The Australian adaptation of Cost Accounting: A Managerial Emphasis combines the hallmark features of the leading American text with a contemporary Australian business focus.
The clear and engaging writing style, the focus on human behavioural aspects of management accounting, and the strong technical focus are now infused with relevant and recognisable examples from the Australian and international business context, and enhanced by a greater strategic focus, particularly on the links between sustainability and economic performance.
The text features a revised and simplified Five-Step Decision-Making Framework, interwoven through each chapter, to help students see how the demand for various types of management accounting information is a response to the decision-making needs of managers.
The Australian edition was developed in close consultation with local academics who had previously used the American text and wanted content that provided great local content and context for their students. The authors have brought Australian business context and organisations into the text while retaining references to companies that operate globally and which students can recognise easily.
Cost Accounting provides the best of both worlds-the author team comprises world leaders in the development of contemporary cost accounting and their ideas are illustrated with Australian examples that make the book come alive for students.
Features and Benefits
Exceptionally strong emphasis on managerial uses of cost information
Clarity and accessibility of the text
Excellent balance in integrating modern topics with existing content
Focus on Decision making and Human Behavioural Aspects. The text framework helps students see how the demand for various types of management accounting information is a response to the decision-making needs and psychology of managers. Serves as a structure for discussing many management accounting concepts in later chapters.
Extensive use of real-world examples. Real company vignettes open each chapter. The vignettes engage the reader in a business situation, or dilemma, illustrating why and how the concepts in the chapter are relevant in business. Concepts in action boxes cover real-world cost accounting issues across a variety of industries from Australia and internationally.
Ability to teach in different chapter sequences. The modular presentation allows you to tailor the topic presentation to suit the flow of your course. Additionally, the first 13 chapters provide the essence of a one-semester course. There is ample text and assignment material in the textbook's 20 chapters for a two-semester course. This textbook can be used immediately after the student has had an introductory course in financial accounting. Alternatively, it can build on an introductory course in managerial accounting.
Sustainability in action boxes occur in most chapters and show how integral sustainability issues are in cost and management accounting decisions in various organisations across Australia and internationally.
Excellent quantity, quality and range of assignment material
Incorporates new and evolving management thinking, including activity-based management, integrated approach to variance analysis, lean accounting and levels of control.
Streamlined presentation. The number of chapters has been reduced from 23 chapters to 20 to meet concerns about the length of the book, without compromising the essential coverage required for management accounting courses.
MyAccountingLab. This is the only cost accounting text on the market which provides students and instructors with a proven, effective online teaching and learning tool. MyAccountingLab allows you to spend more time teaching and less time grading.
Computerised TestBank The test bank allows educators to customise a bank of questions to meet specific teaching needs and add/revise questions as needed. It consists of more than 4000 true-false, multiple-choice, short-answer, essay and matching questions complete with solutions. Using Pearson TestGen software, lecturers can create professional-looking examinations in just minutes by building tests from the existing database of questions, editing questions or adding their own. TestGen also allows the flexibility of hard copy or online testing.
PowerPoint slides To facilitate classroom presentation, this dynamic, multimedia resource matches key points covered in the chapters with images from the textbook to encourage effective lecture and classroom discussions.
Instructor's Manual Organised by chapter, this manual offers detailed lecture outlines and helpful classroom suggestions.
Solutions Manual This manual contains all end-of-chapter exercises in the text. There is also a separate saleable student solutions manual containing selected solutions for even-numbered end-of-chapter problems that a lecturer may decide to bundle with the textbook for student revision purposes.
Digital Media Library All of the figures and tables from the textbook are provided in jpeg format.
Problem and Solution PowerPoint slides These slides feature fully-worked-out solutions for selected problems in the textbook in a format that can be used in lectures or tutorials.
Table of Contents
1. Management accounting in context
2. An introduction to cost terms and inventory costing
3. Cost-volume-profit analysis
4. Decision making and relevant information
5. Product and service costing
6. Determining how costs behave
7. Activity-based costing and activity-based management
8. Cost management, capacity costing and capacity management
9. Allocation of support-department costs, common costs and revenues
10. Pricing decisions and customer-profitability analysis
11. Master budget and responsibility accounting
12. Flexible budgets, direct-cost variances and management control
13. Flexible budgets, overhead cost variances and management control
14. Measuring and reporting sustainability
15. Strategy, balanced scorecard and strategic profitability analysis
16. Balanced scorecard: quality, time and the theory of constraints
17. Inventory management, just-in-time and simplified costing methods
18. Capital budgeting and cost analysis
19. Management control systems, transfer pricing and multinational considerations
20. Performance measurement, compensation and multinational considerations
Appendix A: Recommended readings
Appendix B: Notes on compound interest and interest tables
About the Authors
Monte Wynder is a Senior Lecturer in Accounting at the University of the Sunshine Coast. Monte received his undergraduate degrees from the University of Southern Queensland and Queensland University, his masters and PhD from the University of New South Wales, and a Graduate Certificate in Education from the University of Newcastle. He has received a number of teaching awards, including an Australian Learning and Teaching Citation for outstanding contribution to student learning.
