ACCTG 201 - Financial Accounting & Reporting Part I

156 M.L.
Quezon Avenue, Antipolo City

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COLLEGE OF ACCOUNTANCY

COURSE CODE : ACCTG 201

COURSE TITLE : Financial Accounting and Reporting Part I

CURRICULAR AREA : 2
ND
Year, College of Accountancy

COURSE DESCRIPTION : This course introduces the nature, functions, scope, and limitations of the broad field of accounting theory. It deals with the
study of the theoretical accounting framework objectives of financial statements, accounting conventions, and generally
accepted accounting principles (national concepts and principles as well as international accounting standards), the conditions
under which they may be appropriately applied, their impact or effect on the financial statements; and the criticisms
commonly leveled against them. The course covers the detailed discussion, appreciation, and application of accounting
principles covering the asset accounts. Emphasis is given on the interpretation and application of theories of accounting in
relation to cash, temporary investments, receivables, inventories, prepayments, long-term investments, property, plant and
equipment, intangibles, and other assets, including financial statement presentation and disclosure requirements. The related
internal control, ethical issues, and management of assets are also covered. Exposure to computerized system in receivables,
inventory, and lapsing schedules is a requirement in this course.

COURSE OBJECTIVE/S :

TIME ALLOTMENT : 6 hours

UNIT CREDIT : 6 units

PREPARED BY : Ms. Ilene Padilla

ADOPTED BY (if applicable) :

REVIEWED BY (Chair / Co-Chair) :

APPROVED BY (Dean) :

DATE REVISED/UPDATED :

156 M.L. Quezon Avenue, Antipolo City

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SUMMARY OF SUBJECT MATTER/TOPICS AND COURSE REQUIREMENTS

INCLUSIVE
WEEKS
SUBJECT MATTER COURSE REQUIREMENTS
MONITORIN
G
STATUS
REMARKS
C NC
1
st
WEEK to
6
th
WEEK

I. Accounting Standards Council and Conceptual Framework for the
Preparation and Presentation of Financial statements
II. Accounting for Cash
III. Accounting for Receivables
1. Class Participation thru
Class Recitations.
2. Quizzes/Assignments
at the end of each chapter
topic(s).
3. Field-Market-Store Visits
Report (written & oral
presentations)
4. Written Research Reports
from business-related
magazines, internet source
materials by each student.
5. Reaction Paper to special
educational film/video material
6. Time Management discipline
(punctuality & attendance)
7. Major Exams (Prelim,
Midterm, Final)

TEXTBOOKS:
Financial Accounting Volume 1 by
Conrado Valix, 2012

7
th
WEEK to
12
th
WEEK

IV. Accounting for Inventories
V. Accounting for Prepayments
VI. Accounting for Property, Plant and Equipment

13
th
WEEK
to 18
th

WEEK

VII. Accounting for Intangible Assets
VIII. Accounting for Investments in Equity and Debt Securities
IX. Accounting for Other Types of Investments

* C - Complied; NC Not Complied


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PRELIMINARY GRADING PERIOD

Timetable Specific Objectives
Subject
Matter/Topic
Teaching-Learning/
Strategies
Tools and Aids References
Values
Integration/
Issues
Evaluative
Measures
1
st
Week
. Accounting
Standards Council
and Conceptual
Framework for the
Preparation and
Presentation of
Financial statements
1. Accounting
Standards
Council
a. Creation,
objectives and
functions
b.
Membership
/ composition
c. Standard
setting process
2. Conceptual
Framework for
the Preparation
and Presentation
of Financial
Statements
a. Users and
their information
needs
b. Objective of
financial statements

Lecture and
Discussions

Computer Audio-Video
Equipment (Powerpoint)

Financial Accounting
Volume 1 by Conrado
Valix, 2012

Recitations


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c. Underlying
assumptions in the
preparation of
d. Qualitative
characteristics of
Understan
dability
Relevance
Reliability
Comparab
ility
e. Principles of
Recognition and
Measurement
Measurement base
2nd Week
f. Elements of
and their definition
Assets
Liabilities
Equity
Income
Expenses
g. Recognition
and measurement of
the elements of
h. Concepts of
capital and capital
maintenance
Financial
concept
Physical
concept

Group Discussions, and
Individual Activities

Equipment (Powerpoint),

Volume 1 by Conrado
Valix, 2012

Quiz


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3
rd
Week
II. Accounting for
Cash
Definition, nature
and composition of
cash and cash
equivalents
1. Recognition and
measurement of
cash
2. Compensating
balance
requirement
3. Management
and control of
cash
Accounting of
petty cash
fund
Bank
reconciliation
at a single
date
Financial statement
valuation,
presentation and
disclosure

