Cornerstones of Cost Management 2nd Edition

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Providing the most up-to-date and thorough coverage of cost management topics, Mowen/Hansen's CORNERSTONES OF COST MANAGEMENT, 2E, provides students with a solid foundation with its unique Cornerstones approach. Adapted from the leading Cost Management text also from Don Hansen and Maryanne Mowen, and created from our research on student learning behavior, this text presents concepts in a step-by-step format. This presentation helps students understand the How, Why, and What Ifs of solving and mastering basic cost management topics, while also getting at the conceptual nature of each equation or topic. Mowen/Hansen's CORNERSTONES OF COST MANAGEMENT, 2E, demonstrates the dynamic, exciting nature of cost accounting in today's changing business environment. The text first covers functional-based cost and control and then activity-based cost systems, giving students the understanding and skills to manage any cost management system. Cornerstones examples throughout each chapter provide students with step-by-step coverage of the How, Why, and What Ifs of solving and mastering basic cost management concepts, while also getting at the conceptual understanding that students often struggle to grasp. This edition's expansive coverage and consistent attention to technical detail provide a thorough, well-researched foundation for learning. It includes new CPA-Type Exercises in each chapter that have been taken directly from past CPA Exams or have been written by the authors to prepare students for their futures in business. Salient FeaturesCornerstones Examples throughout each chapter provide students with step-by-step coverage of the How, Why, and What Ifs of solving and mastering basic cost management concepts. This method presents them with a model to help them truly grasp the calculations and therefore more easily complete homework, while also helping them understand why they are doing the calculation. The What If feature takes it a step further, challenging students to think past the numbers and understand the true concept behind the equations.Cornerstones Exercises: Based on our research on student learning behavior, the authors have also created specific Cornerstones Exercises. These exercises in the end of chapter are structured like the Cornerstones Examples in the text and list which Cornerstone Example they match. These questions allow students to have some guidance and practice before moving on to the more complex questions in the end of chapter.CPA-Type Exercises: This new section in the end-of-chapter includes five exercises either taken directly from the 2009, 2010, or 2011 CPA Exam or written specifically for this textbook by the authors to provide an example of what students can expect to encounter on the exam, preparing them for a future in Accounting.Student-Friendly Organization: In addition to end of chapter material such as the Cornerstones Exercises and the list of the important equations discussed within that chapter, we have included a guide to the Cornerstones Examples and where to find them, allowing students to quickly reference them when needed. All exercises and problems in the End of Chapter also reference the learning objective they are addressing, making it easier for you to decide what to assign to your students, and helping your students understand what they should be learning from each exercise.Service Sector Focus: The significance of the service sector is recognized in this text through the extensive application of cost management principles to services. The text explains that services are not simply less complicated manufacturing settings but instead have their own characteristics.CostManagement Information Systems Approach: By focusing on ABC or unit-based systems and the implications of implementing those systems separately, the discussion of these specific approaches stands alone, giving you the flexibility to modify the coverage to best meet the needs of your specific course.Budgeting Coverage: For a more integrated discussion, all budgetingand activity-based budgeting topics are covered extensively within one comprehensive chapter.Review Problems: All chapters (except Chapter 1) include review problems and solutions. These problems demonstrate the computational aspects of chapter materials and reinforce the students'' understanding of chapter concepts before they undertake end-of-chapter materials.CPA-Type Exercises A new section in the end-of-chapter includes five exercises either taken directly from the 2009, 2010, or 2011 CPA Exam or written specifically for this textbook by the authors to provide an example of what students can expect to encounter on the exam, preparing them for a future in Accounting. About the Author Don R. Hansen is Arthur Andersen Professor of Accounting and a Regents Service Professor at Oklahoma State University. He received his Ph.D. from the University of Arizona in 1977. He has an undergraduate degree in mathematics from Brigham Young University. His research interests include activity-based costing and mathematical modelling. He has published articles in both accounting and engineering journals including The Accounting Review, The Journal of Management Accounting Research, Accounting Horizons, and IIE Transactions. He has served on the editorial board of The Accounting Review. His outside interests include family, church activities, reading, movies, and watching sports. Table of Contents PART I: FOUNDATION CONCEPTS 1. Introduction to Cost Management. 2. Basic Cost Management Concepts. 3. Cost Behavior. 4. Activity-Based Costing. PART II: FUNDAMENTAL COSTING AND CONTROL 5. Product and Service Costing: Job-Order System. 6. Product and Service Costing: A Process Systems Approach. 7. Allocating Costs of Support Departments and Joint Products. 8. Budgeting for Planning and Control. 9. Standard Costing: A Functional-Based Control Approach. 10. Decentralization: Responsibility Accounting, Performance Evaluation, and Transfer Pricing. PART III: ADVANCED COSTING AND CONTROL 11. Strategic Cost Management. 12. Activity-Based Management. 13. The Balanced Scorecard: Strategic-Based Control. 14. Quality and Environmental Cost Management. 15. Productivity Measurement and Control and Lean Accounting. PART IV: DECISION MAKING 16. Cost-Volume-Profit Analysis. 17. Activity Resource Usage Model and TacticalDecision Making. 18. Pricing and Profitability Analysis. 19. Capital Investment. 20. Inventory Management: Economic Order Quantity, JIT, and the Theory of Constraints.