Heartland Community College Social and Business Sciences Division Course Syllabus for Students – Spring 2012 Course Prefix and Number: ACCT 201 – 02 Course Title: Managerial Accounting Prerequisite: ACCT 200 and Math 106 or Math 109 with a grade C or better Credit Hours: 4 Lecture Hours: 4 Days and times the course meets: Laboratory Hours: 0 Tues & Thurs 9:00 – 10:50 CATALOG DESCRIPTION: Prerequisite: ACCT 200 and MATH 106 or MATH 109 with a grade of C or better. This course offers students a full semester of managerial accounting. It presents accounting as a system of producing information for use in internally managing a business. The course emphasizes the identification, accumulation, and interpretation of information for planning, controlling, and evaluating the performance of the separate components of a business. Included is the identification and measurement of the cost of producing goods or services and how to analyze and control these costs. Decision models commonly used in making specific short-term and longterm business decisions are also included. Instructor Information: Karen Mitchusson, M.A., C.P.A. Office location: Office phone: E-Mail: 2011 ICN (309) 268-8571 karen.mitchusson@heartland.edu Office hours: Monday 8:00 am – 9:00, Wednesday 11:00 – 1:00, Tuesday & Thursday 11:00am – 12:00, and other times by appointment TEXTBOOK AND SUPPLIES: Garrison, Ray H. 2010. Managerial Accounting, 14th Ed. McGraw Hill - Irwin. Access Code to McGraw-Hill Connect homework program Calculator and Pencil Websites: www.heartland.edu www.mhhe.com/garrison14e connect.mcgraw-hill.com www.mcgrawhillconnect.com www.mhhe.com/support or 1-800-331-5094 RELATIONSHIP TO ACADEMIC DEVELOPMENT PROGRAMS AND TRANSFER: ACCT 201 fulfills 4 semester hours of elective credit for the A.A., A.S. or A.A.S. degrees. It should transfer to most colleges and universities as an elective course. However, since it is not part of the General Education Core Curriculum described in the Illinois Articulation Initiative, students should check with an academic advisor for information about its transferability to other institutions. ACCT 201 should articulate as the equivalent of the IAI baccalaureate major course BUS 904 Managerial Accounting. Refer to the IAI web page for information as well at www.itransfer.org. 1 COURSE OBJECTIVES (Learning Outcomes): Outcomes General Education Outcomes 1. Describe the role managerial accounting plays in planning, control, and decision making activities of a business. 2. Record the flow of materials, labor, and overhead through 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. both job-order and process costing systems and distinguish between the basic system designs utilized in each costing system. Prepare and analyze schedules of cost of goods manufactured and cost of goods sold in job-order costing systems. Analyze cost behavior and apply cost-volume-profit analysis tools to prepare and interpret contribution margin, break-even, target profit, margin of safety, and net income. Compute, reconcile, interpret, and analyze absorption and variable costing methods and their application for financial reporting and managerial decision making. Assign and analyze costs utilizing the activity-based costing method as a decision making tool Create and analyze the interdependent budgets necessary to create a master budget with a pro-forma income statement and balance sheet. Measure and interpret the business implications of standard cost variances for material, labor and manufacturing overhead Identify, analyze and interpret relevant and irrelevant costs and benefits in various business decision making situations. Compute and evaluate the acceptability of investment projects utilizing capital budgeting and net present value tools Identify the basic concepts underlying just-in-time inventory procedures and analyze the impact the system has on cost management, planning, and decision making. Prepare, interpret and analyze a statement of cash flows. 13. Interpret and analyze financial statements using various ratios and analyses techniques. Range of Assessment Methods Class activities Quiz/Test questions PS2 Class activities Quiz/Test questions CT1 PS2 Class activities Quiz/Test questions CT2 PS2 Class activities Quiz/Test questions CT2 PS2 Class activities Quiz/Test questions CT1 PS1 CT2 PS2 Class activities Quiz/Test questions Case project Class activities Quiz/Test questions CT2 PS2 Class activities Quiz/Test questions CT2 PS2 CT2 PS2 Class activities Quiz/Test questions Case Project Class activities Quiz/Test questions CT1 Class activities Quiz/Test questions CT2 PS2 CT2 PS2 Class activities Quiz/Test questions Case project Class activities Quiz/Test questions 2 COURSE/LAB OUTLINE: 1. Managerial Accounting: An Overview 2. Managerial Accounting and Cost Concepts 3. Job-Order Costing 4. Process Costing 5. Cost-Volume-Profit Relationships 6. Variable Costing and Segment Reporting: Tools for Management 7. Activity-Based Costing: A Tool to Aid Decision Making 