UNIVERSITY OF THE PHILIPPINES VISAYAS TACLOBAN COLLEGE
DIVISION OF MANAGEMENT Course Syllabus *Course number *Course title *Course credit *Class venue, day & time Section
BA 114.1
*Professor
Accounting Theory and Practice I
*Consultation hours
6 Units
Prerequisite
DM-21 M T Th F 01:00-2:30 EM
E-mail Website Phone Local
Harold B. Lacaba 3:00-5:00 PM MTThF BA 99.1 and BA 99.2; 3rd year BSA
[email protected] http://haroldlacaba.webng.com 09228371392
*Course description
This course is designed for accounting major students who have completed the fundamental accounting courses. The course will cover the conceptual framework of accounting and the generally accepted accounting principles applicable to accounting and financial reporting.
*Course goals
At the end of the course, the student is expected to be able to: 1. Perform the functions of analyzing, recording, classifying, summarizing and reporting business transactions in accordance with generally accepted accounting principles. 2. Understand, analyze and solve accounting problems and cases. 3. Know and understand the conceptual framework of accounting and the pronouncements of the Accounting Standards Council embodied in the Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS) 4. Recognize, analyze and justify the need for new or revised standards to appropriately address changes in the business environment and in requirements of users of financial information which may involve harmonizing pure theory and economic reality.
*Course schedule Session 1-2
*Course objective The student should be able to: Enumerate the users of accounting information and their information needs;
*Topic/Activity The Development of the Accounting Profession/ Framework of Accounting
*References and deadline of requirements Chapter 1 Submission on end-of-chapter questions
Enumerate the branches of accounting; Narrate the history of the accounting profession; Identify the recent developments affecting the accounting profession
1
Session 3-4
The student should be able to:
Financial Statements: An Introduction
Chapter 2 Submission on end-of-chapter questions
The student should be able to:
Cash and Cash Equivalents
Chapter 3 http://cashaccounting.webng.com/
Determine how and at what amount cash is presented in the balance sheet;
Board work on cash problems
Identify some basic features of internal control to safeguard cash;
Cases on Internal Control about Cash
Know the proper accounting for petty cash fund
Short Quiz
Prepare bank reconciliation and
Chapter 4 http://bankrecon.webng.com/
Formulate adjusting entries to bring cash account to its correct balance;
Bank Reconciliation Board work /Critiquing of answers on the board Case Problems Short Quiz
The student should be able to:
Loans and Receivables
Chapter 5 and 6 http://receivables.webng.com/
Identify when and at what amount receivables are initially recognized;
Board work /Critiquing of answers on the board Case Problems Short Quiz
Identify the different components of the financial statements Know the different elements of the financial statements Prepare the different financial statements Solve problems and cases related to financial statement preparation
Session 4-5
Session 6-7
Session 8-9
Submission on end-of-chapter questions Critiquing of answers on the board
Submission on end-of-chapter questions
Submission on end-of-chapter questions
Formulate entries for transactions affecting notes and accounts receivables; Determine how and at what amount receivables are presented on the balance sheet Session
Formulate entries to account for different forms of receivable
Receivable Financing Board work /Critiquing of answers
Chapter 7
2
10-11
Session 12-13
financing;
The student should be able to: Enumerate the items making up the inventories of a manufacturing entity, a merchandising entity and a service entity;
on the board Case Problems Short Quiz
http://receivables.webng.com/
Inventories Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 8
Inventory Valuation Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 9
Biological Assets Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 10
Submission on end-of-chapter questions
http://inventory.webng.com/ Submission on end-of-chapter questions
Differentiate the perpetual inventory system and periodic inventory system; Compute inventory values using the different inventory costing procedures; Evaluate effects of inventory costing methods for both financial and tax reporting; Identify the effects of inventory errors on current and future financial statements; Measure inventories based on the lower of cost and net realizable value; Session 14-15
Session 16-17
