ACG3351

Cost Accounting II

Course Code:
ACG 3351

Credit Hours:
3

Effective beginning:
2022-23

Sections:
001

 

Course Description:
This course is a continuation of ACG 3341, where students will learn more about cost accounting principles and managerial accounting practices. This course covers product costing systems, inventory and quality control, capital investment, resource management, generation and use of accounting information in managerial business decision-making.

 

Course Details

Prerequisites:

ACG 3341

 

Instructors:

Sherry Klanjac, CPA

 

Required textbooks/ course materials:

Lanen, Fundamentals of Cost Accounting with Connect Access Card, 6th ed., McGraw Hill. ISBN: 9781264749225.

CPA BEC Supplemental Course (Professor led platform) (6month access)2022 Edition, Gleim. ISBN: 9781618544896.

 

 

 

Assignment/course outline:

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

 

Discipline-level 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 learning outcomes:

Course-level student learning outcomesDiscipline-level learning outcomesAssessment methods
Appraise (JIT) Just in time manufacturing and purchasing concepts

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

Homework, tests, quizzes
Contrast the concepts of Value added cost and Non-Value added cost while recognizing their impact on the profitability

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

Homework, tests, quizzes
Synthesize tactical decision making in determining to determine whether a company should make or buy a product; or, keep or drop a product

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

Homework, tests, quizzes
Propose how activity based cost management can be used to improve operations.  Assign costs to customer and suppliers using activity based costing

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

Homework, tests, quizzes
Evaluate why service costs are allocated.  Allocate service costs using the direct, step, and reciprocal methods

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

Homework, tests, quizzes
Evaluate why joint costs are allocated. Allocate joint costs using the net realizable value and physical quantities methods

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

Homework, tests, quizzes
Formulate the impact of quality and how quality affects profitability

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

Homework, tests, quizzes
Explain the role of a management control system.  Identify the advantages and disadvantages of decentralization

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

Homework, tests, quizzes
Contrast how managers evaluate performance

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

Homework, tests, quizzes
Appraise production and costs budgets. Prepare budgeted financial statements.

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

Homework, tests, quizzes
Propose the importance of capital budgeting.  Use the following to determine whether a capital spending decision is profitable: the payback period, the internal rate of return, the accounting rate of return, and the net present value.

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

Homework, tests, quizzes

Evaluate the issues associated with transfer pricing. Compute the transfer price that would be reasonable for goods under various scenarios.

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

Homework, tests, quizzes

Formulate and use flexible budgets to compute: Sales activity variances, profit variances, variable cost variances, and fixed cost variances.

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

Homework, tests, quizzes
Propose why management accountants should know the business strategy of an organization. Explain the use of a balanced scorecard in resolving conflicting responsibilities within an organization. Explain how benchmarking supports continuous improvement. Identify examples of nonfinancial performance measures.

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

Homework, tests, quizzes

 

 

Means of accomplishing learning outcomes:

In-Person

The instructor will:

  • Lecture and lead class discussions.
  • Assign readings from textbooks and/or other sources to supplement lectures.
  • Provide supplemental materials that align with the material presented in the textbook as appropriate.
  • Design assignments, quizzes, discussions, etc., to help students engage with the course material.
  • Use other teaching strategies to assist students in examining and understanding course materials as needed.
  • Provide timely feedback on assignments.
  • Hold weekly office hours to address questions and student needs outside of class time.

The students will:

  • Attend class regularly and be attentive to lectures.
  • Engage with class discussion.
  • Participate in student discussion groups.
  • Read assigned readings.
  • Complete assignments, quizzes, discussion boards, etc., as assigned by the instructor.

Online

The instructor will:

  • Lead class discussions.
  • Assign textbook and/or other readings.
  • Provide supplemental materials that align with the material presented in the textbook as appropriate.
  • Design assignments, quizzes, discussions, etc., to help students engage with the course material.
  • Use other teaching strategies to assist students in examining and understanding course materials as needed.
  • Provide timely feedback on assignments.
  • Hold weekly virtual office hours to address questions and student needs.

The students will:

  • Engage with the course regularly.
  • Engage with class discussions.
  • Participate in student discussion groups.
  • Read assigned readings.
  • Complete assignments, quizzes, discussion boards, etc. as assigned by instructor.

 

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