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(B-2-B)2 Managerial Accounting
Author: Sheila D. Foster PhD, CPA, CFE; The Citadel
Paperback: 508 pages
Price: $56.25 suggested retail
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About the Book
The (B-2-B)2 in the title stands for the author’s philosophy – “Back to Basics” and “Bare to the Bones”. The text is not cluttered with vignettes and stories that, while interesting to professors and authors, are generally unread by students. This allows the professor to bring real life items into the class to liven discussion and expand on certain concepts. It also allows students to focus more attention on learning to use the “tools” that are important in managerial decision-making. Later chapters of the text review and reference what has been presented earlier. In this way topics are less likely to be forgotten and relationships among ideas are clarified.
The text breaks information into manageable “chunks.” Nowhere does a student read 30-40 pages without interruption. An attempt has been made not to “talk students to death.” Instead, students read about a topic and then do hands-on work to help them understand and learn that topic.
The text introduces terms early without pressure or emphasis. For example, the term “standard” is used in the study of CVP and separation of mixed costs into fixed and variable components. This is long before the study of standard costs and variances.
The first question in almost every Your Turn section is a “note-taking” question. It points out major concepts in the section that has just been read. For students whose reading comprehension skills may be less than would be ideal, it points out important ideas that need to be understood.
Math is kept simple. As much as possible, dollar amounts, percentages, etc. are simple. This allows the student to concentrate on the “forest” of managerial accounting concepts and not be quite as distracted by the “trees” of number-crunching. Again, for students with less than ideal math skills, it has the added benefit of improving mental math skills and building confidence in the ability to perform routine math calculations without the aid of a calculator.
The text minimizes formula memorization. Like learning to drive in a new city where you learn one major street east-west and one major street north-south and learn how to relate other addresses to these, the text tries to present a minimum number of formulas and helps students relate them to one another. As in the city, the distance to a destination may be a little longer, but you rarely get lost.
Complete instructor resources are available.
About the Author
Sheila Foster has a background in elementary education and how students learn as well as many years of teaching experience at both the elementary and the college level. In addition, the she has a Ph.D. in accounting, is a Certified Public Accountant and a Certified Fraud Examiner, has experience working in a small CPA firm setting where all aspects of accounting were encountered, and has been an owner of two environmental firms which required hands-on work in all aspects of business from accounting to human resource management, marketing, negotiating and bidding contracts, capital budgeting, and cleaning up, handling of, and training on safety when dealing with hazardous materials and situations.
Table of Contents
Managerial Accounting: A View from the Inside
Cost Flows and Factory Overhead Allocation
Job-Order Costing and Journal Entries for Manufacturers
Activity Based Costing (ABC)
Cost Behavior Patterns and Cost-Volume-Profit
Absorption and Variable Costing
Budgets and Decision-Making
Standard Costing and Variance Analysis
Capital Budgeting (Investing) Decisions
The Statement of Cash Flows
Financial Statement Analysis