This course provides an introduction to accounting, within the context of business and business decisions. Students obtain basic understanding of the principles and concepts of accounting as well as their applicability and relevance in the national context and learn how to use various types of accounting information found in financial statements and annual reports. Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing students with an adequate background on the recording, classification and summarization functions of accounting enabling them to appreciate the varied uses of accounting data
This course provides an introduction to accounting, within the context of business and business decisions. Students obtain basic understanding of the principles and concepts of accounting as well as their applicability and relevance in the national context and learn how to use various types of accounting information found in financial statements and annual reports. Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing students with an adequate background on the recording, classification and summarization functions of accounting enabling them to appreciate the varied uses of accounting data
This course provides an introduction to accounting, within the context of business and business decisions. Students obtain basic understanding of the principles and concepts of accounting as well as their applicability and relevance in the national context and learn how to use various types of accounting information found in financial statements and annual reports. Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing students with an adequate background on the recording, classification and summarization functions of accounting enabling them to appreciate the varied uses of accounting data
This course provides an introduction to accounting, within the context of business and business decisions. Students obtain basic understanding of the principles and concepts of accounting as well as their applicability and relevance in the national context and learn how to use various types of accounting information found in financial statements and annual reports. Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing students with an adequate background on the recording, classification and summarization functions of accounting enabling them to appreciate the varied uses of accounting data
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TOMAS DEL ROSARIO COLLEGE
Balanga City, Bataan
Syllabus in Accounting 1 Fundamentals of Accounting, Part 1 First Semester, School Year 2009-2010 Mrs. Maria Cristina M. Santiago I. COURSE DESCRIPTION : This course provides an introduction to accounting, within the context of business and business decisions. Students obtain basic understanding of the principles and concepts of accounting as well as their applicability and relevance in the national context and learn how to use various types of accounting information found in financial statements and annual reports. Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing students with an adequate background on the recording, classification and summarization functions of accounting enabling them to appreciate the varied uses of accounting data. II. COURSE GOALS : At the end of the course, the student is expected to: 1. Appreciate the need for the fair and reliable reporting of assets, liabilities, owners equity, revenue and expenses, as they affect the economic decision of statement users. 2. Appreciate the significance of the accounting to his/her personal life. 3. Appreciate internal control system, business documents and forms, their designs/ uses and relationships with accounting records and reports. 4. Understand the logic of double-entry bookkeeping, the nature and significance of each step in the accounting cycle. 5. Appreciate the nature, functions , scope and limitations of accounting, its various users and its relationship with other disciplines and its professional status. 6. Appreciate the role of accounting in business and be motivated to learn more about it. 7. Appreciate the values of honesty and objectivity in the accounting process. III. Credit Time Allotment IV. COURSE CONTENT
: 6 units : 108 hours : PRELIMINARY PERIOD
Learning Objectives
Learning Contents
Time Allotment
Learning Activities
Learning Assessment
Define accounting and appreciate
its role business and other disciplines. Discuss the nature of accounting as a service activity Describe the various career opportunities in Accounting Discuss the importance of basic professional values and ethical behavior on the part of accounting professionals Identify the types of accounting information and explain its importance to various users and decision makers
Discuss the history of accounting
and the significant influence of Italians and changing nature of business on the development of the accounting system
1. Introduction to Accounting 1.1 Definition, purpose, nature, functions, scope and objectives of Accounting 1.2 Different branches of Accounting (Financial, Management, etc.) 1.3 The accounting profession: career opportunities 1.4 Specialized accounting fields (public, private, government and accounting education) 1.5 Basic Professional values and ethics 1.5.1 Reputation 1.5.2 Integrity and due care 1.5.3 Competence 1.5.4 Objectivity 1.5.5 Client relations and confidentiality 1.5.6 Reporting breaches of conduct 1.5.7 Unlawful activities 1.5.8 Fees and remuneration 1.5.9 Publicity and advertising 1.5.10 Disciplinary procedures 1.6 The classical notion of stewardship 1.7 Users of accounting information (internal vs. external) 1.8 Double entry bookkeeping 1.9 History of Accounting 1.9.1 The Florentine vs. Venetian approach to reporting 1.9.2 Savory and Napoleonic Commercial Code 1.9.3 The industrial revolution and the share-issuing company 1.9.4 The arrival of income taxation and conflict with financial accounting 1.9.5 Schmalenbach and the chart of accounts 1.9.6 The rise of the group of companies and the need for
Week 1
Lecture Class Discussion
(6hours)
Quiz Recitation Seatwork Report
Group Activity: Search the web and find out more about the different organizations influencing the practice of Accounting in the Philippines. Report your findings to the class.