Lectures,
Group Activities

Hand-Out, Internet and
prescribed textbook

Volume 1 by Conrado
Valix, 2012

Seat works

4
th
Week
III. Accounting for
Receivables
1. Definition,
nature and
classification of
receivables
2. Accounting for
accounts
receivables
a. Recognition
b. Initial

Lectures, Discussions

Internet and prescribed
textbook

Volume 1 by Conrado
Valix, 2012

Quizzes
Assigments


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measurement
and valuation
at net
realizable
value
c. Approaches to
recognizing
methods of
uncollectible
receivables
Direct write
off method
Allowance
method
d. Methods of
estimating
uncollectible
accounts
Percentage
of sales
method
Percentage
of accounts
receivable
method
Aging of
accounts
receivable
3. Accounting for
notes
receivable
a. Definition and
types of
promissory
notes
b. Recognition
c. Initial


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measurement
and valuation
at present
value

5
th
Week
General rule
Special rules
4. Receivable
financing
arrangements
d. Accounts
receivable
Pledging
(general
assignment
of
receivables)
Factoring
Assignment
of specific
receivable
e. Notes
receivable
Discounting
5. Financial
statement
presentation and
disclosure
6. Internal control
measures for
receivable

Class Discussions,
Problem Solving
Activities

Hand-Out,

Volume 1 by Conrado
Valix, 2012

Presentation
Recitations

6
th
Week

PRELIMINARY EXAMINATION


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MIDTERM GRADING PERIOD

Timetable Specific Objectives Subject Matter/Topic
Teaching-Learning/
Strategies
Values
Integration/
Issues
Evaluative
Measures
7
th
Week
IV. Accounting for
Inventories
1. Definition, nature
and classes of
inventories
2. Recognition
3. Initial measurement
at cost
4. Inventory recording
systems
a. Periodic inventory
system
b. Perpetual inventory
system
5. Inventory costing
methods
a. Items not ordinarily
interchangeable
Specific
identification
b. For items that are
interchangeable:
Benchmark
treatment First
in, First out
method or
weighted average
cost methods
Allowed

Lectures, Discussions


Volume 1 by Conrado
Valix, 2012

Recitations
Presentations


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alternative
treatment Last-
in, First-out
method

8
th
Week
1. Inventory
estimation
methods
a. Gross profit
method
b. Retail inventory
method
(excluding peso
value and retail
info)
2. Valuation at lower
of cost and net
realizable value
a. Write-down to net
realizable value
b. Reversal of write-
down
3. Other Inventory
Issues
a. Purchase
commitment
b. Inventory valued
at selling price
c. Use of more than
one cost method
d. Borrowing costs
e. Lump-sum
acquisition
f. Inventory errors
4. Financial
statement
presentation and

Lectures, Group
Discussions and
Activities

prescribed textbook

Volume 1 by Conrado
Valix, 2012

Quizzes


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disclosures
5. Internal control
and management
of inventory

9
th
Week
V. Accounting for
Prepayments
1. Nature
2. Source of
payments

Fieldwork,
Case Analysis

textbook

Volume 1 by Conrado
Valix, 2012

Recitations
Presentations

10
th
Week
VI. Accounting for
Property, Plant and
Equipment
1. Definition, nature and
classes
2. Recognition
3. Initial measurement
a. Cash purchase
b. Purchase on a
deferred payment
contract
c. Issuance of securities
d. Donation or discovery
e. Self-construction
Exchanges of non-
monetary assets

Group and Individual
activities, Fieldwork

Equipment (Powerpoint)

Volume 1 by Conrado
Valix, 2012

Quizzes
Assignments
11
th
Week
4. Expenditures
subsequent to
acquisition
a. Capital
expenditures
b. Revenue
expenditures
5. Valuation or
measurement
subsequent to initial
recognition

Fieldwork, Case
Analysis

textbook

Volume 1 by Conrado
Valix, 2012

Recitations
Presentations


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a. Benchmark
method cost less
accumulated
depreciation and
accumulated
impairment losses
b. Allowed alternative
method
revaluation at fair
value less
accumulated
depreciation and
accumulated
impairment losses
6. Depreciation of
assets
a. Definition, nature
and causes
b. Factors affecting
depreciation
c. Methods of
depreciation
Straight-line
method
Declining balance
method
Sum-of-the-years
digits method
Group and
composite
depreciation
7. Depletion of wasting
assets
8. Accounting changes
affecting depreciation
Revaluation of property,
plant and equipment
12
th
Week