The student should be able to have a working knowledge on the following: a. Measurement of inventory b. FIFO, weighted average, specific identification and LIFO c. Measurement at lower of cost or NRV d. Accounting for inventory writedown and reversal of writedown e. Standard costs f. Relative sales price method g. Purchase commitments h. Disclosure with respect to inventories i Agricultural forest and mineral products j. Commodities of broker-traders The student should have a working knowledge on the following: a. Definition of biological assets, agricultural produce and harvest b. Recognition of biological assets and agricultural produce c. Measurement of biological
Submission on end-of-chapter questions
Submission on end-of-chapter questions
3
assets and agricultural produce Session 18-19
Session 20-21
Estimate cost of inventories using estimating procedures and understand the applicability of each estimating procedures
The student should be able to: Explain why enterprises acquire investments; Distinguish the different classification of investment securities;
Inventory Estimation Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 11
Financial Asset at Fair Value Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 12
Investment in Equity Securities Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 13
http://www.freewebs.com/invent oryestimation/ Submission on end-of-chapter questions
Submission on end-of-chapter questions
Account for investment securities (transactions subsequent to acquisition and disposal); Account for changes in value of investment securities; Determine the proper valuation for investment securities on the balance sheet;
Session 2223
Session 24-25
Identify the required disclosures for investment securities The student should have a working knowledge on the following: a. Acquisition of equity securities b. Investment categories c. Investment in unquoted equity instruments d. Sale of equity securities e. Cash dividend, property dividend, liquidating dividend, stock dividend f. Shares received in lieu of cash dividend g. Share split, special assessment, redemption of share h. Stock rights accounted for separately and not accounted for separately The student should have a working knowledge on the following: a. Intercorporate share investments b. Equity method c. Upstream and downstream transactions d. Measurement after loss of significant influence
http://investments101.webng.co m/ Submission on end-of-chapter questions
Investment in Associate Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 14 Submission on end-of-chapter questions
4
Session 26-27
Session 28-29
Session 30-31
Session 3233
e. Investment of less than 20% f. Cost Method g. Cash dividend from preacquisition retained earnings h. Change from cost or fair value to equity method I. Investment in associate achieved in stages The student should have a working knowledge on the following: a. Measurement at amortized cost b. Definition of bond c. Classification of bond investment d. Amortization of discount or premium e. Sale of bond prior to maturity f. Callable, convertible, serial and term bonds g. Methods of amortization – straightline, bond outstanding, and effective interest method h. Computation of effective interest rate I. Computation of purchase price of bonds The student should have a working knowledge on the following: a. Definition of investment property and owner-occupied property b. Recognition of investment property c. Measurement of investment property d. Derecognition of investment property e. Disclosures related to investment property The student should have a working knowledge on the following: a. Current and noncurrent fund b. Accounting for sinking fund, preference share redemption fund, fund for property acquisition, contigency fund and insurance fund c. Annual contribution at the beginning of each year d. One time contribution e. Cash surrender value The student should have a working knowledge on the following:
Financial Asset at Amortized Cost Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 15
Investment Property Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 16
Fund and Other Investments Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 17
Derivatives Board work /Critiquing of answers on the board
Chapter 18
Submission on end-of-chapter questions
Submission on end-of-chapter questions
Submission on end-of-chapter questions
Submission on end-of-chapter questions
5
Session 34-35
a. Purpose of derivatives b. Types of financial risk c. Characteristics of derivatives d. Measurement of derivatives
Case Problems Short Quiz
Determine the proper amount at which items of property, plant and equipment are measured upon recognition;
Property, Plant and Equipment
Account for costs incurred subsequent to acquisition of property, plant and equipment;
Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 19
http://equipment.webng.com/ Submission on end-of-chapter questions
