The University of South Florida St. Petersburg College of Business Program of Accountancy ACG (81352) ~ Cost Accounting & Control 1 Fall 2013

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1 The University of South Florida St. Petersburg College of Business Program of Accountancy ACG (81352) ~ Cost Accounting & Control 1 Fall 2013 Professor: GROVER S. KEARNS, PH.D., CPA, CFE Office: Piano Man 102B Address Office Hours: M 3:00 pm 5:30 pm Blackboard: W 2:00 pm 3:00 pm Class Location: STG 110 Phone: Class Hours: Monday 6:00-8:50 p.m. COURSE PREREQUISITE AND GRADE REQUIREMENTS: Principles of Managerial Accounting (ACG 2071, Grade of C or better Not C-). COURSE DESCRIPTION: Deals with cost accounting systems for different entities, cost behavior patterns, cost-volume-profit analysis, relevant information for decision making, and budgets and standard costs for planning and control. COURSE GOALS & LEARNING OBJECTIVES: This is an introductory course in cost/managerial accounting. It is designed for both accounting majors and general business majors. The primary emphasis of this course is to help the accountant assist in the company's financial and business decisions. We will cover tools which help cost accountants provide relevant information for management decisionmaking and control. These tools include product costing, variance analysis, and cost-volume-profit analysis. Regardless of which type of accounting/business position you eventually get, helping management make informed decisions will be extremely useful. Of course, business decisions can take an infinite variety of forms. This is why we emphasize problem-solving skills in this course, as there is no "cookbook" of solutions to business decisions. We must therefore be able to use our problem-solving skills to apply cost accounting tools to business decisions, even if the decision context is somewhat unfamiliar. We will introduce many types of real-world decisions in the course, through class discussion, homework problems, and exam problems. Students will develop a basic understanding of: I. Cost-Volume-Profit-Analysis a. Calculate contribution margins b. Understand fixed and variable costs c. Perform and analyze break-even-point analysis d. Calculate operating leverage II. Costing a. Evaluate costs and decisions using job costing b. Evaluate costs and decisions using process costing 9/23/2013 1

2 c. Evaluate costs and decisions using activity-based costing d. Apply concepts of relevant costing e. Apply concepts of strategic cost analysis III. Budgeting a. Differentiate between cost, responsibility and profit centers b. Be able to analyze an operating budget c. Calculate fixed and variable overheads using various costing methods d. Calculate price and volume variances e. Calculate spending and efficiency variances f. Apply the concepts of variance analysis for control purposes g. Develop flexible budgets IV. Strategy a. Identify various components of the strategic business plan b. Align balanced scorecards with strategy c. Perform a strategic analysis of operating income V. Capital Management and Project Management a. Identify costs and benefits of capital investments b. Calculate the return on investments using various methods of discounted cash-flow c. Calculate the return on investments using non-dcf methods d. Understand how project management and post-audits are used in controlling capital acquisitions VI. Other a. Solve cost accounting problems using spreadsheets b. Develop journal entries and T-accounts for the above objectives c. Practice problems used on professional certification exams REQUIRED TEXTS & RESOURCES: Students are expected to purchase and read the following texts prior to class discussion. Students who elect to share a text should sit together in class. Failure to have access to a text is not an excuse for missing assignments. Be sure that you purchase the 14 th edition. Bring text on the first day of class. Horngren, Datar and Foster, Rajan, Ittner Cost Accounting, 14/E, Prentice Hall, ISBN are based on the choice of media. ISBN 10: or ISBN 13: The text is also available at the bookstore in a customized bundle of chapters. ISBN 10: or ISBN 13: Texts, used and new, can be purchased at the bookstore or online. Other resources: Calculator Students are restricted to a basic, four-function calculator on exams USB flash drive (500 MB+) 9/23/2013 2

