Course Description

A study of the principles and procedures used in the collection, recording, and reporting of costs. Balance Sheet inventory valuation and the related Income Statement cost of goods sold valuation, determined using both job order costing and process costing, are emphasized. Activity-based costing is covered in depth. Traditional cost accounting is the main content of this course.

Rationale

At Liberty University, Practicing accountants, both in public and private accounting, are expected to understand and apply the principles and procedures relating to cost collection, recording, and reporting, which are the subject matter of this course.

Measurable Learning Outcomes Outline

Upon successful completion of this course, the student will be able to:

• Apply the accounting principles and procedures used to accumulate and report the costs of manufacturing products for income determination in accordance with generally accepted accounting principles (GAAP) as used in the United States and for the internal use of management in decision making.

• Evaluate the appropriateness of a company’s cost accounting system in meeting the company’s needs for reporting and decision making.

• Evaluate the appropriateness of a company’s cost accounting system in generating numbers that are in agreement with the ethical standards of those who possess a Christian worldview.

Course Assignment

After reading the Course Syllabus and Student Expectations, the student will complete the related checklist found in the Course Overview.

1. Discussions are learning experiences. There will be four discussions throughout the course. The purpose of the discussions is to generate interaction among students related to relevant, current course topics.
2. Select one topic in the discussion assignment area. Submit each thread by 11:59 p.m. (ET) on Thursday of the assigned Module: Week. Post one (1) thread of at least 750 words and should support his/her assertions with three sources including the text, Bible, and at least one (1) scholarly source. The student should include a Christian Worldview perspective in the original post. The reference section is not included in the minimum word count. The student will also write 1 reply of at least 250 words to a peer’s thread.
3. Everything must be in the current APA format. All research must include an in-text citation to give credit to the source of the information.

• Read & Interact Textbook Assignments
• In each module, the student is tasked with Smartbook Read & Interact assignments to complete in Connect. These assignments give the student an opportunity to answer questions related to the concepts of the material learned to measure the mastery of each concept. The student can select to go back into the e-book where the text shows the details behind the question being asked. The questions continue until the student has mastered each measured concept.
• After the student completes the assignment, Connect awards 5 points for completion. Connect will update the Canvass grade book periodically, but not always immediately. The assignment is based on the reading in the textbook.
• The student will need to link to his or her Connect account through Canvas. To link to Connect through Canvas, the student must follow the directions found under “Prepare: Register for Connect” as an assignment in the Course Overview. Doing this will provide the student with access to the assignments necessary for this course.
• In each Module, the student is assigned homework to complete in Connect. After the student completes the homework, the homework is automatically graded within Connect. Connect will update the Canvas grade book periodically, but not always immediately.  The homework is based on the textbook.
• The student will need to link to his or her Connect account through Canvas. To link to Connect through Canvas, the student must follow the directions found under “Prepare: Register for Connect” as an assignment in the Course Overview. Doing this will provide the student with access to the assignments necessary for this course.
• In each module, the student is tasked with an excel simulation assignment for each chapter to complete in Connect, with the exception of the final chapter. After the student completes the excel simulation, the assignment is automatically graded within Connect. Connect will update the Canvas grade book periodically, but not always immediately. The excel simulation assignment is based on the textbook and references exhibited within the textbook. The student should prepare an excel worksheet when trying to solve the simulation.
• The student will need to link to his or her Connect account through Canvas. To link to Connect through Canvas, the student must follow the directions found under “Prepare: Register for Connect” as an assignment in the Course Overview. Doing this will provide the student with access to the assignments necessary for this course.
• In Module: Weeks 2, 4, 6, and 8, the student will be expected to complete quizzes within Connect. Each quiz will be open-book/open-notes and have a 2-hour and 30-minute time limit.
• After the student completes the quiz, the quiz is automatically graded within Connect.  Connect will update the Canvas grade book periodically, but not always immediately.  The quiz is based on material learned within the textbook.
• The student will need to link to his or her Connect account through Canvas. To link to Connect through Canvas, the student must follow the directions found under “Prepare: Register for Connect” as an assignment in the Course Overview. Doing this will provide the student with access to the assignments necessary for this course.