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PRINCIPLES OF MANAGERIAL ACCOUNTING ACCT 2223 SPRING 2010 TH 9:40 – 11:00 A.M. BBC 304 COURSE SYLLBAUS Becky L. Phillips, Instructor Office 312A Email: Phillips@uamont.edu Phone: 870-460-1111 firstname.lastname@example.org Website: www.uamont.edu/facultyweb/phillips OFFICE HOURS: MWF 9:30 – 11:30 a.m. TH 1:00 – 3:00 p.m. Text: Accounting: Tools for Business Decision Making Third Edition; Paul D. Kimmel, Jerry J. Weygandt, and Donald E. Kieso Course Description: Accounting information as it relates to the needs of business managers, product costing, standard costs, budgeting and variance analysis, and decision making. Attendance: You are expected to attend class every day! I am required to keep attendance records for the Office of Academic Affairs/or the Registrar’s office. I have the right to give in-class assignments without notice. These assignments will not be made up if you are absent, resulting in a zero for the assignment. There are 50 points included in your grade for attendance. I will deduct 5 points for every unexcused absence. If you miss more than 10 days you will have a negative number included in your grade at the end of the semester. Homework: Homework should be prepared neatly and turned in at the beginning of class. Homework will not be accepted late for any reason!!! Homework is a significant portion of your grade and therefore should be completed to the best of your ability. Cheating: Cheating will not be tolerated for any reason. If you are caught cheating on an exam or any other in-class assignment you will receive a zero for that exam/assignment. No headphones or earphones are allowed in class during an exam or at any other time. Page 2 Cell Phone Policy: All cell phones are to be turned off and put away during class time. If you are expecting an important phone call, please contact me before class begins and I will give you permission to leave your phone on. If you are caught with your cell phone during an exam you will receive a zero for that exam. Texting will not be tolerated. Grading: Exam I 100 Exam II 100 Exam III 100 Exam IV 100 Final 150 Attendance 50 Homework 100 Total Points 700 90% or more A 80-89 B 70-79 C 60-69 D Below 60 F Students with Disabilities: It is the policy of the University of AR at Monticello to accommodate individuals with disabilities pursuant to federal law and the University’s commitment to equal educational opportunities. It is the responsibility of the student to inform the instructor of any necessary accommodations at the beginning of the course. Any student requiring accommodations should contact the Office of Special Student Services located in Harris Hall Room 120; phone 870 460-1026; TDD 870 460-1626; Fax 870 460-1926. For assistance on a College of Technology campus contact: McGehee: Office of Special Student Services representative on campus; phone 870 222-5360; fax 870 222- 1105. Crossett: Office of Special Student Services representative on campus; phone 870 364-6414; fax 870 364- 5707. AA Doc. 1/05/09 Statement on disruptive behavior: The following action is prohibited under the Student Conduct Code: Disorderly Conduct: Any behavior which disrupts the regular or normal functions of the University community, including behavior which breaches the peace or violates the rights of others. Important Dates: January 13 First day of classes (regular and first 8-week fast-track classes*). January 13-20 Late registration. A $25 late registration fee will be assessed. January 13-20 Students may make schedule changes. January 18 Martin Luther King Holiday. Offices and classes closed. January 20 Last day to register or add spring classes. February 2 Last day to drop with W in first 8-week fast-track* classes. March 3 Deadline to apply for August and December graduation. March 3 Last day to withdraw from first 8-week fast-track* classes. March 8 Last day of first 8-week fast-track* classes. March 9 First day of second 8-week fast-track* classes. March 22-26 Spring break. April 5 Preregistration for summer and fall begins. April 7 Last day to drop with W in regular classes. April 16 Preregistration for summer and fall ends. April 21 Last day to drop with W in second 8-week fast-track* classes. April 29 Last day to withdraw from class (regular and second 8-week fast- track* classes). May 4 Last day of classes. May 5-11 Final Exams. May 14 Commencement *Fast—track classes meet daily (M-f) and run for approximately 8 weeks. CHAPTER COURSE OBJECTIVES Chapter 14 Explain the distinguishing features of managerial accounting. Identify the three broad functions of management. Define the three classes of manufacturing costs. Distinguish between product and period costs. Explain the difference between a merchandising and a manufacturing income statement and balance sheet. Indicate how costs of goods