3 TEXTBOOK WEBSITE: This website features current topics relating to the information we study as well as additional practice material (including PowerPoint slides, additional practice questions, video cases, and check figures). Each chapter has MS Excel files for assigned problems, multiple choice questions and problems which are recommended as you study for the exams. PERFORMANCE ASSESSMENT: Course grades will be determined as follows (we do not use the +/- system): Assessment Points Grade Pct Point Break Quality Pts Exam I Chs A 89.9% - 100% Exam II Chs B 79.9% - below 89.9% Exam III Chs. 11, 13, 17, C 69.9% - below 79.9% In-Class Assignments 2@5 25 D 59.9% - below 69.9% Total Points Possible 400 F below 59.9% <240 0 In-Class Pop Quizzes (XC) 8 EXAMS: There will be three examinations consisting of multiple-choice (both computational and noncomputational), matching, and short problems. Students will be expected to attend all exams. Make-ups will be given only in documented emergency situations. A regularly scheduled visit to your doctor, wedding, or vacation are not excuses! Out-of-town work assignments are recognized only with a signed letter from your supervisor with a contact phone number. You must discuss any reason for missing an exam with the instructor in advance of the exam. Make-up exams must be taken at the convenience of the instructor within one week of the scheduled exam. Failure to take an exam without prior approval will result in a grade of zero for the exam (no exceptions). The exams include material from the text, as well as class lecture information. There is no make-up for Exam 3. We will review each exam in class after I have graded it, and I will then collect all exam papers. You are then welcome to make an appointment to further review your exam. Requests to re-grade an exam will be honored only if the request is received within one week of the date the exam is returned. The entire exam will be regarded and the new score may be higher/lower/unchanged. All exam papers will be destroyed after a period of six months. All assignments, quizzes and exams are the property of the instructor. Exams or copies thereof cannot be removed from the classroom by the student. Any student attempting to remove a copy of the exam from the classroom or copy any portion of the exam will receive a failing grade for the class. IN-CLASS ASSIGNMENTS AND POP QUIZZES: Students will perform several unannounced in-class assignments and have two pop quizzes. Students are advised to bring their textbook and calculator to each class. PARTICIPATION: Students will be called upon during class and may be asked to perform assignments on the board. 9/23/2013 3

4 STUDENT PREPARATION AND HOMEWORK: The material in this class is appropriately difficult for an upper level accounting class. As such, you will understand the weekly lectures much better if you are well prepared for class. This means 1) you have read the relevant chapter; and 2) you have attempted to do that week's homework. Student involvement is also highly encouraged; we have many real-world examples presented in class and you will learn much more if you participate CALCULATORS: Only basic four-function calculators may be used on all exams. It is your responsibility to acquire one (available for less than $5). The use of cell phones to do computations is not permitted. In order to obtain partial credit on problems, all supporting computations must be shown and labeled so that I can follow your work. BLACKBOARD: Check Blackboard (BB) at least twice a week. I will post all announcements, class materials, and all number grades on BB weekly. I will also send out s from BB and it is the student's responsibility to make sure his/her correct is on BB. You may individual students but do not send out blanket s to all students. This is spamming! ATTENDANCE: Students are responsible for attending all classes and are responsible for any material missed. If you miss class, check Blackboard and with a class mate. If you have a written and signed excused absence, I will be happy to you the class agenda and announcements made in class. Private tutoring is not given to students who miss class. Excused absences are for documented medical excuses, observance of religious holidays, and deaths in the immediate family. If you leave class early, do not ask the instructor for handouts or ask that material be taught at a different time in the lecture. If you miss a handout, extra copies will be available on the office door for one week. In-class assignments and pop quizzes are unannounced. If you miss them you miss the points. PROFESSIONAL BEHAVIOR, PUNCTUALITY & DISRUPTIONS: Students are expected to participate in class discussions where appropriate and/or when called on. Further, students are expected to conduct themselves at all times in a professional manner, including regular class attendance, alertness and interest in the class. Unprofessional behavior includes, but is not limited to: arriving to class late, returning from breaks late, leaving class during a lecture, cell phone ringing, reading the newspaper during class, talking excessively, leaving class, sleeping in class, or engaging in any other behavior that is disruptive or disrespectful. Cell phones off during class! Cameras, laptops and other Internet enabled technologies are not to be used in the classroom. Academic disruptions will be dealt with according to university policy. Students arriving late or leaving early disrupt the class and academic process. If you are late to class or return late from break or you are creating a disruption in class you must fill out a form explaining your behavior. LAPTOPS, CELLULAR PHONES AND PAGERS: Laptops, cellular phones and pagers must be silenced during class. Feel free to leave class to make an emergency call. Students may not use laptops or send/receive text messages during class or take photos or videos. OFFICE HOURS: Students are encouraged to seek individual assistance during office hours as needed. If a student has a conflict with office hours, a mutually convenient time will be worked out on an individual basis. Additionally, students are encouraged to the instructor. Students having difficulty in the class should visit the professor in his office at the first available opportunity. 9/23/2013 4

