Discipline: Accounting Degree Credit  [X]
Non Credit  [ ]
Nondegree Credit  [ ]
Comm Service  [ ]
 

Riverside Community College District
Integrated Course Outline of Record

Accounting 61


COURSE DESCRIPTION
61 Cost Accounting Units: 3.00
 
Prerequisite(s): ACC 1B: Principles of Accounting II
Studies the development of detailed cost data essential to management for controlling operations, decision making, and planning. Principles of cost accounting are applied primarily to a manufacturing organization, but are also used by merchandising and service organizations. Use of computers may be required. 54 hours lecture.
 
SHORT DESCRIPTION FOR CLASS SCHEDULE
Studies the development of detailed cost data essential to management for controlling operations, decision making, and planning.
 
ADVISORY ENTRY SKILLS
Before entering the course, students will be able to:
  1. Apply managerial accounting principles to manufacturing and service enterprises within a global society.

  2. Interpret relevant accounting data in manual and computerized accounting information systems useful for decision making.

  3. Analyze, explain, apply principles, and solve problems within the subject matter.

  4. Demonstrate the ability to continue in a university program of accounting or acquire the required background in any field of business administration.
STUDENT LEARNING OUTCOMES
 Upon successful completion of the course, students should be able to:

Distinguish between direct and indirect manufacturing costs and
utilize learned costs segregation strategies in job order and
process cost systems.

Identify and analyze and record detailed costs data in manual and
computerized accounting information systems that are essential to
managers for controlling and planning purposes for a small
business.

Apply cost accounting principles to manufacturing, service and
merchandise enterprises within a today’s business environment.
 
COURSE CONTENT
  TOPICS
 
  1. Introduction of cost accounting.
  2. Cost behavior; basics of cost behavior, mixed costs and methods for separating mixed costs into fixed and variable components.
  3. Cost-volume-profit analysis; perform break-even analysis and multiple product analysis.
  4. Job order costing; characteristics of the job-order environment, and reconciling applied overhead with actual overhead.
  5. Process costing; the impact of WIP inventories on process costing, weighted average costing, and multiple inputs and multiple departments.
  6. Activity-Based Costing (ABC) and management; intro to ABC and process-value analysis.
  7. Profit planning; budgeting, preparing the operating budget, and financial budget.
  8. Standard costing; how to compute standard costs, variance analysis calculations.
  9. Flexible budgets and overhead; variable overhead analysis and fixed overhead analysis.
  10. Performance evaluation, variable costing, and decentralization; transfer pricing, measuring the performance of investment centers, measuring the performance of profit centers using variable and absorption income statements.
  11. Capital investment decision; non-discounting models, discounting models, internal rate of return and post-audit of capital projects.
 
METHODS OF INSTRUCTION
 Methods of instruction used to achieve student learning outcomes may include, but are not limited to:

  • Present lectures to describe the essentials of business concepts and their applications to society distinguishing between direct and indirect manufacturing costs and utilize learned costs segregation strategies in job order and process cost systems.
  • Create and have students participate in cooperative learning tasks such as small group exercises to identify issues that relate to course content and utilize the content to offer opinions, solutions and analysis with respect to those issues.
  • Present exercises, problems and case studies to provide students with the opportunity to utilize concepts learned in class to identify and analyze and record detailed costs data in manual and computerized accounting information systems that are essential to managers for controlling and planning purposes for a small business.
  • Develop and assign tasks/activities such as presentations and web exercises in order to demonstrate the ability to continue in a program of accounting or acquire the required background in any field of business administration.
  • Develop and assign exercises to reinforce concepts and encourage students to apply them to current business and economic trends and events so the students may apply cost accounting principles to manufacturing, service and merchandise enterprises within a today’s business environment.
  • Facilitate discussions regarding relevant current issues in business to encourage students to make appropriate connections to the course content.
  • Instruction may take the form of online, hybrid, TV or other distance learning format. 
 
METHODS OF EVALUATION
 Students will be evaluated for progress in and/or mastery of learning outcomes by methods of evaluation which may include, but are not limited to:

  • Quizzes, exams and in-class participation designed to demonstrate proficiency to distinguish between direct and indirect manufacturing costs and utilize learned costs segregation strategies in job order and process cost systems.
  • Individual, small group, or paired activities and in-class participation designed to allow students to demonstrate and identify and analyze detailed costs data in manual and computerized accounting information systems that are essential to managers or controlling and planning purposes.
  • Written reports designed to assess the application of accounting principles.
  • Individual web projects designed to assess student proficiency to demonstrate a working knowledge in applying cost accounting principles to manufacturing, service and merchandise enterprises within a today’s business environment.
  • Individual or class projects designed to evaluate the application of accounting principles to simulated business situations.
  • Final examination designed to provide objective evidence that students have attained the level of understanding expected in the areas detailed in the Student Learning Outcomes.
ASSIGNMENTS

Required Reading Assignments


Required Writing Assignments


Other Outside-of-Class Assignments
 
COURSE MATERIALS
 All materials used in this course will be periodically reviewed to ensure that they are appropriate for college level instruction. Possible texts include:

  • Mowen and Hansen. Management Accounting. any: Thomson-South-western, 2006.
11/06
6