8. Profit Planning 9. Standard Costs and Variances 10. Differential Analysis: The Key to Decision Making 11. Capital Budgeting Decisions 12. Statement of Cash Flows 13. Financial Statement Analysis METHODS OF INSTRUCTION: Instructor’s Responsibilities: The instructor will direct the class through the material contained in this course. The material will be presented through a variety of techniques including lectures, problem solving, demonstrations, examples, and group problem solving. Every effort will be made to meet the needs of students and assist in the mastery of the skills and knowledge required for understanding the concepts in this course. Student Responsibilities: As the student, you have a responsibility to: attend class read the chapters assigned and prepare for class complete assignments ask questions and participate in class discussions utilize Connect program connect.mcgraw-hill.com check HCC email every week and if you missed a class session www.heartland.edu check Connect every week and if you missed a class session access textbook website for additional resources www.mhhe.com/garrison14e actively participate in all group and course related activities be respectful of the instructor and the other students in the classroom communicate with instructor when you encounter difficulties with course materials request help as needed comply with course and college-wide policies NOTE: Accounting is one subject learned by doing. To do well, it is essential that you keep up with readings and assignments. Failure to do so generally results in poor performance on exams. Don’t let yourself fall behind – it can be devastating in a class like this. 3 Student Conduct The environment in the classroom is an important part of the learning process. It should be free of unnecessary interruptions. Students should be in the classroom prior to start time and stay in the classroom until the class has ended. Coming in late or leaving early is disruptive to the learning process. Additionally the use of cell phones during class is disruptive behavior. Please put cell phones away during class time. Students should conduct themselves in a professional manner at all times. COURSE POLICIES Class Participation Class participation is an important element of this course. In accounting, we learn by doing. Participation makes our class more interesting and clarifies your understanding of the material. Included in the class participation portion of your grade will be your attendance ( I take attendance in every class), your being on time for class, your attentiveness, your ability to ask thoughtful questions during class, and your ability to respond to questions from your instructor. Sharing applications of material to work and other life experiences are particularly welcome. Textbook and Connect It is required that you have a textbook for this class (paper or eBook). The textbook website (www.mhhe.com/garrison14e) contains many active student learning and studying materials, that can assist you in learning the course material. Bring your textbook to class as we will utilize the diagrams and examples. Connect is a required online homework management system for this course. You must purchase a Connect Access Code. Access codes can only be used once and must be the code for the required book we are using. To register you need a specific Connect URL for this class. This information and registration instructions are given out in handouts on the first day of class. Reading and Homework A schedule of tentative topics and homework assignments is attached to this syllabus. Students are expected to have read all assigned materials each day before attending class. In preparing for exams, it will be assumed that you have read each chapter carefully. Policies on Assignments/Exams/Make-ups: All graded work must be completed by the due dates announced in class or posted on the webpage to receive full credit. All Connect work must be submitted by 11:59 pm on due date. Homework in Connect Accounting is one point per assigned homework (one homework may have more than one question). Homework problems are to be used to help you understand the material because you will learn by doing. If you understand the material and the problems illustrated in the readings, it may not be necessary for you to work every homework exercise on the topic unless you feel it is necessary for you to fully understand the material. Therefore, it is not required that you work every homework problem. At the end of each unit, the homework points will be added to your grade based on the following: If you successfully complete 75% or more of the homework you will receive full credit for homework which is one point per assigned homework problem. 