Course Contract (Syllabus)* Cost Accounting-Accounting 66-62Z Fall 2012 (Catalyst* and Connect*)

Transcription

1 Course Contract (Syllabus)* Cost Accounting-Accounting 66-62Z Fall 2012 (Catalyst* and Connect*) Professor Christopher Kwak, CPA, CFE*, CFF*. Office Hour: Online /By Appointment Media Learning Center Building Phone: (Voice Mail) Phone: DISTANCE LEARNING CENTER (DLC) *Catalyst ( is the De Anza College maintained online learning management system and free of charge to all enrolled students. Each term, on the first day of class, the college DLC office will register you to Catalyst with your enrollment info from the college admissions and records office. All lecture notes, media files, demo cases, discussion topics, and many other learning resources are available at this Catalyst site. *Connect ( is the McGraw-Hill Higher Education learning system. All students have to purchase a unique access code (from McGraw-Hill or other parties) and use the access code in order to register into Cost Accounting class site at: 15 Words Course Description: Provide decision-relevant accounting information adds value to an organization by improving managers operational decisions. Expanded Course Description: The ultimate goal of cost accounting is to help organizations provide a quality product at a reasonable cost and on a timely basis. Good management accounting information must also provide decision relevant information that enhances process understanding (its technical property), encourages the right behaviors (its behavioral property), and creates or reinforces the right symbols, beliefs and values (its cultural property). Therefore, the purpose of managerial accounting is to show what kind of information is needed, where this information can be obtained, and how managers can use this information as they carry out their planning, controlling, and decision-making responsibilities. These three essential functions show that today s management accountant is not just a number cruncher or corporate cop, but rather a key business team partner specialist as in supporting the decision-making process. This course deals with the behavioral aspects of accounting. The course presents the theory, procedures & practice relating to product costs, including job order, process & standard cost systems. It also includes analytical skills used to interpret accounting data used by management in planning and controlling business activities. Cost accounting is concerned with the use of accounting data by managers to plan and control (evaluate) personnel and the operations of a firm. The focus is on planning, decision-making, and control by the organization and on the accounting systems that managers have to assist them in their decisions about resource allocation, performance evaluation, etc. Besides accounting 1

2 majors; this course is designed for those planning a career in management at all levels and in all functions; and for those who will need to motivate other employees and evaluate both managers and business units in the organization. As such, it is also particularly useful for those interested in general management, operations, and management consulting careers. The course can be categorized into two areas; cost management systems (the information managers require to make informed decisions) and management control systems (the organizational structure that determines the performance evaluation and reward systems). The emphasis will be on cost information how it is computed and how it is used in decisionmaking. It is assumed that everyone has completed an undergraduate introductory managerial accounting course. Current Trends in Cost Accounting: Cost accounting continues to experience dramatic changes. Developments in information technology (IT) have nearly eliminated manual bookkeeping. Emphasis on cost control is increasing in banks, hospitals, manufacturing industries (from computers to automobiles), airlines, school districts, and many other organizations that have traditionally not focused on it. Cost accounting has become a necessity in virtually every organization, including fast-food outlets, professional organizations, and government agencies. One reason for this rapid change is that managers at each stage of the value chain require information on the performance of products, services, suppliers, customers, and employees. Managers of the activities and cost accountants must work together at each stage to make decisions that increase firm value. Because these processes themselves have undergone great change in recent years, cost accountants and cost accounting methods must continuously adapt to changes in all business areas. Course Objectives: Since the goals of an organization are achieved through the decisions made by managers, the text emphasizes three recurring themes: (1) The manger s job is to make decisions that determine the performance of the organization. (2) Accounting systems are a primary source of information for managers to make decisions. (3) Accounting systems also provide information to the owners of the organization, who are not managers, to evaluate the performance of the organization and the managers. Therefore, cost accounting information adds value to an organization by improving managers decisions. Students entering the business world will benefit from the knowledge of cost concepts, informed decision-making process, and a perspective that takes in the whole picture as provided by the new text. Course Level Student Learning Outcomes (SLO): 1. Identify, describe, and explain the way managers use cost accounting information to create value, to make decisions, and to evaluate performance in organizations. 2. Define basic cost behaviors and explain how material, labor, and overhead costs are applied to a product at each stage of the production process. 3. Explain the concept of activity-based cost management and demonstrate its use for operational decisions. 2

