Course Contract (syllabus)** Cost Accounting-Accounting 66-62Z Fall 2013 (Catalyst* and Connect*) Professor Christopher Kwak DISTANCE LEARNING CENTER (DLC)- Office Hour: Online /By Appointment At Media Learning Center Building 250 Phone: 408-864-5727 (Voice Mail) Email: distance@deanza.edu Email: kwakchris@deanza.edu Phone: 408-864-8969 *Catalyst (http://catalyst.deanza.edu) is the De Anza College-maintained online learning management system and free of charge to all enrolled students. Each term, on the first day of class, the DLC office will register you to Catalyst with your enrollment info from the college admissions and records office. All lecture notes; media files, demo cases, discussion topics, and many other learning resources are available at the class Catalyst site. *Connect (http://connect.mcgraw-hill.com) is the McGraw-Hill Higher Education learning system. All students have to purchase a unique access code (from McGraw-Hill or other parties) and use the access code to login to Cost Accounting class site: http://connect.mcgraw-hill.com/class/fall2013costaccountingonline 15 Words Course Description: Provide decision-relevant accounting information adds value to an organization by improving managers operational decisions. Expanded Course Description: The ultimate goal of cost accounting is to help organizations provide a quality product at a reasonable cost on a timely basis. Good management accounting information must also provide decision relevant information that enhances process understanding (its technical property), encourages the right behaviors (its behavioral property), and creates or reinforces the right symbols, beliefs and values (its cultural property). Therefore, the purpose of managerial accounting is to show what kind of information is needed, where this information can be obtained, and how managers can use this information as they carry out their planning, controlling, and decision-making responsibilities. These three essential functions show that today s management accountant is not just a number cruncher or corporate cop, but rather a key business team partner specialist in supporting the decision-making process. This course deals with the behavioral aspects of accounting. It presents the theory, procedures & practices relating to product costs, including job order, process & standard cost systems. It also includes analytical skills used to interpret accounting data used by management in planning and controlling business activities. Cost accounting is concerning the use of accounting data by managers to plan and control (evaluate) personnel and operations of the firm. The focus is on planning, decision-making, and control by the organization and accounting systems that managers have to assist them in their decisions about resource allocation, performance evaluation, etc. In addition to accounting 1
students, this course is designed for those who plan careers in management at all levels and in all functions and who will need to motivate other employees and evaluate both managers and business units in the organization. As such, it is also particularly useful for those interested in general management, operations, and management consulting careers. The course can be categorized into two areas; cost management systems (the information managers require to make informed decisions) and management control systems (the organizational structure that determines the performance evaluation and reward systems). The emphasis will be on cost information how it is computed and how it is used in decisionmaking. It is assumed that everyone has completed an undergraduate introductory managerial accounting course. Current Trends in Cost Accounting: Cost accounting continues to experience dramatic changes. Developments in information technology (IT) have nearly eliminated manual bookkeeping. Emphasis on cost control is increasing in banks, hospitals, manufacturing industries (from computers to automobiles), airlines, school districts, and many other organizations that have traditionally not focused on it. Cost accounting has become a necessity in virtually every organization, including fast-food outlets, professional organizations, and government agencies. One reason for this rapid change is that managers at each stage of the value chain require information on the performance of products, services, suppliers, customers, and employees. Managers of the activities and cost accountants must work together at each stage to make decisions that increase the firm s value. Because these processes themselves have undergone great change in recent years, cost accountants and cost accounting methods must continuously adapt to changes in all business areas. Course Objectives: Since the goals of an organization are achieved through the decisions made by managers, the text emphasizes three recurring themes: (1) The manger s job is to make decisions that determine the performance of the organization. (2) Accounting systems are a primary source of information for managers to make decisions. (3) Accounting systems also provide information to the owners of the organization, who are not managers, to evaluate the performance of the organization and the managers. Therefore, cost accounting information adds value to an organization by improving managers decisions. Students entering the business world will benefit from the knowledge of cost concepts, informed decision-making process, and a perspective that takes in the whole picture as provided by the new text. Course Level Student Learning Outcomes (SLO): 1. Identify, describe, and explain the way managers use cost accounting information to create value, to make decisions, and to evaluate performance in organizations. 2. Define basic cost behaviors and explain how material, labor, and overhead costs are applied to a product at each stage of the production process. 3. Explain the concept of activity-based cost management and demonstrate its use for operational decisions. 2