4 If you successfully complete 60-74% of the homework you will receive 3/4 credit for homework. If you successfully complete less than 60% of the homework you will receive the actual points you earned for the homework. Additionally if at the end of the course, you worked 70% or more of the total homework exercises for the semester, you will receive 5 extra credit points added to the last exam. Quizzes required in Connect Accounting will be submitted online at connect.mcgraw-hill.com. All quizzes are 10 points each and you will have 2 attempts. Your quiz grade will be the average of the attempts. The quizzes must be completed by deadline listed. In determining your course grade, the lowest four Connect Accounting quiz grade will be dropped. Quizzes given in class must be taken during the allotted time. If you come in the class after the quiz has started you may not be allowed to take that quiz. Generally, no in-class quizzes can be made up. There will be additional content quizzes for most chapters. The top 10 of these quizzes will count toward your grade. Most chapters will have activities that are completed in class. Generally, you must be present during the class activity to receive the points for that activity. Students will use calculators during quizzes and examinations. Students are responsible for completing quizzes/exams within the allotted time period in case of calculator failure. No calculators on cell phones, palm pilots, or other multifunctional electronic devices may be used on exams. Examinations will consist of problems, as well as multiple choice, true/false, and/or essay questions which are included to test your conceptual understanding of the material. All exams count toward your course grade. No exams are dropped. Generally, makeup assignments or exams will be given only at the discretion of the instructor. In some instances, students may have to miss class for a valid, collegesanctioned reason. Missed work while student participates in a co-curricular collegesponsored event will be made up based on Heartland’s Policy for the Equitable Treatment of Students Participating in College-Sponsored Events. Student participants must inform instructor at the beginning of the semester of any affiliation in student organizations and a list of scheduled absences by letter. Any missed graded work must be completed prior to the student absence caused by the co-curricular college-sponsored event. Grading System: Grades will be based on required assignments, quizzes, online assignments, group assignments, projects and exams. Students must have access to Connect program to complete required assignments. Measurement Assignments, Quizzes, Problems, Projects, Participation Exams Total % 40% 60% 100% 5 Exams will be given covering the material show below. Exam Exam Material Exam 1 Exam 2 Exam 3 Exam 4 Chapters 1 -3 Chapters 4-6 Chapters 7, 8 & 10 Chapters 12 – 15 7 Comprehensive Questions Extra credit questions are typically given with each exam. The points will be added to your exam score before the grade is entered into the grade book. Some extra credit is available for this course other than that specifically stated in syllabus and it will be announced in class. No individual student extra credit is available. Please note that based on the above table that the majority of your grade is from exams during the semester All exams are required—No exam grades will be dropped The final is comprehensive The final exam is required and consists of the last chapters we cover and comprehensive questions from the other chapters All graded work must be completed by the due dates to receive full credit. Students are expected to use calculators during homework, assignments, quizzes and examinations. Students are responsible for completing within the allotted time period in case of calculator failure. Students are responsible for having access to a working computer to complete online assignments by due dates Students should not wait until the last minutes of an assignment due date in case of computer failure. You need a back-up plan. Grading Scale: The grading scale used to determine course grade is as follows: 90 – 100% 80 – 89% 70 – 79% 60 – 69% Below 60% = = = = = A B C D F Anyone who removes an exam, in part or in total, from the classroom at anytime will be given a grade of "F" for the course. Reproduction of the contents of the exam by any process will result in your receiving a grade of "F" for the course. Cheating on any course work will result in an “F”. Communication Communication is very important. Keep me informed about any issues that will affect your class work or assignments. You can reach me by phone, voice mail, or email. In addition to my office hours, I am usually here all day Monday – Thursday. Please feel free to drop by anytime without an appointment. For voice mail communication, please clearly state your name, course section, 6 and how I can reach you. All email communication should clearly state your name, the course section and what the communication is about at the very beginning of the email. Attendance Policy: Attendance at every class meeting is necessary for mastery of this course. Consistent class attendance and participation is critical in the learning process since accounting knowledge tends to be cumulative