of Inventory FluctuationsSegment ReportingInternal of Segment DataThe Problem of Segment Income MeasurementContribution Income Statement FormatExternal Reporting of Segment DataMeasures of Residual IncomeKeeping Residual Income in PerspectiveConcepts in Allocating service Department CostsThe Direct Method of Allocating Service Department CostThe Step Method of1 allocating Service Department CostMultiple Steps and Simultaneous AllocationsLeveraging the Power of Modern Information SystemsLine Item VS. Object of ExpenditureBusiness DashboardAnalytics for Managerial Decision MakingCost Characteristics and Decision-Making RamificationsSunk Costs VS. Relevant CostsA Basic Illustration of Relevant Cost/Benefit AnalysisComplicating FactorsBusiness Decision LogicOutsourcingOutsourcing IllustrationCapacity Considerations in OutsourcingIllustration of Capacity ConsiderationsQualitative Issues in OutsourcingSpecial OrdersCapacity Constraints and the Impact on Special Order PricingDiscontinuing a Product Department, or ProjectThe 80/20 ConceptCompound Interest and Present ValueCompound InterestFuture Value of AnnuitiesFuture Value of an Annuity DueFuture Value of an Ordinary AnnuityPresent ValuePresent Value of an Annuity DuePresent Value of an Ordinary AnnuityElectronic Spreadsheet FunctionsChallenge Your ThinkingImpact of Changes in Interest RatesEmphasis on After Tax Cash FlowsAccounting Rate of ReturnInternal Rate of ReturnPayback MethodConclusion