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EBOOK Management Accounting 9th Edition Kim
Langfield-Smith Digital Instant Download
Author(s): Kim Langfield-Smith, David Smith, Paul Andon, Ronald Hilton,
Helen Thorne
ISBN(s): 9781743767634, 1743767633
Edition: 9
File Details: PDF, 75.22 MB
Year: 2021
Language: english
 Page i

MANAGEMENT
ACCOUNTING
 Page ii

Page iii

KIM LANGFIELD-SMITH ⊳ DAVID SMITH ⊳ PAUL ANDON ⊳ HELEN THORNE

MANAGEMENT
ACCOUNTING
Information for Creating and Managing Value

9TH EDITION
 Page iv

Copyright © 2022 McGraw-Hill Education (Australia) Pty Ltd

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Every effort has been made to trace and acknowledge copyrighted material. The authors and
publishers tender their apologies should any infringement have occurred.

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Enquiries should be made to the publisher via www.mheducation.com.au or marked for the
attention of the permissions editor at the address below.

National Library of Australia Cataloguing-in-Publication Data

Authors: Kim Langfield-Smith, David Smith, Paul Andon, Helen Thorne

Title: Management Accounting
Edition: 9th edition
Print ISBN: 9781743767603 (paperback)
eBook ISBN: 9781743767634

Published in Australia by
McGraw-Hill (Australia) Pty Ltd
Level 33, 680 George Street, Sydney NSW 2000
Publisher: Matthew Coxhill
Content developer: Martina Vascotto
Production editors: Claire Linsdell, Caroline Hunter, Bethany Ng
Copyeditors: Paul Leslie, Natalie Crouch
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Permissions editor: Debbie Gallagher, Legend Images
Indexer: Straive, India
Cover design: Simon Rattray, Squirt Creative
Interior design: Straive, India
Cover image: © Shutterstock/Vintage Tone
Typeset in 8pt Proxima Nova by Straive, India
 Page v

CONTENTS IN BRIEF

PART 1 INTRODUCTION TO MANAGEMENT ACCOUNTING 1

Chapter 1 Management accounting: information for creating value and

managing resources 3

Chapter 2 Management accounting: cost terms and concepts 35

PART 2 COSTS AND COSTING SYSTEMS 67

Chapter 3 Cost behaviour, cost drivers and cost estimation 70

Chapter 4 Product costing systems 125

Chapter 5 Process costing and operation costing 177

Chapter 6 Service costing 223

Chapter 7 A closer look at overhead costs 277

Chapter 8 Activity-based costing 329

PART 3 INFORMATION FOR MANAGING RESOURCES 383

Chapter 9 Budgeting systems 386

Chapter 10 Standard costs for control: direct material and direct labour 449

Chapter 11 Standard costs for control: flexible budgets and manufacturing

overhead 493

Chapter 12 Managing and reporting performance 539

Chapter 13 Financial performance measures and incentive schemes 587

Chapter 14 Strategic performance measurement systems 625

Chapter 15 Managing suppliers and customers 665

Chapter 16 Managing costs and quality 723

PART 4 INFORMATION FOR CREATING VALUE 775

Chapter 17 Sustainability and management accounting 778

Chapter 18 Cost volume profit analysis 823

Chapter 19 Information for decisions: relevant costs and benefits 871

Chapter 20 Pricing and product mix decisions 927

Chapter 21 Information for capital expenditure decisions 973

 Page vi

CONTENTS
Preface xiii
About the authors xiv
Text at a glance xvi
Acknowledgments xviii

PART 1 Introduction to management accounting 1

Graduate spotlight 2
CHAPTER 1
Management accounting: information for creating value and managing resources 3
Australasian organisations in the twenty-first century 4
What is management accounting? 6
Management accountants within organisations 11
Management accounting processes and techniques 11
Management accounting and strategy 13
Management accounting for planning and control 16
Costing for decision making 18
Some important considerations in the design of management accounting systems 19
Management accounting responses to the changing business environment 20
REAL LIFE
Increasing competitive pressures faced by Asian airlines 5
‘Big data’ and the changing role of the accountant 7
The accountant in the modern business environment 12
Summary 22
Chapter references 22
Appendix 23
Key terms 26
Review questions 26
Exercises 27
Problems 30
Cases 33

