Modfin2 Syllabus Modular_revised May 2013 - Portrait...
COLLEGE COURSE CODE INSTRUCTOR NAME
: RVR COB : MODFIN2 :
DEPARTMENT ROOM CLASS DAYS
: Accountancy : : M -H
: 0940 -1110/ 1120 - 1250
: To be announced
COURSE DESCRIPTION: This course MODFIN2, FINANCIAL ACCOUNTING AND REPORTING FOR ASSETS – PART 2, deals with the study of fundamental assumptions, theoretical concepts and generally accepted accounting principles as discussed in the Philippine Accounting Standards (PAS) and the Philippine Financial Reporting Standards (PFRS); the conditions under which they may be appropriately applied and their impact or effect on the financial statements. The course covers detailed discussion, appreciation and application of accounting principles covering assets, financial and non-financial. Emphasis is given on the interpretation and application of theories of accounting in relation to cash, receivables, property, plant and equipment including depreciation methods, revaluation and impairment of property assets, wasting assets, depletion; and other types of investments.
LEARNING OUTCOMES (LO): UNIVERSITY EXPECTED LASALLIAN GRADUATE ATTRIBUTES (ELGA) Critical and creative thinker Effective communicator Reflective lifelong learner
LEARNING OUTCOMES On completion of the course, the student is expected to be able to do the following: LO1: Apply appropriate accounting standards on cash, receivables, property, plant and equipment including depreciation methods, revaluation and impairment of property assets, wasting assets, depletion; and other types of investments in the analysis of business transaction. LO2: Prepare and present a written report synthesizing the application of PAS 8, 16, 20, 36, 32, 40 and PFRS 6, 7 and 9 in a real world scenario.
FINAL COURSE OUTPUT: LEARNING OUTCOMES
LO1: Apply appropriate accounting standards on cash, receivables, property, plant and equipment including depreciation methods, revaluation and impairment of property assets, wasting assets, depletion; and other types of investments in the analysis of business transaction.
At least fifty solved exercises/problems per unit with at least ten solved exercises/problems per major topic in the unit
Days 5, 11, 17, 23, 27
LO2: Prepare and present a written report synthesizing the One written critique paper. application of PAS 8, 16, 20, 36, 32, 40 and PFRS 6, 7 and 9 in a real world scenario.
Days 30, 32
RUBRIC FOR ASSESSMENT: Solved Exercises/Problems CRITERIA
EXEMPLARY SATISFACTORY 4 3 Completeness The student solves The student solves all assigned all of the assigned [80%} exercises/problems exercises/problems. and presents all solutions in good accounting form.
DEVELOPING 2 The student solves majority but not all of the assigned exercises/problems
BEGINNING RATING 1 The student does not solve majority of the assigned exercises/problems.
Neatness and The student solves exercises/problems Orderliness in an orderly [20%] manner, corrects error properly, labels all solutions, writes legibly, uses ruler, uses money columns correctly and preserves the neatness of the assignment portfolio.
The student somewhat solves exercises/problems in an orderly manner and correct errors somewhat improperly.
The student does not solve exercises/problems in or orderly manner and corrects error improperly.
The student solves exercises/problems in an orderly manner and corrects errors properly.
TOTAL: Written Critique Paper CRITERIA Content (Application of MODFIN2 and inclusion of logical and realistic assumptions) [80%] Format and Use of English Language [20%]
EXEMPLARY SATISFACTORY DEVELOPING (100) (90) (80) The student applies The student The student MODFIN2 topics applies applies MODFIN2 appropriately and MODFIN2 topics topics somewhat includes only realistic appropriately and inappropriately assumptions and includes a few and includes some ethical decisionunrealistic unrealistic making in the paper. assumptions in assumptions in the the paper. paper. The student follows The student The student the format and has follows the follows the format not one spelling/ format and uses but uses a mixture grammatical error in only the English of Filipino and the paper. language in the English language paper which is at in the paper and/or an acceptable uses the English level. language somewhat inappropriately.
BEGINNING RATING (70) The student applies MODFIN2 topics inappropriately and includes unrealistic assumptions in the paper. The student does not follow format and uses a mixture of Filipino and English language in the paper and/or uses the English language inappropriately. TOTAL:
OTHER REQUIREMENTS AND ASSESSMENTS: Aside from the required outputs, the student will be assessed at other times during the term by the following: Proficiency Tests/Quizzes Comprehensive Examination Class participation/recitation Promptness in submitting required works Attendance and punctuality Good manners and right conduct
GRADING SYSTEM: Basis Comprehensive Examination Average Quizzes * Assignment Portfolio Critique Paper** Class Standing*** Total * ** ***
Percentage 30% 50% 10% 5% 5% 100%
Four (4) quizzes will be given in this course. Critique on an article taken from the Internet or accounting journals. Class standing shall consist of recitation, seatwork, attendance, punctuality, good manners and right conduct.
