Managerial Accounting, 5th Edition

Personalize learning with MyLab Accounting

MyLab™ Accounting is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

• NEW! Final Answer Questions. Now instructors can assign questions in MyLab Accounting that require students to input only the final answer to each requirement, rather than walk through all of the intermediate steps.
• Worked Out Solutions provide step-by-step explanations of specific problems using the exact numbers and data that were presented, helping students understand how to arrive at the correct answers themselves.
• NEW! Excel in MyLab Accounting. Now students can get real-world Excel practice in their classes, which will help them in their future careers. Instructors can assign end-of-chapter questions that students download and complete in Microsoft Excel. Once individuals upload their completed spreadsheets, they’ll receive personalized, detailed feedback and have the opportunity for remediation. Questions are auto-graded, reported, and visible in the MyLab Accounting Gradebook.
• NEW! and UPDATED! Test Bank and PowerPoints. The test bank includes algorithmic questions and 30% new material. PowerPoint Presentations have been updated and refreshed, and worked-out problems now contain the entire problem statement in this 5th edition.
• NEW! Accounting in the Headlines (www.accountingintheheadlines.com) is a blog written by Wendy Tietz. The blog contains short stories about real-life companies and current events that can be used in the accounting classroom to illustrate introductory accounting concepts. The blog posts contain discussion questions, PowerPoint slides, and handout files, making it a turnkey solution for instructors wanting to use real-life examples in their classes. New stories are added to the blog each week and all content is intended to be brief and fit easily into the typical introductory accounting class. In addition to the content found on the blog site, multiple-choice questions related to each blog post can be found in MyLab Accounting and in Learning Catalytics.
• The Enhanced eText keeps students engaged in learning on their own time, while helping them achieve greater conceptual understanding of course material. The worked examples and videos bring learning to life, and algorithmic practice allows students to apply the very concepts they are reading about. Combining resources that illuminate content with accessible self-assessment, MyLab with Enhanced eText provides students with a complete digital learning experience—all in one place.
• Auto-Graded Homework with Learning Aids. MyLab Accounting homework and practice questions are correlated to the textbook, regenerate algorithmically to give students unlimited opportunity for practice and mastery, and offer helpful feedback when students enter incorrect answers. Learning aids, such as Help Me Solve This, DemoDoc Examples, and concept videos provide extra help for students at the point-of-use.
• Personalized Learning. Not every student learns the same way or at the same rate. With the growing need for acceleration through many courses, it's more important than ever to meet students where they learn. Personalized learning in MyLab Accounting gives you the flexibility to incorporate the approach that best suits of your course and your students.
• The Study Plan acts as a tutor, providing personalized recommendations for each of your students based on his or her ability to master the learning objectives in your course. This allows students to focus their study time by pinpointing the precise areas they need to review, and allowing them to use customized practice and learning aids--such as videos, eText, tutorials, and more--to get them back on track. Using the report available in the Gradebook, you can then tailor course lectures to prioritize the content where students need the most support--offering you better insight into classroom and individual performance.
• Dynamic Study Modules help students study effectively on their own by continuously assessing their activity and performance in real time. Here's how it works: students complete a set of questions with a unique answer format that also asks them to indicate their confidence level. Questions repeat until the student can answer them all correctly and confidently. Once completed, Dynamic Study Modules explain the concept using materials from the text. These are available as graded assignments prior to class, and accessible on smartphones, tablets, and computers. NEW! Instructors can now remove questions from Dynamic Study Modules to better fit their course.
• NEW! Concept Videos for Students. Short videos focusing on key concepts are available in MyLab Accounting to further emphasize major concepts. These videos can be assigned in homework or used as part of a flipped classroom strategy.
• NEW! Directed Reading Guides, which have been prepared by the authors, help students take thorough notes while reading the text and glean the most important information from each chapter. Each chapter’s reading guide follows the text, paragraph-by-paragraph, asking students to answer questions and fill in the blanks, thereby keeping students actively engaged while preparing for class.
• The Real-World Accounting Video Series features real, emerging companies that demonstrate financial and managerial accounting concepts. Students can see how course topics are applied in recent start-ups or companies that began small and are now a household name. These engaging videos help students further understand the course material and also demonstrate how accounting will apply to their future careers.
• UPDATED! HTML5 Player. In addition to matching the Flash player’s support of Accessibility requirements, the HTML5 player has a new “Show Work” feature to allow students to enter text either from a keyboard or stylus and to draw freehand on different backgrounds, such as a coordinate graph, with multiple fonts and colors. Students can also continue to upload images such as phone-photos of handwritten work. Printing enhancements include:
• a more pen-and-paper-friendly layout of exercises
• the ability for instructors to choose whether to print the header; to include an honor statement; and to print with answers in line, after each question, or on a separate sheet
• Learning Management System (LMS) Integration. You can now link from Blackboard Learn, Brightspace by D2L, Canvas, or Moodle to MyLab Accounting. Access assignments, rosters, and resources, and synchronize grades with your LMS Gradebook. For students, single sign-on provides access to all the personalized learning resources that make studying more efficient and effective.
• Reporting Dashboard. View, analyze, and report learning outcomes clearly and easily, and get the information you need to keep your students on track throughout the course, with the new Reporting Dashboard. Available via the MyLab Accounting Gradebook and fully mobile-ready, the Reporting Dashboard presents student performance data at the class, section, and program levels in an accessible, visual manner.
• UPDATED! Discussion Boards have a new design including a new nested layout and the ability to filter by Read/Unread, Date, and Name.
• Learning Catalytics™ helps you generate class discussion, customize your lecture, and promote peer-to-peer learning with real-time analytics. As a student response tool, Learning Catalytics uses students’ smartphones, tablets, or laptops to engage them in more interactive tasks and thinking.
• NEW! Upload a full PowerPoint^® deck for easy creation of slide questions.
• NEW! Team names are no longer case sensitive.
• Help your students develop critical thinking skills.
• Monitor responses to find out where your students are struggling.
• Rely on real-time data to adjust your teaching strategy.
• Automatically group students for discussion, teamwork, and peer-to-peer learning.

