Today's controllers are no longer seen as technicians who process transactions; they are now seen as business executives with a wide-ranging knowledge of total business operations, best practices, and corporate strategy. Providing a comprehensive overview of the roles and responsibilities of controllers in today's environment, this Eighth Edition of Controllership continues to provide controllers and vice presidents of finance with all aspects of management accounting from the controller's perspective, including internal control, profit planning, cost control, inventory, and financial disclosure.

About the Author xviiPreface xixPART I THE BROAD MANAGEMENT ASPECTS OF CONTROLLERSHIP1CHAPTER 1 Accounting in the Corporation 3CHAPTER 2 Controller's Responsibilities 13CHAPTER 3 Cost Accounting and Costing Systems 23CHAPTER 4 Ratio and Trend Analysis 57CHAPTER 5 Internal Control Systems 89CHAPTER 6 Internal Audit Function 113CHAPTER 7 Recruiting, Training, and Supervision 123CHAPTER 8 Controller's Role in Investor Relations 137PART II THE PLANNING FUNCTION OF CONTROLLERSHIP 151CHAPTER 9 Business Plans and Planning: Interrelationship ofPlans, Strategic Planning 153CHAPTER 10 Financial Impact of the Strategic Plan: Long-RangeFinancial Plan 181CHAPTER 11 Profit Planning: Annual Plan 201CHAPTER 12 Profit Planning: Supporting Financial Analysis forthe Annual Plan 225CHAPTER 13 Taxation Planning 259PART III PLANNING AND CONTROLLING OPERATIONS 275CHAPTER 14 General Discussion of Standards 277CHAPTER 15 Planning and Control of Sales 295CHAPTER 16 Planning and Control of Marketing Expenses 339CHAPTER 17 Planning and Control of Manufacturing Costs: DirectMaterial and Direct Labor 367CHAPTER 18 Planning and Control of Manufacturing Costs:Manufacturing Expenses 389CHAPTER 19 Planning and Control of Research and DevelopmentExpenses 425CHAPTER 20 Financial Planning and Control in a Service Company447CHAPTER 21 Planning and Control of General and AdministrativeExpenses 461CHAPTER 22 Payroll 477PART IV PLANNING AND CONTROL OF THE BALANCE SHEET 499CHAPTER 23 Planning and Control of Cash and Short-TermInvestments 501CHAPTER 24 Planning and Control of Customer Credit andReceivables 533CHAPTER 25 Planning and Control of Inventories 553CHAPTER 26 Accounting and Reporting for Selected Investments andEmployee Benefit Plans 585CHAPTER 27 Planning and Control of Plant and Equipment orCapital Assets 601CHAPTER 28 Management of Liabilities 637CHAPTER 29 Management of Shareholders' Equity 659PART V FINANCIAL AND RELATED REPORTS 683CHAPTER 30 Internal Management Reports 685CHAPTER 31 External Reporting 705PART VI SOME ADMINISTRATIVE AND SPECIAL ASPECTS OF THECONTROLLER'S DEPARTMENT 719CHAPTER 32 Mergers and Acquisitions 721CHAPTER 33 The Reporting Period and How to Close It 763CHAPTER 34 Inventory Tracking 781CHAPTER 35 Tax Records and Procedures 797Index 807