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Cost Accounting - John Newcome

Books - Textbook requirements for this course
Calendar - Estimated quarter progress
Chapter Outlines - Chapter outlines
Class Description - Brief class description
Class Competencies - Link to class competencies.
Course Progression - Clerk - Link to course progression for Clerk program
Course Progression - Paraprofessional - Link to course progression for Paraprofessional program
Course Progression - Specialist - Link to course progression for Specialist program
Exams - Planned exam dates
Grading - Grading scale and weight
Homework - Specific due dates
Syllabus - Course syllabus detail

Outlines

Select the desired chapter

Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11

Syllabus - Cost Accounting - ACC 221

Quarter: Spring 2003

Instructor: John Newcome

Class Schedule: M,W,F (8:00 - 10:00)

Telephone: 425-235-7869
E-mail: jnewcome@rtc.ctc.edu

Web Page: http://www.rtc.edu/instruction/Accounting/welcome_page.htm

Office Hours: Room H307 (7:30A-8:00A; 2:30P-3:00P)

Text: Cost Accounting, 1st edition revised, ParadigmPublising, Dansby
& Lawrence

Other Materials: None

OBJECTIVE: The student will learn the accounting principles and procedures related to the three main elements in manufacturing: direct material, direct labor, and manufacturing overhead. These elements are broken down into the three phases of a cost accounting: job cosign, process costing, and standard costing. Budgeting for manufacturing is also covered.

This course is an introduction to the basic concepts of Cost Accounting. Cost Accounting involves internal accounting policies and procedures to compile the total manufacturing cost of a product. Upon completion of this course, you will be able to:

Identify the major components of the manufacturing cost of a product
Record various cost accounting transactions
Identify and apply the two primary cost accounting systems.
Apply cost accounting principles to determine the manufacturing cost of a product and its components.
Prepare financial statements and various cost analysis reports

MAKEUP POLICY:

Missed Assignments - cannot be made up

Missed Exams - “yes” under special circumstances

10% late fee

Make-up Exams - no makeup exams will be given

Missing Time - “no”

TIMELINESS: Being on time is important on the job and in this class.

OTHER: Food or drink – not allowed per campus policy

Cell phones and beepers – turn off please

Classroom phones – for official campus employee business

Copier Use – for official campus employee business

Emergencies – use campus pay phones

Course Competencies

1. Identify all cost elements and flow and prepare all required journal entries and financial statements per instructor standards.

2. Compute and record amounts for raw materials issued in accordance with GAAP.

3. Compute and record amounts for direct and indirect labor under various situations in accordance with GAAP.

4. Compute actual overhead and overhead applied to the manufacturing process using various methods in accordance with GAAP.

5. Prepare a Cost of Production Report using the Weighted Average and FIFAO methods and account for joint product costs in accordance with GAAP.

6. Compute Price and Efficiency variances for material and labor costs and explain their significance and meaning in accordance with GAAP.

7. Analyze the difference between actual and applied overhead and compute the applicable overhead variances in accordance with GAAP.

8. Use Direct and Absorption Costing methods to apply Cost-Volume-Profit analysis in accordance with GAAP.

Grading - Cost Accounting (Newcome)

The following standards are used for this class:

Grading Standards
Description	Percent of Grade
Chapter Exams (4)	75%
Project	20%
Homework	5%

Grades
Percentage Range	Letter
94% and over	A
90% but less than 94%	A-
87% but less than 90%	B+
84% but less than 87%	B
80% but less than 84%	B-
77% but less than 80%	C+
74% but less than 77%	C
70% but less than 74%	C-
67% but less than 70%	D+
64% but less than 67%	D
60% but less than 64%	D-
Less than 60%	F

Calendar - Cost Accounting (Newcome)

The following calendar is an approximation of the progress I expect from this class. However, each class seems to have its own characteristics - some move more quickly than others. Therefore, the actual schedule will adjust based on the class progress.

All listed assignments (Exercises and Problems) are due at the end of each chapter.

Week	Chapters	Topic	Assignments
Week	Chapters	Topic	Questions	Exercises	Problems
1	1	Basic Cost Concepts			1A, 2A, 3A, 4A
2-3	2	Jo-Order Costing			2A, 3A, 4A
Exam 1, Chapters 1-2
4-5	3	Purchasing and Storing Materials			3A, 4A
5	4	Issuing Material to Production			1A, 4A, 5A
6	5	Accounting for Labor			1A, 2A, 3A, 4A
Exam 2, Chapters
7-8	6	Accounting for Factory Overhead			1a, 2A, 3A, 4A
8-9	7	Applying Factory Overhead to Production			1a, 2A, 3A, 4A, 5A, 6A
9	8	Completing the Cost Cycle			1a, 2A, 3A, 4A
9	9	Accounting for Scrap, Spoiled and Defective Units			3A, 4A
Exam 3, Chapters

10-11	10	Overview of Process Costing			1A, 3A,
11	11	Equivalent Production - Weighted Average			1a, 2A, 3A

Homework/Exam Dates - Cost Accounting (Newcome)

First - Please refer to the class Syllabus. All problems and exercises are due by the end of each chapter.

Second - See the calendar below for specific due dates. REMEMBER - even though a problem may not be specifically noted on the following calendar, it is still due by the end of the chapter.

Week# Monday Wednesday Friday

1 Orientation, Syllabus
Assign.

2
Assign.

3
Assign.

4
Assign.

5
Assign

6
Assign

7
Assign.

8
Assign.

9
Assign.

10
Assign.

11
Assign.