ACCT 2302 - Principles of Managerial Accounting

ACCT 2302:

Description
This course is an introduction to the fundamental concepts of managerial accounting appropriate for all organizations. Students will study information from the entity’s accounting system relevant to decisions made by internal managers, as distinguished from information 16 relevant to users who are external to the company. The emphasis is on the identification and assignment of product costs, operational budgeting and planning, cost control, and management decision making. Topics include product costing methodologies, cost behavior, operational and capital budgeting, and performance evaluation.

Prerequisites

Semester Offered
Spring
Credits 3 Lecture Hours 2 Lab Hours 4
Extended Hours
0
Contact Hours
96
State Approval Code
5203015104
Alternate Operations During Campus Closure

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.

Class Attendance

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.  

Pregnant/Parenting Policy

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.

Artificial Intelligence (AI) Course Policy

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.

Instructional Goals and Purposes
The purpose of this course is to provide an introduction to the fundamental concepts of managerial accounting appropriate for all organizations.
Learning Outcomes

After studying all materials and resources presented in the course, the student will be able to:

  1. Identify the role and scope of financial and managerial accounting and the use of accounting information in the decision-making process of managers.
  2. Define operation and capital budgeting, and explain its role in planning, control and decision making.
  3. Prepare an operating budget, identify its major components, and explain the interrelationships among its carious components.
  4. Explain methods of performance evaluation.
  5. Use appropriate financial information to make operational decisions.
  6. Demonstrate use of accounting data in the areas of product costing, cost behavior, cost control, and operational and capital budgeting for management decisions.
Course Content

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:

  1. Description of managerial accounting and the role of managerial accounting in a business
  2. Direct and indirect costs; direct materials, direct labor, and factory overhead costs; product and period costs
  3. Balance sheet, statement of goods manufactured, and income statement for a manufacturer
  4. Cost accounting systems used by manufacturing businesses
  5. Illustration of a job order cost accounting system for a manufacturer
  6. Comparison of job order and process cost systems for a manufacturer
  7. Cost of production report
  8. Journal entries for a manufacturer using a process cost system
  9. Distinguish between variable costs, fixed costs, and mixed costs
  10. Calculation of contribution margin, contribution margin ratio, and unit contribution margin
  11. Determine the break-even point and sales necessary to achieve a target profit
  12. Using a cost-volume-profit chart and a profit-volume-chart, determine the break-even point and sales necessary to achieve a target profit
  13. Calculation of the break-even point for a company selling more than one product
  14. Calculation of operating leverage and margin of safety
  15. Describe and illustrate income from operations under absorption and variable costing
  16. Describe and illustrate the effects of absorption and variable costing on analyzing income from operations
  17. The objectives of budgeting and its impact on human behavior
  18. The basic elements of the budget process and the two major types of budgeting
  19. Components of the master budget for a manufacturing company
  20. Preparation of the basic income statement budgets for a manufacturing company
  21. Preparation of the balance sheet budgets for a manufacturing company
  22. The types of standards and how they are established
  23. Computation and interpretation of direct materials and direct labor variances
  24. Computation and interpretation of factory overhead controllable and volume variances
  25. Journal entries for recording standards in the accounts
  26. Advantages and disadvantages of decentralized operations
  27. Preparation of a responsibility accounting report for a cost center and profit center
  28. Calculation and interpretation of the rate of return on investment and residual income for an investment center
  29. 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
  30. Preparation of differential analysis reports for a variety of managerial decisions
  31. Determination of the selling price of a product using the product cost concept
  32. The nature and importance of capital investment analysis
  33. Evaluation of capital investment proposals using the average rate of return, cash payback, net present value, and internal rate of return methods
  34. Description of factors that complicate capital investment analysis
  35. Steps in the capital rationing process
  36. Use of the single plant wide factory overhead rate, multiple production department factory overhead rates, and activity-based costing for product costing
  37. Description of just-in-time manufacturing practices
  38. Implications of just-in-time manufacturing on cost accounting and performance measurement
  39. Financial Statement Analysis
Methods of Instruction/Course Format/Delivery

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.

Course Grade

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
Other
This course counts as part of the academic requirements of the Panola College Core Curriculum and an Associate of Arts or Associate of Science degree
No