CHAPTER 2
Management accounting: cost terms and concepts 35
Management accounting information 36
Cost classifications: different classifications for different purposes 39
Costs across the value chain 42
Manufacturing costs 44
Product costs 45
Cost flows in a manufacturing business 47

REAL LIFE
Insurance: the importance of monitoring and managing costs 40
Pizza wars: battling for a slice of fast-food ‘supreme-acy’ 47
Summary 50
Chapter references 51
Self-study 51
Key terms 53
Review questions 54
Exercises 55
Problems 58
Cases 64

PART 2 Costs and costing systems 67

Graduate spotlight 69
CHAPTER 3
Cost behaviour, cost drivers and cost estimation 70
What are cost behaviour, cost estimation and cost prediction? 71
Cost drivers 72
Cost behaviour patterns 78
Using cost behaviour patterns to predict costs 86
Cost estimation 87
Practical issues in cost estimation 93
Big data, data analytics and data visualisation 95
Page vii
REAL LIFE
Health teaching, training and research: studying the cost drivers 76
Managing costs in challenging times 77
Cost behaviour, cost management and market competitiveness at Qantas 77
Cost behaviour in Australian companies 85
Summary 101
Chapter references 102
Self-study 102
Appendix 105
Key terms 109
Review questions 109
Exercises 111
Problems 115
Cases 121

CHAPTER 4
Product costing systems 125
Product costing 126
Flow of costs in manufacturing businesses 131
Allocating overhead costs to products 132
Types of product costing systems 135
Job costing: Williams Elevators 138
Process costing: Spritz 151

REAL LIFE
The cost of Australian wine 127
Costing defence contracts 128
Product costing in small business 130
Job costing in the construction industry (the Lum Chang Group) 151
Summary 155
Chapter references 155
Self-study 156
Appendix 158
Key terms 159
Review questions 159
Exercises 161
Problems 164
Cases 170

CHAPTER 5
Process costing and operation costing 177
Process costing at Spritz 178
Process costing with work in process inventories 178
Process costing using the weighted average method 181
Process costing using the FIFO method 184
Process costing and spoilage 188
Hybrid costing systems 192
Operation costing for batch manufacturing processes 192
Other issues in process costing 197
REAL LIFE
Which costing system for Australian wine? 195
Summary 199
Chapter references 200
Self-study 200
Appendix 203
Key terms 207
Review questions 207
Exercises 208
Problems 213
Cases 220

CHAPTER 6
Service costing 223
What are service organisations? 224
Cost classifications in service organisations 226
Estimating service costs 230
Costing services at Adelaide Bank 235
When should firms estimate their service costs? 245
Flow of costs in service firms 248
Costing in retail and wholesale businesses 249

REAL LIFE
The costs of services provided by Australia’s hospitals 229
Service costing in the Western Australian public sector 234
The downside of using billable hours to charge for legal services 243
The costs and benefits of service costs for a medical practice 247
Cost and competitive pressures in the Australian retail sector 251
Summary 252
Chapter references 253
Self-study 254
Key terms 256
Review questions 256
Exercises 258
Problems 262
Cases 271

CHAPTER 7
A closer look at overhead costs 277
What are overhead costs? 278
Allocating indirect costs: some general principles 279
Allocating overhead costs to products 281
Issues in estimating overhead rates 288 Page viii

Allocating indirect costs to responsibility centres 293

Allocating support department costs 294
REAL LIFE
Measuring tsunami recovery costs: an overhead or not? 281
How should the Pacific Islands Forum Fisheries Agency allocate its overheads? 290
Summary 302
Chapter references 303
Self-study 303
Appendix 306
Key terms 312
Review questions 312
Exercises 313
Problems 317
Cases 325

