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Budgeting and Decision Making - Larry M. Walther

Year 2009

Part 1. Budgeting: Planning for Success1. Importance of Budgets1.1. Forms and Functions1.2. Avoiding Business Chaos1.3. An Electrifying Case in Budgeting1.4. Recapping Benefits of Budgeting2. Budget Processes and Human Behavior2.1. Budget Construction2.2. Mandated Budgets2.3. Participative Budgets2.4. Blended Approach2.5. Organizational Structure Considerations2.6. Flattening the Organization Chart2.7. Budget Estimation2.8. Slack and Padding2.9. Zero-Based Budgeting2.10. The Impossible Budget and Employee Capitulation2.11. Ethical Challenges in Budgeting3. Components of the Budget3.1. Sales Budget3.2. Production Budget3.3. Direct Material Purchases Budget3.4. Direct Labor Budget3.5. Factory Overhead Budget3.6. Selling and Administrative Expense Budget3.7. Cash Budget3.8. Budgeted Income Statement and Balance Sheet3.9. External Use Documents3.10. Performance Appraisal4. Budget Periods and Adjustments4.1. Continuous Budgets4.2. Flexible Budgets4.3. EncumbrancesPart 2. Tools for Enterprise Performance Evaluation5.1. Profit Center5.2. Investment Center5.3. Responsibility Centers5.4. Cost Center5.5. Profit Center5.6. Investment Center5.7. Affixing Responsibility5.8. Responsibility Center Reports5.9. The Power of a Data Base System5.10 Management by Expansion5.11. The Power of a Data Base System5.12. Traceable Versus Common Fixed Costs5.13. Management by Expansion6. Flexible Budgets6.1. Flexible Budget for Performance Evaluations6.2. Flexible Budgets for Planning6.3. Flexible Budgets and Efficiency of Operation7. Standard Costs7.1. Setting Standards7.2. Philosophy of Standards7.3. The Downside of the Standards8. Variance Analysis8.1. Variances Relating to Direct Materials8.2. An Illustration of Direct Material Variance Calculations8.3. Journal Entries for Direct Material Variances8.4. When Purchases Differ From Usage8.5. Variances Relating to Direct Labor8.6. An Illustration of Direct Labor Variance Calculations8.7. Journal Entries for Direct Labor Variances8.12. An Illustration of Variable Overhead Variances8.10. Variances Relating to Variable Factory Overhead8.11. Exploring Variable Overhead Variances8.12. An Illustration of Variable Overhead Variances8.13. Journal Entry for Variable Overhead Variances8.14. Careful Interpretation of Variable Overhead Variances8.15. Variances Relating to Fixed Factory Overhead8.16. An Illustration of Foxed Overhead Variances8.17. Journal Entry for Fixed Overhead Variances8.18. Recapping Standards and Variances8.19. Examining Variances9. Balanced Scorecard Approach to Performance Evaluation9.1. The Balance Scorecard in OperationPart 3. Reporting Techniques in Support of Managerial Decision Making10. Variable Versus Absorption Costing10.1. Absorption Costing10.2. Variable Costing10.3. Variable Costing in Action10.4. A Double-Edge Sword10.5. Avoiding a Downward Spiral10.6. Confused?10.7. An In-Depth Comparison of Variable Costing and Absorption Costing Income Statements10.8. The Impact of Inventory Fluctuations11. Segment Reporting11.1. Internal of Segment Data11.2. The Problem of Segment Income Measurement11.3. Contribution Income Statement Format11.4. External Reporting of Segment Data12. Measures of Residual Income12.1. Keeping Residual Income in Perspective13. Concepts in Allocating service Department Costs13.1. The Direct Method of Allocating Service Department Cost13.2. The Step Method of1 allocating Service Department Cost13.3. Multiple Steps and Simultaneous Allocations14. Leveraging the Power of Modern Information Systems14.1. Line Item VS. Object of Expenditure14.2. Business DashboardPart 4. Analytics for Managerial Decision Making15. Cost Characteristics and Decision-Making Ramifications15.1. Sunk Costs VS. Relevant Costs15.2. A Basic Illustration of Relevant Cost/Benefit Analysis15.3. Complicating Factors16. Business Decision Logic16.1. Outsourcing16.2. Outsourcing Illustration16.3. Capacity Considerations in Outsourcing16.4. Illustration of Capacity Considerations16.5. Qualitative Issues in Outsourcing16.6. Special Orders16.7. Capacity Constraints and the Impact on Special Order Pricing16.8. Discontinuing a Product Department, or Project16.9. The 80/20 Concept17. Compound Interest and Present Value17.1 Compound Interest17..2 Future Value of Annuities17.3. Future Value of an Annuity Due17.4. Future Value of an Ordinary Annuity17.5. Present Value17.6. Present Value of an Annuity Due17.7. Present Value of an Ordinary Annuity17.8. Electronic Spreadsheet Functions17.9. Challenge Your Thinking18.1. Impact of Changes in Interest Rates18.2. Emphasis on After Tax Cash Flows18.3. Accounting Rate of Return18.4. Internal Rate of Return18.5. Payback Method18.6. Conclusion
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