5 HOW TO SUCCEED IN THIS COURSE: To derive the maximum benefit from the lectures, students are expected to have read the chapter prior to the lecture and attempt the assigned problems. It is extremely important that students keep up with readings in order to actively participate in class. Active learning is emphasized in this course. This means that you the student are primarily responsible for your learning. To succeed in this course you must attend class regularly, read assignments, and contribute fully to class discussions. Students who miss class are responsible for all announcements made and materials discussed in class and should confer with another student to get this information. UNIVERSITY/COLLEGE OF BUSINESS SECTION ACADEMIC DISHONESTY: See USF Policy on Academic Dishonesty and Disruption of Academic Process at Because of the University's commitment to academic integrity, plagiarism or cheating on course work or on examinations will result in penalties that may include a grade of "F" for the specific exam or course work and a grade of "F" or "FF" for the course. Any incident of academic dishonesty will be reported to the dean of the college. Definitions and punishment guidelines for Plagiarism, Cheating, and Student Disruption of the Academic Process may be found at the web address listed above. STUDENTS WITH DISABILITIES: Please notify your instructor if you have a learning disability or require special assistance with this course. Confidential personal and learning assistance counseling are made available to students through the Division of Student Affairs. Contact R. Barry McDowell (mcdowell@stpt.usf.edu) for more information. WITHDRAWAL: Students may drop/add by 5 pm August 30. Withdrawal without refund deadline is November 2. RELIGIOUS HOLIDAYS: Students who must miss an examination due to a religious holiday should notify the instructor during the first two weeks of class. COPYRIGHTS: Students who wish to audiotape lectures can do so with direct permission from the professor, but tapes and lectures may not be sold. No videos or photos can be taken in the classroom! INCOMPLETE GRADES: An I grade may be given to an undergraduate student only when a small portion of the student s work (normally 30% or less) is incomplete due to circumstances beyond the control of the student and only when a student is otherwise earning a passing grade. I grades are to be used only in emergency situations and cannot to be used as a means of avoiding a poor grade. Normally these are only for medical emergencies and require a signed letter from a medical professional that the student was prevented from attending class. The student must petition the professor before the week of final exams for a grade of I to be given. FINAL GRADES: The instructor will not disclose final grades prior to official release and notification by the University of South Florida SP. However, students may track their grades on Blackboard during the semester. S/U GRADES: No upper level accounting course may be taken on an S/U basis. 9/23/2013 5

6 GRADE FORGIVENESS: Grade forgiveness is limited to three USFSP courses with no more than one repeat per course. Accounting majors can use the forgiveness only once in upper level accounting courses. RELEASE OF GRADES: I will not release any grades or exam scores over the telephone or by . Exam scores and total points will be posted to BlackBoard. RELIGIOUS OBSERVANCES: Students who anticipate the necessity of being absent from class due to the observance of a major religious holiday must provide notice of the date(s) to the instructor, in writing, by the second class meeting. DISABILITY ACCOMODATIONS: Please inform the instructor no later than the second week of class if any special accommodations or arrangements will be necessary. Services must be explicitly stated on a form from Student Affairs Services. HONOR SYSTEM: Under the USF Honor System, each student is expected to observe complete honesty in all academic matters. Violation of the Honor System will be referred to the Honor Council. Note: The following are violations of the Honor Code: Copying another student s homework, signing another student s name on the attendance roster, copying another group s disk or written work, using another student s computer disk to print out your assignment, copying another student s file onto your disk, and misrepresenting a reason for a missed exam. Punishment for academic dishonesty may result in an automatic F or FF in the course or action that may result in suspension or expulsion. See the USF Policy on Academic Dishonesty & Disruption of the Academic Process at /adadap.htm KEY LEADERSHIP SKILL(S) AND PERSPECTIVES ADDRESSED IN THIS COURSE: Interpersonal and Communication Skills Analytical and Critical Thinking Skills Information Technology Skills Reflective Thinking and Experiential Learning Ethical and Social Consciousness Multicultural Competence 2 (a) 4 (b) 3 (c) 0 (d) 3(e) 0 (a) Students will work in groups to solve problems and demonstrate problems at the board. (b) All classroom discussions, homework and exams emphasize problem solving and data analysis skills. (c) The computer problem requires the use of spreadsheet software. Additionally, students must present the data and conclusions in a meaningful manner. (d) Students must understand underlying concepts and theory of complex subject matter. (e) The course lecture and homework emphasize ethical decisions in today's business world. 9/23/2013 6

