ACCT 2302:
Prerequisites
In the event of an emergency or announced campus closure due to a natural disaster or pandemic, it may be necessary for Panola College to move to altered operations. During this time, Panola College may opt to continue delivery of instruction through methods that include, but are not limited to: online learning management system (CANVAS), online conferencing, email messaging, and/or an alternate schedule. It is the responsibility of the student to monitor Panola College's website (www.panola.edu) for instructions about continuing courses remotely, CANVAS for each class for course-specific communication, and Panola College email for important general information.
Regular and punctual attendance of classes and laboratories is required of all students. When a student has been ill or absent from class for approved extracurricular activities, he or she should be allowed, as far as possible, to make up for the missed work. If a student has not actively participated by the census date, they will be dropped by the instructor for non-attendance. This policy applies to courses that are in-person, online, hybrid, and hyflex.
Attendance in online courses is determined by submission of an assignment or participation in an activity. According to federal guidelines, simply logging into a distance learning course without participating in an academic assignment does not constitute attendance. Distance learning is defined as when a majority (more than 50%) of instruction occurs when the instructor and students are in separate physical locations. Students must engage in an academic activity prior to the course census date.
When an instructor feels that a student has been absent to such a degree as to invalidate the learning experience, the instructor may recommend to the Vice President of Instruction that the student be withdrawn from the course. Instructors may seek to withdraw students for non-attendance after they have accumulated the following number of absences:
Fall or spring semesters:
3 or more class meeting times per week - 5 absences
2 class meeting times per week - 3 absences
1 class meeting per week - 2 absences
The student is responsible for seeing that he or she has been officially withdrawn from a class. A student who stops attendance in a class without officially withdrawing from that class will be given a failing grade; consequently, the student must follow official withdrawal procedures in the Admissions/Records Office.
Please note: Health Science and Cosmetology courses may require more stringent attendance policies based on their accreditation agencies. Please see the addendum and/or program handbook for further information concerning attendance.
Panola College welcomes pregnant and parenting students as a part of the student body. This institution is committed to providing support and adaptations for a successful educational experience for pregnant and parenting students. Students experiencing a need for accommodations related to pregnancy or parenting will find a Pregnancy and Parenting Accommodations Request form in the Student Handbook or may request the form from the course instructor.
No use of Generative AI permitted.
This option assumes that all work submitted by students will be generated by the students themselves, whether they are working individually or in groups. Students should not have another person or entity do the writing of any portion of an assignment, which includes hiring a person or a company to write assignments and/or using artificial intelligence (AI) tools like ChatGPT. Use of any AI-generated content in this course qualifies as academic dishonesty and violates Panola College’s standards of academic integrity.
After studying all materials and resources presented in the course, the student will be able to:
- Identify the role and scope of financial and managerial accounting and the use of accounting information in the decision-making process of managers.
- Define operation and capital budgeting, and explain its role in planning, control and decision making.
- Prepare an operating budget, identify its major components, and explain the interrelationships among its carious components.
- Explain methods of performance evaluation.
- Use appropriate financial information to make operational decisions.
- Demonstrate use of accounting data in the areas of product costing, cost behavior, cost control, and operational and capital budgeting for management decisions.
A general description of lecture/discussion topics included in this course are listed in the Learning Outcomes section of this syllabus.
Students in all sections of this course will learn the following content:
- Description of managerial accounting and the role of managerial accounting in a business
- Direct and indirect costs; direct materials, direct labor, and factory overhead costs; product and period costs
- Balance sheet, statement of goods manufactured, and income statement for a manufacturer
- Cost accounting systems used by manufacturing businesses
- Illustration of a job order cost accounting system for a manufacturer
- Comparison of job order and process cost systems for a manufacturer
- Cost of production report
- Journal entries for a manufacturer using a process cost system
- Distinguish between variable costs, fixed costs, and mixed costs
- Calculation of contribution margin, contribution margin ratio, and unit contribution margin
- Determine the break-even point and sales necessary to achieve a target profit
- Using a cost-volume-profit chart and a profit-volume-chart, determine the break-even point and sales necessary to achieve a target profit
- Calculation of the break-even point for a company selling more than one product
- Calculation of operating leverage and margin of safety
- Describe and illustrate income from operations under absorption and variable costing
- Describe and illustrate the effects of absorption and variable costing on analyzing income from operations
- The objectives of budgeting and its impact on human behavior
- The basic elements of the budget process and the two major types of budgeting
- Components of the master budget for a manufacturing company
- Preparation of the basic income statement budgets for a manufacturing company
- Preparation of the balance sheet budgets for a manufacturing company
- The types of standards and how they are established
- Computation and interpretation of direct materials and direct labor variances
- Computation and interpretation of factory overhead controllable and volume variances
- Journal entries for recording standards in the accounts
- Advantages and disadvantages of decentralized operations
- Preparation of a responsibility accounting report for a cost center and profit center
- Calculation and interpretation of the rate of return on investment and residual income for an investment center
- Description and illustration of how the market price, negotiated price, and cost price approaches to transfer pricing may be used by decentralized segments of a business
- Preparation of differential analysis reports for a variety of managerial decisions
- Determination of the selling price of a product using the product cost concept
- The nature and importance of capital investment analysis
- Evaluation of capital investment proposals using the average rate of return, cash payback, net present value, and internal rate of return methods
- Description of factors that complicate capital investment analysis
- Steps in the capital rationing process
- Use of the single plant wide factory overhead rate, multiple production department factory overhead rates, and activity-based costing for product costing
- Description of just-in-time manufacturing practices
- Implications of just-in-time manufacturing on cost accounting and performance measurement
- Financial Statement Analysis
This course will be offered online and face-to-face in the spring semesters. Students in both the face-to-face class and in the online class will have access to this course via the Panola College course delivery system, Canvas. Course content in the online version of ACCT 2302 is the same as content used in the face-to-face version of the class.
Face-to-face students are expected to meet regularly for lecture over the material. Lecture and reading assignments are the primary methods of information delivery, however other instructional techniques may be used. These may include: classroom discussions, audio-visual presentations, critical thinking exercises, and/or group activities. Students in the online section are only required to meet with the instructor if directed in Canvas or for help during office hours.
An online course in ACCT 2302 at Panola College is designed for students who are capable of the self-discipline necessary in a non-structured situation to complete a three-hour course in one semester.
The grading scale for this course is as follows:
- Participation/Discussions - 10%
- Quizzes – 25%
- Assessments – 65%
| 90 and above | A |
| 80 – 89 | B |
| 70 – 79 | C |
| 60 – 69 | D |
| Under 60 | F |
- Courses conducted via video conferencing may be recorded and shared for instructional purposes by the instructor.
- For current texts and materials, use the following link to access bookstore listings: https://www.panolacollegestore.com.
- For testing services, use the following link: https://www.panola.edu/student-services/studentsupport/academic-testing-center.
- If any student in this class has special classroom or testing needs because of a physical learning or emotional condition, please contact the ADA Student Coordinator in Support Services located in the Charles C. Matthews Student Center or go to https://www.panola.edu/studentservices/student-support/disability-support-services for more information.
- Withdrawing from a course is the student’s responsibility. Students who do not attend class and who do not withdraw will receive the grade earned for the course.
- Student Handbook: https://www.panola.edu/ (located on at the bottom under student)