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by Steven M. Bragg
Controller's Guide to Planning and Controlling Operations
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
GENERAL ASPECTS OF MANUFACTURING
DIRECT MATERIAL COSTS: PLANNING AND CONTROL
LABOR COSTS: PLANNING AND CONTROL
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
INTRODUCTION
COMPONENTS OF G&A EXPENSE
CONTROL OVER G&A EXPENSES
REDUCING G&A EXPENSES
BUDGETING G&A 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
INTRODUCTION
GRANTING CREDIT TO CUSTOMERS
CUSTOMER MARGIN ANALYSIS
COLLECTIONS TASK
MEASUREMENT OF ACCOUNTS RECEIVABLE
CONTROL OVER ACCOUNTS RECEIVABLE
BUDGETING FOR ACCOUNTS RECEIVABLE BALANCES
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
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