Tell me, I ll forget Show me, I may remember Involve me, I will understand -Confucius Philosophy of Learning & Course Expectations: In a learning environment, everyone becomes a teacher and everyone becomes a student. Learning is your personal responsibility. The instructor is a mentor, facilitator, and coach in your active and unique learning process. ( Sage on stage vs. Guide on the side ) Class participation is strongly encouraged. Questions pertaining to the course or relating to the accounting/finance/business field are also welcome throughout the term. Class lectures will be focused on helping students understand the WHY s (the concept behind the mechanics) rather than the mere mechanics of the subject matter. Please do not use memorization as a substitute for understanding. After observing students for many years and drawing from my own experiences as a student, I believe that students learn best by actively questioning and explaining. In this course, I encourage you to join in class discussions and bring questions to class. This means that in order to receive the maximum benefits out of classroom time, you will need to read the assigned topics thoroughly well in advance. Learners will become successful by helping others become successful. One of most effective ways of learning any subject matter is to teach it to someone else. By actively engaging ingroup learning, you will be practicing the attributes of questioning, organizing, and connecting knowledge. Also, you will be learning to learn and to teach others, and you will be developing interpersonal skills you will need for successful careers in accounting or any other business field. Learning is a collaborative process between all the members of the class. I hope we can help each other to create a supportive learning environment throughout the term. Required Course Textbook and other Study Aid course materials: Required textbook and/or Connect access code (or e-book version ok within Connect system class site): Fundamentals of Cost Accounting, Third Edition, Lanen, Anderson, and Maher, McGraw-Hill. Connect system (McGraw-Hill) access code also can be purchased at the class site address stated below: http://connect.mcgraw-hill.com/class/fall2013costaccountingonline Note: According to McGraw-Hill corporate site, Connect access code ($49.99) can be purchased at the site or Connect Plus access code ($116.99) also can be purchased at the site if a student wants a full version of e-book without a physical copy of the book. 3
Note: Our college bookstore might be carrying copies of physical books with a Connect access code included packaged for one price. (College bookstore web address stated below) Required reading, term paper book title: The Goal, a Process of Ongoing Improvement/Theory of Constraint (TOC), authors: Eli Goldratt and Jeff Cox, The North River Press. This is not a textbook; college bookstore may not carry this business novel. Please use other sources, such as a commercial bookstore, online bookstores, and public libraries near you, etc. Free Study guide materials: Please also access a wealth of course materials (mostly free of charge) at the following linked textbook support site: http://www.mhhe.com/lanen3e De Anza College Book Store website address: http://books.deanza.edu To purchase the required materials and textbook, Fundamentals of Cost Accounting, at the online college bookstore use the link above. A new textbook copy comes with a free access code for the course learning system site. Recommended Reading: Wall Street Journal, if you would like to take advantage of deep student discount of WSJ subscription, please go to the following link: http://wsjstudent.com Assessment of Student Achievement: Grading criteria: Weight: Case discussions (online postings at Catalyst) 120 or 1/6 Chapter assigned exercises/problems at Connect 120 or 1/6 Online assessment quizzes at Connect 120 or 1/6 Online Midterm Exam at Connect 120 or 1/6 Online Final Exam at Connect 120 or 1/6 *Book Report ( The Goal ) at Catalyst 120 or 1/6 Total 720 Grade range: A grade = 90%-100%, B grade = 80%-89%, C grade = 70%-79% D grade = 60%-69%, F grade =below 60% (+ and will be refined with a range). *Term paper guideline on book report: State the major points made in the book and please share your thoughts, ideas, or insights. (i.e. your business or personal experience you could relate to the episodes in the book, points that you agree, or disagree with, etc.) What major concepts from your textbook were addressed by this popular business love story fiction? (i.e. decision-making and cost accounting information, management tools and techniques, financial reporting and it s limitation, human resource issues, etc.) Length: Between 2 pages minimum, 4 pages maximum. Due: last day of instruction of quarter. 4
Tentative Weekly Course Calendar Note: End-of-chapter homework assignments will be posted by chapter on assignment tabs at the Connect site and available 24/7 with specified due date & times. Thorough chapter reading should be completed prior to case analysis, assigned questions, papers, and homework attempts. Instructor s lecture notes, chapter outlines, power point slides, mini-cases, relevant real-world examples, news articles, and other study aid materials such as audio/visual files will be available at the Catalyst site under the resources area by topic. The following schedule is subject to change and may be adjusted to reflect student learning and class progress. Week 1: Course Introduction and online discussions begin (All Students must complete the College-required Online orientation, at http://deanza.edu/distance/ within the first week of a term. In addition, all students must be registered at both college Catalyst and McGraw-Hill Connect sites to begin an effective