Account for changes in estimated useful life and changes in residual value of property, plant and equipment; Properly measure property, plant and equipment on the balance sheet; Identify the required disclosures on the financial statements related to property, plant and equipment Session 36-37
Session 38-39
Session 40-41
The student should have a working knowledge on the following: a. Definition of government grant b. Recognition and measurement c. Disclosures related to government grant The student should have a working knowledge on the following: a. Definition of borrowing costs b. Qualifying assets c. Assets excluded from capitalization d. Accounting for borrowing cost e. Disclosures related to borrowing cost The student should have a working knowledge on the following: a. Land – statement classification, costs chargeable, land improvements, special assessment, real property taxes b. Building – costs chargeable when purchased and when constructed c. Sidewalks, pavements, parking lot, driveways, claim for damages, building fixtures,
Government Grant Board work /Critiquing of answers on the board Case Problems Short Quiz Borrowing Cost Board work /Critiquing of answers on the board Case Problems Short Quiz
Land, Building and Machinery Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 20 Submission on end-of-chapter questions
Chapter 21 Submission on end-of-chapter questions
Chapter 22 Submission on end-of-chapter questions
6
Session 42-43
Session 44-45
Session 46-47
Session 4849
ventilating system, lighting system, elevator d. Machinery, tools, patterns and dies, equipment, returnable containers e. Capital expenditures and revenue expenditures f. Additions, improvements or betterments, replacements, repairs, rearrangement cost g. Accounting for major replacement The student should have a working knowledge on the following: a. Concept of depreciation b. Methods of depreciation
Depreciation Board work /Critiquing of answers on the board Case Problems Short Quiz
The student should have a working knowledge on the following: a. Exploration and evaluation of mineral resources b. Wasting asset – cost of wasting asset c. Depletion and depletion method d. Revision of depletion rate e. Depreciation of mining property f. Trust fund doctrine and wasting asset doctrine g. Maximum dividend under the wasting asset doctrine
Depletion Board work /Critiquing of answers on the board Case Problems Short Quiz
The student should have a working knowledge on the following: a. Cost model and revaluation model b. Frequency and basis of revaluation c. Statement of presentation and classification d. Accounting for revaluation – proportional and elimination approach e. Revaluation surplus f. Sale of revalued asset g. Disclosures related to revaluation
Revaluation Board work /Critiquing of answers on the board Case Problems Short Quiz
The student should have a working knowledge on the following: a. Definition and measurement of impairment
Impairment of Assets Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 23 Submission on end-of-chapter questions
Chapter 24 Submission on end-of-chapter questions
Chapter 25 http://equipment.webng.com/p9.html
http://equipment.webng.com/p10.ht ml Submission on end-of-chapter questions
Chapter 26 Submission on end-of-chapter questions
7
b. Fair value less cost to sell c. Value in use d. Cash generating unit e. Corporate assets f. Reversal of impairment loss The student should be able to:
Session 50-51
Midterms Finals
a. Explain the nature of intangible assets; b. Account for acquisition of intangible assets; c. Account for amortization of intangible assets; d. Determine how and at what amount intangible assets are presented on the balance sheet; e. Account for subsequent expenditures on intangible assets; and f. Identify the disclosure requirements for intangible assets Wednesday after the discussion on Inventory Valuation As scheduled (University calendar)
Intangible Assets Board work /Critiquing of answers on the board Case Problems Short Quiz
Chapter 27 and 28 Submission on end-of-chapter questions
Power point Presentation. Board work /Critiquing of answers on the board Case Problems Short Quiz
*Teaching methods & strategies
*Grading System
Activity
Points
1. Midterms
30%
2. Finals
30%
3. Quizzes
20%
4. Board work/attendance/assignments /other requirements
20%
Total Class requirements details *Reading List
100%
Answers to end of chapter questions will be written on a notebook.
Financial Accounting Book 2011 or 2012 edition by Valix, Valix and Peralta Intermediate Accounting Books PAS/PFRS
Class-pals
List below names of at least three classmates. Get the best mode of getting in touch with them in case you have concerns regarding the course. Name
Phone/Fax/Cell
Email
Address
8
9
