AC 325 COST ACCOUNTING 02/10 Nancy Brown

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1 Ursuline College Accelerated Program CRITICAL INFORMATION! DO NOT SKIP THIS LINK BELOW... BEFORE PROCEEDING TO READ THE UCAP MODULE, YOU ARE EXPECTED TO READ AND ADHERE TO ALL UCAP POLICY INFORMATION CONTAINED ON THIS LINK BELOW CLICK HERE... AC 325 COST ACCOUNTING 02/10 Nancy Brown COURSE DESCRIPTION: This is an introductory course in cost accounting. Cost Accounting is used within an organization for planning, control, motivation, and decision-making. Students will determine the best way to accumulate costs in manufacturing and non manufacturing operations to use in planning and control, cost allocation, pricing and capital budgeting. COURSE OBJECTIVES: This course should provide students with basic cost accounting skills to cost products you with a basic understanding of accounting, the language of business. In addition, it will provide the student with a solid foundation for recording financial transactions and interpreting financial statements. Case studies and problems will be used to facilitate the student s understanding of generally accepted accounting principles. Instructional Materials: Cost Accounting, A Managerial Emphasis, 13th Edition Horngren, Datar and Foster Preparation and Assignments: The accelerated pace of this course requires the student to assume the initiative in reviewing the content and completing the class assignments before each session. Students will receive 10 points per classes. These points will be added up to make up a participation grade for the class. Homework will be taken up periodically and will be graded on the attempt not necessarily the correctness of the homework. It is a learning tool, not a test. Late homework will be reduced by one letter grade. Exams and quizzes are scheduled throughout the course. Grading Criteria: Your grade will be determined on the total points earned: Participation and Class Discussion 100 points Homework 100 points

2 Quizzes (2) 100 points Exam(s) 100 points Final 100 points Total Points 500 points. Grading Scale: A % B % B 86-89% C % C 76-82% D % D 70-72% F Failing (below 70%) Grade Criteria for Written Assignments Class will follow UCAP policies on written assignments. Grade Criteria for Classroom Discussion 1. Originality and quality of analysis used in class discussion. 2. Respect for the ideas presented by others. 3. Level of information content understanding reflected in the comments. Course Outline Class 1 Introduction Chapter 1: An Accountant s Role for the Organization Chapter 2: An Introduction to Cost Terms and Purposes Chapter 3: Cost Volume- Profit Analysis Class 2 Chapter 4: Job Costing Chapter 5: Activity Based Costing Class 3 Quiz One Chapter 6: Master Budget and Responsibility Accounting Chapter 7: Flexible Budgeting: Direct Cost Variances and Management Control Chapter 8: Flexible Budgeting, Overhead Cost Variances, and Management Control Class 4 on line Chapter 9: Inventory Costing and Capacity Analysis Chapter 10: Determining How Cost Behave Take home test Class 5 Chapter 11: Decision Making and Relevant Information Chapter 12: Pricing Decisions and Cost Management

3 Take home test due Class 6 on line Chapter 15 Allocation of Support Department Costs, Common Costs, Revenues Chapter 16 Cost Allocation Joint products and byproducts Class 7 Quiz Two Chapter 17: Process Costing Chapter 21 Capital Budgeting and Cost Analysis Class 8 Final Exam Class 1 Read Chapters 1, 2 and 3 : Chapter 2 Define and illustrate a cost objective Distinguish between direct costs and indirect costs Differentiate between inventoriable costs and period costs Explain why product costs are computed in different ways for different purposes Chapter 3 Understand the assumptions for Cost-Volume-Profit analysis Determine the break-even point and output level needed to achieve a target operating income Explain CVP analysis in decision making and how sensitivity analysis helps managers cope with uncertainty Use CVP analysis to plan variable and fixed costs Adapt CVP analysis to situations in which a product has more than one cost driver Distinguish between contribution margin and gross margin : Introduce the facilitator and the individual class members Discuss course goals and learning objectives, the student responsibilities, grading criteria, class attendance and outside reading. Provide an overview of material presented in the readings. Class discussion of in class assignments Chapter 2 In Class Problems 2-29, 32 and 28 Chapter 3 In Class Problems 3-16, 17, 21, 22, 33,37 Homework for next week 2-34, 3-38, 3-39 Class 2

