The go-to resource managerial accountants can turn to for sustaining their company's competitive advantage From flex budgeting to detailing the more sophisticated skills like throughput analysis for capital investments and the fast close for public companies, The Controller's Function, Fourth Edition offers numerous real-world examples, expertly balancing both the technical and managerial sides of the job. * Provides an overview of the functions and responsibilities of the controller/management accountant in a corporation * Explores how controllers can better perform their jobs * Offers a solid foundation for those who are new to this area Comprehensive and practical, this book fully defines the role, functions and responsibilities of the managerial accountant in a corporation.
Preface. Chapter 1: The Controller's Job. Main Job Functions. Job Description. Job Qualifications. Organizational Structure of the Accounting Department. Ethics. Chapter 2: Internal Control. Basic Elements. Controls to Use in Your Business. Elements of Internal Accounting Control. Levels of Controls. Fraud. Auditing for Fraud. Notes. Chapter 3: Planning and the Strategic Plan. Strategic Plan Overview. System of Plans. Planning Cycle. Planning Roles. Planning Timing and the Planning Period. Business Mission. Developing Long-Range Objectives. Developing Long-Range Strategies. Chapter 4: Long-Range Financial Plan. Layout and Purpose. Trends of Revenues and Profits. Capital Investments. Cash Flows and Financing Requirements. Risk Analysis. Breakdown by Business Unit/Product Line/Geography. Financial Position. Chapter 5: Annual Plan. System of Plans. Additional Budget Modeling Topics. Annual Planning Cycle. Role of the Controller. Sales Planning: The Base of All Business Plans. Steps in Developing the Near-Term Sales Plan. Methods for Determining the Sales Forecast. Changes in the Sales Mixture. Changes in the Sales Price. Changes in the Cost. Chapter 6: Sales. Role of the Controller. Sales Analysis. Sales Standards. Sales Reports. Product Pricing. Chapter 7: Distribution Expenses. Role of the Sales Manager. Analyzing Distribution Costs. Analyzing by Application. Setting the Distribution Budget. Chapter 8: Direct Materials and Labor. Objectives. Role of the Controller. Types of Cost Systems. Measuring Direct Material Costs. Controlling Direct Material Costs. Controlling Direct Material Quantities. Measuring Direct Labor Costs. Controlling Direct Labor Costs. Target Costing. Chapter 9: Overhead. Need for Overhead Controls. Responsibilities of the Controller. Account Classifications. Fixed and Variable Costs. Cost Allocation. Controlling Overhead. Production Reports. Chapter 10: General and Administrative Expenses. Functions Involved. Accounting for and Allocating Administrative Expenses. Responsibility Accounting. "Unique" Expenses. Controlling Costs. Chapter 11: Cash and Investments. Objectives of Cash Management. Role of the Controller. Cash Collections. Cash Disbursements. Investment of Short-Term Funds. Accounting for Records of Investment. Cash and Investment Controls. Chapter 12: Receivables. Functions of the Credit Department. Shortening the Receivables Cycle. Reserve for Doubtful Accounts. Receivables Fraud and Control. Chapter 13: Inventory. Inventory Management Systems. Inventory Tracking. Physical Inventory Procedure. Inventory Valuation. Inventory Fraud and Controls. Chapter 14: Property, Plant, and Equipment. Role of the Controller. Capital Budgeting. Postproject Appraisals. Other Aspects of Fixed Assets. Chapter 15: Liabilities. Objectives. Controls. Credit Agreement Provisions. Debt Capacity. Bond Ratings. Leverage. Chapter 16: Equity. Role of the Controller. Cost of Capital. Dividend Policy. Long-Term Equity Planning. Repurchasing Common Shares. Capital Stock Records. Chapter 17: Operational Accounting. Create Departmental Job Descriptions. Create a Departmental Training Program. Clear Out Excess Documentation. Streamline the Accounting Workflow. Document All Major Processes. Schedule the Department. Correct the Underlying Causes of Errors. Use of Best Practices. Outsourcing Selected Accounting Functions. Chapter 18: The Fast Close. Different Types of Fast Close. How to Achieve a Fast Close. Enhanced Closing Process. Summary. Chapter 19: SEC Filings. Form 8-K. Annual 10-K and Quarterly 10-Q Reports. Timing of Annual and Quarterly Report Filings. Form S-1. Form S-3. Form S-8. For
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