Office hours: 11:00-13:00, Tuesday and 12:00-14:00, Thursday and by appointment
The course presents the theory, procedures and practice relating to product costs, including job order, activity based costing, process and standard cost systems. It also includes analytical skills used to interpret accounting data used by management in planning and controlling business activities. Throughout the course, there is special emphasis on the use of cost information in managerial decisions and its application to various industrial and service settings.
This course covers accounting for manufacturing cost procedures and concerns including job-order and process cost systems; managerial and cost reports; budgeting and standard costing; planning and control; cost-volume-profit analysis; cost estimations; and product costing and pricing. Managerial emphasis is stressed throughout the course. The objective of this course is to allow students to understand fundamentals of cost accounting needed for a business or professional accounting career. It provides students with a solid understanding of the principles of cost accounting, and involves both formal cost accounting principles and practical application in a business context.
At the end of the course, students should be able to:
Required Reading Material:
Vanderbeck, Edward J., Principles of Cost Accounting, 15th Edition, Cengage Learning
Other materials will be given during the course
|Session||Date||Chapters: Please read before coming to class the following assigned chapters.||Assignment to be Submitted for Grading in the following Session|
|1||10/15||Ch1. Introduction to Cost Accounting||Syllabus Presentation|
|2||10/22||Ch2. Accounting for Materials||Presentation and Discussion
|3||10/29||Ch3. Accounting for Labor||Presentation and Discussion
|4||11/05||Ch4. Accounting for Factory Overhead||Presentation and Discussion
|5||11/12||Ch5. Process Cost Accounting – General Procedures||Presentation and Discussion
|6||11/19||Review||Presentation and Discussion|
|8||12/03||Ch6. Accounting for Joint Products and By-Products||Presentation and Discussion|
|9||12/10||Ch7. The Master Budget and Flexible Budgeting||Presentation and Discussion
|10||12/17||Ch8. Standard Cost Accounting — Materials, Labor, and Factory Overhead||Presentation and Discussion
|Makeup#8||23.12.2015 (Wed) – 04.01.2016 (Mon.)||Christmas recess|
|11||01/07/2016||Ch9. Cost Accounting for Service Businesses and the Balanced Scorecard||Presentation and Discussion|
|12||01/14||Ch10. Cost Analysis for Management Decision Making||Presentation and Discussion|
|13||01/21||General Review||Presentation and Discussion
|14||01/28||Review and Presentations||Presentation and Discussion|
* The instructor reserves the right to make appropriate alternation of the above tentative schedule
Attendance is mandatory.
If a student is absent for more than 20% of the course (i.e. 9 hours) then a grade of “F” will automatically be awarded. An excused absence must be discussed with the instructor before (when possible) the lecture session to be missed, or immediately upon the student’s return to the following class session.
The class lecture sessions are an integral part of the student’s learning experience and are essential for the students to obtain a mastery of the course material.
Active Participation in class and Assignment are an integral part of the grading system.
Students are advised to read the assigned Chapter before coming to the class. During each class students will be asked to comment on the relevant case studies related to that chapter. The assignments should be submitted within the deadline assigned by the instructor. No late assignment will be accepted unless rare instances in which case no full grade will be granted.
There are no make-up or grade –improvement projects available in this class. It is necessary that you take both exams in order to receive a grade in this course. In no case, will a make-up exam be given prior to exam days, and only in very rare instances, will a make-up exam will be allowed after a mid-term exam. There will be no make-up exam for the Final Exam.
Appropriate class participations
At a beginning of each class students will be asked to discuss and comment on the relevant articles related to financial statement analysis and accounting. The evaluation of articles discussion will go toward the appropriate class participations.
Homework and quizzes
You will be assigned homework throughout the semester to further enhance your learning. The Homework will come from the questions that I will send you after each class. You will be graded on having the homework completed and turned in on time. Homework should be submitted on the day indicated in the schedule. Late homework will not receive credit unless arrangements are made. Answers should be individual.
In class quizzes will occur in certain class session, starting from the second week of the semester. They will be based on the textbook chapter covered on the prior classes. Quizzes will usually occur at the beginning of class.
There will be a Group Project / Presentation in this course that students are expected to complete through –out the course. Students will be divided in Groups of 2.
Your grade will be based on the following:
Total Points: 100%
Grading Scale will be determined as follows:
|Letter Grade||Percent (%)||Generally Accepted Meaning|
|B+||87-89||Good work, distinctly above average|
|D+||67-69||Work that is significantly below average|
|F||0-59||Work that does not meet the minimum standards for passing the course|
Outside Support: As a service to its students UNYT has created a series of support centers. For support related to study skills and time management, the Academic Support Center offers students tutoring and coaching. The Writing Center gives students feedback and help with papers and other writing assignments. If you feel that you have any exceptional learning difficulties or serious problems that interfere with your studies, you can stop by the UNYT Counseling Center. For information on any of these centers, please contact Dr. Enila Cenko, your academic advisor or me.
Assignments are to be excel, word-processed and power point. Continuing and regular use of e-mail is expected.