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
7.2.3 Cash discounts and trade
discounts
7.2.4 Freight costs
7.3 Inventory systems
7.3.1 Periodic Inventory
7.3.4 Perpetual Inventory
8. Recording transactions in special
journals
Week 13
(6hours)
Lecture by the teacher
8.1 Nature and use of control accounts
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.
Valencia, Edwin G, Basic Accounting, Concepts, Principles, Procedures and Applications, Valencia Educational Supply, 2004
Peralta, Jose F., Valix, Conrado T., Financial Accounting, 2009 edition. GIC Enterprises & Co., Inc., 2009
Cabrera, Ma. Elenita B., Ledesma, Ester F., Lupisan, Ma. Concepcion Y., Fundamentals of Accounting, Volume 1, 2009 edition, GIC Enterprises n& Co.
http://www.picpa.com.ph
http://www. prc.gov.ph
PAS and PFRS
VII. COURSE REQUIREMENTS
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:
Recommending Approval:
Approved By:
Mrs. Maria Cristina M. Santiago
Mr. Jefferson L. Triguero
Miss Rosario G. Quesada
Department Chair
College Dean
