ACNT 1475 




COURSE NAME: Industry Accounting





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





CATALOG DESCRIPTION: ACNT 1475 INDUSTRY ACCOUNTING (4-3-3). Study of accounting procedures and operational issues facing accountants in industry. Topics include manufacturing and nonmanufacturing cost, cost of providing a service or manufacturing a product, cost-volume-profit relationships, profit planning and budgets, comparison of actual with budgeted results, and accumulating and presenting data for management decision making.  Prerequisites ACNT 1404 and ACNT 1311.


COURSE RATIONAL: 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, completing the courses required for the Certified Public Accounting (CPA) exam (a minimum of an undergraduate (4 year) degree is required for the CPA exam), (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.





Scans Competencies:

Competency must be shown in the following three areas:

1)       Manages 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)       Uses 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, 9th edition, Weygandt/Kieso/Kimmel, John Wiley & Sons Inc., ISBN: 978-0-470-31754-9 and Computer Accounting, with Peachtree Complete Peachtree 2011, 15th edition, ISBN: 978-0-07-750503-5


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 ACCT 1403.


Grade System:



Pts Each





Exams - Accounting Text









Assignments - Text (34 drop 4)









Quizzes (10 drop two)









Peachtree Exercises









Peachtree Exam


















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 you 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 – You must contact me within one week after the missed exam to schedule an exam in the testing center. If you have not taken the exam within one week from the scheduled exam date 15 points will be deducted from your 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, you may take an exam early with no penalty. Please discuss this with me 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.
You 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 Because some health and safety circumstances are beyond our control, we ask that you 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

Please note, you are expected to conduct yourself 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 you 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


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:
Links to many student services and other information can be found at:

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:

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:

Rule of Three:  Per state law, effective spring 2006 any student taking a class for the third time or more may be charged an additional $60 per credit hour unless exempted. Click on this link for more information:


Student and Instructional Services:


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




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


Chapter 19

1.       Explain the distinguishing features of managerial accounting.

2.       Identify the three broad functions of management.

3.       Define the three classes of manufacturing costs.

4.       Distinguish between product and period costs.

5.       Explain the difference between a merchandising and manufacturing enterprise financial statements.

6.       Indicate how cost of goods manufactured is determined.

7.       Explain the difference between a merchandising and a manufacturing balance sheet.

8.       Identify trends in managerial accounting.


Chapter 20

1.       Explain the characteristics and purposes of cost accounting.

2.       Describe the flow of costs in a job order cost accounting system.

3.       Explain the nature and importance of a job cost sheet.

4.       Indicate how the predetermined overhead rate is determined and used.

5.       Prepare entries for jobs completed and sold.

6.       Distinguish between under- and overapplied manufacturing overhead.


Chapter 21     

1.       Understand who uses process cost systems.

2.       Explain the similarities and differences between job order cost and process cost systems.

3.       Explain the flow of costs in a process cost system.

4.       Make the journal entries to assign manufacturing costs in a process cost system.

5.       Compute equivalent units.

6.       Explain the four steps necessary to prepare a production cost report.

7.       Prepare a production cost report.

8.       Explain just-in-time (JIT) processing.

9.       Explain activity-based costing (ABC).


Chapter 22

1.       Distinguish between variable and fixed costs.

2.       Explain the significance of the relevant range.

3.       Explain the concept of mixed costs.

4.       List the five components of cost-volume-profit analysis.

5.       Indicate what contribution margin is and how it can be expressed.

6.       Identify the three ways to determine the break-even point.

7.       Give the formulas for determining sales required to earn target net income.

8.       Define margin of safety, and give the formulas for computing it.

9.       Describe the essential features of a cost-volume-profit income statement.


Chapter 23

1.       Indicate the benefits of budgeting.

2.       State the essentials of effective budgeting.

3.       Identify the budgets that comprise the master budget.

4.       Describe the sources for preparing the budgeted income statement.

5.       Explain the principal sections of a cash budget.

6.       Indicate the applicability of budgeting in non-manufacturing companies.


Chapter 24

1.       Describe the concept of budgetary control.

2.       Evaluate the usefulness of static budget reports.

3.       Explain the development of flexible budgets and the usefulness of flexible budget reports.

4.       Describe the concept of responsibility accounting.

5.       Indicate the features of responsibility reports for cost centers.

6.       Identify the content of responsibility reports for profit centers.

7.       Explain the basis and formula used in evaluating performance in investment centers.


Chapter 25

1.       Distinguish between a standard and a budget.

2.       Identify the advantages of standard costs.

3.       Describe how companies set standards.

4.       State the formulas for determining direct materials and direct labor variances.

5.       State the formulas for determining manufacturing overhead variances.

6.       Discuss the reporting of variances.

7.       Prepare an income statement for management under a standard costing system.

8.       Describe the balanced scorecard approach to performance evaluation.


Chapter 26

1.       Identify the steps in management’s decision-making process.

2.       Describe the concept of incremental analysis.

3.       Identify the relevant costs in accepting an order at a special price.

4.       Identify the relevant costs in a make-or-buy decision.

5.       Give the decision rule for whether to sell or process materials further.

6.       Identify the factors to consider in retaining or replacing equipment.

7.       Explain the relevant factors in whether to eliminate an unprofitable segment.

8.       Determine which products to make and sell when resources are limited.

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

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