CHAPTER 8
Activity-based costing 329
Problems with conventional product costing systems 330
Product costing at Mason & Cox 333
Activity-based costing at Mason & Cox 335
Initial decisions about ABC at Mason & Cox 336
Step one: measuring the costs of the manufacturing overhead activities 337
Step two: assigning the costs of manufacturing overhead activities to products 339
Activity-based versus traditional product costs at Mason & Cox 342
Costs versus benefits of ABC at Mason & Cox 343
When should ABC be used? 345
Other activity-based costing issues 346
Activity-based costing in service organisations 348
REAL LIFE
Healthcare costing challenges 344
The adoption of ABC in Australia and New Zealand 345
ABC in the New Zealand Blood Service 346
Counting the cost of childhood immunisation 349
Summary 350
Chapter references 351
Self-study 351
Appendix 355
Key terms 363
Review questions 364
Exercises 365
Problems 371
Cases 379

PART 3 Information for managing resources 383

Graduate spotlight 385

CHAPTER 9
Budgeting systems 386
Strategic planning and budgeting systems 387
Purposes of budgeting 387
Responsibility accounting 389
The annual budget: a planning tool 389
Budgeting at Casa Dale Homes Ltd 395
Budget administration 406
Behavioural consequences of budgeting 406
Zero-base budgeting 409
Program budgeting 410

REAL LIFE
Beyond budgeting? Limitations, use and adaptations of budget processes 388
DrillEquip: revisiting budget assumptions in troubled times 391
Budgeting at the Australian Ballet School 394
The Olympic Games: budget parameters and perils 396
Technology and the future of budgeting 410
Summary 411
Chapter references 412
Self-study 413
Appendix 416
Key terms 420
Review questions 420
Exercises 421
Problems 426
Cases 440

CHAPTER 10
Standard costs for control: direct material and direct labour 449
Controlling costs 450
Setting standards 451
Developing standards at R.M. Williams 453
Calculating standard cost variances 456
Investigating significant variances 460 Page ix

Cost control through assigning responsibility 466

Standard costing and behaviour 468
Standard costs for product costing 468

REAL LIFE
Cost pressures and variance analysis in hospitals 461
Summary 471
Chapter references 471
Self-study 472
Appendix 475
Key terms 476
Review questions 476
Exercises 477
Problems 481
Cases 490

CHAPTER 11
Standard costs for control: flexible budgets and manufacturing overhead 493
Flexible budgets 494
Flexible overhead budget: R.M. Williams 497
Overhead application in a standard costing system 498
Calculating overhead cost variances 499
Overhead cost performance report 505
Standard costs for product costing 505
Flexible budgets in service organisations 508
An appraisal of standard costing systems 509
Activity-based budgeting 512

REAL LIFE
Standard costing systems: variations in use 508
Is standard costing and variance analysis obsolete? 511
Summary 515
Chapter references 515
Self-study 516
Appendix 518
Key terms 519
Review questions 520
Exercises 521
Problems 524
Cases 533

CHAPTER 12
Managing and reporting performance 539
Purposes of performance measurement 540
Characteristics of effective performance measurement systems 540
Structuring for control: decentralisation 542
Responsibility centres 543
More complex structures 545
Financial performance reporting 547
Transfer pricing 552

REAL LIFE
Principles for reporting performance outcomes 541
The dark side of transfer pricing in multinationals 560
Summary 561
Chapter references 562
Self-study 563
Key terms 566
Review questions 566
Exercises 567
Problems 571
Cases 580

CHAPTER 13
Financial performance measures and incentive schemes 587
Financial measures in investment centres 588
Return on investment 588
Residual income 592
Measuring profit and invested capital 593
Measures of shareholder value 596
Incentive schemes 599

REAL LIFE
Senior executive pay in Australia 603
Employee share ownership is more than an incentive compensation scheme 605
Summary 606
Chapter references 607
Self-study 608
Key terms 610
Review questions 610
Exercises 611
Problems 614
Cases 621

CHAPTER 14
Strategic performance measurement systems 625
The problems with using traditional financial performance measures in isolation 626
The advantages of non-financial measures 627
Selecting operational measures 627
The limitations of non-financial performance measures 630
The balanced scorecard 631
Strategy maps 635
Developing a balanced scorecard for the Cooktown Bus Company 638
How successful are balanced scorecards? 640
Does non-financial performance lead to financial performance? 641 Page x

Benchmarking 644

REAL LIFE
Managing performance at IAG 633
Measuring impact in charitable organisations 634
Customising the balanced scorecard 637
Summary 646
Chapter references 647
Self-study 648
Key terms 650
Review questions 650
Exercises 651
Problems 653
Cases 660