learning process.) Chapter 1: Cost Accounting: Information for Decision Making Week 2: Continue on Ch.1 Week 3: Chapter 2: Cost Concepts and Behavior Week 4: Chapter 3: Fundamentals of Cost-Volume-Profit Analysis Week 5: Chapter 4: Fundamentals of Cost Analysis for Decision Making Chapter 5: Cost Estimation Week 6: Review for midterm exam. (Optional on-campus review meeting date will be announced.) Midterm Exam (covering Ch.1-5) date will be announced and posted at the course website (will be noted at both Connect and Catalyst sites), well in advance of the exam date. Week 7: Chapter 6: Fundamentals of Product and Service Costing Chapter 7: Job Costing Model Week 8: Chapter 8: Process Costing Model (selective coverage) Week 9: Chapter 9: Activity-Based Costing Week 10: Chapter 10: Fundamentals of Cost Management Week 11: Chapter 11: Service Department and Joint Cost Allocation Week 12: Comprehensive final exam (see note below) Midterm and Final Exam date will be announced and posted at class Catalyst homepage Class Announcement section, as well as sending reminder email to all active students well in advance of exam dates. Midterm and Final Exam link will be created at the class Connect site. 5
Important Note: Daily chapter reading, daily log-in to our instructional web site, and doing homework questions on a daily basis are essential and required in order for you to gain an adequate level of learning. Especially since we cover all 8 chapters in this intense 12-week course period. The average student workload is a minimum of 2 to 3 hours of work outside of class for every credit hour of coursework on a weekly basis (minimum 10 to 15 hours per week for a 5 credit unit course). Statement on Academic Integrity: It goes without saying that academic integrity is expected from each student. As such, if there is a reasonable basis for concluding that a violation of academic integrity (i.e. Plagiarism, cheating on exams, etc.) has taken place; all suspected parties would be awarded a course grade of F, with a letter to the Dean explaining why this grade was awarded. It will be up to the students involved to convince the instructor that the violation did not take place. (Refer to DeAnza College catalog and class schedule.) Course Admission and Withdrawal: Please register for this course first. All students must register and pay all fees within the specified days determined by the college Admission Office; otherwise the Admission Office will drop students from the course automatically. Signing up at Connect only provides you access to assignments, quizzes, and participates in discussions for the course; but does not make you a registered student in the college official enrollment roster. You must register for this course at the college website and then register yourself at the class learning sites creating your user name and password. It is your responsibility to withdraw from the course; otherwise the appropriate grade will be assigned to your official college transcript at the end of the term. Please notify your instructor if you dropped from the course at the college Admissions and Records Office official enrollment, so that your instructor can also delete you from the course learning management sites. 6
About the Instructor, Christopher Kwak, CPA, CFE*, CFF*: Professor Kwak is a licensed CPA in the state of California with over 20 years of industry experience in major firms such as Hewlett Packard (HP), PriceWaterhouseCoopers, and Chevron USA, specializing in cost management, financial reporting, mergers & acquisitions, and forensic accounting. Professor Kwak has held many positions at HP including senior corporate Internal Auditor, senior financial analyst, business control manager, and division Controller. He also worked as a senior associate and an audit manager at PriceWaterhouseCoopers, one of the Big Four international accounting/consulting firms, specializing in Mergers & Acquisitions, Financial Reporting, Business Litigation and Investigation services, and Start-up and Emerging business advisory services. Current academic postings & professional affiliations: Full-time faculty member at De Anza College Business-CS Division. Adjunct Professor of Accountancy at Santa Clara University Leavy School of Business Graduate School MBA program Adjunct Professor of Accountancy at S.F. Golden Gate University. Adjunct Professor of Accountancy at Saint Mary s College of California. A CPA member, American Institute of Certified Public Accountants (AICPA). A CFF member, AICPA, Certified in Financial Forensic (CFF). A CFE member, Association of Certified Fraud Examiner (ACFE). *CFE, Certified Fraud Examiners, a license issued by ACFE (International Association of Certified Fraud Examiners, World Headquarters in Austin Texas) *CFF, Certified Financial Forensics, a license issued by AICPA (American Institute of Certified Public Accountants, national headquarters in New York City) As a teaching professor, professor Kwak would like to encourage you to be a passionate and life-long learner in your Active Learning (John Dewey, the father of experiential and active learning) life journey. I hope you will greatly benefit from this course. If I can be of assistance during the term, please contact me. Have an enjoyable and successful term. Professor Kwak. **NOTE: This Course Contract (Syllabus) represents a contractual agreement. Enrolled Students are responsible for reading this entire Syllabus and abiding by all provisions identified in this official document. Student registration in this course signifies acceptance of all requirements, terms, and conditions. 7
McGraw-Hill Connect system registration helps and Connect system technical support, please visit at: http://www.connectstudentsuccess.com/ Or Call: (800) 331-5094 Monday Thursday l 8AM 11PM Friday l 8AM 6PM Sunday l 6PM 11PM (All times Central) Tech support: www.mhhe.com/support 8