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gar79611_fm_i-xxi.indd Page i 12/24/08 9:42:20 PM user-s180 Managerial Accounting /Users/user-s180/Desktop/Dhiru 24-12-08/New/MHBR094-FM gar79611_fm_i-xxi.indd Page ii 12/24/08 9:42:21 PM user-s180 /Users/user-s180/Desktop/Dhiru 24-12-08/New/MHBR094-FM gar79611_fm_i-xxi.indd Page iii 12/24/08 9:42:23 PM user-s180 /Users/user-s180/Desktop/Dhiru 24-12-08/New/MHBR094-FM Managerial Accounting Thirteenth Edition Ray H. Garrison, D.B.A., CPA Professor Emeritus Brigham Young University Eric W. Noreen, Ph.D., CMA Professor Emeritus University of Washington Peter C. Brewer, Ph.D., CPA Miami University—Oxford, Ohio Boston Burr Ridge, IL Dubuque, IA Madison, WI New York San Francisco St. Louis Bangkok Bogotá Caracas Kuala Lumpur Lisbon London Madrid Mexico City Milan Montreal New Delhi Santiago Seoul Singapore Sydney Taipei Toronto gar79611_fm_i-xxi.indd Page iv 1/8/09 3:21:34 PM user /Users/user/Desktop Dedication To our families and to our many colleagues who use this book. MANAGERIAL ACCOUNTING Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2010, 2008, 2006, 2003, 2000, 1997, 1994, 1991, 1988, 1985, 1982, 1979, 1976 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 0 9 ISBN MHID 978-0-07-337961-6 0-07-337961-1 Vice president and editor-in-chief: Brent Gordon Editorial director: Stewart Mattson Publisher: Tim Vertovec Developmental editor: Emily A. Hatteberg Marketing manager: Kathleen Klehr Lead project manager: Pat Frederickson Senior production supervisor: Debra R. Sylvester Lead designer: Matthew Baldwin Senior photo research coordinator: Lori Kramer Photo researcher: Keri Johnson Senior media project manager : Susan Lombardi Cover design: Kay Lieberherr Cover Photo: © Mark Bertieri, Creative Photo Designs Typeface: 10.5/12 Times Roman Compositor: Aptara, Inc. Printer: R. R. Donnelley Library of Congress Cataloging-in-Publication Data Garrison, Ray H. Managerial accounting / Ray H. Garrison, Eric W. Noreen, Peter C. Brewer.—13th ed. p. cm. Includes index. ISBN-13: 978-0-07-337961-6 (alk. paper) ISBN-10: 0-07-337961-1 (alk. paper) 1. Managerial accounting. I. Noreen, Eric W. II. Brewer, Peter C. III. Title. HF5657.4.G37 2010 658.15’11—dc22 2008054773 www.mhhe.com gar79611_fm_i-xxi.indd Page v 12/24/08 9:42:28 PM user-s180 /Users/user-s180/Desktop/Dhiru 24-12-08/New/MHBR094-FM About the Authors Ray H. Garrison is emeritus professor of accounting at Brigham Young University, Provo, Utah. He received his BS and MS degrees from Brigham Young University and his DBA degree from Indiana University. As a certified public accountant, Professor Garrison has been involved in management consulting work with both national and regional accounting firms. He has published articles in The Accounting Review, Management Accounting, and other professional journals. Innovation in the classroom has earned Professor Garrison the Karl G. Maeser Distinguished Teaching Award from Brigham Young University. Eric W. Noreen has held appointments at institutions in the United States, Europe, and Asia. He is emeritus professor of accounting at the University of Washington. He received his BA degree from the University of Washington and MBA and PhD degrees from Stanford University. A Certified Management Accountant, he was awarded a Certificate of Distinguished Performance by the Institute of Certified Management Accountants. Professor Noreen has served as associate editor of The Accounting Review and the Journal of Accounting and Economics. He has numerous articles in academic journals including: the Journal of Accounting Research; the Accounting Review; the Journal of Accounting and Economics; Accounting Horizons; Accounting, Organizations and Society; Contemporary Accounting Research; the Journal of Management Accounting Research; and the Review of Accounting Studies. Professor Noreen has won a number of awards from students for his teaching. Managerial Accounting Thirteenth Edition v gar79611_fm_i-xxi.indd Page vi 12/24/08 9:42:30 PM user-s180 /Users/user-s180/Desktop/Dhiru 24-12-08/New/MHBR094-FM About the Authors Peter C. Brewer is a professor