Subject Outline Summer 2020 - 22321 Cost Management Systems (updated Quiz Assessment dates) PDF

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Download Subject Outline Summer 2020 - 22321 Cost Management Systems (updated Quiz Assessment dates) PDF

Description

SUBJECT OUTLINE 22321 Cost Management Systems Course area

UTS: Business

Delivery

Summer 2020; block mode; City

Credit points 6cp Requisite(s)

22207 Accounting for Business Decisions B AND Completionof subject 26100 Integrating Business Perspectivesc Completion of subject 26100 Integrating Business Perspectives These requisites may not apply to students in certain courses. There are also course requisites for this subject. See access conditions.

Result type

Grade and marks

Subject coordinator Dr. Hannah Pham Email: [email protected] Office Phone: 02 9514 7862

Subject description This subject introduces students to the basic concepts underlying management accounting, which is one of the core streams in the study of accounting. It provides an in-depth understanding of appropriate cost management concepts with an emphasis on the use of accounting information to understand and make decisions about the management of the cost structure of organisations. Students acquire a set of concepts, skills and techniques that are necessary for potential managers, with particular appreciation of the various issues and challenges faced by managers within organisations.

Subject learning objectives (SLOs) Upon successful completion of this subject students should be able to: 1. Discuss the role of management accounting in contemporary organisations 2. Apply technical methods to forecast and evaluate cost incurrence in a range of business contexts 3. Analyse business operations using management accounting information 4. Explain how management accounting systems incorporate multiple stakeholder perspectives

Course intended learning outcomes (CILOs) This subject also contributes specifically to the following program learning objectives: Critically analyse sustainability principles for various stakeholders in relation to business contexts (4.2)

Contribution to the development of graduate attributes This subject contributes to the Accounting Major by introducing fundamental management accounting concepts and techniques necessary to produce and apply accounting information in contemporary organisations. The subject relates more broadly to the Bachelor of Business through an appreciation of how accounting information is implicated in wider organisational decision-making processes. Specifically, this subject contributes to the development of the Graduate Attribute “business knowledge and concepts” by introducing students to the cost accounting principles and technical skills necessary for a professional accountant, and demonstrating how these concepts can be used to help solve practical business problems. The subject also contributes to the Graduate Attribute of “business practice oriented skills” through an appreciation of conventional and contemporary methods of cost accounting, which are necessary for preparing accounting reports such as budgets. The subject also exposes students to how cost information is being used to manage multiple stakeholder concerns through internal and external reporting. This subject contributes to the development of the following graduate attributes: Business knowledge and concepts Attitudes and values Business practice oriented skills This subject also contributes specifically to develop the following Program Learning Objectives: 1.1: Critically analyse relevant concepts to understand practice in business and related professions in a global workplace 5.1: Apply technical and professional skills necessary to operate effectively in business and related professions

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Teaching and learning strategies Cost Management Systems is taught using a mix of face-to-face teaching, online resources and self-directed study. Lectures: Lectures provide the structure of a topic area, discussion of theory and practical examples. Lecture recordings are available through UTSOnline. Tutorials: Students are expected to attend the lecture and review notes, undertake relevant readings and attempt all homework tasks before attending the tutorial. Tutorials provide an opportunity to discuss concepts and ideas, receive feedback on attempted homework tasks, and be involved in group-based problem solving exercises and case studies. Selected tutorials are conducted in computer labs to provide students exposure to computer software used by accountants in practice. Online quizzes will be conducted periodically throughout the semester prior to tutorials. These quizzes form part of the students’ overall assessment mark. Quizzes are designed to test the fundamental concepts of a topic that are required for students to actively participate in tutorial activities. Discussion Board: Extensive use is made of the UTSOnline Discussion Board to answer student enquiries. Self-directed study: Students will be required to undertake self-directed study in order to successfully engage in seminar discussions, in-class exercises and computer-based tasks. Animated videos and textbook resources are made available online to help students with their study. Formative preparation guides are also provided for selected topics.

Content (topics) Product costing systems Approaches to allocating overheads Cost behaviour and cost estimation Budgeting and performance evaluation Environmental and social management accounting Decision modelling

Program Week/Session

Dates

Description

1

18 Nov 2020

Introduction to Cost Management Systems Notes: Course overview What is management accounting? Management accounting systems Role of management accountants Management accounting in specific industries Readings — Langfield-Smith et al Chapters 1 and 2

2

20 Nov 2020

Cost terms and concepts Notes: What is cost and its importance Cost object Basic cost concepts and categorisation Costs across the value chain and incurrence Cost flow in organisations Readings — Langfield-Smith et al Chapters 1 and 2

3

2 Dec 2020

Cost behaviour, cost drivers and cost estimation Notes: Cost behaviour patterns Basic cost terminology The cause and effect criterion in choosing cost drivers Qualitative cost estimation techniques: Industrial engineering, conference method, account analysis Quantitative cost estimation techniques: High-low, regression analysis

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Readings — Langfield-Smith et al Chapter 3

