Advanced Cost/Managerial Accounting Lab (1 credit hour)
Fall 2013
Stan Smith
BA 329
[email protected]
An important component of the mission of the School of Accounting at the University of South
Carolina is to produce “professional” accountants. Consistent with that mission, we hope that
every one of our students establish a goal to become professionally certified in one or more areas
of accounting. Professional certification is an important characteristic that sets you and our
School apart. An integral part of the process is passing a professional certification exam.
One objective of this course is to get you started on the process of studying for professional
exams, specifically the Certified Management Accountant (CMA) exam. By completing this
course, you will learn how to prepare for examinations leading to professional accounting
The other major objective of this course is to provide you an opportunity to review material that
you have learned in the area of managerial accounting. If you take this task seriously, it will help
you be well-prepared for either an accounting positions in industry or for positions in which you
either audit or consult on managerial accounting systems.
This is a self-study course in which you will prepare for and take three tests related to the three
sections of the Certified Management Accountant (CMA) exam that deal with cost/managerial
accounting issues:
1. Budgeting.
2. Cost Management.
3. Performance Measurement.
Most of the topics tested in these sections of the CMA exam are covered in ACCT 226, ACCT
402, and ACCT 502. However, several cost/managerial accounting topics included on the CMA
exam are not covered in these courses. You are responsible for learning these topics on your
own. ACCT 226, ACCT 402, and ACCT 502 provide you a good basis of knowledge in
cost/managerial accounting. As future professional accountants, you need to be able to build
upon this basis of knowledge through self-study. By completing this course, you will learn how
to do this in the context of managerial accounting.
Gleim’s CMA Review Part 1: Financial Planning, Performance, and Control (16th Edition)
Review Book and CMA Test Prep Software
To obtain these materials, purchase the book and software directly from Gleim Publications as a
package for $100.00, plus shipping – 2 methods:
By phone
1. Call Gleim Publications at 1-800-874-5346, and dial “zero” to speak with an Accounting
Training Consultant.
2. Tell them you are a student at the University of South Carolina and be prepared to provide
your university email address to verify your student status.
3. Ask for the CMA Book & Test Prep software for Part 1: Financial Planning,
Performance, and Control of the new CMA exam.
4. You will need to pay by credit card or send a check (items won’t ship until your check has
been received).
If you have any difficulty in placing your order, ask to speak with the Professor Relations
By email
1. Go to www.gleim.com
2. Click on Accounting
3. Click on the CMA link at the top of the page
5. Click on the blue Student Discounts link on the left side of the page
6. Choose South Carolina from the drop-down menu, then click Continue
7. Click on University of South Carolina
8. Complete the order form for Part 1 Book & Test Prep Software set ($100.00);
professor’s name is First: Stan Last: Smith
Note: You will need to download the CMA Test Prep Software from the internet. You will be
required to enter your name in the program, which will then print out Grade Reports and
Summaries with your name on them. As a result, it is not possible to share the
software with another student.
The CMA Test Prep software will be available for your use in the first floor
computer lab in the BA building. Please do not install your own copy in the School
computer lab.
Instructions for using the CMA Test Prep software in the first floor lab are on page 8 of this
This course is best taken concurrently with ACCT 502. However, this course is not a
companion to ACCT 502, and you should not ask your ACCT 502 instructor for assistance
in completing the requirements of ACCT 502L.
You complete this course on your own by studying for the cost/managerial accounting sections
of the CMA exam using Gleim’s CMA review book and then taking a simulated CMA test for
each of three sections.
The three tests cover Test 1 -Ethics & Cost Accumulation Systems; Test 2 -Cost Allocation &
Budgeting; Test 3 - Cost & Variance Measures; Responsibility Accounting & Performance
Measurement sections of the CMA Exam. The Study Units in the Gleim CMA review book
relevant for these sections are:
Gleim Study Units
1, 2
3, 5, 6
7, 8
# of Test Questions
After studying for each of the sections of the CMA exam, you will use Gleim’s CMA Test Prep
software to randomly select 40 questions and take a simulated CMA test for that section. You
may take the computer-based test for each section as many times as you wish to achieve a
desired score.
You can email your Grade Report and Summary to [email protected] using the email
feature in the software. You must be connected to the internet to use this function. Please test
the print and/or email functions prior to taking a test. DO NOT SUBMIT HARDCOPIES OF
VERY IMPORTANT: Your Grade Report must include the Summary!!!
You should also make a copy of your Grade Report and Summary for yourself and keep it
in your records.
For example, if you are using the email feature in the software to submit Grade Reports and
Summaries, send a copy via email to yourself.
There are no required class meetings for this course. This provides you with flexibility to work
at your own pace and on your own time. However, you are required to complete the First,
Second, and Third Tests no later than the following due dates:
Due Date
Study units 1, 2
Study units 3, 5, 6
Study units 7, 8
September 27, 2013
October 25, 2013
December 6, 2013
You will receive a 10 point penalty for Grade Reports and Summaries not submitted by the
due dates listed above. For example, if you answer 40 questions correctly on the First Test
but do not turn in the Grade Report and Summary related to that test on or before March
1, 2013, you will receive a score of 30 on that test.
Note: The last day to turn in Grade Reports and Summaries to receive a letter grade in the
Fall 2013 semester is Friday, December 6, 2013 by 5:00 p.m.
Over the three tests you will answer a total of 120 questions. For a test to count toward your
course grade you must answer at least one-half (50%) of the questions correctly, i.e., at least 20
questions correct on each test.
Your course grade will be determined based on the total number of questions that you answer
correctly across the three tests, adjusted for any penalties for not submitting the grade report by
the required due date, as follows:
Number of Questions
Answered Correctly Letter Grade
85 +
Less than 50
Students who do not complete all three tests by Friday, December 6, 2013, 5:00 p.m., will
receive a grade of “Incomplete” (I) for the course. According to university policy, a permanent
grade of “F” will be recorded if the course is not completed within 12 months of the date when
the “Incomplete” grade is assigned.
Students who receive an Incomplete in the course will be penalized a half letter grade upon
completion of the course. In other words, if you do not complete the course by Friday,
December 6, 2013, 5:00 p.m., the best letter grade you can receive upon late completion of the
course is a B+.
Important Notes:
Contact the course coordinator if you have difficulty in obtaining the Gleim Review Book
and Test Prep CD-Rom, or if you are uncertain as to how to use the CD-Rom to take the
Make sure that you receive the review book and software for Part 1: Financial Planning,
Performance, and Control of the CMA exam.
This course may not be taken for graduate credit. If you are a MACC student, you do not
need to take the lab.
Please refer to the following documents on Blackboard as appropriate:
Instructions for Using Gleim CMA Test Prep Software
Instructions for Opening and Using Gleim CMA review Software in the first floor BA lab

502L — Advanced Cost/Managerial Accounting Lab