Details

The Complete CFO Handbook

From Accounting to Accountability
4. Aufl.

von: Frank J. Fabozzi, Pamela Peterson Drake, Ralph S. Polimeni
177,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	05.10.2007
ISBN/EAN:	9780470195765
Sprache:	englisch
Anzahl Seiten:	864

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Beschreibungen

Titelbeschreibung

This must-have reference covers all of the major areas of cost accounting and analysis including product costing, relevant costs, cost-volume analysis, performance evaluation, transfer pricing, and capital budgeting. <ul> <li>Includes methods of reorganizing, classifying, allocating, aggregating, and reporting actual costs and comparing them with standard costs.</li> <li>Equips experienced cost accountants with a reference tool and students with a thorough textbook.</li> <li>Provides numerous examples, succinct language, chapter review, glossary, and appendices.</li> <li>Includes an abundance of exercises, many of which are based on exam questions from the CPA and CMA exams.</li> </ul>

Inhaltsverzeichnis

Preface xv About the Authors xix CHAPTER 1 The Changing Role of the CFO: From Accounting to Accountable 1 SOX Act of 2002 and the CFO 2 Expanded Responsibilities of the CFO 6 Our Agenda 14 Part One Funding 15 CHAPTER 2 Capital Structure Decisions 17 Debt versus Equity 18 Concept of Leverage 21 Capital Structure and Financial Leverage 25 Financial Leverage and Risk 29 Capital Structure and Taxes 31 Capital Structure and Financial Distress 37 Cost of Capital 41 Agency Relationship 43 Optimal Capital Structure: Theory and Practice 47 A Capital Structure Prescription 51 Bottom Line 52 Appendix: Capital Structure Theory—The Modigliani-Miller Theory and Beyond 53 CHAPTER 3 Types of Debt Financing 63 General Features of Debt Obligations 64 Term Loans 65 Syndicated Bank Loans 69 Notes and Bonds 71 Short-Term Financing 86 Off-Balance-Sheet Financing 93 Bottom Line 95 CHAPTER 4 Equity Funding 99 Common Stock 100 Preferred Stock 115 Bottom Line 121 CHAPTER 5 Structured Financing: Asset Securitization and Structured Notes 123 Asset Securitization 124 Structured Notes 139 Bottom Line 149 Part Two Strategy, Taxes, and Risk Management 151 CHAPTER 6 Strategy and Financial Planning 153 Strategy and Value 155 Financial Planning and Budgeting 158 Importance of Financial Planning 158 Budgeting Process 160 Sales Forecasting 161 Seasonal Considerations 163 Budgeting 165 Pro Forma Financial Statements 172 Long-Term Financial Planning 179 Financial Modeling 179 Performance Evaluation 183 Strategy and Value Creation 191 Bottom Line 195 CHAPTER 7 Basics of Corporate Taxes and Tax Risk Management 197 Tax Management 199 Tax Risk 200 U.S. Tax Law and Taxation of Corporations 205 State and Local Taxes 218 Non-U.S. Taxes 218 Bottom Line 224 CHAPTER 8 Corporate Risk Management 227 Risk Defined 228 Enterprise Risk Management 230 Managing Risks 235 Risk Transfer 237 Bottom Line 255 Part Three Performance Evaluation 259 CHAPTER 9 Financial Ratio Analysis 261 Ratios and Their Classification 262 Return-on-Investment Ratios 264 Liquidity 271 Profitability Ratios 279 Activity Ratios 282 Financial Leverage Ratios 284 Common-Size Analysis 289 Using Financial Ratio Analysis 290 Illustration: Pfizer, Inc., 1990–2005 292 Bottom Line 307 CHAPTER 10 Cash Flow Analysis 309 Difficulties with Measuring Cash Flow 309 Cash Flows and the Statement of Cash Flows 311 Free Cash Flow 316 Calculating Free Cash Flow 318 Net Free Cash Flow 320 Usefulness of Cash Flows in Financial Analysis 322 Bottom Line 327 CHAPTER 11 Decentralized Operations and Responsibility Accounting 329 Organization Structures and Concepts 330 Examples of Types of Organization Structure and Resposibility Reporting 331 Decentralization Problems 337 Responsibility Accounting 338 Controllable Costs 345 Costs of Service Departments 346 Executive Incentive Compensation Plans and Dysfunctional Decision Making 347 Bottom Line 351 CHAPTER 12 Responsibility Center Performance Evaluation 353 Basis for Comparison 354 Cost Center Performance Evaluation 356 Profit Center Performance Evaluation 364 Profit Center Decision Making 372 Investment Center Performance Evaluation 373 Bottom Line 394 Appendix: Gross Profit Analysis 394 CHAPTER 13 Transfer Pricing 405 Transfer Pricing Methods 407 Dual Transfer Pricing System 418 International Transfer Pricing 419 Bottom Line 424 Part Four Asset Management 427 CHAPTER 14 Capital Budgeting and Cash Flow Analysis 429 The Investment Problem 430 Capital Budgeting 432 Cash Flow from Investments 437 Bottom Line 454 Appendix 14.A: Expected Cash Flows from the Disposition of an Asset 455 Appendix 14.B: Expansion of the Williams 5 & 10 457 CHAPTER 15 Capital Budgeting Techniques 463 Evaluation Techniques 464 Net Present Value 466 Profitability Index 471 Internal Rate of Return 472 Modified Internal Rate of Return 477 Payback Period 480 Discounted Payback Period 482 Issues in Capital Budgeting 483 Comparing Techniques 486 Capital Budgeting Techniques in Practice 489 Conflicts with Responsibility Center Performance Evaluation Measures 490 Capital Budgeting and the Justification of New Technology 491 Bottom Line 495 CHAPTER 16 Capital Budgeting and Risk 497 Project Risk 498 Measurement of Project Risk 500 Measuring a Project’s Market Risk 505 Incorporating Risk in the Capital Budgeting Decision 514 Real Options 518 Certainty Equivalents 525 Assessment of Project Risk in Practice 526 Bottom Line 528 CHAPTER 17 Leasing 531 How Leasing Works 532 Types of Equipment Leases 533 Full-Payout Leases versus Operating Leases 535 Reasons for Leasing 536 Types of Lessors 541 Lease Brokers and Financial Advisers 541 Lease Programs 542 Financial Reporting of Lease Transactions by Lessees 543 Leveraged Lease Fundamentals 546 Federal Income Tax Requirements for True Lease Transactions 556 Synthetic Leases 558 Valuing a Lease: The Lease or Borrow-to-Buy Decision 560 Bottom Line 574 CHAPTER 18 Managing Short-Term Assets 579 Cash Management 581 Marketable Securities 589 Receivables Management 591 Inventory Management 601 Bottom Line 607 Part Five Cost and Managerial Accounting 609 CHAPTER 19 Classifying Costs 611 Elements of a Product 612 Relationship to Production 615 Relationship to Volume 616 Ability to Trace 622 Department Where Incurred 623 Functional Areas 624 Period Charge in Income 625 Relationship to Planning, Controlling, and Decision Making 626 Techniques for New Product Cost Estimation 629 Bottom Line 633 CHAPTER 20 Costing and Control of Materials, Labor, and Factory Overhead 635 Materials (Stores) 636 Labor 641 Factory Overhead Costs 646 Activity-Based Costing 660 Bottom Line 664 CHAPTER 21 Job Order and Process Costing 667 Comparison of Job Order and Process Cost Accumulation Systems 668 Job Order Costing 669 Operation Costing 673 Project Costing 674 Process Costing 676 Backflush Costing 694 Bottom Line 695 Appendix: Spoiled Units, Defective Units, Scrap Material, and Waste Material in Job Order and Process Costing Systems 697 CHAPTER 22 Joint Product and By-Product Costing 703 Joint Products 703 By-Products 711 Effects of Joint Cost Allocation upon Decision Making 715 Bottom Line 716 CHAPTER 23 Master Budget 719 Conventional Master Budget System 721 Budgeted Schedules 723 Budgeted Summaries 740 Bottom Line 744 CHAPTER 24 Standard Costing 749 Actual, Normal, and Standard Costing 750 Uses of Standard Costs 751 Types of Standards 752 Establishment of Standards 753 Just-in-Time Philosophy and Cost Accounting 764 Variance Analysis 769 Disposition of All Variances 786 Bottom Line 788 CHAPTER 25 Direct and Absorption Costing 791 Meaning of Direct Costing 791 Direct Costing versus Absorption Costing 792 Advantages of Direct Costing 802 Disadvantages of Direct Costing 805 Adjusting Financial Statements for External Reports 807 Bottom Line 807 Index 809