3 Tell me, I ll forget Show me, I may remember Involve me, I ll understand -Confucius Philosophy of Learning & Course Expectations: In a learning environment, everyone becomes a teacher and everyone becomes a student. Learning is your personal responsibility. The instructor is a mentor, facilitator, and coach in your active and unique learning process. ( Sage on stage vs. Guide on the side ) Class participation is strongly encouraged. Questions pertaining to the course or relating to the accounting/finance/business field are also welcome throughout the term. Class lectures will be focused on helping students understand the WHY s (the concept behind the mechanics) rather than the mere mechanics of the subject matter. Please do not use memorization as a substitute for understanding. After observing students for many years and drawing from my own experiences as a student, I believe that students learn best by actively questioning and explaining. In this course, I encourage you to join in class discussions and bring questions to class. This means that in order to receive the maximum benefits out of classroom time, you will need to read the assigned topics thoroughly well in advance. Learners will become successful by helping others become successful. One of most effective ways of learning any subject matter is to teach it to someone else. By actively engaging ingroup learning, you will be practicing the attributes of questioning, organizing, and connecting knowledge. In learning to learn and teach others, you will be developing interpersonal skills; which you ll need for successful careers in accounting or any other business field. Learning is a collaborative process between all the members of the class. I hope we can help each other to create a supportive learning environment throughout the term. Required Course Textbook and other Study Aid course materials: Required Textbook: Fundamentals of Cost Accounting, Third Edition, Lanen, Anderson, and Maher, McGraw-Hill. Reliable access to Internet is a must, accessing up-to-date course learning materials and performing all learning activities effectively and efficiently. Required reading, term paper book title: The Goal, a Process of Ongoing Improvement / Theory of Constraint (TOC), authors: Eli Goldratt and Jeff Cox, The North River Press. This is not a textbook; college bookstore may not carry this business novel. Please use other sources, such as a commercial bookstore, online bookstores, or a public library near you, etc. to obtain a copy. Free Study guide material: This textbook support site: provides a wealth of course materials (mostly free of charge). 3

4 De Anza College Book Store website address: If you want to purchase the required textbook, Fundamentals of Cost Accounting, at the college bookstore online, then use the above link and follow the steps below. (A new textbook copy comes with a free access code for the course learning system site). 1. Select "Textbooks" in the left panel. 2. Select "ACCT", first item. 3. Scroll down and select "Continue to Get Materials". 4. Select "Acct 66-62Z Kwak" 5. Select Scroll down and select "Continue to Get Materials". 6. Add "New" package to cart and purchase. Recommended Reading: Wall Street Journal, if you would like to take advantage of deep student discount of WSJ subscription, please go to the link below. Assessment of Student Achievement: Grading criteria: Weight: Case discussions (online postings at Catalyst) 120 or 1/6 Chapter assigned exercises/problems at Connect 120 or 1/6 Online assessment quizzes at Connect 120 or 1/6 Online Midterm Exam at Connect 120 or 1/6 Online Final Exam at Connect 120 or 1/6 *Book Report ( The Goal ) at Catalyst 120 or 1/6 Total 720 *Term paper guideline on book report: State the major points made in the book and please share your thoughts, ideas, or insights. (I.e. your business or personal experience you could relate to the episodes in the book, points that you agree, or disagree etc.) What major concepts from your textbook were addressed by this popular business love story fiction? (i.e. decision-making and cost accounting information, management tools and techniques, financial reporting and it s limitation, human resource issues, etc.) Length: Between 2 pages minimum, 4 pages maximum. Due: Last day of instruction. Tentative Weekly Course Calendar Week 1: Course Introduction and online discussions begin (All Students must complete the required online orientation through Distance Learning Center (DLC) website at within the first week of a term). In addition, all students must be registered at both Catalyst and McGraw-Hill Connect sites to begin a great and exciting learning process. Chapter 1: Cost Accounting: Information for Decision Making Week 2: Continue on Ch.1 4