MIDTERM EXAMINATION


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FINAL GRADING PERIOD
Timetable Specific Objectives Subject Matter/Topic
Teaching-Learning/
Strategies
Values
Integration/
Issues
Evaluative
Measures
13
th
Week
a. Recording on
date of
revaluation
b. Frequency of
revaluation
c. Revaluation
increase
d. Revaluation
decrease
e. Realized
revaluation
9. Impairment of
assets
a. Definition
b. When to
recognize and
how to measure
impairment loss
c. Measurement of
recoverable
amount
d. Impairment loss
for an individual
asset
e. Impairment loss
for cash-
generating unit
f. Reversal of
previously
recognized
impairment loss
10. Retirement and

Lecture, and
Discussions


Volume 1 by Conrado
Valix, 2012

Recitations
Seatworks


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disposals
11. Financial statement
presentation and
disclosures
12. Internal control and
management of
property, plant and
equipment

14
th
Week
VII. Accounting for
Intangible Assets
1. Definition,
nature, and
classes
2. Recognition
criteria
3. Initial
measurement
and Accounting
for Intangibles
a. Patents
b. Copyright
c. Trademarks
and Trade
names
d. Franchise
rights
e. Leaserights
f. Computer
software
g. Goodwill
h. Research
and
development
costs
i. Other
intangible

Lectures, Discussions,
activities

textbook

Volume 1 by Conrado
Valix, 2012

Quizzes


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assets
4. Subsequently
incurred costs
5. Measurement
subsequent to
initial recognition
a. Benchmark
method
b. Allowed
alternative
method:
Revaluation
6. Amortization
7. Impairment of
the value of
intangible assets
8. Reversal of
impairment loss
9. Retirements and
disposition
10. Financial
statement
presentation and
disclosures
11. Internal control
measures for
intangibles

15
th
Week
VIII. Accounting for
Investments in Equity
and Debt Securities
1. Definition of
Investment
2. Classification of
Investment in
Equity and Debt
Securities
Trading

Lectures, Discussions,
Fieldwork

prescribed textbook

Volume 1 by Conrado
Valix, 2012

Quizzes


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Available for
Sale
Held-to-
maturity
3. Determining
Method of
Accounting for
Investments
4. Accounting
Methods
Applicable to
Investment in
Equity and Debt
Securities
Fair Value
Method
Cost Method
Equity Method
16 Week
5. Accounting for
Changes in
Classification of
Investment in
Securities
6. Additional Issues
in Investment in
Equity Securities
Revenue from
investments in equity
securities
Stock
dividends and
splits
Stock rights
7. Accounting for
impairment and
uncollectability of
investment in debt
and equity
securities.
Impairment in

Discussions,
activities


Volume 1 by Conrado
Valix, 2012

Quizzes
Oral Reports


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value of
trading and
available-for-
sale
securities
Impairment in
value of held-
to-maturity
investment
Reversal of impairment
17
th
Week
IX. Accounting for Other
Types of
Investments
Investment
Derivatives (only
a basic
appreciation of
the nature of
derivatives may
be taken up
since this topic
will be discussed
in detail in
Advanced
Accounting)
Investment in
Cash Surrender
Value of Life
Insurance
Investment in
Funds
Investment
Property
Interests in Joint
Ventures
Investments in
Associates

Discussion,
Case Analysis

prescribed textbook

Volume 1 by Conrado
Valix, 2012

Recitations
Oral Reports
Seatworks
Quizzes

18
th
Week FINAL EXAMINATION


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POLICIES

1. All students are expected to attend classes regularly and to complete the academic work of the subject.
2. Latecomers are allowed, five minutes after the class time.
3. Class Participation and Discussion are graded
4. Cheating is not allowed wherein standard WCC or CHED policy will be applied.
5. Missed Major Exams are per standard WCC policy.

TEXTBOOKS AND REFERENCES

Financial Accounting Volume 1 by Conrado Valix 2012

GRADING SYSTEM

50% Major Exams
20% Oral Reports/Presentation, Written Reports
20% Quizzes, Seat-work, and Assignment
10% Class Participation

ACCTG 201 - Financial Accounting & Reporting Part I

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156 M.L.

Quezon Avenue, Antipolo City

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