Autorenportrait

Frank J. Fabozzi, PhD, CFA, CPA, is Professor in the Practice of Finance in the School of Management at Yale University. He is a Fellow of the International Center for Finance at Yale University and serves on the Advisory Council for the Department of Operations Research and Financial Engineering at Princeton University. He has authored and edited numerous books in finance. Pamela Peterson Drake, PhD, CFA, is the J. Gray Ferguson Professor of Finance and Department Head of Finance and Business Law at James Madison University, Harrisonburg, Virginia. She is author or coauthor of numerous books and articles. Ralph S. Polimeni, PhD, CPA, is the Vice Provost for Accreditation and Assessment and holds the Chaykin Endowed Chair in Accounting at Hofstra University, Long Island, New York. He has authored numerous articles and books on accounting.

Back cover copy

Praise for The Complete CFO Handbook From Accounting to Accountability "The office of the CFO in corporations today must blend strategy, investor relations, corporate finance, control, budgeting, risk management, and a host of other key areas of expertise and knowledge. Business education, however, tends to be compartmentalized along functional lines and courses and texts specialize in subsets of these subject areas. Fabozzi, Drake, and Polimeni bridge that yawning gap by providing a comprehensive set of materials that can serve as a nice platform to develop managers tasked with the sourcing and managing of funds within organizations. The Complete CFO Handbook is well written and makes extensive use of examples to illustrate key concepts." —Jacob Thomas Williams Brothers Professor of Accounting and Finance Yale School of Management The role of the CFO in business has expanded significantly in recent years as companies become more accountable to their stakeholders and regulators and as the sophistication of technology, risk management, financial analysis, and financial records processing has increased. Filled with numerous examples, The Complete CFO Handbook lives up to its name and provides complete coverage of: <ul> <li> The CFO's role in company communications with company stakeholders </li> <li> The tools and processes by which a CFO may manage risk, including taxes, theenterprise risk management process, and strategies for transferring risk </li> <li> Performance evaluation and the fundamentals of the capital budgeting process </li> <li> Traditional cost accounting topics of product costing and strategic cost management </li> </ul> Every CFO's desktop tool, The Complete CFO Handbook expertly provides financial executives with an extensive review of cost accounting as well as the background and tools for managing a company's financial functions.