AUSTIN COMMUNITY COLLEGE

ACCOUNTING DEPARTMENT

MASTER SYLLABUS

ACNT 1475

INDUSTRY ACCOUNTING

 

INSTRUCTOR NAME: XXXXXXX

COURSE NAME: Industry Accounting

COURSE NUMBER: ACNT 1475

COURSE SYNONYM: XXXXXX

COURSE TIME: XXXXXX

COURSE LOCATION: XXXXX

CREDIT HOURS: 4, (Lecture Hours: 3; Lab Hours: 3)

OFFICE HOURS: XXXXX

OFFICE LOCATION: XXXX

PHONE / EMAIL /WEBSITE: XXXXX

ARRAGEMENT CONFERENCES / APPOINTMENTS: XXXX

CATALOG DESCRIPTION: ACNT 1475 INDUSTRY ACCOUNTING II (4-3-3). A study of accounting procedures and operational issues facing accountants in industry. Topics include fixed asset and inventory accounting, an introduction to manufacturing, job costing and budgeting. Skills: B Prerequisites: ACNT 1404 and ACNT 1311. Course Type: W

Course Rationale: The goals and objectives of this course prepare students for (1) obtaining or improving job skills, (2) qualifying for a business or accounting job, (3) achieving job advancement,  (4) preparing for accounting or business certification exams (CMA, CFA, CGFM, CIA, etc), (5) preparing for a master’s program, (6) working as an entrepreneur, (7) completing degree requirements and/or (8) fulfilling personal goals.

STUDENT LEARNING OUTCOMES: See last page.

DISCIPLINE / PROGRAM OUTCOMES: See last page

Scans Competencies:

Competency must be shown in the following three areas:

1.       Manage time

a.       Uses class and lab time efficiently to accomplish required assignments

b.       Focus efforts toward accomplishing class-related goals

c.        Prioritizes activities based on deadlines and level of importance

d.       Stays on target with class syllabus and planned lab activities

2.       Use computers to process information

a.       Uses lab computers and text to acquire and organize financial information for the completion of lab assignments using QuickBooks software

b.       Analyzes information necessary to complete and accounting cycle and prepare statements using an automated system

c.        Communicates financial information through the processing and production of financial statements

3.       Student exhibits responsibility

a.       Meets established deadlines for homework and lab assignments

b.       Attends class/lab on a regular basis

c.        Takes exams on time

d.       Seeks assistance from instructor and/or tutors when necessary

e.        Prepares for classes

TEXTBOOKS: Accounting Principles, 12th edition, Weygandt/Kieso/Kimmel, John Wiley & Sons Inc. (9781118875056) and Computer Accounting, with Sage 50 Complete Accounting 2015, 18th edition (9781259350313)

INSTRUCTIONAL METHODOLOGY: The objectives of this course will be met by incorporating a variety of instructional methods.  These may include lecture, class exams and quizzes, group activities and project, student presentations, class problem-solving, written analysis, spreadsheet, word processing and power point activities, the use of accounting software and online activities and research.

METHOD OF PRESENTATION: Three-hour lecture/discussion each week. Three lab hours each week.

COURSE REQUIREMENTS: See specific Instructor's First Day Class Handout.

OTHER: Basic computer skills utilizing word processing and spreadsheet are recommended for ACNT 1475.


 

Grading System:

Activity

Number

Pts Each

Total

Percent

Points

Grade

Exams - Accounting Text

4

100

400

62%

582

to

650

A

Assignments - Text (34 drop 4)

30

3

90

14%

517

to

581

B

Quizzes (10 drop two)

8

10

80

12%

452

to

516

C

Peachtree Exercises

7

5

35

5%

390

to

451

D

Peachtree Exam

1

45

45

7%

Below

 

390

F

       TOTAL

 

 

650

100%

 

COURSE POLICIES

Attendance Policies: Austin Community College does not have an established attendance policy. The Business Studies Area has determined that absences in excess of 10 percent of the scheduled class periods are the basis for an instructor to withdraw a student from class. While I may withdraw a student for excessive absences, I have no obligation to do so.