4

4 Dec 2020

Product Costing Systems Notes: Measures of cost Conventional product costing systems Job versus process costing Cost flows in the general ledger Accounting for overheads (plantwide method) Readings — Langfield-Smith et al Chapter 2 and 4 Quiz 1 will cover this topic and will be available from 20 to 23 December 2020. Please refer to UTSOnline - Quiz Heading

5

16 Dec 2020

Understanding Overhead Costing Notes: Review of cost allocation concepts Methods of cost allocation Plantwide method Steps to allocating overhead Volume based cost drivers Departmental method with production departments Departmental method with support departments Direct, step and reciprocal methods Readings — Langfield-Smith et al Chapter 7

6

18 Dec 2020

Activity Based Costing Notes: Refining a cost system Activity Based Costing Activity Based Management Traditional versus ABC approaches to designing a costing system Other issues with ABC Readings — Langfield-Smith et al Chapter 8 Quiz 2 will cover this topic and will be available from 10 to 13 January 2021. Please refer to UTSOnline - Quiz Heading

7

6 Jan 2021

Process Costing Notes: Overview of process costing Process costing with WIP Equivalent units Steps to process costing Weighted average method FIFO method Other issues in process costing Readings — Langfield-Smith et al Chapter 5

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8

8 Jan 2021

Environmental and Social Management Accounting Notes: Views on sustainability Corporate social responsibility (CSR) External reporting Sustainability reporting Key performance indicators (KPIs) Internal reporting Environmental cost reports Benefits and difficulties of CSR Readings — Langfield-Smith et al Chapter 16 (pp.780-782) and Chapter 17

9

20 Jan 2021

Cost Volume Profit (CVP) Analysis Notes: What is CVP? Assumptions (and limitations) of CVP Basics of CVP Multi-product decisions Margin of safety and operating leverage Readings — Langfield-Smith et al Chapter 18

10

22 Jan 2021

Standard Costing and Budgeting 1 Notes: Purposes of budgeting Budgets and standards Methods of budgeting Types of budgets Behavioural consequences of budgeting Readings — Langfield-Smith et al Chapter 9 Quiz 3 will cover this topic and will be available from 7 to 10 February. Please refer to UTSOnline - Quiz Heading.

11

3 Feb 2021

Standard Costing and Budgeting 2 Notes: Static versus flexible budgets Variances for direct costs Variances for overhead costs Investigating significant variances Responsibility for variances Readings — Langfield-Smith et al Chapters 10 and 11

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12

5 Feb 2021

Course Review Notes: Outline of final examination topics and structure

Supplements to Subject Outline There are two supplements attached to this subject outline: 1. Tutorial and Revision Guide 2. Tutorial Work Activities

Additional information There are four components to the teaching and learning process of this subject: 1. 2. 3. 4.

Pre-recorded Lectures Online Q&A Sessions Online Tutorials UTS Online

Lectures provide an overview of each topic and a general understanding of the relevant theoretical concepts. These concepts will be explained through real world examples and practical problems. Q&A sessions allow students to review lecture notes, clarify their understanding of core concepts presented in the lecture and debate practical issues. Tutorials allow students to receive feedback on attempted homework tasks, review homework problems, and be involved in group-based problem solving exercises and case studies. UTS Online can be accessed at http://online.uts.edu.auand will be learning management system used for conducting online assessments and providing students with assessment feedback via the Discussion Board and GradeCentre. UTS Online will be the main communication platform and regular subject-related content and announcements will be posted here. An aim of this subject is to help you develop academic and professional language and communication skills to succeed at university and in the workplace. During the course of this subject, you will complete a milestone assessment task that will, in addition to assessing your subject-specific learning objectives, assess your English language proficiency. U:PASS U:PASS (UTS Peer Assisted Study Success) is a voluntary “study session” where you will be studying the subject with other students in a group. It is led by a student who has previously achieved a distinction or high distinction in that subject, and who has a good WAM. The leader will typically prepare questions for you to work on, or if you have specific questions or things you’re not clear on, you can bring them along, and the leader will get the group to work on that. It’s really relaxed, friendly, and informal. Because the leader is a student just like you, they understand what it’s like to study the subject and how to do well, and they can pass those tips along to you. Students also say it’s a great way to meet new people and a “guaranteed study hour”. You can sign up for U:PASS sessions in My Student Admin https://onestopadmin.uts.edu.au/. You’ll find it listed in the area where you sign up for lectures, tutorials, etc. Note that sign up is not open until week 1, as it’s voluntary and only students who want to go should sign up. Note that you don’t have to be struggling in the subject to attend U:PASS – frequently students who are already doing well will do even better after attending U:PASS. If you have any questions or concerns about U:PASS, please contact Georgina at [email protected]. or check out the website: http://www.uts.edu.au/current-students/support/upass/upass

Assessment Multiple Choice Exams (15%) Group Assignment (25%) Final Exam (60%) Assessment task 1: Multiple Choice Quizzes (Individual) Objective(s): This addresses subject learning objective(s): 1 and 2 Weight:

15%

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Task:

Multiple choice quizzes covering specific subject topics will be conducted throughout the semester. There are three separate multiple choice question quizzes. The grade for this assessment will be the average of the two best quiz marks. Students will have only one opportunity to take each quiz. Failure to sit a quiz will result in a zero grade for that quiz. There are no supplementary exams for missed quizzes. Students are advised to complete the quizzes on UTS computers wthin the campus. Further details about the structure and due date of quizzes will be provided on UTS Online.

