DE Individualized Learning

Distance Education Programs INDIVIDUALIZED LEARNING COURSE SYLLABUS ACCT321: Cost Accounting (3) Course length: 15 weeks Last revised: 6 October 2003

REQUIRED TEXT:  Horngren, Foster, and Datar. Cost Accounting: A Managerial Emphasis, 11th Edition. Prentice-Hall, 2003.

ACCT 321 CD - The Course Modules, reserved readings and solutions to problems are contained on this CD.

PREREQUISITE(S): BMGT 110 (or at least two years of business or management experience) and ACCT 221 or equivalent.

COURSE DESCRIPTION: A study of the basic concepts of determining, setting, and analyzing costs for purposes of managerial planning and control.  Emphasis is on the role of the accountant in the management of organizations and in the analysis of cost behavior, standard costing, budgeting, responsibility accounting, and costs that are relevant for making decisions.  Various techniques are used to study cost and managerial accounting concepts; these may include the use of problem sets, case studies, computer applications, and other materials.  Students may receive credit for only one of the following courses:  ACCT 321 or BMGT 321.

COURSE GOALS AND OBJECTIVES: This course explores essential cost accounting concepts and applications.  A major goal is the presentation of cost accounting processes, procedures, terminology, concepts, and applied cases so that you can function as a business advisor through your role in managerial decision-making as a financial professional.

This course provides coverage of traditional cost accounting topics including cost behavior, cost systems, budgeting, responsibility accounting, capacity analysis, and relevant costs and managerial decision making as well as the more current applications of life cycle costing, activity-based costing and management, the balanced scorecard, and strategic profitability analysis.   Selected topics to be discussed are listed in the modules below.

After completing this course, you should be able to:

·         Define cost accounting, its relationship to management accounting and financial accounting, and its importance to management decision making.

·         Describe the budgeting process, the development of the master budget, and how organizational cost control can be enhanced by implementing a responsibility accounting system.

·         Describe the analysis of variances in cost accounting, and how variance analysis affects management decisions.

·         Explain the value of cost-volume-profit analysis, including cost behavior, problem-solving for the breakeven point and projections of profit, and cost-per-unit analysis.

·         Describe the advantages and disadvantages of the job order cost system and process cost system, and the importance of the work-in-process function in each system.

·         Recognize the key elements of cost allocation in the cost control process, including accurate determination of cost objects, and efficient allocation methods among the various levels of the organization.

·         Define capital budgeting and its importance to long-term capital investment spending and budgeting, and describe how capital budgeting procedures are used in making management decisions that commit long-term capital.

·         Explain the importance of quality control in the manufacturing process, and how cost    accounting functions as a monitoring tool in the detection of quality control problems.

·         Identify inventory management issues that affect production and are affected by cost control decisions, and the efficiency of the just-in-time system.

·         Improve understanding of the effect of technology in cost accounting applications.

• Analyze case studies and explain the management decision-making process as well as the ethical and international issues involved in making those decisions.

COURSE OUTLINE:

In addition to this syllabus, the UMUC CD-ROM provided for this course includes modules that produce helpful information regarding this course. The text chapters to which these modules relate are indicated below:

Module I Cost Accounting Basics

• Accountant’s Role in the Organization (Chapter 1)*
• An Introduction to Cost Terms and Purposes (Chapter 2)
• Determining How Costs Behave (Chapter 10)
• Cost-Volume-Profit Analysis (Chapter 3)

Module II  Cost Management Systems  

• Job Costing (Chapter 4)
• Process Costing (Chapter 17)
• Activity-Based Costing and Activity-Based Management—Aerotech Case (Chapter 5)

Module III  Planning and Control Tools and Techniques

• Master Budget and Responsibility Accounting (Chapter 6)
• Flexible Budgets, Variances, and Management Control (Chapters 7 and 8)
• Inventory Costing and Capacity Analysis (Chapter 9)

Module IV Cost Information for Managerial Decision-Making

• Decision Making and Relevant Info (Chapter 11)
• Pricing Decisions and Cost Management (Chapter 12)

Module V  Cost Allocation

• Cost Allocation (Chapter 14)  overview
• Allocation of Support Department Costs (Chapter 15)
• Joint Products and Byproducts (Chapter 16)

*These numbers correspond to the chapters in the Horngren text.  Please refer to the chapter outlines for detailed information about the assignments for the Cost Accounting course.