Monte's research interests include accounting education, factors influencing student retention in business faculties, and behavioural issues in management accounting. He has published in Accounting Education: An International Journal, Asian Review of Accounting, Accounting and Finance and the Australian Journal of Education.
William Maguire is a Senior Lecturer in Management Accounting at the University of Tasmania. William holds a Bachelor of Commerce from the University of Natal at Durban, a Master of Business Leadership from the University of Cape Town and a PhD from the University of Cape Town. He is a chartered accountant who has more than 30 years' experience as an accounting academic, previous to which he worked in professional accounting, commerce and industry. William's teaching, research and consulting activities span strategy, management accounting and financial management. He has held posts at nine tertiary institutions, including four visiting appointments. He received an award for innovation in teaching at the University of Auckland. He has co-authored two other textbooks, was the editor of the New Zealand Journal of Applied Business Research and has published in Accountancy SA, the Chartered Accountants Journal, Journal of Cost Management, Integrated Manufacturing Systems, South African Journal of Accounting Research and South African Journal of Business Management.
Rebecca Tan (PhD, CPA) is Senior Lecturer in Accounting at the School of Accounting and Business Information Systems of the Australian National University. Rebecca has taught financial and management accounting courses at both undergraduate and postgraduate level since starting in academia at the ANU in 2003. Her research focuses on teamwork in accounting education, accounting policy choices in the financial accounting and reporting area, sustainability reporting, as well as organisational behaviour research. Her publications have appeared in journals such as International Journal of Accounting, Australian Accounting Review and Asian Review of Accounting. Rebecca has authored and co-authored sixteen MYOB Accounting Practice Sets.
Charles T. Horngren is the Edmund W. Littlefield Professor of Accounting, Emeritus, at Stanford University. A graduate of Marquette University, he received his MBA from Harvard University and his PhD from the University of Chicago. He is also the recipient of honorary doctorates from Marquette University and DePaul University.
A certified public accountant, Horngren served on the Accounting Principles Board for six years, the Financial Accounting Standards Board Advisory Council for five years and the Council of the American Institute of Certified Public Accountants for three years. For six years, he served as a trustee of the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board and the Government Accounting Standards Board. Horngren is a member of the Accounting Hall of Fame.
A member of the American Accounting Association, Horngren has been its President and its Director of Research. He received its first Outstanding Accounting Educator Award. The California Certified Public Accountants Foundation gave Horngren its Faculty Excellence Award and its Distinguished Professor Award. He is the first person to have received both awards.
The American Institute of Certified Public Accountants presented its first Outstanding Educator Award to Horngren.
Horngren was named Accountant of the Year, Education, by the national professional accounting fraternity, Beta Alpha Psi.
Professor Horngren is also a member of the Institute of Management Accountants, from whom he received its Distinguished Service Award. He was also a member of the Institutes' Board of Regents, which administers the Certified Management Accountant examinations.
Horngren is the author of other accounting books published by Prentice Hall: Introduction to
Management Accounting, 13th edn (2005, with Sundem and Stratton); Introduction to Financial
Accounting, 9th edn (2005, with Sundem and Elliott); Accounting, 6th edn (2005, with Harrison
and Bamber); and Financial Accounting, 6th edn (2005, with Harrison). Horngren is the Consulting
Editor for the Charles T. Horngren Series in Accounting.
Srikant M. Datar is the Arthur Lowes Dickinson Professor of Business Administration and Senior Associate Dean at Harvard University. A graduate with distinction from the University of Bombay, he received gold medals upon graduation from the Indian Institute of Management, Ahmedabad, and the Institute of Cost and Works Accountants of India. A Chartered Accountant, he holds two masters degrees and a PhD from Stanford University.
Cited by his students as a dedicated and innovative teacher, Datar received the George Leland Bach Award for Excellence in the Classroom at Carnegie Mellon University and the Distinguished Teaching Award at Stanford University.
Datar has published his research in leading accounting, marketing and operations management journals, including The Accounting Review, Contemporary Accounting Research, Journal of Accounting, Auditing and Finance, Journal of Accounting and Economics, Journal of Accounting Research and Management Science. He has also served on the editorial board of several journals and presented his research to corporate executives and academic audiences in North America, South America, Asia, Africa, Australia and Europe.
