- Cover Page
- Title Page
- Copyright
- PREFACE
- Acknowledgments
- Contents
- 1: GENERAL DISCUSSION OF ACCOUNTING/STATISTICAL STANDARDS: BENCHMARKING
- MEANING OF ACCOUNTING/STATISTICAL CONTROL
- EXTENT OF ACCOUNTING/STATISTICAL CONTROL
- NEED FOR STANDARDS
- DEFINITION OF STANDARDS
- ADVANTAGES OF STANDARDS
- RELATIONSHIP OF ENTITY GOALS TO PERFORMANCE STANDARDS
- TYPES OF STANDARDS NEEDED
- TREND TO MORE COMPREHENSIVE PERFORMANCE MEASURES
- BENCHMARKING
- BALANCED SYSTEM OF PERFORMANCE MEASURES
- SETTING THE STANDARDS
- USE OF STANDARDS FOR CONTROL
- PROCEDURE FOR REVISING STANDARDS
- RECORDING STANDARDS
- APPLICATION OF STANDARD COSTS
- MANAGEMENT USE OF STANDARD COSTS
- 2: PLANNING AND CONTROL OF SALES
- INTRODUCTION
- SALES MANAGEMENT CONCERNS
- CONTROLLER'S ASSISTIVE ROLE IN SALES MANAGEMENT PROBLEMS
- CONTROLLER'S INDEPENDENT ROLE IN THE PLANNING AND CONTROL OF SALES
- CONTROL OF SALES
- SALES ANALYSIS
- SALES PLANNING: BASIS OF ALL BUSINESS PLANS
- STEPS IN DEVELOPING THE NEAR-TERM SALES PLAN/BUDGET
- CONTROL PHASE
- METHODS OF DETERMINING THE SALES LEVEL
- USEFUL SOURCES OF FORECASTING INFORMATION
- FORECASTING THE BUSINESS CYCLE
- SALES STANDARDS
- SALES REPORTS
- PRODUCT PRICING: POLICY AND PROCEDURE
- 3: PLANNING AND CONTROL OF MARKETING EXPENSES
- INTRODUCTION
- DEFINITION
- SIGNIFICANCE
- FACTORS INCREASING THE DIFFICULTY OF COST CONTROL
- SALES MANAGER AND MARKETING EXPENSES
- BASIC APPROACH IN THE PLANNING AND CONTROL OF MARKETING EXPENSES
- MARKETING EXPENSE ANALYSIS
- TYPES OF ANALYSES
- PLANNING MARKETING EXPENSES
- SPECIAL COMMENTS ON ADVERTISING AND SALES PROMOTION EXPENSE
- CONTROL OF MARKETING EXPENSES
- MARKETING EXPENSE STANDARDS
- 4: PLANNING AND CONTROL OF MANUFACTURING COSTS: DIRECT MATERIAL AND DIRECT LABOR
- 5: PLANNING AND CONTROL OF MANUFACTURING COSTS: MANUFACTURING EXPENSES
- NATURE OF MANUFACTURING EXPENSES
- RESPONSIBILITY FOR PLANNING AND CONTROL OF MANUFACTURING EXPENSES
- APPROACH IN CONTROL OF MANUFACTURING EXPENSES
- PROPER DEPARTMENTALIZATION OF EXPENSES
- VARIATIONS IN COST BASED ON FIXED AND VARIABLE COSTS
- VARIATIONS IN COST BASED ON DIRECT LABOR
- VARIATIONS IN COST BASED ON BATCH SIZE
- VARIATIONS IN COST BASED ON OVERHEAD
- VARIATIONS IN COST BASED ON TIME
- COST ESTIMATION METHODS
- NORMAL ACTIVITY
- ALLOCATION OF INDIRECT PRODUCTION COSTS
- BUDGETARY PLANNING AND CONTROL OF MANUFACTURING EXPENSES
- REVISION OF MANUFACTURING EXPENSE BUDGETS
- SECURING CONTROL OF OVERHEAD
- INDIRECT LABOR: A MORE PRECISE TECHNIQUE
- OTHER ASPECTS OF APPLYING BUDGETARY CONTROL
- OTHER CONTROL PROCEDURES
- ROLE OF THE CONTROLLER
- REPORTS FOR MANUFACTURING EXECUTIVES
- 6: PLANNING AND CONTROL OF RESEARCH AND DEVELOPMENT EXPENSES
- RESEARCH AND DEVELOPMENT ACTIVITIES
- IMPACT OF R&D ACTIVITIES ON CORPORATE EARNINGS
- R&D ACTIVITIES IN RELATION TO CORPORATE OBJECTIVES
- INTEGRATION OF R&D WITH OTHER FUNCTIONS
- ORGANIZATION FOR THE R&D FINANCIAL FUNCTIONS
- ACCOUNTING TREATMENT OF R&D IN FINANCIAL STATEMENTS
- ELEMENTS OF R&D COSTS
- ROLE OF THE FINANCIAL EXECUTIVE IN R&D
- GENERAL BUDGETARY PROCEDURE
- DETERMINING THE TOTAL R&D BUDGET
- INFORMATION SOURCES ON R&D SPENDING
- ESTABLISHING THE R&D OPERATING BUDGETS