7 COST I CLASS SCHEDULE FALL 2013 Monday 6:00-8:55 pm STG 110 Date Wk Ch Topic Readings, Exercises Aug 1 1 Introduction and Course Syllabus Ch. 1: 4, 8, 9, 10, 13, 14, 16, 17, 19, 21, 26 Ch. 1 The Manager and Management Acctg 23, 27, 28 Sept No Class - Labor Day Read and Study Chapters Ch. 2: 1, 4, 5, 9, 10, 12, 16, 17, 20, 21, 22, 25, 28, 29, 33, 35 Sept 9 Sept 16 3 Ch. 2 Introduction to Cost Terms and Purposes Study Chs Ch. 3 Cost-Volume-Profit Analysis Ch. 3: 3, 4, 8, 9, 10, 16, 17, 18, 20, 21, 24, 25(1-3 only), 26, 27, 28, 31, 33, 35, 36, 46 Sept Ch. 4 Job Costing Exam 1 Review Online Ch. 4: 1, 2, 3, 5, 8, 9, 12, 13, 17, 18, 20, 23, 24, 25, 31, 34, 36 Sept 6 Exam 1 (Chs. 1, 2, 3, 4; 2.5 hours) Scores will be posted within 48 hours. 30 Oct Ch. 5 Activity Based Costing Ch. 5: 1, 2, 3, 4, 5, 7, 8, 9, 10, 17, 18, 19, 24, 26, 28, 32, 38 Oct Ch. 6 Master Budget and Responsibility Accounting Ch. 6: 1, 6, 7, 9, 11, 13, 16, 17, 18, 19, 20, 21, 22, 24, 27, 28, 30, 31, 37 Oct 21 Oct Ch. 7 Flexible Budgets, Direct Cost Variances and Management Control 10 8 Ch. 8 Flexible Budgets, Overhead Cost Variances, and Management Control Ch. 7: 3, 4, 11, 16, 17, 18, 21, 22, 24, 26, 27, 28, 38 Ch. 8: 2, 3, 9, 13, 16, 17, 18, 19, 20, 21, 24, 29, 30, 35 Nov 4 11 Exam 2 (Chs. 5, 6, 7, 8; 2.5 hours) Scores will be posted within 48 hours. Nov No Class Veteran s Day Read and Study Chapters, Work on Excel Project 2 Ch. 11 Decision Making and Relevant Information Ch. 11: 2, 8, 9, 10, 17, 18, 20, 22, 23, 25, 26, 27, 28, 31, 33, 34, 37 Nov Ch. 11 Decision Making and Relevant Information Ch. 13 Strategy, Balanced Scorecard, and Strategic Profitability Analysis Ch. 13: 1, 3, 4, 5, 7, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26 9/23/2013 7

8 Nov 25 Dec Ch. 17 Process Costing Ch. 17: 1, 2, 3, 4, 6, 14, 16, 17, 19, 20, 21, 22, 23 (1 and 2 only), 24, 25, 26, 27, 30, Ch. 21 Capital Budgeting and Cost Analysis Ch. 21: 3, 6, 7, 16, 17, 18, 19, 20, 21, 22, 24, 25, 27, 28 Dec 9 16 Exam 3 - Final (Chs. 11, 13, 17, 21; 2.5 hours) Scores and total points will be posted by 12/12 noon. Chapters are from Horngren, Datar, Foster 14/e 9/23/2013 8