Withdrawal Policy: XXXXXth is the last day to withdraw from this class and receive a grade of “W”. If students wish to withdraw, complete a withdrawal slip and turn it into the admission’s office. Do not assume I will withdraw you.

Make-up exam policy: Students must contact the Instructor within one week after the missed exam to schedule an exam in the testing center. If students have not taken the exam within one week from the scheduled exam date 15 points will be deducted from the exam grade for each class meeting date until the exam is taken. There is no curve available for the make-up exams. Only one make-up exam may be taken during the semester. The make-up exam may consist entirely of multiple-choice questions and cover any topics included in the chapters – not just the topics listed on the exam review sheet. If there is a conflict, students may take an exam early with no penalty. Please discuss this with the Instructor as soon as you are aware of a conflict.

Due Dates: To receive credit all exams, quizzes, homework, projects and or other assignments are due on or before the dates as specified in the course outline/calendar located on the current syllabus. No late exams, quizzes, homework, projects or other assignments will be accepted. There is no make-up work and no extra credit work.

Incomplete Policy: An instructor may award a grade of “I” (Incomplete) if a student was unable to complete all of the objectives for the passing grade in a course. An incomplete grade cannot be carried beyond the established date in the following semester. The completion date is determined by the instructor but may not be later than the final deadline for withdrawal in the subsequent semester. Incomplete grades are given only on rare occasions. The purpose of this grade is for an emergency, or other serious considerations, which occurs after the withdrawal date and prevents timely completion of the course.

Scholastic Dishonesty: Acts prohibited by the college for which discipline may be administered include scholastic dishonesty, including but not limited to cheating n an exam or quiz, plagiarizing, and unauthorized collaboration with another in preparing outside work. Academic work submitted by students shall be the result of their thought, research or self-expression. Academic work is defined as, but not limited to tests, quizzes, whether taken electronically or on paper; projects, either individual or group; classroom presentations, and homework.

Student Rights and Responsibilities: Students at the college have the rights accorded by the U.S. Constitution to freedom of speech, peaceful assembly, petition, and association. These rights carry with them the responsibility to accord the same rights to others in the college community and not to interfere with or disrupt the educational process. Opportunity for students to examine and question pertinent data and assumptions of a given discipline, guided by the evidence of scholarly research, is appropriate in a learning environment. This concept is accompanied by an equally demanding concept of responsibility on the part of the student. As willing partners in learning, students must comply with college rules and procedures.

Students with Disabilities: The following statement on students with disabilities must also be included: Each ACC campus offers support services for students with documented physical or psychological disabilities. Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes. Students are encouraged to do this three weeks before the start of the semester.

Safety Statement: Austin Community College is committed to providing a safe and healthy environment for study and work. Students are expected to learn and comply with ACC environmental, health and safety procedures and agree to follow ACC safety policies. Additional information on these can be found at http://www.austincc.edu/ehs. Because some health and safety circumstances are beyond our control, we ask that students become familiar with the Emergency Procedures poster and Campus Safety Plan map in each classroom. Additional information about emergency procedures and how to sign up for ACC Emergency Alerts to be notified in the event of a serious emergency can be found at http://www.austincc.edu/emergency/.

Please note, students are expected to conduct themselves professionally with respect and courtesy to all. Anyone who thoughtlessly or intentionally jeopardizes the health or safety of another individual will be immediately dismissed from the day’s activity, may be withdrawn from the class, and/or barred from attending future activities.

ACC Email Policy: All College e-mail communication to students will be sent solely to the student’s ACCmail account, with the expectation that such communications will be read in a timely fashion. ACC will send important information and will notify students of any college related emergencies using this account. Students should only expect to receive email communication from their instructor using this account. Likewise, students should use their ACCmail account when communicating with instructors and staff. Instructions for activating an ACCmail account can be found at http://www.austincc.edu/accmail/activation-and-login-assistance.