- DETAILED BUDGETING PROCEDURE
- OTHER CONTROL METHODS
- EFFECTIVENESS OF R&D EFFORT
- 7: PLANNING AND CONTROL OF GENERAL AND ADMINISTRATIVE EXPENSES
- 8: PLANNING AND CONTROL OF CASH AND SHORT-TERM INVESTMENTS
- INTRODUCTION
- OBJECTIVES OF CASH PLANNING AND CONTROL
- DUTIES OF THE CONTROLLER VERSUS THE TREASURER
- THE CASH FORECAST
- CASH COLLECTIONS
- CASH DISBURSEMENTS
- INTERNAL CONTROL
- REPORTS ON CASH
- CASH FLOW RATIO ANALYSIS
- IMPACT OF NEW INFORMATION TECHNOLOGY AND ORGANIZATIONAL STRUCTURES
- INVESTMENT OF SHORT-TERM FUNDS
- 9: PLANNING AND CONTROL OF RECEIVABLES
- 10: PLANNING AND CONTROL OF INVENTORIES
- INTRODUCTION
- COSTS AND BENEFITS OF CARRYING INVENTORY
- ROLE OF THE CONTROLLER
- MATERIAL REQUIREMENTS PLANNING SYSTEMS
- JIT MANUFACTURING SYSTEMS
- INVENTORY REORDERING SYSTEMS
- OBSOLETE INVENTORY
- REDUCING INVENTORY
- INVENTORY CUTOFF
- BUDGETING FOR RAW MATERIALS
- BUDGETING FOR WORK-IN-PROCESS
- BUDGETING FOR FINISHED GOODS
- 11: PLANNING AND CONTROL OF PLANT AND EQUIPMENT OR CAPITAL ASSETS
- IMPACT OF CAPITAL EXPENDITURES
- CONTROLLER'S RESPONSIBILITY
- CAPITAL BUDGETING PROCESS
- ESTABLISHING THE LIMIT OF THE CAPITAL BUDGET
- INFORMATION SUPPORTING CAPITAL EXPENDITURE PROPOSALS
- METHODS OF EVALUATING PROJECTS
- PAYBACK METHOD
- OPERATORS' METHOD
- ACCOUNTANTS' METHOD
- DISCOUNTED CASH FLOW METHODS
- HURDLE RATES
- COST OF CAPITAL—A HURDLE RATE
- INFLATION
- FOREIGN INVESTMENTS
- IMPACT OF THE NEW MANUFACTURING ENVIRONMENT
- IMPACT OF ACTIVITY-BASED COSTING
- CLASSIFYING AND RANKING PROPOSED CAPITAL PROJECTS
- BOARD OF DIRECTORS' APPROVAL
- PROJECT AUTHORIZATION
- ACCOUNTING CONTROL OF THE PROJECT
- POSTPROJECT APPRAISALS OR AUDITS
- OTHER ASPECTS OF CAPITAL EXPENDITURES
- 12: MANAGEMENT OF LIABILITIES
- INTRODUCTION
- OBJECTIVES OF LIABILITY MANAGEMENT
- DIRECT LIABILITIES
- ILLUSTRATIVE PROVISIONS OF CREDIT AGREEMENTS
- PLANNING THE CURRENT LIABILITIES
- STANDARDS TO MEASURE AND CONTROL CURRENT LIABILITIES
- CORRECTIVE ACTION
- RISKS OF TOO MUCH DEBT
- SOME BENEFITS FROM DEBT INCURRENCE
- SOURCES OF INFORMATION ON DEBT CAPACITY
- STANDARDS FOR DEBT CAPACITY
- BOND RATINGS
- LEVERAGE
- CONTINGENCIES
- LONG-RANGE FINANCIAL PLAN
- MANAGING LIABILITIES: SOME PRACTICAL STEPS
- ACCOUNTING REPORTS ON LIABILITIES
- INTERNAL CONTROLS
- 13: MANAGEMENT OF SHAREHOLDERS' EQUITY
- INTRODUCTION
- IMPORTANCE OF SHAREHOLDERS' EQUITY
- ROLE OF THE CONTROLLER
- GROWTH OF EQUITY AS A SOURCE OF CAPITAL
- RETURN ON EQUITY AS RELATED TO GROWTH IN EARNINGS PER SHARE
- GROWTH IN EARNINGS PER SHARE
- COST OF CAPITAL
- COMPONENTS OF COST OF CAPITAL
- CALCULATING THE COST OF DEBT
- CALCULATING THE COST OF EQUITY
- CALCULATING THE WEIGHTED COST OF CAPITAL
- DIVIDEND POLICY
- LONG-TERM DEBT RATIOS
- OTHER TRANSACTIONS AFFECTING SHAREHOLDERS' EQUITY
- LONG-TERM EQUITY PLANNING
- SHORT-TERM PLAN FOR SHAREHOLDERS' EQUITY
- OTHER CONSIDERATIONS
- INDEX
ACKNOWLEDGMENTS
Creating new ideas for books is one of the hardest parts of writing, involving a good grasp of the marketplace, competing offerings, and emerging accounting practices. Every concept Sheck Cho has come up with has been a winner. Thank you, Sheck!
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