LOM 210 Accounting for LOM

Course Number and Title: LOM 210 Accounting for LOM

Print Syllabus
Campus Location:
Georgetown, Wilmington
Effective Date:
2021-52
Prerequisite:
None
Co-Requisites:

None

Course Credits and Hours:
3.00 credits
3.00 lecture hours/week
1.00 lab hours/week
Course Description:

This course examines internal accounting data and procedures used by management for planning, control, and decision-making in logistics and operations. Topics include accounting fundamentals and theory, cost behaviors, cost management and budgeting, revenue predictions, and alternative management decision-making perspectives.

Required Text(s):

Obtain current textbook information by viewing the campus bookstore online or visit a campus bookstore. Check your course schedule for the course number and section.

Additional Materials:

None

Schedule Type:
Classroom Course
Disclaimer:

None

Core Course Performance Objectives (CCPOs):
  1. Explain the differences between financial and managerial accounting, and describe the elements of logistics, manufacturing, and service costs. (CCC 1, 4, 5, 6; PGC 1, 4,)
  2. Analyze the jobs, processes, and activity-based cost accounting methods, and explain their use in making decisions. (CCC 1, 2, 5, 6; PGC 1, 3, 4)
  3. Use relevant cost data to classify costs, analyze their behavior, and calculate and graph the cost-volume-profit analysis. (CCC 1, 2, 5, 6; PGC 1, 3, 4)
  4. Analyze profit reporting for management using variable and absorption costing. (CCC 1, 2, 5, 6; PGC 1, 3, 4)
  5. Discuss the nature and objectives of a budgeting system, a master budget, and related component budgets, and explain their use in planning and control. (CCC 1, 2, 5, 6; PGC 1, 3, 4)
  6. Contrast the differences of centralized and decentralized operations. (CCC 1, 2, 6; PGC 1, 4)
  7. Explain the concept of differential analysis as it pertains to product pricing. (CCC 1, 2, 5, 6; PGC 1, 4)
  8. Forecast project/program revenues using capital budgeting methods, and incorporate forecasts into final management financing decisions. (CCC 1, 2, 4, 5, 6; PGC 1, 4)

See Core Curriculum Competencies and Program Graduate Competencies at the end of the syllabus. CCPOs are linked to every competency they develop.

Measurable Performance Objectives (MPOs):

Upon completion of this course, the student will:

  1. Explain the differences between financial and managerial accounting, and describe the elements of logistics, manufacturing, and service costs.
    1. Describe the differences between managerial and financial accounting.
    2. Discuss the role of management accountants.
    3. Draw and explain the value chain and product costs versus period costs.
    4. Describe direct materials, direct labor, and overhead costs.
    5. Use a cost of goods sold (COGS) spreadsheet to determine COGS.
    6. Use a manufacturing costs and income worksheet to determine net income.
  2. Analyze jobs, processes, and activity-based cost accounting methods, and explain their use in making decisions.
    1. Assign prime costs for a job costing system, and calculate single factor overhead costs associated with specific jobs.
    2. Assign conversion costs for a process costing system, and calculate costs assigned through the steps of a manufacturing process.
    3. Assign multiple overhead allocation rates for activities in an activity-based costing system, and calculate costs by activity for multiple products or services.
  3. Use relevant cost data to classify costs, analyze their behavior, and calculate and graph the cost-volume-profit analysis.
    1. Explain the behavior of variable, fixed, and mixed costs.
    2. Describe the contribution concept of the cost-volume-profit relationship.
    3. Create and analyze cost-volume-profit (breakeven) charts to determine breakeven points.
  4. Analyze profit reporting for management using variable and absorption costing.
    1. Examine and compare income from the operations section of the income statement under the two costing concepts.
    2. Describe management’s use of variable and absorption costing.
    3. Calculate contribution margin and contribution margin ratio, and explain contribution margin analysis.
  5. Discuss the nature and objectives of a budgeting system, a master budget, related component budgets, and explain their use in planning and control.
    1. Describe the characteristics of a static, a flexible, and an automated budgeting system.
    2. Explain a master budget.
    3. Describe the component budgets that relate to the income statement and the balance sheet.
  6. Contrast the differences of centralized and decentralized operations.
    1. Explain the advantages and disadvantages of centralized and decentralized operations.
    2. Describe responsibility accounting using cost and activity centers.
    3. Explain the concept of transfer pricing.
  7. Explain the concept of differential analysis as it pertains to product pricing.
    1. Explain differential analysis in the decision-making process as it pertains to short- term business decisions such as lease or purchase, make or buy, keeping or eliminating product lines, and selling-as-is or processing further.
    2. Describe the process of setting normal selling prices using the total cost concept, the product cost concept, cost-plus approach, and target pricing.
  8. Forecast project/program revenues using capital budgeting methods, and incorporate forecasts into final management financing decisions.
    1. Explain the concept of the time value of money, and describe the four capital budgeting methods.
    2. Calculate simple payback and net present value for investment cash flows using interest tables and Excel formulas.
    3. Calculate internal rate of return for investment cash flows using Excel formulas.
    4. Formulate and recommend astute business decisions for capital projects from analyzing the financial results obtained from the capital budgeting methods in concert with other internal and external business factors.
Evaluation Criteria/Policies:

The grade will be determined using the Delaware Tech grading system:

90 – 100 = A
80 – 89 = B
70 – 79 = C
0 – 69 = F

Students should refer to the Student Handbook for information on the Academic Standing Policy, the Academic Integrity Policy, Student Rights and Responsibilities, and other policies relevant to their academic progress.

Final Course Grade:

Calculated using the following weighted average

Evaluation Measure

Percentage of final grade

Summative: Exams (4-6) (Equally weighted)

70%

Formative: Homework, discussion, quizzes, etc.

30%

TOTAL

100%
Core Curriculum Competencies (CCCs are the competencies every graduate will develop):
  1. Apply clear and effective communication skills.
  2. Use critical thinking to solve problems.
  3. Collaborate to achieve a common goal.
  4. Demonstrate professional and ethical conduct.
  5. Use information literacy for effective vocational and/or academic research.
  6. Apply quantitative reasoning and/or scientific inquiry to solve practical problems.
Program Graduate Competencies (PGCs are the competencies every graduate will develop specific to his or her major):
  1. Analyze operational processes in order to provide assistance in the development of quality, customer service and cost improvement alternatives.
  2. Utilize various statistical quality control techniques to aid in the development and utilization of global quality production and service applications.
  3. Apply integrated technology-driven information necessary for internal operations.
  4. Perform cost analysis on proposed operational projects and make recommendations to management.
  5. Develop layouts of operational facilities in conjunction with new or improved processes.
  6. Apply management functions, statistical quality and process applications, scheduling techniques and work measurement applications necessary for successful business decision making.
  7. Apply managerial accounting, economics, human resources, and marketing principals when making workplace decisions.
Disabilities Support Statement:

The College is committed to providing reasonable accommodations for students with disabilities. Students are encouraged to schedule an appointment with the campus Disabilities Support Counselor to request an accommodation needed due to a disability. A listing of campus Disabilities Support Counselors and contact information can be found at the disabilities services web page or visit the campus Advising Center.

Minimum Technology Requirements:
Minimum technology requirements for online, hybrid, video conferencing and web conferencing courses.