5 Week 3: Chapter 2: Cost Concepts and Behavior Week 4: Chapter 3: Fundamentals of Cost-Volume-Profit Analysis Week 5: Chapter 4: Fundamentals of Cost Analysis for Decision Making Chapter 5: Cost Estimation Week 6: Chapter 6: Fundamentals of Product and Service Costing Chapter 7: Job Costing Model Week 7: Chapter 8: Process Costing Model (selective coverage) Review for midterm exam Week 8: Midterm Exam (covering Ch.1-8) date will be announced and posted at the course website well in advance of the exam date. Week 9: Chapter 9: Activity-Based Costing Week 10: Chapter 10: Fundamentals of Cost Management Week 11: Chapter 11: Service Department and Joint Cost Allocation Week 12: Comprehensive final exam Midterm and Final Exam date will be announced and posted at class Catalyst homepage Class Announcement section, as well as sending reminder to all active students well in advance of exam dates. Important Note: Daily chapter reading, daily log-in to our instructional web site, and doing homework questions on a daily basis (at least Monday thru Friday) are essential and required in order to gain an adequate level of learning covering all 11 chapters in this intense 12-week course period structure. The average student workload is a minimum of two hours of work outside of class for every credit hour of coursework on a weekly basis (10-12 hours per week for a 5 credit unit course). Note: Homework assignments at the end of the chapter will be posted on the Connect site at the weekly Assignment tab by chapter. Thorough chapter reading should be completed prior to case analysis, assigned questions, papers, and homework attempts. 5

6 Instructor s lecture notes, chapter outlines, power point slides, mini-cases, relevant real-world examples, news articles, and other study aid materials such as audio/visual files will be available on the Catalyst site under the resources area listed by topic. The Following schedule is subject to change and may be adjusted to reflect student learning and class progress. Statement on Academic Integrity: It goes without saying that academic integrity is expected from each student. As such, if there is a reasonable basis for concluding that a violation of academic integrity (i.e. Plagiarism, cheating on exams, etc.) has taken place; all suspected parties would be awarded a course grade of F, with a letter to the Dean explaining why this grade was awarded. It will be up to the students involved to convince the instructor that the violation did not take place. (Refer to DeAnza College catalog and class schedule.) Course Admission and Withdrawal: Please register for this course through De Anza College Admissions and Records office first. All students must register and pay all fees within the specified days according to the college Admission Office; otherwise the Admission Office will drop the student from the course automatically. Registering at Connect only allows you access to course material. Registering to the class instructional site does Not make you an officially registered college student; therefore your name will Not appear on the official enrollment roster. You must register for this course through the college. Then register yourself at the Connect learning site by creating a user name and a password. It is your responsibility to withdraw from the course; otherwise the appropriate grade will be assigned to your official college transcript at the end of the term. Please notify your instructor if you are dropped by the college Admissions and Records Office, or if you drop yourself, so that instructor also can delete your name from the course learning management sites. About the Instructor, Christopher Kwak, CPA, CFE*, CFF*: Licensed CPA in the state of California with over 20 years of industry experience in major firms such as Hewlett Packard (HP), PriceWaterhouseCoopers, and Chevron USA, specializing in cost management, financial reporting, mergers & acquisitions, and forensic accounting. Chris Kwak has held many positions at HP including Senior Corporate Internal Auditor, Senior Financial Analyst, and Business Control Manager (Division Controller level). He also worked as a Senior Associate and a manager at PriceWaterhouseCoopers (formerly Coopers & Lybrand), one of the Big Four ( Final Four for now ) international accounting/consulting firms, specializing in Mergers & Acquisitions, Financial Reporting, Business Litigation and Investigation services, and Start-up and Emerging business advisory services. Current academic postings & professional affiliations: Full-time faculty member at De Anza College Business-CS Division. Adjunct Professor of Accountancy at Santa Clara University MBA program-leavey School of Business Adjunct Professor of Accountancy at S.F. Golden Gate University. Adjunct Professor of Accountancy at Saint Mary s College of California. 6

7 A member of American Institute of Certified Public Accountants and California Society of Certified Public Accountants. A CFF member, AICPA, Certified in Financial Forensic (CFF). A CFE member, Association of Certified Fraud Examiner (ACFE). *CFE, Certified Fraud Examiners, a license issued by ACFE (International Association of Certified Fraud Examiners, World Headquarters in Austin Texas) *CFF, Certified Financial Forensics, a license issued by AICPA (American Institute of Certified Public Accountants, national headquarters in New York City) As a teaching professor, I would like to encourage you be a passionate and life-long learner in your active learning life journey. I hope you will greatly benefit from this course. If I can be of assistance during the term, please contact me. Have an enjoyable and successful term. Professor Kwak. *NOTE: This Course Contract (Syllabus) represents a contractual agreement. Enrolled Students are responsible for reading this entire Syllabus and abiding by all provisions identified in this official document. Student registration in this course signifies acceptance of all requirements, terms, and conditions. 7

8 McGraw-Hill Connect system registration helps and Connect system technical support, please visit at: Or Call: (800) Monday Thursday l 8AM 11PM Friday l 8AM 6PM Sunday l 6PM 11PM (All times Central) Tech support: 8