in the Department of Accountancy at Miami University, Oxford, Ohio. He holds a BS degree in accounting from Penn State University, an MS degree in accounting from the University of Virginia, and a PhD from the University of Tennessee. He has published more than 30 articles in a variety of journals including: Management Accounting Research, the Journal of Information Systems, Cost Management, Strategic Finance, the Journal of Accountancy, Issues in Accounting Education, and the Journal of Business Logistics. Professor Brewer is a member of the editorial boards of Issues in Accounting Education and the Journal of Accounting Education. His article “Putting Strategy into the Balanced Scorecard” won the 2003 International Federation of Accountants’ Articles of Merit competition and his articles “Using Six Sigma to Improve the Finance Function” and “Lean Accounting: What’s It All About?” were awarded the Institute of Management Accountants’ Lybrand Gold and Silver Medals in 2005 and 2006. He has received Miami University’s Richard T. Farmer School of Business Teaching Excellence Award and has been recognized on two occasions by the Miami University Associated Student Government for “making a remarkable commitment to students and their educational development.” He is a leading thinker in undergraduate management accounting curriculum innovation and is a frequent presenter at various professional and academic conferences. Prior to joining the faculty at Miami University, Professor Brewer was employed as an auditor for Touche Ross in the firm’s Philadelphia office. He also worked as an internal audit manager for the Board of Pensions of the Presbyterian Church (U.S.A.). He frequently collaborates with companies such as Harris Corporation, Ghent Manufacturing, Cintas, Ethicon Endo-Surgery, Schneider Electric, Lenscrafters, and Fidelity Investments in a consulting or case writing capacity. vi Garrison Noreen Brewer gar79611_fm_i-xxi.indd Page vii 12/24/08 9:42:30 PM user-s180 /Users/user-s180/Desktop/Dhiru 24-12-08/New/MHBR094-FM GARRISON NOREEN BREWER Let Garrison be Your Guide For centuries, the lighthouse has provided guidance and safe passage for sailors. Similarly, Garrison/Noreen/Brewer has successfully guided millions of students through managerial accounting, helping them sail smoothly through the course. Decades ago, lighthouses were still being operated manually. In these days of digital transformation, lighthouses are run using automatic lamp changers and other modern devices. In much the same way, Garrison/ Noreen/Brewer has evolved over the years. Today, the Garrison book not only guides students—accounting majors and non-majors alike— safely through the course, but is enhanced by new forms of media and technology to augment student learning and increase student motivation. McGraw-Hill Connect Accounting allows instructors to build assignments and tests from static and algorithmic versions of the end-of-chapter material and testbank problems. Integrated iPod content allows students to download lecture presentations, videos, and self-quizzes to their MP3 player—giving them a portable learning tool. Just as the lighthouse continues to provide reliable guidance to seafarers, the Garrison/Noreen/Brewer book continues its tradition of helping students sail successfully through managerial accounting by always focusing on three important qualities: relevance, accuracy, and clarity. Managerial Accounting Thirteenth Edition vii gar79611_fm_i-xxi.indd Page viii 12/24/08 9:42:34 PM user-s180 /Users/user-s180/Desktop/Dhiru 24-12-08/New/MHBR094-FM RELEVANCE. Every effort is made to help students “Garrison is THE classic managerial accounting text.” Angela Sandberg, Jacksonville State University “A well-written, well-explained text with terrific in chapter examples and excellent end of chapter materials.” Charles “Tony” Wain, Babson College “I love the text.” Pam Meyer, University of Louisiana at Lafayette “The seminal text on managerial accounting.” Dr. Reed W. Easton, Seton Hall University viii relate the concepts in this book to the decisions made by working managers. With