AUSTIN COMMUNITY COLLEGE
ACCOUNTING DEPARTMENT
COURSE SYLLABUS
INDUSTRY ACCOUNTING – ACNT 1475
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CIP CODE AREA: |
52.0302 (Accounting Technician) |
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COURSE LEVEL: |
Introductory (Freshman Level) |
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COURSE NUMBER: |
ACNT 1475 (Common Course) |
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COURSE TITLE: |
Industry Accounting |
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CREDIT HOURS: |
4; LECTURE HOURS: 3; LAB HOURS: 3 |
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PREREQUISITE: |
ACNT 1404 and ACNT 1311 |
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METHOD OF PRESENTATION: |
Three hours lecture/discussion each week and
three lab hours each week. |
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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. |
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Accounting Principles, Weygandt,
Kieso and Kimmel, Wiley.College |
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COURSE REQUIREMENTS: |
See specific Instructor's First Day Class
Handout. |
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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, 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. |
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Scholastic Dishonesty: |
The following statement on scholastic
dishonesty must be included: 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. |
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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. |
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Course Evaluation/Grading System, How to
Reach the Instructor, and Course Outline/Calendar: |
Refer to the Instructor’s syllabus for this
course. |
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COURSE OUTCOMES: |
Understand fundamental managerial accounting
concepts. Understand appropriate application of computer technology to
complete accounting functions using spreadsheets. |
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Demonstrate Proficiency: |
1.
Recording basic
accounting transactions in a manufacturing environment. 2.
Calculating
relationship measures of cost, volume and profit concepts 3.
Preparing budgets 4.
Demonstrate
proficiency in accounting applications of spreadsheets. |
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LEARNING OBJECTIVES: |
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. |
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COURSE COMPETENCIES (SCANS) |
Competency must be
shown in the following three areas:
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