COURSE SCHEDULE:

Week 1:	Read: Chapter 1 Overview of Cost Accounting and Module 1
Week 2:	Read: Chapter 2 An Introduction to Cost Terms and Purposes and Module 1
Week 3:	Read: Chapter 10 Determining How Costs Behave and Module 1
Week 4:	Read: Chapter 3 Cost-Volume-Profit Analysis and Module 1
Week 5:	Read: Chapter 4 Job Costing and Module 2
Week 6:	Read: Chapter 17 Process Costing and Module 2
Week 7:	Read: Activity Based Costing; Read Aerotech (in Reserved Readings Folder) and Complete Case 5-55 (starting on p. 254 of the Reading) and Module 2
Week 8:	Submit: Complete Mid-term Examination
Week 9:	Read: Chapter 6 Master Budget and Responsibility Accounting; Chapter 7 Flexible Budgets, Variances, and Management Control: I and Module 3
Week 10:	Read: Chapter 8 Flexible Budgets, Variances, and Management Control: II; Chapter 9 Inventory Costing and Capacity Analysis and Module 3
Week 11:	Read: Chapter 11 Decision Making and Relevant Information and Module 4
Week 12:	Read: Chapter 12 Pricing Decisions and Cost Management and Module 4
Week 13:	Read: Chapter 14 Cost Allocation; Chapter 15 Allocation of Support Department Costs; and Module 5
Week 14:	Read: Chapter 16 Cost Allocation: Joint Products and Byproducts and Module 5
Week 15:	Submit: Complete Final Examination

GRADING:

PROJECT (Aerotech Case)                 20%
MID-TERM EXAM                            40%
FINAL EXAM                                    40%

The Grading Scale is A (90-100), B (80-89), C (70-79), D (60-69), F (below 60).

ADDITIONAL INFORMATION:

Cross Curricular Initiatives

UMUC has cross-curricular initiatives that must be met in every course. They are:

• effective writing
• competence in information technology
• historical perspectives
• international perspectives
• civic responsibility
• information literacy

Here is additional information about those initiatives from the UMUC Undergraduate catalog:

"Cross-curricular initiatives, promoted both by specific courses and by integration throughout all program, build the student's ability to analyze, synthesize, and integrate knowledge, perspectives, and techniques. The cross-curricular requirements in effective writing, competence in information technology, historical and international perspectives, civic responsibility, and information literacy ensure that students are able to:

• define problems, develop and articulate informed judgments, and think critically and systematically
• function in professional roles requiring an appreciation and understanding of the interdependency among all disciplines in the global workplace
• put learning in the context of historical events and achievements through time
• function responsibly as adult citizens of the world, engaging and negotiating different perspectives and exercising ethical judgment in their personal and professional lives"

Course Modules

Course modules are located on the CD.

Academic Policies

• Attendance:  Individualized learning courses do not have class attendance.  However, you have regular study and other assignments with deadlines.
• Contact Information: You are responsible for keeping your contact information current. This is necessary for receiving both your returned assignments and other information.  
• Proctored Exams:  A proctored final exam is required for successful completion of this course. UMUC will mail your exams directly to the education center you designated on your application. If you will not be in close proximity to that education center, the Exams Clerk will coordinate directly with your proctor.

It is your responsibility to schedule your final exam within the designated period according to the procedures at your education center.

Further questions on the exam process should be directed to the Distance Education Office or your education center. 

• Course Load: One traditional face-2-face course, or 3 semester hours (s.h.), is considered a normal course load for a student who is fully employed. This course load will require at least six hours of class time per week and approximately 12 hours per week of additional out-of-class study time. Although there is no "face-2-face" class time with individualized learning courses, a student should expect approximately 9 to 12  hours per week of study time and additional time in preparing assignments for a 3 semester hour individualized learning course.
  