About the book

Students see the connections between accounting concepts and the businesses they interact with every day.

• Solid managerial accounting fundamentals get students engaged in learning the concepts through examples of accounting decisions made in companies like Target and Macy’s.

Opportunities for practice help strengthen students’ critical thinking and analysis skills

• Try It! Interactive Questions. Found throughout the chapter, Try It! interactive questions give students the opportunity to apply the concept they have just learned. Linking in the eText allows students to practice in MyLab Accounting without interrupting their interaction with the eText. And students’ performance on the questions create a precise adaptive study plan for additional practice.
• Video Solutions. Found in the eText and MyLab Accounting, video solutions feature the author walking through the Try It! problems on a whiteboard, so that students get detailed help when they need it.
• Excel Exhibits. To give students a glimpse into the real-world presentation of managerial accounting topics, all financial statements and schedules are presented in Excel. In the eText, a video link on selected exhibits teaches students how to create the same schedule using Excel.
• NEW! End-of-Chapter Problems allow students to progress from simple problems to more rigorous challenges as they move from item to item. New short exercises based on real-world situations have been added to every chapter to help students make the connection between the real world and the concepts being studied.
• Critical Thinking End-of-Chapter Problems. Additional problems were developed to provide students with the opportunity for applied critical thinking. These problems include ethical topics, mini cases, and decision-making cases in real companies.
• UPDATED! Quick Checks in each chapter are conceptual in nature and give students the opportunity to check their understanding.
• NEW! and UPDATED! Short Exercises on a real-world situation are included in every chapter.
• UPDATED! Ethics Mini Cases are based on the IMA Statement of Professional Practice, and are highlighted with an icon.
• UPDATED! Real Life Mini Cases focusing on a real company and the decisions presented in business are also highlighted with an icon.
• NEW! A Serial Case, consisting of several smaller cases--one per chapter, focuses on the same real-world company. This continuing case is meant to inspire critical thinking and to connect the content with real life by following one company through all of the chapters in managerial accounting.
• A Stop & Think feature, found at various points within each chapter, includes a question-and-answer snapshot asking students to critically examine a concept they have just learned.

• EXPANDED! Focus on Excel. Chapter exhibits are illustrated as Excel spreadsheets to get students used to working with Microsoft Excel 2016. Technology Makes it Simple features have been expanded to include several new topics, giving students step-by-step directions on how to use Microsoft Excel 2016 to perform the accounting task with more efficiency. Examples include scatterplots, regression analysis, capital budgeting, CVP graphs, budgeting, and sensitivity analysis.

Hallmark features emphasize key concepts and issues in managerial accounting

• A Why is this important? feature, found throughout the chapter, connects accounting with the business environment so that students can better understand the business significance of managerial accounting.
• A Decision Guidelines feature, found at the midpoint and end of each chapter, uses a business decision context to summarize key terms, concepts, and formulas from the chapter in question and answer format.

Select modifications and enhancements were made to the chapters to make them easier for students to grasp difficult concepts, including:

• UPDATED! Refreshed chapter opening stories attract student attention and lay the groundwork for the chapter using recognizable, real-world companies.
• UPDATED! A section in each chapter shows how sustainability relates to the chapter content. Also included is a quick reference on which end-of-chapter problems correspond to this concept.
• REVISED! Chapter 1 was redesigned to focus on the professional nature of management accounting, including the American Accounting Association’s Vision Model; IMA’s definition of management accounting, technical, and soft skills required by professionals; summary of CMA exam requirements; and a step-by-step model for critical thinking that can be referenced and used throughout the course. The chapter also includes a section on why management accounting is important to students majoring in other fields of study.
• UPDATED! Chapter 2 has simplified language used for product costs (rather than inventoriable product costs) used throughout the book; revised discussion of direct and indirect costs.
• UPDATED! Chapter 3’s introduction and illustration of manufacturing overhead as a cost pool has been updated, and Decision Guidelines now include job costing journal entries.
• UPDATED! Chapter 5’s red arrows and speech bubbles on Exhibits help students better understand process costing calculations.
• UPDATED! Chapter 7’s Learning objective 3 has been expanded to illustrate the impact of changing business conditions on operating income as well as on the breakeven point.
• UPDATED! Chapter 8 now has a streamlined introduction on relevant data; a new company example for pricing, special order, and product discontinuation decisions; a new “pitfalls to avoid” section with each decision; and an additional summary problem with worked out solution.
• REVISED! Chapter 10 has been revised to provide continuity between budgeting and performance evaluation. The flexible budgeting example now includes the entire income statement using the company featured in chapter 9, plus PepsiCo data has been updated to illustrate responsibility accounting.
• UPDATED! The company example in Chapter 11 is now tied to Chapters 9 and 10 to provide continuity between chapter topics, and variance exhibits are more specifically labeled to better serve as references for students.
• UPDATED! Chapter 14 has been updated with the latest financial information from Target, Macy’s, Kohl’s, and Walmart. It also features a revised description of horizontal and vertical analysis, and two additional profitability ratios.
• UPDATED! A dedicated Sustainability Chapter (Chapter 15) provides a deeper dive into how sustainability can generate business value. It also includes sections on sustainability reporting, the Sustainability Accounting Standards Board, and environmental management accounting systems. New company examples and data on sustainability including the landmark 2015 Paris Agreement have been added.