ACG3341

Cost Accounting I

Course Code:
ACG 3341

Credit Hours:
3

Effective beginning:
2023-24

Sections:
700

 

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, 7th ed., McGraw Hill.  ISBN:  9781264464685

 

Assignment/course outline:

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 learning outcomes:

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

 

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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