CATALOG # ACC213
CIP# 520302
DATE: October 2005
Current Term
Instructor:
Office Number:
Office Hours:
Contact Information:
Catalog Description: ACC 213 Cost Accounting (3-0-3)
This course involves determining and controlling costs of material, labor, and overhead; budgets; forecasting; standards; job order and process cost methods; and variance analysis.
Prerequisite(s): ACC 101 Elementary Accounting I.
Text: Hansen, Cost Management: Accounting + Control with Accounting, 1 st
Edition,
Cengage Southwestern Publisher, ISBN: 978-1-1114-0976-0.
Other Required Materials: Overhead Transparency Projector
Purpose of Course: To provide the student with a thorough understanding of cost concepts, cost behavior, and cost accounting techniques as they are applied to manufacturing cost systems. To introduce the student to principles and procedures of job order costing, process costing, and standard costs; to enable the student to make analysis of cost data and use cost information for management decision making.
Course Objectives:
1.
Students should demonstrate the skills necessary to account for materials, labor, and factory overhead.
2.
Students should demonstrate the ability to perform accounting for both a job order cost system and a process cost system.
3.
Students should be able to demonstrate the ability to do standard cost accounting and analyze variances.
4.
Students should be able to recognize and prepare different types of budgets.
5.
Students should demonstrate the ability to do job order cost accounting, budgeting and activity-based cost accounting for a service business.
6.
Students should be able to demonstrate the ability to do cost analysis for decision making.
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Course Content:
I. Introduction to Cost Accounting
A. Uses of Cost Accounting Data
B. Elements of Manufacturing Cost
C. Cost Accounting Systems
II. Accounting for Materials
A.
B.
C.
Materials Control
Materials Control Procedures
Accounting for Materials
III. Accounting for Labor
A. Wage Plans
B. Accounting for Labor Costs
C.
Payroll Accrual
D.
Special Labor Cost Problems
IV. Accounting for Factory Overhead
A. Analyzing Factory Overhead
B.
Budgeting Factory Overhead
C.
Distributing Service Expenses
D.
Accounting for Actual Factory Overhead
E. Applying Factory Overhead to Production
V. Process Cost Accounting
A.
B.
C.
Comparison of Basic Cost Systems
Product Cost in a Process Systems
Cost of Production—Multiple Departments
VI. Process Cost Accounting--Additional Procedures
A.
Equivalent Production
B.
Units Lost and Gained in Production
C.
Joint Products and By-Products
VII. Standard Cost Accounting
A. Types of Standards
B. Standard Cost Procedures
D.
Determination of Variances
E.
Accounting for Variances
VIII.
Budgeted and Standard Cost Accounting for Factory Overhead
A.
B.
Master Budget and Flexible Budgets
Analysis of Factory Overhead Standard Cost Variances
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IX.
Cost Accounting for Service Business
A.
Job Order Costing for Services Businesses
B.
Budgeting for Service Business
C.
Activity-Based Costing in a Service Firm
X. Cost Analysis for Management Decision Making
A. Direct Costing and Absorption Costing
B. Segment Reporting for Profitability Analysis
C. Cost Volume Profit Analysis
D. Differential Cost Analysis
D.
Distribution Costs
Assessment of Student Learning
Grading
90 -100% =A
80 - 89% =B
70 - 79% =C
60 - 69% =D
below 60% = F
Description of Major Assignments
The student will complete the problems assigned at the end of each chapter.
Exams
There will be four unit exams and a comprehensive final.
Participation
Students are encouraged to work in teams and to help each other in understanding the principles and concepts covered.
Program Assessment: The faculty for the Associate of Applied Science in Accounting program strive continually to improve student performance through a variety of assessment methods. The Accounting Advisory Committee members provide guidance relating to current industry needs and requirements. Ongoing assessment, culminating with a capstone course, Computerized Accounting Applications II, requires that students demonstrate mastery of those skills required for successful work in the world of accounting.
Statement to Connect Course with Technical Program Outcome Statement:
In compliance with MACC’s General Education outcomes, the student who successfully completes this course will be able to:
I.
Demonstrate effective written and oral communication;
Instructor Policies
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Academic Dishonesty: MACC board policy is as follows: “Academic dishonesty by students damages institutional credibility and unfairly jeopardizes honest students; therefore, it will not be tolerated in any form.” Forms of academic dishonesty include but are not limited to the following: violations of copyright law, plagiarism, fabrication, cheating, collusion, and other academic misconduct. Incidents of dishonesty regarding assignments, examinations, classroom/laboratory activities, and/or the submission of misleading or false information to the College will be treated seriously. The procedure for handling academic dishonesty is outlined in the Student Handbook ( Policy Handbook
M.010
). In cases of alleged academic dishonesty, the burden of proof is on the student, not on the instructor.
Attendance:
Any student who misses two consecutive weeks of class during a regular sixteen-week semester or the equivalent proportion of class time during a shorter session will be dropped from the class by the instructor unless acceptable justification is supplied. Additionally, any student who misses more than one-fourth of the entire number of in-seat class meetings in a regular 16-week semester or the equivalent proportion of class time during a shorter session, may be dropped from that class by the instructor if, in the opinion of the instructor, the student does not have reasonable opportunity to succeed in the class. A student’s attendance rate will be calculated based upon the first day of the semester (not the student’s date of enrollment in the course).
Student attendance must be defined in a different manner for online, hybrid, and virtual courses. Student attendance in these courses is defined as active participation in the course.
Online, hybrid, and virtual courses will, at a minimum, have weekly mechanisms for student participation, such as any or all of the following methods: a. Completion of quizzes or exams b. Submission of assignments c. Participation in threaded discussions d. Communication with the instructor
A student who does not participate in an online, hybrid, or virtual course for two consecutive weeks will be dropped by the instructor unless acceptable justification is supplied. As with ground courses, a student’s attendance rate in online courses will also be calculated based upon the first day of the semester. If a student does not demonstrate active participation in the online course within the first two weeks (or the equivalent proportion of class time during a short session), the student will be dropped as “never attended.” Simply logging into an online class does not constitute active participation.
Students should be aware that their dropping a course and their last date of attendance in the course may impact their financial aid.
Tardiness: per instructor’s policy
Make-up and late work:
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Extra-Credit:
Schedule of Student Assignment and Activities:
ADA Statement
Students who have disabilities that qualify under the Americans with
Disabilities Act may register for assistance through the Office of Access and ADA Services. Students are invited to contact the Access Office to confidentially discuss disability information, academic accommodations, appropriate documentation and procedures. For more information, please call either the Moberly office at (660) 263-4100 x 11240 or the Columbia office at (573) 234-1067 x 12120, or visit our web page at http://www.macc.edu/index.php/services/access-office .
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