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ACCOUNTING 325: INTERMED MANAG & TAX ACCT Spring 2015 San Diego State University College of Business Administration Charles W. Lamden School of Accountancy COURSE INFORMATION Instructors: James Williamson, until March 10 Instructor: Nathan Oestreich, beginning March 9 Office: SSE 2429; TTh, 1530 - 1600 & M, 1900 – 1930. Office:: SSE 2413; TTh, 1015 – 1045 & by appointment Course Overview In this course we will examine the theories, practices, and concepts necessary to understand the decision making requirements of internal users of accounting information. We will also explore the tax considerations which affect managerial decision making. A NEW TOPIC is the formal inclusion of ENVIRONMENTAL and SOCIAL costs in our analysis. At the end of this course students should be able to: 1. Use the tax formula and the necessary components to calculate taxable income, and ultimately the federal income tax, for individuals, corporations and estates and trusts. Compare and contrast the different taxable entities. 2. Assess the effects of personal, investment, and business transactions individually and collectively on the federal income tax, the gift and estate taxes, and other selected taxes. Define and illustrate various cost terms and concepts and evaluate their relevancy for different decision-making purposes. Discuss the impact of technology on the manufacturing environment and its implications for product costing and the development of activity-based costing and management. 3. Explain the development and use of standard costs, prepare and interpret variance analysis reports and relate them to responsibility accounting and control. 4. Explain the purposes of budgeting; prepare a master budget and its component schedules and relate the budget to planning and control. 5. Explain why the formal inclusion of environmental and social costs in the decision making process are necessary to be successful in the 21st Century. Because this course is specifically directed toward students majoring in Finance, instead of accounting, I quote from Warren Buffet: You should have a knowledge of how business operates and the language of business (accounting), some enthusiasm for the subject, and qualities of temperament which may be more important than IQ points. These will enable you to think independently and to avoid various forms of mass hysteria that infect the investments markets from time to time. Understanding the fundamentals of accounting is a form of self-defense: When managers want to get across the facts of the business to you, it can be done within the rules of accounting. Unfortunately, when they want to play games, at least in some industries, it can also be done within the rules of accounting. If you can’t recognize the differences, you shouldn’t be in the equity-picking business. (Janet Lowe, Warren Buffett Speaks: Wit and Wisdom from the World’s Greatest Investor. John Wiley & Sons, Inc., New York, 1997.) Student Learning Outcomes BSBA students will graduate being: Effective Communicators Critical Thinkers Able to Analyze Ethical Problems Global in their perspective Knowledgeable about the essentials of business Enrollment Information This is a required course for Finance majors. Upper division status is required. Course Materials Required Materials (See Aztec Shops book list): INDIVIDUAL TAXATION, Pratt & Kulsrud, 2015; and Intermed Manag & Tax Acctg 325, Williamson. Course Structure and Conduct Style of the Course: Traditional Lecture, Lecture-Discussion, In-class problem solving. Students with Disabilities If you are a student with a disability and believe you will need accommodations for this class, it is your responsibility to contact Student Disability Services at (619) 594-6473. To avoid any delay in the receipt of your accommodations, you should contact Student Disability Services as soon as possible. Please note that accommodations are not retroactive, and that accommodations based upon disability cannot be provided until you have presented your instructor with an accommodation letter from Student Disability Services. Your cooperation is appreciated. Academic Honesty The University adheres to a strict policy regarding cheating and plagiarism. These activities will not be tolerated in this class. Become familiar with the policy (http://www.sa.sdsu.edu/srr/conduct1.html). Any cheating or plagiarism will result in a grade of “F” in the course. Examples of Plagiarism include but are not limited to: Using sources verbatim or paraphrasing without giving proper attribution (this can include phrases, sentences, paragraphs and/or pages of work) Copying and pasting work from an online or offline source directly and calling it your own Using information you find from an online or offline source without giving the author credit Replacing words or phrases from another source and inserting your own words or phrases Submitting a piece of work you did for one class to another class If you have questions on what is plagiarism, please consult the policy