4 Read Chapter 4 and 5 Chapter 3 Homework - Problems 2-34, 3-38, 3-39 : Chapter 4 Distinguish job costing from process costing Outline the approach to job costing Distinguish between actual costing and normal costing Account for end of the period underallocated or overallocated indirect costs using alternative methods. Chapter 5 Explain undercosting and overcosting of products and services Distinguish between the traditional and the activity based costing approaches to designing a cost system Describe the four part cost hierarchy Use activity based costing systems for activity-based management Compare activity-based costing with department-based costing : Review answers to homework from Chapter 3 Homework Review assigned chapters with students and answer questions In class problems Chapter 4 20, 23, 25,32 In class problems Chapter 5 17, 20,27,32 Homework for next week Chapter 4 31, 32, 33 Homework for next week Chapter 5 21, 22, 36, 40 Class 3 Prepare for Quiz One Chapters 2 and 3 Read Chapter 6, 7, 8 : Chapter 6 Understand what a master budget is and explain its benefits Describe the advantages of budgets Prepare an operating budget and its supporting schedules Use a computer-based financial planning models in sensitivity analysis Describe responsibility centers and how they are used Chapter 7 Distinguish between a static budget from a flexible budget Develop flexible budgets and compute flexible-budget variances and salesvolume variances Explain why standard costs are often used in variance analysis

5 Compute price variances and efficiency variances for direct cost categories Perform variance analysis in activity based costing systems Chapter 8 Identify the features of a standard-costing system Compute variable overhead efficiency variance and the variable overhead spending variance and how they differ Compute a budgeted fixed overhead cost rate Show how the 4 variance analysis approach reconciles the actual overhead incurred with the overhead amounts allocated during the period : Quiz One Review Chapter 4 and 5 homework Review assigned Chapter with students In class problems chapter 6-22, 33, 34 In class problems chapter 7 20, 32 In class problems chapter 8 20, 28 Homework for next week 6-16, 28, 37; 7-21, 29, 39; 8-29,36 Class 4 online Read Chapters 9 and 10 homework to instructor Take test Chapter 9 Identify what distinguishes variable costing from absorption costing Prepare income statements under absorption costing and variable costing Explain differences in operating income under absorption costing Describe the variety of capacity concepts that can be used in absorption costing Understand different pricing impacts from absorption costing Chapter 10 Describe linear cost functions and three common ways in which they behave Understand cost estimation Outline steps to determine the estimation of cost functions Determine criteria to evaluate and choose cost drivers Complete take home test. Bring to next class Review In Class Assignments for Chapters 9 and 10. Problems 9-16,21,22 and 10-22,23,26. Answers will be posted on Angel Homework for next class 9-31,32 and 10 20, 28,33 Class 5

6 Homework for Chapter 9 and 10 Read Chapters 11 and 12 Take Home Test chapters 1-8 Chapter 11 Use the five step decision process to make decisions Differentiate between relevant and non relevant costs and revenues in decision making Distinguish between quantitative and qualitative factors in decision making Explain opportunity cost Choose products when there are capacity constraints Chapter 12 Discuss the major influences on prices Distinguish between short term and long term pricing Price products using the target costing approach Review assigned chapters with students and answer questions Review of homework chapter 9 and 10 In class problems 11-22, 27, 30, 36 In class problems 12 23,24,27 *Homework for next class 11-30, 35 and 12-17,25,30 Class 6 online Homework for Chapters 11 and 12- to instructor by April 19 Read Chapter 15 and 16 Chapter 15 Differentiate the single rate from the dual rate cost allocation Allocate support department costs using the direct, step- down and reciprocal methods Allocate common costs using either the stand-alone or the incremental method Chapter 16 Identify the split-off point in a joint cost situation Distinguish joint products from by products Explain why joint costs are allocated to individual products Allocate joint costs using different methods Prepare in class problems 15-16,27 and 16-16,17,18 Solutions to problems will be posted on Angel Homework for next class 15-17, 21, 23

7 Homework for next class 16 25, 27 *Study for quiz Class 7 Homework for Chapters 15 and 16 Read Chapter 17 and 21 Chapter 17 Describe the five step in process costing Calculate equivalent units and understand how to use them Use the weighted average method and FIFO method of process costing Chapter 21 Recognize the multiyear focus of capital budgeting Use and evaluate the five types of capital budgeting methods *Quiz #2 Review assigned chapters with students and answer questions In Class Chapter 17 16, 17,19 In Class Chapter 21 17, 21, 25 Review for final Class 8 Final Exam Chapters 8-17, 21 Attendance Policy: Attend class regularly. It is critical for success in this course. You should me if you plan to be absent. ADA Policy: Students with documented disabilities, including those with learning disabilities, may be entitled to reasonable accommodations for this course. If you would like to request testing or other accommodations because of a disability, please make an appointment with me as soon as possible to discuss your situation and possible needs. Effective and timely communication will allow us to work with Ursuline College s Office of Academic Support and Disabilities Services (Mullen 312, ), if necessary to arrange for appropriate accommodations.

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