GRADE POINT 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.0
DESCRIPTION Excellent Superior Very Good Good Satisfactory Fair Pass Failure
EQUIVALENCE 97 - 100 94 - 96 91 - 93 87 - 90 83 - 86 77 - 82 70 - 76 Below 70%
COURSE GRADE REQUIREMENT
LEARNING PLAN: LEARNING OUTCOME
Read Chapter 7 of Kieso book; and answer assigned exercises (please refer to list of homework)
UNIT 1: ACCOUNTING FOR CASH LO1
1.1 Definition, nature and composition of cash and cash equivalents 1.2 Recognition and Measurement of Cash 1.3 Management and Control of Cash 1.3.1 Petty cash fund –Imprest System 1.3.2 Bank reconciliation at a single date – adjusted balances method 1.4 Proof of Cash – simple illustration
UNIT 2: ACCOUNTING FOR RECEIVABLE LO1
2.1 Definition, nature, recognition, measurement, valuation, classification, presentation, derecognition and disclosure 2.2 Accounts Receivable 2.2.1 Estimating uncollectible accounts 2.2.2 Accounts receivable as a source of cash – pledge, assignment, factoring 2.3 Notes Receivable 2.3.1 Interest and non-interest bearing short-term and long-term notes 2.3.2 Notes Receivable as a source of cash – discounting of notes (with or without recourse) 2.3.3 Loans Receivable
Read PAS 32, PFRS 7 & 9, Chapter 7 of Kieso book; and answer assigned exercises (please refer to list of homework)
UNIT 3: ACCOUNTING FOR PROPERTY, PLANT AND EQUIPMENT LO1
3.1 Nature, recognition, measurement, valuation, classification, presentation, derecognition, disclosure and accounting changes 3.2 Acquisition Methods 3.3 Costs Subsequent to Acquisition 3.4 Depreciation Methods 3.5 Accounting Changes Affecting Depreciation 3.6 Revaluation and Impairment 3.7 Retirement and Disposals 3.8 Wasting Assets and Depletion
Read PAS Nos. 8, 16, 20, 36 PFRS 6 and Chapters 10 and 11 of the Kieso book; and answer the assigned exercises (please refer to list of homework)
UNIT 4: ACCOUNTING FOR OTHER TYPES OF INVESTMENT LO1 LO2
4.1 Investment in Funds – Sinking Fund 4.2 Investment in Cash Surrender Value in Life Insurance 4.3 Investment Property
Read PAS 40 and answer assigned exercises (please refer to list of homework); write critique paper
REQUIRED TEXT AND REFERENCE MATERIALS: Kieso, Donald; Weygandt, Jerry; Warfield, Terry. 2011 1 and 2. John Wiley and Sons, Inc. (TEXT)
Intermediate Accounting (IFRS Edition) Volumes
Compilation of Recently Approved Philippine Accounting Standards (PAS)/Philippine Financial Reporting Standards (PFRS) Valix, Conrado T. and Peralta, Jose F. 2012. Financial Accounting Volumes 1 2 and 3 GIC Enterprises & Co. Inc. Skousen, Stice and Stice. 2010. Intermediate Accounting (17th Edition). Thomson South-Western. Lam, Nelson and Lau, Peter. 2009. Intermediate Financial Reporting: An IFRS Perspective . McGraw-Hill Education (Asia). Robles, Nenita and Empleo, Patricia. 2010. Intermediate Accounting (Based on PFRS/IFRS) Volumes 1, 2 and 3. Millennium Books, Inc. Alindada, Carlos; Ledesma, Ester and Lupisan, Ma. Concepcion. 2007. Intermediate Accounting: Applying International Financial reporting Standards Philippine Edition. John Wiley and Sons Australia Ltd. Kieso, Donald; Weygandt, Jerry; Warfield, Terry; Fargher, Neil and Wise, Victoria. 2008. Fundamental of Intermediate Accounting (12th Edition). John Wiley and Sons Australia, Ltd.
ONLINE RESOURCES: 1. http://www.iasplus.com 2. http://www.wileyplus.com 3. http://iasb.org
CLASS POLICIES: 1. Only BSA students who passed the qualifying examination are qualified to take this course. 2. A contract called ‘Policies and Procedures for Incoming Modular BSA Students’ is given at the start of the term. 3. This course is a prerequisite to Module 2. Only students who obtained a final grade of 2.0 in this course may qualify for Module 2. 4. A total of 4 departmentalized quizzes will be given in this course. A quiz will cover specific topics and is good for 1.5 hours.
5. There is no midterm examination. 6. The comprehensive examination is departmental, covers the entire course syllabus and is good for three (3) hours. This is given on the last day of the module and includes a combination of multiple choice theory and problem solving questions. 7. The assignment portfolio shall be written in a 10-column journal notebook. The notebook shall be checked every quiz day. 8. Guidelines regarding the critique would be given by the faculty member to the class at least one week prior to submission deadline. Deadline of submission will be included in these guidelines. The written reports must be submitted not later than 5 pm of the deadline date. 9. It is the responsibility of the student to be mindful of his/her absences/tardiness and performance in class. 10. Specific class policies on attendance, make-up quizzes, academic honesty, grading system, dress code, classroom management, and others not mentioned above, are to be discussed by the faculty member on the first day of classes. 11. Please observe office hours and consultation hours/schedule of the faculty member. 12. For student concerns regarding the BSA program or the course, please set an appointment with the Department Vice Chair. For all other inquiries, please visit the Accountancy Department. The Accountancy Department is located at St. La Salle Building, 3rd floor, Room 324. When inside the Department, students are expected to observe silence, and maintain the cleanliness and orderliness of the room. Important announcements will be posted on the Accountancy Department bulletin board, St. La Salle Building, 3rd floor, North Wing.
May 2013 Financial Accounting Committee
Herminigilda E. Salendrez Chair, Accountancy Department