Accounting Principles, Managerial Concepts Seventh Canadian Edition

For over 15 years, Weygandt, Accounting Principles has been praised by both instructors and students across the country for its outstanding visual design, its carefully integrated pedagogy, and its excellent writing style and clarity of presentation. Our main focus continues to be ‘Student Success in Accounting’ and the new seventh edition package further enables both instructors and students to achieve successful learning outcomes.   Accounting Principles, Seventh Canadian Edition enables students to become independent and successful learners by including a variety of additional resources, and new features that empower students to apply what they have learned in the classroom to the world outside the classroom.  The seamlessly integrated digital and print resources to accompany Accounting Principles, Seventh Canadian Edition offer additional tools for both instructors and students in order to help students succeed.

Table of Contents:
Chapter 19 Managerial Accounting 2 Managerial Accounting Fuels Decision-Making 2 Managerial Accounting Basics 4 Comparing Managerial and Financial Accounting 4 Ethical Standards 4 Management Functions 5 Managerial Accounting Today 6 Managerial Cost Concepts 8 Manufacturing Costs 8 Product versus Period Costs 10 Manufacturing Costs in Financial Statements 12 Balance Sheet 12 Income Statement 13 Cost Concepts 14 Cost of Goods Manufactured 14 Chapter 20 Cost-Volume-Profit Relationships 42 Cheaper Nights, Bigger Profits 42 Cost-Behaviour Analysis 44 Variable Costs 44 Fixed Costs 45 Relevant Range 45 Mixed Costs 46 Importance of Identifying Variable and Fixed Costs 48 Cost-Volume-Profit Analysis 49 CVP Income Statement 50 Break-Even Analysis 52 Applying Cost-Volume-Profit Analysis 55 CVP Income Statement Revisited 59 Effects on Income 62 Rationale for Variable Costing 64 Chapter 21 Budgetary Planning 82 A Lesson in Post-Secondary Budgeting 82 Budgeting Basics 84 Benefits of Budgeting and Budgeting Basics 84 The Master Budget 86 Preparing the Operating Budgets 88 Sales Budget 88 Production Budget 88 Direct Materials Budget 89 Direct Labour Budget 90 Manufacturing Overhead Budget 91 Selling and Administrative Expenses Budget 91 Budgeted Income Statement 92 Preparing the Financial Budgets 93 Capital Expenditures Budget 94 Cash Budget 94 Budgeted Balance Sheet 97 Budgeting in Nonmanufacturing Companies 98 Merchandisers 98 Service Companies 99 Not-for-Profit Organizations 99 Chapter 22 Budgetary Control and Responsibility Accounting 126 Striving for a Healthy Balance Sheet 126 The Concept of Budgetary Control and Static Budget Reports 128 Budgetary Control 128 Static Budget Reports 129 Flexible Budgets 131 Why Flexible Budgets? 131 Developing the Flexible Budget 133 Flexible Budget—A Case Study 133 Flexible Budget Reports 135 Management by Exception 136 Concept of Responsibility Accounting 137 Controllable vs. Noncontrollable Revenues and Costs 138 Responsibility Reporting System 138 Types of Responsibility Centres 141 Cost Centres 142 Profit Centres 142 Investment Centres 144 Performance Evaluation 146 Chapter 23 Incremental Analysis and Capital Budgeting 170 Making Room for Profit 170 Incremental Analysis 172 How Incremental Analysis Works 172 Relevant Costs 173 Sunk and Future Costs 173 Types of Incremental Analysis 174 Capital Budgeting 180 Quantitative Techniques in Capital Budgeting 181 Discounted Cash Flow 184 Index I-1