CHAPTER 15
Managing suppliers and customers 665
Supply chain management 666
Managing suppliers 669
Managing inventory 674
Managing customers 682
Managing time 690

REAL LIFE
Driving supply chain transformation at Coles 668
Is JIT too risky? 681
Reliance on major customers 683
Bus route profitability improvement 685
Summary 694
Chapter references 694
Self-study 695
Appendix 699
Key terms 701
Review questions 702
Exercises 703
Problems 706
Cases 715

CHAPTER 16
Managing costs and quality 723
Cost management 724
Activity-based management 724
Business process re-engineering 732
Life cycle costing 734
Target costing 737
Managing throughput 741
Managing quality 743
REAL LIFE
Strategic cost assessment at Fitness First 728
Slashing payroll: smart cost management or not? 733
Cost management in the Australian wine industry 735
Target costing in Australia and New Zealand 738
Managing costs, throughput and quality for customer value: Flinders Medical Centre 743
Summary 749
Chapter references 750
Self-study 751
Key terms 752
Review questions 753
Exercises 754
Problems 758
Cases 768

PART 4 Information for creating value 775

Graduate spotlight 777

CHAPTER 17
Sustainability and management accounting 778
Corporate sustainability 779
Sustainability and stakeholders 784
Sustainability and management accounting 786
Recognising and measuring economic, environmental and social impacts 787
Environmental management accounting 791
Environmental costs 791
Sustainability and supply chain management 795
Strategic performance measurement systems and sustainability 800
Sustainability and capital expenditure analysis 803

REAL LIFE
Corporate responsibility reporting around the globe 781
Adoption of integrated reporting 783
Unleashing the power of sustainability analytics 785
The valuation of environmental impact—PUMA and beyond 790
A life cycle analysis of carbon emissions 795 Page xi

A sustainability scorecard at Westpac 798

Summary 805
Chapter references 806
Self-study 808
Key terms 810
Review questions 810
Exercises 811
Problems 814
Cases 818
CHAPTER 18
Cost volume profit analysis 823
CVP analysis at the Melbourne Theatre Company 824
The break-even point 826
The break-even formula 827
Graphing cost volume profit relationships 829
Target net profit 832
Using CVP analysis for management decision making 833
CVP analysis with multiple products 837
Including income taxes in CVP analysis 840
Practical issues in CVP analysis 841
An activity-based approach to CVP analysis 843
Financial planning models 845
REAL LIFE
The importance of the break-even point at Linneys 826
A sundae too far away 829
Salmon—a fishy success story 839
Making the most of our coffee culture 842
Summary 848
Chapter references 848
Self-study 849
Appendix 851
Key terms 854
Review questions 854
Exercises 855
Problems 858
Cases 864

CHAPTER 19
Information for decisions: relevant costs and benefits 871
The management accountant’s role in decision making 872
Relevant information 876
Identifying relevant costs and benefits 877
Relevant information for some common decisions 881
Implications of activity-based cost analysis for decisions 896
Incentives for decision makers 898
Pitfalls to avoid when using accounting data for decisions 898

REAL LIFE
What role do accountants play in decision making? 873
Pros and cons of outsourcing 888
Sustainable solutions for by-products 895
Summary 899
Chapter references 900
Self-study 901
Appendix 904
Key terms 908
Review questions 908
Exercises 909
Problems 912
Cases 921

CHAPTER 20
Pricing and product mix decisions 927
Major influences on pricing decisions 928
Economic profit-maximising models 931
Pricing strategies 933
Strategic pricing of new products 941
Competitive bidding 941
Legal restrictions on setting prices 943
Product mix decisions 945