and this helpful guide from the Library Turnitin Students agree that by taking this course all required papers may be subject to submission for textual similarity review to Turnitin.com for the detection of plagiarism. All submitted papers will be included as source documents in the Turnitin.com reference database solely for the purpose of detecting plagiarism of such papers. You may submit your papers in such a way that no identifying information about you is included. Another option is that you may request, in writing, that your papers not be submitted to Turnitin.com. However, if you choose this option you will be required to provide documentation to substantiate that the papers are your original work and do not include any plagiarized material. Assessments and Grading Course grades will be assigned in accordance with San Diego State University policy (see General Catalog, pp. 468-470). Undergraduate grades shall be: A (outstanding achievement, available only for the highest accomplishment), B (praiseworthy performance, definitely above average), C (average, awarded for satisfactory performance, the most common undergraduate grade), D (minimally passing, less than the typical undergraduate achievement), F (failing). Table1. Your course grade will be based on the following weighted components Component Weight Exam 1 50 Exam 2 150 Exam 3 150 Component Weight Daily work 50 Your FINAL GRADE in the class will be determined by the total number of points that you earn during the semester: GRADE A B+ BC F POINTS 360-400 350-354 310-319 260-299 000-199 GRADE POINTS AB C+ D 355-359 320-349 300-309 200-259 Week Topics Activities 1: January 26 Introduction to Strategy, Cost Management, and Cost Systems 2: January 29 An Overview of Federal Taxation Chapter 1 from Cost Accounting Exercises 6,17,18,19,21,33,46 Chapter 1 from Taxation Exercises 17,18,19,20,23,26,28, 31,32,33,34 3: February 3, 5 Taxable Entities, Tax Formula Chapter 3 from Taxation Exercises 31,32,33,34,35,37,38,39,42, 45,46,47,48,49,50 4: February 10, Activity-Based Costing and Customer Profitability Analysis Chapter 5 from Cost Accounting Exercises 16,17,18,19,20,21,22,32,50 5: February 12, 17, Short-Term Profit Planning: CVP Chapter 9 from Cost Accounting Exercises 11,12,13,14,15,16,17,18,19,20, 33,36,43,50 February 19 Exam 1 Decision Making with a Strategic Emphasis 6: February 24, 26, March 3 Cost Planning for the Product Life Cycle: Target Costing, Theory of Constraints, and Strategic Pricing The Management and Control of Quality Comprehensive from beginning of semester Chapter 11 from Cost Accounting Exercises 11,12,13,14,15,17,23,26,28 Chapter 13 from Cost Accounting Exercises 20,21,22,23,24,25,26,28, 33,46,47,51 Chapter 17 from Cost Accounting Exercises 12,14,15,16,17,25,30,32,47,57 7: March 5 Strategic Performance Measurement: Investment Centers & Transfer Pricing Chapter 19 from Cost Accounting Exercises 11,12,13,15,16,17,18,19,20, 31,40,55 8: March 10, EXAM 2 Comprehensive from beginning of semester. 12 Property Transactions; Basis Determination and Recognition of Gain or Loss Chapter 14 from Taxation Problems 10, 25, 27, 31,33,34, 38 9: March 17 Like-kind Exchanges 10: March 19, 24, 26 Property Transactions: Capital Gains and Losses Chapter 15 from Taxation (Selected pages) Chapter 16 from Taxation Problems 1, 2, 8, 9, 10, 12, 22, 23, 30,56 11: April 7, Capital Recovery: Depreciation Chapter 9 from Taxation Jurisdictional Issues Reading TBA 9 Amortization, 12: April 14, 16 Employee Compensation and Retirement Plans Chapter 18 from Taxation 13: April 21, 23, 28 Taxation of Business Forms Their Owners Chapter 19 from Taxation 14: April 30, TBA 15: May 5, 7 16: May 12 Final Exam Exams and Exam Policies. Exams will be objective in nature (i.e., multiple choice and true false) and are open-book. Cases and class work to be announced. At least one essay will be submitted to Turnitin. Grade of Incomplete. A grade of Incomplete (I) indicates that a portion of required coursework has not been completed and evaluated in the prescribed time period due to unforeseen, but fully justified, reasons and that there is still a possibility of earning credit. It is your responsibility to bring pertinent information to the instructor and to reach agreement on the means by which the remaining course requirements will be satisfied. The conditions for removal of the Incomplete shall be reduced to writing by the instructor and given to you with a copy placed on file with the department chair until the Incomplete is removed or the time limit for removal has passed. A final grade is assigned when the work agreed upon has been completed and evaluated. An Incomplete shall not be assigned when the only way you could make up the work would be to attend a major portion of the class when it is next offered. Contract forms for Incomplete grades are available at the Office of the Registrar website Tentative Course Schedule Changes to the course schedule, if any, will be announced in class. For Monday class, adjust calendar as appropriate and consult Blackboard.