UMUC Europe Syllabus for ACCT 321

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

Course Goals/Objectives:

Upon completion of this course the student 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. 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 Introduction:

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.

Grading Information and Criteria:

Instructor may also add faculty policies on late assignments, attendance, and extra credit. A = 90-100%; B = 80-89%; C = 70-79%; D = 60-69%; F below 60% Midterm Exam: 40% Final Exam: 40% Project: 20%

Other Information:

Any other information the instructor wishes to add. This might include: General expectations of students, such as hours per week students should expect to devote to the class Turnaround time for faculty to respond to email and return papers Unique class procedures or activities (such as cooperative learning exercises, panel presentations, case study methods, class journals or learning logs) Supplemental objectives (such as development of skills like teamwork, writing, oral presentation; integration of knowledge on focus topics) Optional activities such as study groups

Project Descriptions:

[Editable model assignments will be provided] Your class project relates to Activity Based Costing. Complete Case 5-55 relating to Gigabyte Inc. (starting on page 254 of the Reading). Answer all required questions (1 to 6) and show all your calculations.

Academic Policies:

Cases of plagiarism are handled consistent with current UMUC guidelines. See the UMUC policies at the following URL: http://www.umuc.edu/policy/

Course Schedule:

Note: Students should install the Student Resource CD-ROM that accompanies the textbook as early as possible. After reading each assigned chapter, students are advised to review the corresponding PowerPoint slides and complete the Excel Spreadsheet problems contained in the Student Resources CD-ROM. (The Excel templates will provide check figures for the problems). Meeting Assignment 1 Read: Chapter 1 Overview of Cost Accounting 2 Read: Chapter 2 An Introduction to Cost Terms and Purposes. Complete and check chapter assignments: EX 2-20,22,25,26.29,30 3 Read: Chapter 10 Determining How Costs Behave Complete and check chapter assignments: EX 10-17,18,22,30 4 Read: Chapter 3 Cost-Volume-Profit Analysis Complete and check chapter assignment: EX 3-39 5 Read: Chapter 4 Job Costing Complete and check chapter assignment: EX 4-24 6 Read: Chapter 17 Process Costing Complete and check chapter assignments: EX 17-30,31 7 Read: Chapter 5 Activity Based Costing; Complete Case 5-55. (See Project Description above.) 8 Complete Mid-Term Examination. 9 Read: Chapter 6 Master Budget and Responsibility Accounting; and Chapter 7 Flexible Budgets, Variances, and Management Control: I. Complete and check chapter assignments: EX 7-27,28 10 Read: Chapter 8 Flexible Budgets, Variances, and Management Control: II; and Chapter 9 Inventory Costing and Capacity Analysis. Complete and check chapter assignments: EX 8-23 11 Read: Chapter 11 Decision Making and Relevant Information. Complete and check chapter assignments: EX 11-19,20,22,23 12 Read: Chapter 12 Pricing Decisions and Cost Management. Complete and check chapter assignments: EX 12-16,21,25,33 13 Read: Chapter 14 Cost Allocation; and 15 Allocation of Support Department Costs. Complete and check chapter assignments: EX 15-21,22 14 Read: Chapter 16 Cost Allocation: Joint Products and Byproducts. Complete and check chapter assignments: EX 16-28 15 Review for Final Examination 16 Complete Final Examination