Professional Regulatory Board PICPA FRSC
Lecture Class Discussion
Week 2 (6hours)
Internet activity:
Quiz Recitation Seatwork Report
Enumerate the basic financial
statements and state the contents of each statement Define and classify the elements of financial statements Give examples of assets, liabilities, equity, income and expenses Explain the nature of the accounting information system Discuss the functions of an information system Discuss the nature and need for business documents Explain the nature of business transactions Discuss the effect of business transactions on the accounting equation Classify the business activities into financing, investing or
consolidated accounts 1.9.7 Internationalization of markets and reporting 1.10 Accounting variations among countries 1.10.1 Why practices differ from one country to another even though the same set of basic principles is followed 1.10.2 The linkage of tax laws and accounting principles 1.10.3 Differences in the degree of development of the capital markets in countries and their effect on the development and use of GAAP 1.11 Forms of business organization and their activities 1.12 Accounting concepts and principles 1.13 The basic financial statements of business organizations 1.14 Relationships among the financial statements
Search the web and
find out more about the history of Accounting.
Week 3 (6 hours)
Class discussion
Recitation Quiz
Week 4 (6 hours)
Lecturedemonstration
Seatwork Assignment Board work Quiz Project
2. Introduction to Accounting Information System 2.1 Features of an effective information system 2.2 Overview of accounting information system 2.3 The three stages of data processing 3. Analyzing and summarizing business transactions 3.1 Definition of business transactions and source documents 3.2 Summary of Business activities 3.2.1 Financing 3.2.2 Investing 3.2.3 Operating 3.3 The Accounting equation 3.4 Analyzing and accounting for
Group project: Bring samples of different business documents and
operating Illustrate the effect of business transactions on the financial statements
business transactions 3.5 Presentation of results of routine transactions by preparing the Basic Financial statements 3.6 Relationship among the financial statements
Enumerate the different steps in
the accounting cycle Explain the nature and role of accounting records Enumerate and describe the types of accounts Interpret the effects of transactions on T accounts in terms of the rules of debits and credits Record the transactions in a twocolumn journal
4. Recording transactions of a service
company
Post the transactions in the
general ledgers Prepare the trial balance Locate errors in the trial balance and prepare a corrected trial balance
4.1 Double entry accounting and
accounting systems 4.2 The account and T-Account 4.3 Rules of Debit and credit 4.4 Chart of accounts and normal balances 4.5 Recording in two-column journal
4.6 Posting to the ledger
4.7 Preparing the trial balance 4.7.1 steps in taking the trial balance 4.7.2 locating errors
discuss to the class
the use of each document.