Length:

Students will have 40 minutes from the time of starting the quiz to answer 10 questions. At the end of 40 minutes the answers will be automatically submitted.

Further Quizzes are designed as a formative task for students to assess their degree of understanding of a topic. Quizzes information: cover the basic concepts and practical applications of a topic that are necessary for completing class preparation work as well as in-class problems. Once the quiz due date has passed students receive their mark and feedback through UTS Online. Further feedback is provided by tutors in-class and through the discussion board on UTS Online.

Assessment task 2: Assignment (Group) Objective(s): This addresses subject learning objective(s): 1 and 3 Weight:

25%

Task:

This assessment is a practice-based group assignment. Details of the assignment will be provided on UTS Online. This assessment is to be completed in groups of three or four students. Group members must be enrolled in the same tutorial.

Due:

Assessment due date will be provided on UTS Online.

Further The assignment is designed to provide students experience in addressing a real-world problem by applying cost information: accounting concepts and processes. Students will be provided written feedback by their tutor.

Assessment task 3: Final Exam (Individual) Objective(s): This addresses subject learning objective(s): 1, 2, 3 and 4 This addresses program learning objectives(s): 4.2 Weight:

60%

Task:

This assessment covers all topics in the subject. Students will be examined through problem-based questions that have both calculation and short-answer theory components. This task includes a milestone assessment component that evaluates English language proficiency. You may be guided to further language support after the completion of this subject if your results in this milestone task indicate you need more help with your language skills.

Length:

Duration: 2 hours

Due:

Formal Examination Period - Exact date and time TBA.

Further Examinations will be centrally-conducted under University examination conditions, and hence thoroughly address information: concern regarding secure assessment. Please review the conditions for centrally-conducted exams: https://www.uts.edu.au/current-students/managing-your-course/classes-and-assessment/exams Failure to sit the exam at the formally designated time may result in failure of the course, unless you comply fully with the SAU special consideration procedure. Please consult the website following for detail on the acceptable conditions and relevant procedures for alternative examinations: https://www.uts.edu.au/current-students/managing-your-course/classes-and-assessment/exams/alternative-examinatio

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Examination material or equipment All examinations are closed book, and only non-programmable calculators are allowed.

Minimum requirements Students must achieve at least 50% of the subject’s total marks.

Required texts Langfield-Smith, K., Smith, D., Andon, P., Hilton, R. W., and Thorne, H., 2018, Management Accounting: Information for Managing and Creating Value, 8th edn, Sydney: McGraw-Hill Australia. It is recommended that students purchase the 8th edition

Academic liaison officer Dr Robert Czernkowski, Accounting Discipline Group, telephone 9514 3736 Mr Harry Tse, Economics Discipline Group, telephone 9514 7786 or 9514 5456 Dr Otto Konstandatos, Finance Discipline Group, telephone 9514 7758 Dr Paul Wang, Marketing Discipline Group, telephone 9514 3692 Associate Professor Carmel Foley, Management Discipline Group, telephone 9514 5102 Any arrangements should be negotiated within the first six weeks of session.

Support Student Services Unit/Counselling: Student Services provides a range of free and confidential professional services to support different aspects of your life and learning at UTS. These services include counselling for personal and learning problems or issues. If you are experiencing difficulties with your overall study program, for whatever reason, telephone +61 2 9514 1177 (City campus). Students with disabilities or ongoing medical conditions: If you are a student who has a disability or ongoing medical condition that requires support services you are encouraged to contact the accessibility consultants or Accessibility Service (telephone +61 2 9514 1177) for a confidential interview. Supporting documentation regarding your disability or ongoing medical condition is required if you wish to apply for assessment adjustments, including alternative assessment conditions. Each faculty has appointed academic liaison officers (ALOs) who are responsible for approving assessment adjustments. Meeting with the accessibility consultants or Accessibility Service before seeking assessment adjustments from your ALO is required. Improve your academic and English language skills: Marks for all assessment tasks such as assignments and examinations are given not only for what you write but also for how you write. If you would like the opportunity to improve your academic and English language skills, make an appointment with the HELPS (Higher Education Language and Presentation Support) service in Student Services. HELPS (Higher Education Language and Presentation Support): HELPS provides assistance with English language proficiency and academic language. Students who need to develop their written and/or spoken English should make use of the free services offered by HELPS, including academic language workshops, vacation intensive courses, drop-in consultations, individual appointments and Conversations@UTS. HELPS is located in Student Services, Building 1, Level 5, Room 25 (CB01.05.25). Study skills / learning support: If you are experiencing difficulty with your studies or need to develop the necessary study skills you require for your course, there is a host of useful information and websites to help you on the UTS Business School, Study and Assessment Resource website. Links on how to write better, study more effectively, available support services/staff to help, how to complete assignments; as well as tips for succ...