Datar is a member of the board of directors of Novartis A.G., ICF International, and KPIT Cummins Infosystems Ltd, and has worked with many organisations, including Apple Computer, AT&T, Boeing, Du Pont, Ford, General Motors, Hewlett-Packard, Kodak, Morgan Stanley, PepsiCo, Stryker, TRW, Visa and the World Bank. He is a member of the American Accounting Association and the Institute of Management Accountants.
George Foster is the Paul L. and Phyllis Wattis Professor of Management at Stanford University. He graduated with a university medal from the University of Sydney and has a PhD from Stanford University. He has been awarded honorary doctorates from the University of Ghent, Belgium, and from the University of Vaasa, Finland. He has received the Outstanding Educator Award from the American Accounting Association. Foster has received the Distinguished Teaching Award at Stanford University and the Faculty Excellence Award from the California Society of Certified Public Accountants. He has been a Visiting Professor to Mexico for the American Accounting Association. Research awards Foster has received include the Competitive Manuscript Competition Award of the American Accounting Association, the Notable Contribution to Accounting Literature Award of the American Institute of Certified Public Accountants, and the Citation for Meritorious Contribution to Accounting Literature Award of the Australian Society of Accountants.
He is the author of Financial Statement Analysis, published by Prentice Hall. He is co-author of Activity-Based Management Consortium Study (APQC and CAM-I) and Marketing, Cost Management and Management Accounting (CAM-I). He is also co-author of two monographs published by the American Accounting Association-Security Analyst Multi-Year Earnings Forecasts and The Capital Market and Market Microstructure and Capital Market Information Content Research. Journals publishing his articles include Abacus, The Accounting Review, Harvard Business Review, Journal of Accounting and Economics, Journal of Accounting Research, Journal of Cost Management, Journal of Management Accounting Research, Management Accounting and Review of Accounting Studies.
Foster works actively with many companies, including Apple Computer, ARCO, BHP Billiton, Digital Equipment Corporation, Exxon, Frito-Lay Corporation, Hewlett-Packard, McDonald's Corporation, Octel Communications, PepsiCo, Santa Fe Corporation and Wells Fargo. He also has worked closely with Computer Aided Manufacturing-International (CAM-I) in the development of a framework for modern cost management practices. Foster has presented seminars on new developments in cost accounting in North and South America, Asia, Australia and Europe.
Madhav V. Rajan is the Gregor G. Peterson Professor of Accounting and area coordinator for Accounting at the Graduate School of Business, Stanford University. He is also Professor of Law (by courtesy) at Stanford Law School.
Rajan received his undergraduate degree in Commerce from the University of Madras, India, and his MS in Accounting, MBA and PhD degrees from the Graduate School of Industrial Administration at Carnegie Mellon University. In 1990, his dissertation won the Alexander Henderson Award for Excellence in Economic Theory.
Rajan's primary area of research interest is the economics-based analysis of management accounting issues, especially as they relate to internal control cost allocation, capital budgeting quality management, supply chain and performance systems in firms. He has published his research in leading accounting and operations management journals, including The Accounting Review, Review of Financial Studies, Journal of Accounting Research and Management Science. In 2004, he received the Notable Contribution to Management Accounting Literature award.
Rajan has served as an editor of The Accounting Review for the past six years. He is an associate editor for both the Accounting and Operations areas for Management Science, and for the Journal of Accounting, Auditing and Finance. He is a member of the Management Accounting section of the American Accounting Association and has twice been a plenary speaker at the AAA Management Accounting Conference.
Rajan has won several teaching awards at Wharton and Stanford, including the David W. Hauck Award, the highest undergraduate teaching honour at Wharton. Rajan teaches in a variety of executive education programs, including the Stanford Executive Program, the National Football League for Managers, and the National Basketball Players Association Program.
Christopher D. Ittner is the Ernst & Young Professor of Accounting at The Wharton School of the University of Pennsylvania. A graduate of California State University, Long Beach, he received his MBA from UCLA and a Doctorate in Business Administration from Harvard University.
Ittner has received a number of teaching awards from Wharton students, and teaches management accounting courses for doctoral students from throughout the United States and Europe.
His research has been published in leading accounting, marketing and operations management journals, including The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Management Science and Operation Research. Awards for his research include the American Accounting Association's Notable Contribution to Management Accounting Literature and Outstanding Dissertation in Management Accounting. He is also co-author of the book Linking Quality to Profits: Quality-Based Cost Management (ASQC and IMA). Ittner is an Associate Editor of Accounting, Organizations and Society and Management Science and serves on the editorial boards of a number of other accounting and operations management journals.
Ittner is a founding board member of the Performance Measurement Association and a member of the American Accounting Association, Institute of Management Science, and Production and Operations Management Society. He has worked with a large number of companies on cost accounting and performance measurement issues, including Capital One, EDS, Ernst & Young, General Motors and Sunoco.