  Students should carefully and realistically assess other commitments before registering for more than 6 s.h. a term. In no case may a student register for more than 9 s.h. a term without permission from the UMUC-Europe registrar in Heidelberg. Permission to register for more than 9 s.h. is based on demonstrated academic excellence at UMUC. A minimum grade point average of 3.5 and an enrollment history indicating success in carrying a heavier-than-average course load at UMUC are required.
• Academic Research: Learn more about academic research through UMUC at http://www.ed.umuc.edu/de/defacguide/academic-research.htm.

Grading Policies

The Mark of "I"

The mark of I (Incomplete) is exceptional. It is given only upon the request of a student whose work in a course has been satisfactory, and who is unable to complete the course because of illness or other circumstances beyond his or her control. In no case will the I be recorded for a student who has not completed the major portion (60%) of the work in the course. The student must consult with the instructor and present documentation substantiating the reasons for requesting the Incomplete. 

The instructor makes the final decision concerning the granting of the Incomplete. When recording the Incomplete on the Final Grade Report, the instructor will state the quality of the student’s work to date, the requirements remaining, and the deadline – not to exceed six months – for completion of the work. If the student does not complete the requirements of the course within six months from the course end date, the student cannot thereafter make up the Incomplete. The mark of I will become terminal and subsequently may not be changed. An Incomplete not removed after six months is converted to the grade of F.

It is the responsibility of the student, not of the Education Center nor of UMUC, to arrange with the instructor for the assignment of and subsequent removal of an Incomplete. Students should realize that it is virtually impossible to remove an I after transfer out of the European Division. A student no longer in contact with the instructor who assigned the I should write to the instructor, c/o UMUC, Unit 29216, APO AE 09102, and the mail will be forwarded. An I cannot be removed by an X or W. A student who elects to repeat the course must register, pay the full fees, and repeat the entire course. In such cases, the mark of I for the first attempt is not changed if the course is repeated. For purposes of academic retention, the mark of I is counted as hours attempted. It is not used in determining grade point averages.

For Bowie State University graduate courses, an Incomplete not removed after one year is converted to the grade of F. For University of Maryland, College Park graduate courses, an Incomplete not removed after six months becomes terminal and subsequently may not be changed.

Mark of "W"

If for whatever reason a student is no longer able to participate in the class, the student should formally withdraw. When a student officially withdraws, a W is assigned. The W can be posted only when it is documented by an Application for Withdrawal (UMGR-003). For purposes of academic retention, the mark of W is counted as attempted hours. It is not used in determining grade point averages. Students that neglect to withdraw formally, may receive the grade of Fn (Failure for non-attendance).

Students in online distance education classes which span over two terms cannot withdraw after the Friday before the final week of the class. Additional information for students receiving VA educational benefits and financial aid can be found in the VA and Financial Aid sections of the Catalog. 

Academic Dishonesty

Academic dishonesty is failure to maintain academic integrity. It includes, but is not limited to, obtaining or giving aid on an examination, having unauthorized prior knowledge of an examination, doing work for another student, and plagiarism. Academic dishonesty can result in severe academic penalty, including failure in the course and/or dismissal from the institution. 

Plagiarism is the presentation of another person’s idea or product as one’s own. Examples of plagiarism are: copying verbatim and without attribution all or part of another’s written work; using phrases, charts, figures, illustrations, computer programs, or mathematical or scientific solutions without citing the source; paraphrasing ideas, conclusions or research without citing the source; and using all or part of a literary plot, poem, film, musical score, computer program, or other artistic product without attributing the work to its creator.

Students can avoid unintentional plagiarism by carefully following accepted scholarly practices. Notes taken for papers and research projects should accurately record sources of material to be cited, quoted, paraphrased or summarized, and research or critical papers should acknowledge these sources in footnotes or by use of direct quotations.

UMUC provides an interactive Web-based tutorial on plagiarism through its online writing center called “How to Avoid Plagiarism” at http://www.umuc.edu/prog/ugp/ewp_writingcenter/modules/plagiarism/start.html

UMUC POLICIES: Academic policies are not course specific. Students should refer to the current UMUC Catalog for a description of applicable policies.