insightful chapter openers, the popular Managerial Accounting in Action segments within the chapters, and stimulating end-of-chapter exercises, a student reading Garrison should never have to ask “Why am I learning this?” ACCURACY. The Garrison book continues to set the standard for accurate and reliable material in its thirteenth edition. With each revision, the authors evaluate the book and its supplements in their entirety, working diligently to ensure that the end-of-chapter material, solutions manual, and test bank, are consistent, current, and accurate. CLARITY. Generations of students have praised Garrison for the friendliness and readability of its writing, but that’s just the beginning. Technical discussions have been simplified, material has been reordered, and the entire book carefully retuned to make teaching—and learning—from Garrison as easy as it can be. In addition, the key supplements were written by Garrison, Noreen, and Brewer, ensuring that students and professors will work with clear, well-written supplements that employ consistent terminology. The authors’ steady focus on these three core elements has led to tremendous results. Managerial Accounting has consistently led the market, being used by over two million students and earning a reputation for reliability that other texts aspire to match. Garrison Noreen Brewer gar79611_fm_i-xxi.indd Page ix 12/24/08 9:42:34 PM user-s180 /Users/user-s180/Desktop/Dhiru 24-12-08/New/MHBR094-FM Garrison’s Managerial Accounting is full of pedagogy designed to make studying productive and hassle free. On the following pages, you’ll see the kind of engaging, helpful pedagogical features that have made Garrison a beacon for over two million students. gar79611_ch10_417-449.indd Page 417 12/22/08 5:01:32 PM user-s180 /broker/MH-BURR/MHBR094/MHBR094-10/upload Opening Vignette Flexible Budgets and Performance Analysis The Inevitability of Forecasting Errors BUSINESS FOCUS “This textbook is one of the best written, best illustrated textbooks that we have used for the managerial course.” 10 Chapter Each chapter opens with a Business Focus feature that provides a real-world example for students, allowing them to see how the chapter’s information and insights apply to the world outside the classroom. Learning Objectives alert students to what they should expect as they progress through the chapter. While companies derive numerous benefits from planning for the future, they must be able to respond when actual results deviate from the plan. For example, just two months after telling Wall Street analysts that it would breakeven for the first quarter of 2005, General Motors (GM) acknowledged that its actual sales were far less than its original forecast and the company would lose $850 million in the quarter. For the year, GM acknowledged that projected earnings would be 80% lower than previously indicated. The company’s stock price dropped by $4.71. When a company’s plans deviate from its actual results, managers need to understand the reasons for the deviations. How much is caused by the fact that actual sales differ from budgeted sales? How much is caused by the actions of managers? In the case of GM, the actual level of sales is far less than the budget, so some actual costs are likely to be less than originally budgeted. These lower costs do not signal managerial effectiveness. This chapter explains how to analyze the sources of discrepancies between budgeted and actual results. ■ Source: Alex Taylor III, “GM Hits the Skids,” Fortune, April 4, 2005, pp. 71–74. LEARNING OBJECTIVES After studying Chapter 10, you should be able to: LO1 Prepare a flexible budget. LO2 Prepare a report showing activity variances. LO3 Prepare a report showing revenue and spending variances. LO4 Prepare a performance report that combines activity variances and revenue and spending variances. LO5 Prepare a flexible budget with more than one cost driver. LO6 Understand common errors made in preparing performance reports based on budgets and actual results. Bonnie McQuitter Banks, Alabama A&M University 417 Managerial Accounting Thirteenth Edition ix