Week 5 (6 hours)
Lecturedemonstration
Board work Assignments Quiz
Problem solving
Week 6 (6hours)
Lecturedemonstration Problem solving
Board work Assignments Quiz
MID-TERM PERIOD
Learning Objectives Distinguish between accrual basis and cash basis of accounting Explain the basic accounting principles Explain the need to prepare adjusting entries Prepare adjusting journal entries
Prepare adjustments and
complete the worksheet Prepare the basic financial statements in good form Post the adjusting journal entries Prepare the closing reversing entries Post the closing and reversing entries
Differentiate a merchandising company from a service company Explain the operating cycle of a merchandising company and its major activities
Learning Contents 5. Measuring business income 5.1 Accrual basis accounting vs. Cash basis accounting 5.2 Accounting period 5.3 Revenue principles 5.4 Matching principles 5.5 Time-period concepts 5.6 Overview of the adjusting process 5.7 Adjustments for prepayments and accruals 5.8 Preparation of the adjusted trial balance and financial statements 5.8 Preparation of the adjusted trial balance and financial statements 5.9 Use of Accounting information for decision making 6. Completing the accounting cycle 6.1 Overview of the Accounting cycle 6.2 Preparation an accounting worksheet 6.3 Using the worksheet 6.4 Preparing financial statements from the worksheet 6.5 Journalizing and posting adjusting entries 6.6 Journalizing and posting closing entries 6.7 Preparing the post-closing trial balance 6.8 Preparing the reversing entries 7. Recording merchandising business transactions 7.1 Merchandising operations 7.2 Recording merchandising business transactions in a two-column journal 7.2.1 Purchases 7.2.2 Sales
Time Allotment Week 7 (6hours)
Weeks 8 and 9 (12hours)
Learning Activities Lecture-demonstration
Learning Assessment
Problem solving
Board work Assignments Quiz
Lecture-demonstration Problem solving OHP
Board work Seatwork Quiz
Activity: Solve a comprehensive problem applying the steps in the accounting cycle
Week 10 (6hours)
Lecture-demonstration Problem solving OHP
Board work Seatwork Quiz
Record purchase and sale
of merchandise using the two methods Cite the differences between cash discounts and sales discount Identify and record the different terms of shipments Perform the accounting cycle that leads to the preparation of financial statements of a merchandising business
and subsidiary ledgers 8.2 Types of special journals 8.3 Recording of financing, investing and operating transactions in the special journals
Quiz Recitation Seatwork
FINAL PERIOD Leaning Objectives Record and compute doubtful accounts expense using the different methods
Learning Contents 9. Accounts and Notes Receivable 9.1 Methods of recognizing doubtful accounts expense 9.1.1 Direct write off method 9.1.2 Allowance method
Time Allotment
Learning Activities
Learning Assessment
Week 13 (6hours)
Lecture by the teacher
Quiz Recitation Seatwork
Week 14 (6hours)
Lecture-demonstration
Quiz Recitation Seatwork
9.2 Estimating doubtful accounts using
sales and accounts receivable 9.2.1 Based on Accounts Receivable 9.2.2 Based on Sales
Compute interest, maturity
value, discounts and proceeds Record the receipt and
(Financial Accounting Volume 1 by
Conrado Valix and Jose F Peralta) 10. Receipt and discounting of promissory notes 10.1 Computation of interest, maturity value, discount and proceeds
discounting of promissory notes Identify the nature of transactions of a manufacturing business and compare them with the service and merchandising. Account for the transactions of a manufacturing concern Prepare the Cost of Goods Manufactured and Sold Prepare a payroll sheet and record transactions affecting payroll
11. Manufacturing Operations
11.1 Nature of manufacturing business 11.2 Transactions related to manufacturing process 11.3 Elements of manufacturing costs 11.3.1 Materials 11.3.2 Labor 11.3.3 Factory overhead 11.4 Preparation of Cost of Goods manufactured and Sold
Lecture-demonstration Problem solving
Quiz Recitation Seatwork
Week 16 (6hours)
Group Activity: Visit the SSS, BIR, Phil health and HDMF Offices and get copies of deduction schedules or tables for withholding tax, SSS, Phil health and Pag-ibig. Demonstrate to the class how to use these tables in payroll preparation. Peer tutoring
Quiz Report
12. Payroll Accounting
11.1 Preparation of the Payroll 11.2 Withholding tax 11.3 HDMF contributions 11.4 SSS contributors 11.5 Phil health contributions
13. Practice set
Apply the basic
accounting skills
V. TEXTBOOK
Week 15 (6hours)
Week 17 and 18 (12hours)
Practice set
1. Ballada, Win Lu, Basic, Accounting Made Easy, 14th edition. Dom Dane Publishers. 2009 VI. REFERENCE 1. 2. 3. 4. 5. 6.
Quizzes Long Examinations Recitation Practice Set Group Activity Projects
VIII. GRADING SYSTEM
Grades are Computed as follows:
Preliminary Average = (C.S. x 2) +_Preliminary Exam 3 Mid-term Average = (C.S. x 2) + Midterm Exam 3 Final Average = (C.S. x 2) + Final Exam 3 Final Grade
= Prelim Average + Midterm Average + Final Average
3
The class standing is the sum of recitation, quizzes, group activity, projects, assignment and attendance. The following formula is used on grade transmutation. 50 # of items x RS + 50 Prepared by:
