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Accounting Principles, Managerial Concepts Seventh Canadian Edition

Accounting Principles, Managerial Concepts Seventh Canadian Edition

Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

ISBN: 978-1-119-31029-7

Jun 2016

216 pages

Select type: Paperback


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For over 15 years, Weygandt, Accounting Principles has been praised by both instructors and students across the country for its outstanding visual design, its carefully integrated pedagogy, and its excellent writing style and clarity of presentation. Our main focus continues to be ‘Student Success in Accounting’ and the new seventh edition package further enables both instructors and students to achieve successful learning outcomes.   Accounting Principles, Seventh Canadian Edition enables students to become independent and successful learners by including a variety of additional resources, and new features that empower students to apply what they have learned in the classroom to the world outside the classroom.  The seamlessly integrated digital and print resources to accompany Accounting Principles, Seventh Canadian Edition offer additional tools for both instructors and students in order to help students succeed.

Related Resources

Chapter 19

Managerial Accounting 2

Managerial Accounting Fuels Decision-Making 2

Managerial Accounting Basics 4

Comparing Managerial and Financial Accounting 4

Ethical Standards 4

Management Functions 5

Managerial Accounting Today 6

Managerial Cost Concepts 8

Manufacturing Costs 8

Product versus Period Costs 10

Manufacturing Costs in Financial Statements 12

Balance Sheet 12

Income Statement 13

Cost Concepts 14

Cost of Goods Manufactured 14

Chapter 20

Cost-Volume-Profit Relationships 42

Cheaper Nights, Bigger Profits 42

Cost-Behaviour Analysis 44

Variable Costs 44

Fixed Costs 45

Relevant Range 45

Mixed Costs 46

Importance of Identifying Variable and Fixed Costs 48

Cost-Volume-Profit Analysis 49

CVP Income Statement 50

Break-Even Analysis 52

Applying Cost-Volume-Profit Analysis 55

CVP Income Statement Revisited 59

Effects on Income 62

Rationale for Variable Costing 64

Chapter 21

Budgetary Planning 82

A Lesson in Post-Secondary Budgeting 82

Budgeting Basics 84

Benefits of Budgeting and Budgeting Basics 84

The Master Budget 86

Preparing the Operating Budgets 88

Sales Budget 88

Production Budget 88

Direct Materials Budget 89

Direct Labour Budget 90

Manufacturing Overhead Budget 91

Selling and Administrative Expenses Budget 91

Budgeted Income Statement 92

Preparing the Financial Budgets 93

Capital Expenditures Budget 94

Cash Budget 94

Budgeted Balance Sheet 97

Budgeting in Nonmanufacturing Companies 98

Merchandisers 98

Service Companies 99

Not-for-Profit Organizations 99

Chapter 22

Budgetary Control and Responsibility Accounting 126

Striving for a Healthy Balance Sheet 126

The Concept of Budgetary Control and Static Budget Reports 128

Budgetary Control 128

Static Budget Reports 129

Flexible Budgets 131

Why Flexible Budgets? 131

Developing the Flexible Budget 133

Flexible Budget—A Case Study 133

Flexible Budget Reports 135

Management by Exception 136

Concept of Responsibility Accounting 137

Controllable vs. Noncontrollable Revenues and Costs 138

Responsibility Reporting System 138

Types of Responsibility Centres 141

Cost Centres 142

Profit Centres 142

Investment Centres 144

Performance Evaluation 146

Chapter 23

Incremental Analysis and Capital Budgeting 170

Making Room for Profit 170

Incremental Analysis 172

How Incremental Analysis Works 172

Relevant Costs 173

Sunk and Future Costs 173

Types of Incremental Analysis 174

Capital Budgeting 180

Quantitative Techniques in Capital Budgeting 181

Discounted Cash Flow 184

Index I-1

  • Stepped-out pedagogy breaks down complex topics making the material more manageable for students. Some examples of this pedagogy are:
  • Before You Go On – These "Do It!" exercises at the end of each Study Objective include an Action Plan and Solution to ensure that students understand what has just been covered before going further.
  • Demonstration Problems at the end of each chapter review of the major topics in the chapter.
  • The Accounting Across the Organization and Business Insight boxes reinforce the importance of accounting  to all areas of business.
  • The Ethics Insight feature provides students with real life examples and lifelike ethical dilemmas.
  • Taking It Further is an additional step that is added to each problem to provide the optional opportunity for students to think more deeply about the concepts.