Magazine article The CPA Journal

Controllership: The Work of the Managerial Accountant (6Th Edition)

Magazine article The CPA Journal

Controllership: The Work of the Managerial Accountant (6Th Edition)

Article excerpt

John Wiley & Sons, Inc., 1999 with annual supplements, 1374 pp., $170

Reviewed by Allan M. Rabinowitz, CPA, Lubin School of Business, Pace University

This gem of a reference book is a superb learning tool and a treasure trove of valuable ideas. Having evolved along with its subject area since its first edition in 1953, Controllership provides an excellent analysis of the multifaceted topic. The publisher, correctly sensing that the controllership function is changing and expanding at an unprecedented pace, has wisely chosen to update the volume with annual supplements.

The book is divided into seven parts and 64 chapters. Part One deals with the broad management aspects of controllership in 12 chapters on such topics as the controller's responsibilities, effective costing practices, globalization, and investor relations and contains sections on additional controller functions in smaller companies, managing explosive growth, preventing employee turnover, and dealing with fraud.

Part Two covers the planning function of controllership in five chapters that review strategic and long-range planning, the annual plan, profit planning, and tax planning. Part Three discusses planning and controlling operations in nine chapters on sales, marketing expenses, manufacturing costs, research and development, general and administrative expenses, payroll, and service companies. These chapters include an overview of benchmarking and offer many tips on general and administrative costs and payroll processing.

Part Four treats planning and control of the balance sheet in seven chapters on cash, short-term and long-term investments, receivables, inventories, capital assets, employee benefit plans, and liabilities. …

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