The world of business is changing dramatically. The breakneck pace of technological innovation, the dynamic growth and ever-changing face of e-business, the growth of information technology and the Internet, and the explosion of international commerce have made the business arena far different than in the past. Partly as a result of these changes, the role of managerial accounting is very different than it was even a decade ago. In the past, managerial accountants operated in a strictly staff capacity, usually physically separated from the managers for whom they provided reports and information. Nowadays, managerial accountants serve as internal business consultants, working side-by-side in cross-functional teams with managers from all areas of the organization.
The traditional tools of managerial accounting, like product costing, budgeting, and performance evaluation, have been augmented and updated with contemporary appoaches such as activity-based costing profitability analysis, value-chain analysis, target costing, and strategic cost management.
The goal Managerial Accounting is to acquaint students of management with the fundamental tools of management accounting, but also to promote their understanding of the dramatic ways in which the field is changing. To underscore the book's focus on the changes in the world of business in general, and managerial accounting in particular, the subtitle Creating Value in a Dynamic Business Environment has been added to the primary title of Managerial Accounting in the fifth edition. The emphasis throughout the text is on using accounting information in managing an organization.
1. Fundamentals and Cost-Accumulation System
2. Cost Management System, Activity-Based Costing, and Activity-Based Management
3. Planning, Control, and Cost Management System
4. Using Accounting Information in Decision Making
5. Selected Topics for Further Study