in nature. Some problems will be completed in small groups; you are expected to attend each class period to participate as part of the class. Attendance will be taken at every class meeting. Class attendance, promptness, and participation in class activities will be evaluated by the instructor and may be considered as part of determining your final course grade. Notice of Cancelled Class Sessions: Cancelled class sessions, for all HCC classes, will be listed under Cancelled Class Meetings announcements at www.myheartland.edu. The list will show you the classes that have been cancelled for that day and the upcoming week. Be sure to check the last column, which might contain a message from the instructor. Required Writing and Reading: The reading materials are designed to provide the basis needed for the study of managerial accounting. We will not necessarily discuss all of the information contained in the daily reading assignments. Students will be responsible for all information presented in assigned text readings. In preparing for examination, it will be assumed that you have read each chapter carefully. You need to take charge of your learning and bring up questions that come to mind as you read the material or work problems. Additionally, your textbook and Connect have additional web-based learning tools to help you with the material. It is a goal of this course to enhance both the written and verbal communication skills of students. Most problems and exercises assigned will be reviewed in class discussions. All students are expected to actively participate in these class discussions. Group activities may be assigned during the semester. These activities are designed to reinforce the accounting skills as well as the critical thinking skills being introduced in that particular unit of study. It is also a goal of these activities to enhance the teamwork skills of all students. All students are expected to actively participate in these activities. Disclaimer The instructor reserves the right to alter the course syllabus as circumstances dictate. Any changes will be announced in class and/or emailed. Any student not attending class is responsible for obtaining this information. 7 Managerial Accounting ACCT 201 Course Schedule It is expected that you read each chapter. Chapter/Date Activities/Assignments Getting Started Getting Started January 17 Chapter 1 January 19 Introduction, Syllabus, Connect Demonstration & Registration, Website Demonstration Managerial Accounting: An Overview Connect: LearnSmart Graded Assignments Global Market Assignment (10 points) C1 Content Quiz (10 points) Assignment (10 points) Chapter 2 January 24, 26 Managerial Accounting and Cost Concepts Ex 1, 2, 3, 4, 5, 6, 7 Ex 11 (10 points) Connect: LearnSmart Ex 13 (10 points) Content Quiz (10 points) Project Ex 8 (15 points) Chapter 3 January 31, February 2, 7 Job-Order Costing Ex 1, 2, 4, 6, 7, 11 Connect: LearnSmart Review Chapters 1 -3 Statements (10 points) E12 (10 points) E19 (10 points) Content Quiz (10 points) Project (15 points) February 9 Exam 1 Chapters 1 - 3 EXAM 1 Chapter 4 February 14, 16 Process Costing Ex 1, 2, 3, 4, 5, 6, 9 Connect: LearnSmart Chapter 5 February 21, 23 Cost-Volume-Profit Relationships Ex 1, 2, 4, 5, 6, 8, 9 Connect: LearnSmart Chapter 6 February 28, March 1, 6 March 8 Ex 7 (10 points) Ex 10 (10 points) Project (15 points) Content Quiz (10 points) Ex 11 (10 points) Ex 15 (10 points) P 19 (10 points) Content Quiz (10 points) Variable Costing and Segment Reporting: Tools for Management Ex 1, 2, 3, 4, 7, 16 Ex 11 (10 points) Connect: LearnSmart Ex 16 (10 points) Project (15 points) Exam Review Chapters 4-6 Content Quiz (10 points) Exam 2 Chapters 4-6 EXAM 2 8 Chapter 7 March 20, 22 Activity-Based Costing Ex 1, 3, 4, 6, 9, 13 Connect: LearnSmart Chapter 8 April 27, 29 Profit Planning Ex 1, 2, 3, 4, 5, 6, 7, 8, 11, 20 Connect: LearnSmart Chapter 10 April 3, 5, 10 Standard Costs and Variances Ex 1, 2, 3, 4, 8 Connect: LearnSmart Ex 5 (10 points) Ex 11 (10 points) Ex 17 (10 points) Content Quiz (10 points) Project: Internet Research/Summary Paper (15 points) Ex 10 (10 points) Ex 12 (10 points) Ex 16 (10 points) Content Quiz (10 points) Project: Excel 8-29 (15 points) Ex 7 (10 points) Ex 9 (10 points) Content Quiz (10 points) Review Chapters 7, 8 & 10 April 12 Exam 3 Chapters 7, 8 & 10 Chapter 12 Differential Analysis April 17, 19 Ex 1, 2, 3, 4 Connect: LearnSmart Chapter 13 April 24, 26 Capital Budgeting Decisions Ex 1, 4, 5 Connect: LearnSmart Chapter 14 May 1, 3 Statement of Cash Flows Ex 1, 2, 8 Connect: LearnSmart Chapter 15 May 8 Financial Statement Analysis Ex 2, 13 Connect: LearnSmart EXAM 3 Ex 5 (10 points) Ex 7 (10 points) Content Quiz (10 points) Ex 7 (10 points) Ex 11 (10 points) Ex 10 (10 points) Ex 13 (10 points) Project Excel Ex 14 (15 points) Ex 6 (10 points) Review Chapters 12- 15 May 17 Final Exam: Exam 4 Chapters 12-15 Thursday, May 17: 8:00 – 9:50 EXAM 4 NOTE: Schedule is subject to change and changes will be announced in class 9