manufactured is determined. Chapter 15 Explain the characteristics & purposes of cost accounting. Describe the flow of costs in a job order costing system. Explain the nature and importance of a job cost sheet. Indicate how the predetermined overhead rate is determined and used. Prepare entries for jobs completed and sold. Distinguish between under- and overapplied manufacturing overhead. Chapter 16 Understand the basic principles of a process cost system. Make the journal entries to assign manufacturing costs in a process cost system. Compute equivalent units Prepare a production cost report. Chapter 17 Recognize the difference between traditional costing and activity-based costing. Identify the steps in the development of an activity-based costing system. Know how companies identify the activity cost pools used in ABC Systems. Know how companies identify and use cost drivers in ABC systems. Differentiate between value-added and non-value added activities. Chapter 18 Distinguish between variable and fixed costs. Explain the significance of the relevant range. Explain the concept of mixed costs. List the five components of cost-volume-profit analysis. Indicate what contribution margin is and how it can be expressed. Identify three ways to determine the break-even point. Give the formulas for determining sales required to earn target net income. Define margin of safety, and give the formulas for computing it. Chapter 19 Describe the essential features of a cost-volume-profit income statement. Apply basic CVP concepts. Explain the terms sales mix and its effects on break-even sales. Determine sales mix when a company has limited resources. Understand how operating leverage affects profitability. Chapter 20 Understand the benefits of budgeting. State the essentials of effective budgeting. Identify the budgets that comprise the master budget. Describe the sources for preparing the budgeted income statement. Explain the principal sections of a cash budget Chapter 21 Describe the concept of budgetary control. Evaluate the usefulness of static budget reports. Explain the development of flexible budgets and the usefulness of flexible budget reports. Describe the concept of responsibility accounting. Indicate the features of responsibility reports for costs centers. Identify the content of responsibility reports for profit centers. Chapter 22 Distinguish between a standard and a budget Identify the advantages of standard costs. Describe how companies set standards. State the formulas for determining direct materials and direct labor variances. State the formula for determining the total manufacturing overhead variance. Discuss the reporting of variances. Chapter 23 Identify the steps in management’s decision-making process. Describe the concept of incremental analysis. Identify the relevant costs in accepting an order at a specified price. Identify the relevant costs in a make-or-buy decision. Give the decision rule for whether to sell of process materials further. Identify the factors to consider in retaining or replacing equipment. Explain the relevant factors in whether to eliminate an unprofitable segment. Determine which products to make and sell when resources are limited. Contrast annual rate of return and cash payback in capital budgeting. Distinguish between the net present value and internal rate of return methods. Tentative Schedule for the Semester DATE CHAPTER IN-CLASS HOMEWORK HOMEWORK DUE DATE January 14 Intro/Pre-test January 19 14 Problem 14-1A, 3A Problems 14-1B, 3B, 4B January 26 January 21 14 Problem 4A & 5A January 26 15 Problem 1A, 2A Problems 15-1B, 3B February 2 January 28 15 Problem 3A, 4A, 5A February 2 Exam I (Chap 14 & 15) February 4 16 Problem 16-1A, 2A Problems 16-1B, 2B, 3B, 6B February 11 February 9 16 Problem 16-3A, 6A February 11 17 Problem 17-1A, 2A Problems 17-1B, 2B, 4B February 18 February 16 17 Problem 17-4A, 5A February 18 Exam II (Chap 16 & 17) February 23 18 Problem 18-1A, 2A, 3A Problems 17-1B, 2B, 5B March 2 February 25 18 Problem 18-4A, 18-5A March 2 19 Problem 1A, 2A Problem 1B, 3B, 6B March 9 March 4 19 Problem 3A, 4A March 9 Exam III (Chap 18 & 19) March 11 20 Problem 1A, 2A, 3A Problems 1B, 2B, 4B March 18 March 16 20 Problem 4A, 5A, 6A, March 18 21 Problem 21-1A, 2A Problems 1B & 2B April 1 March 23 Spring Break March 25 Spring Break March 30 21 Problem 21-3A, 4A April 1 Exam IV (Chap 20 & 21) April 6 22 Problem 22-1A, 2A Problem 1A, 2A, 7A, 8A April 14 April 8 22 Problem 22-3A, 4A April 12 22 Problem 22-7A, 8A April 14 23 Problem 1A, 2A Problem 1B, 2B, 4B, 6B May 4 April 20 23 Problem 3A, 4A April 22 23 Problem 5A, 6A April 27 Open We will use these dates as determined by the instructor and this schedule will be revised. April 29 Open May 4 Post-test May 6 Final Exam (Chap 22 & 23) 1:30 – 3:30 p.m.
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