REAL LIFE
Pricing competition, perceptions and reality in Australian retail 930
Ticket pricing in the Australian Football League 934
Proving predatory pricing: a challenge for the ACCC 944
The penalties for price fixing 944
Summary 948
Chapter references 948
Self-study 949
Appendix 952
Key terms 955
Review questions 955
Exercises 956
Problems 959
Cases 967
Page xii
CHAPTER 21
Information for capital expenditure decisions 973
Capital expenditure decisions 974
Cash flows 974
The capital expenditure approval process 974
Capital expenditure decisions at the Meadowleigh Medical Centre 975
Discounted cash flow analysis 978
Comparing two alternative investment projects 984
Accounting for uncertainty using real-options analysis 988
Other techniques for analysing capital expenditure proposals 989
Performance evaluation: a behavioural issue 992
Income taxes and capital expenditure analysis 994
Post-completion audits of capital expenditure decisions 1003
Justification of investments in advanced technologies 1003
The limitations of traditional capital expenditure analysis 1006

REAL LIFE
Analysing investment in business turnaround: the Arrium experience 982
Airline fleet planning: a major capital investment challenge 986
What influences technology investment? 1004
Summary 1008
Chapter references 1009
Self-study 1010
Appendix 1013
Key terms 1016
Review questions 1016
Exercises 1018
Problems 1021
Cases 1027

Glossary 1031
Index 1047
 Page xiii

PREFACE
Management accounting is a dynamic, constantly changing area. It must remain relevant to organisational
needs in today’s business world of global markets, irrepressible innovation and digital disruption. To
understand the nature of management accounting practice, it is important to understand broader aspects of
business practice across a range of areas, including strategy, marketing, human resource management,
operations management and organisational behaviour. Management accounting both draws on and
contributes to these areas.

Our approach in presenting this subject to students and managers is to focus on cutting-edge management
accounting as practised by leading organisations in Australia and overseas, while at the same time
acknowledging that some firms are satisfied with more traditional approaches. A key way in which we do this
is through the inclusion of ‘Real life’ examples, where we provide practical illustrations of how organisations
employ the techniques described in the text. Many of the ‘Real life’ sections are new or have been updated.
They reflect the latest in business practice and include a number of direct examples from client work
conducted by leading business advisory firm KordaMentha. We have also substantially revised the end-of-
chapter questions, exercises, problems and cases, revising up to half the questions in each chapter.

Since the first edition of this book appeared in the early 1990s, there have been dramatic changes in thinking
about the role of management accounting in organisations. Once it was sufficient to describe management
accounting as being concerned with providing information for planning and control, and for decision making.
However, the role of management accounting is now more complex. It is now concerned with the processes
and technologies that enable the effective use of organisational resources to support managers in enhancing
customer and shareholder value. Supply chain management approaches provide a framework for integrating
contemporary cost management and performance measurement. The issue of sustainability is now
increasingly important as businesses seek to understand and manage any adverse impact they have on the
environment and society. Improvements in technology, and the development of data analytic and data
visualisation tools also have potentially significant implications for the nature of the role of the management
accountant. Our ninth edition includes substantial coverage of these issues in Chapter 3 .

The processes and technologies of management accounting that enhance shareholder and customer value are
evolving over time and require an intimate knowledge of the nature of the business, its markets, its strategy
and its people. Someone working in the management accounting area in the 2020s needs to not only
understand the internal characteristics of a business, but also have a detailed knowledge of competitors,
customers and suppliers. Over the decades the practice of management accounting has developed to become
more integrated with the process of management, and less a part of the practice of accounting, with
management accountants playing a significant role as part of the management team. As such, management
accountants have the ability to significantly shape an organisation’s strategic direction.

The book has been written primarily as a text for one- or two-semester undergraduate management
accounting courses. The references at the end of each chapter provide guidance on additional readings. With
its description of current practice and strong emphasis on the new developments in management and
management accounting, this book also provides a sound foundation for a management accounting unit
within an MBA course.

While the origins of this text can be traced to the US text, Managerial Accounting, by Ronald Hilton, it has
always differed from its US counterpart. The Australian book takes a broad perspective in viewing
management accounting as the efficient and effective use of resources, supporting managers in the
improvement of customer and shareholder value. The rapidly changing business environment is seen as
having implications for the development of new approaches to management accounting, as highlighted
through the many ‘Real life’ cases presented in the book, which focus on current management accounting
practices and issues faced by organisations in Australia, New Zealand and the wider Asia–Pacific region.

We sincerely welcome any comments or suggestions from the lecturers and students who use this text.

Kim Langfield-Smith David Smith Paul Andon Helen Thorne

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