ACG3341

Cost Accounting I

Course Code: ACG 3341

Credit Hours: 3

Effective beginning: 2020-21

 

Course Description:
This course reviews and reinforces the financial accounting cycle, decision making, and the integration of decisions into the organization’s structure (including control structure), strategies, and objectives. Applications include issues in decentralized organizations, cost behavior, budgeting, cost estimates, tactical decision making, performance motivation and assessment, and cost-volume-profit analysis.

Course Details

Prerequisites:

ACG 2071

Instructors:

Sherry Klanjac, CPA

 

Required textbooks/ course materials:

Lanen, Fundamentals of Cost Accounting with Connect Access Card, 6th ed.

McGraw Hill.  ISBN: 9781260248542

 

Assignment/course outline:

The following topics will be covered in this course at the discretion of the instructor:

  • The Manager and Management Accounting
  • An Introduction to Cost Terms and Purposes
  • Determining How Costs Behave
  • Cost-Volume-Profit Analysis
  • Master Budget and Responsibility Accounting
  • Flexible Budgets, Direct-Cost Variances, and Management Control
  • Decision Making and Relevant Information
  • Strategy, Balanced Scorecard, and Strategic Profitability Analysis
  • Pricing Decisions and Cost Management
  • Performance Measurement, Compensation, and Multinational Considerations

See your Instructor First Day Handout for individual instructor assignment schedule.

 

Discipline-level learning outcomes:

Bachelor of Science in Business Administration degree Learning Outcomes:

BA-1 Exhibit knowledge of accounting, finance, management, legal, operations and marketing.  

BA-2 Identify MIS, economics, technology, statistical data and decision support tools for making effective business decisions.

BA-3 Recognize the impact of today’s global economy, diversity and cultures on businesses.

BA-4 Comprehend how effective leadership, teamwork and ethics relate to best business practices.           

BA-5 Use effective oral and written communication skills, including effective research techniques.

 

Course-level student learning outcomesDiscipline-level learning outcomesAssessment methods
Synthesize basic behaviors of costs and the role cost information plays in creating value for managers

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Propose how and why cost volume profit analysis is useful for managers

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Appraise cost volume profit theory to analyze and compute: breakeven point, units/dollars to attain target profit goals, and what if analysis under various scenarios

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Evaluate the fundamentals of the job costing process

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Formulate cost of sales and/or cost of goods sold, cost of goods manufactured, and gross margin

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Contrast manufacturing overhead, and any over or under applied manufacturing overhead. Journalize transactions depicting the flow of goods as they move through through the manufacturing process

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Synthesize the basic principles of process costing. Calculate ending inventory and costs of goods sold using process costing

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Evaluate activity based costing and how it differs from traditional costing methods. Computer product cost using activity based costing

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes

Formulate the budgeting process in a Manufacturing environment; prepare:

  • Sales Budget                          
  • Production Budget
  • Direct Materials Purchases Budget                                   
  • Direct Labor Budget
  • Overhead budget                    
  • Capital Budget

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Contrast the differences between a Fixed Budget and a Flexible Budget and gain the necessary skills to interpret both types

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Formulate ratio analysis as managerial tools for Asset Turnover, and Inventory Turnover

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes
Evaluate Return of Investment, Return of Equity, Cost of Capital and the calculation of Economic Value Added

BA-1, BA-2, BA-3, BA-4, BA-5

Homework, tests, quizzes

 

  1. Attend and participate in class regularly.
  2. Read all assigned material before class.
  3. Study in-class notes and online (Canvas) materials.
  4. Complete assigned projects in a timely manner to enable reflections and revisions on the final product.
  5. Participate in discussions.
  6. Demonstrate your mastery of the required skills on quizzes, exams, etc.
  7. Complete all assignments with promptness and accuracy.
  8. All written documents as well as online assignments must be completed using correct grammar, spelling, and structure.

 

The grading breakdown is subject to change at the discretion of the instructor.

Quizzes

up to 40%

Test (which includes Midterm and Final)

up to 60%

Assignments, Projects and/or Labs

up to 40%

Participation

up to 20%

 

Please see your first day handout for individual instructor grading schemes.

College-wide policies and resources

For more specific information on Chipola's college-wide academic policies and resources available to students, visit the link below.