Testing Center Policy: Under certain circumstances, an instructor may have students take an examination in a testing center. Students using the Academic Testing Center must govern themselves according to the Student Guide for Use of ACC Testing Centers and should read the entire guide before going to take the exam.

Student and Instructional Services: ACC strives to provide exemplary support to its students and offers a broad variety of opportunities and services. Information on these services and support systems is available at: http://www.austincc.edu/s4/. Links to many student services and other information can be found at: http://www.austincc.edu/current/.

ACC Learning Labs provide free tutoring services to all ACC students currently enrolled in the course to be tutored. The tutor schedule for each Learning Lab may be found at: http://www.austincc.edu/support-and-services/tutoring-and-academic-help.

For help setting up your ACCeID, ACC Gmail, or ACC Blackboard, see a Learning Lab Technician at any ACC Learning Lab.

Grade Change Policies: Click on this link to view the policy. (See Student Handbook: www.austincc.edu/handbook/policies2.htm)

Repeating a Class – Third Course Attempt: Per state law, any student taking a class for the third time or more may be charged additional fees per credit hour unless exempted. Click on this link for more information: http://www.austincc.edu/tuition-and-financial-aid/repeating-a-class-third-course-attempt.

Student and Instructional Services: http://www.austincc.edu/cataloghtml/services.php

Always refer to the instructor’s current syllabus for course evaluation, contact information, and course outline/calendar.

 

COURSE LEARNING OUTCOMES

Upon successful completion of this course, students should be able to:

LEARNING OBJECTIVES:


Chapter 19

Identify the features of managerial accounting and the functions of management.

Describe the classes of manufacturing costs and the differences between product and period costs.

Demonstrate how to compute cost of goods manufactured and prepare financial statements for a manufacturer.

Discuss trends in managerial accounting.

Chapter 20

Describe cost systems and the flow of costs in a job order system.

Use a job cost sheet to assign costs to work in process.

Demonstrate how to determine and use the predetermined overhead rate.

Prepare entries for manufacturing and service jobs completed and sold.

Distinguish between under- and overapplied manufacturing overhead.

Chapter 21

Discuss the uses of a process cost system and how it compares to a job order system.

Explain the flow of costs in a process cost system and the journal entries to assign manufacturing costs.

Compute equivalent units.

Complete the four steps to prepare a production cost report.

Explain just-in-time (JIT) processing and activity-based costing (ABC).

*Apply activity-based costing to a manufacturer. (Appendix 21A)

Chapter 22

Explain variable, fixed, and mixed costs and the relevant range.

Apply the high-low method to determine the components of mixed costs.

Prepare a CVP income statement to determine contribution margin.

Compute the break-even point using three approaches.

Determine the sales required to earn target net income and determine margin of safety.

Use CVP analysis to respond to changes in the business environment.

*Explain the differences between absorption costing and variable costing. (Appendix 22A)


Chapter 23

State the essentials of effective budgeting and the components of the master budget.

Prepare budgets for sales, production, and direct materials.

Prepare budgets for direct labor, manufacturing overhead, and selling and administrative expenses, and a budgeted income statement.

Prepare a cash budget and a budgeted balance sheet.

Apply budgeting principles to nonmanufacturing companies.

Chapter 24

Describe budgetary control and static budget reports.

Prepare flexible budget reports.

Apply responsibility accounting to cost and profit centers.

Evaluate performance in investment centers.

Chapter 25

Describe standard costs.

Determine direct materials variances.

Determine direct labor and total manufacturing overhead variances.

Prepare variance reports and balanced scorecards.

*Identify the features of a standard cost accounting system. (Appendix 25A)

*Compute overhead controllable and volume variances. (Appendix 25B)

Chapter 26

Describe management’s decision-making process and incremental analysis.

Analyze the relevant costs in various decisions involving incremental analysis.

Contrast annual rate of return and cash payback in capital budgeting.

Distinguish between the net present value and internal rate of return methods.