VISION

In pursuit of perfection, the University of Baguio is committed to provide balanced quality education by nurturing academic excellence,
relevant social skills and ethical values in a fun-learning environment
MISSION
The University of Baguio educates individuals to be empowered professionals in a global community.
INSTITUTIONAL GOALS
The University of Baguio aims to produce a graduate who:
1.
2.
3.
4.
5.
6.

exemplifies a higher standard of learning;

manifest the mastery of relevant skills;
upholds a conduct that is rightful and just;
undertakes scientific and significant researches;
advocates sustainable programs for the community and the environment; and
leads and demonstrates exemplary performance in the field of specialization.

Course Title:
ACCTGN5(3
u)

Description:
Financial Accounting and
Reporting Part 3

Effectivity:
First Semester,
SY 2010-2011

Date Revised
June 10, 2012

Prepared by:
John V. Balanquit, CPA

Approved by:
Dr. Kareen B. Leon, CPA

Page 1 of 10

School of Business Administration

and Accountancy

Course Title:
ACCTGN5(3
u)

Description:
Financial Accounting and
Reporting Part 3

Effectivity:
First Semester,
SY 2010-2011

Date Revised
June 10, 2012

Prepared by:
John V. Balanquit, CPA

Approved by:
Dr. Kareen B. Leon, CPA

Page 2 of 10

MISSION
The School of Business Administration and Accountancy edifies competitive and morally upright individuals.
OBJECTIVES
The School of Business Administration and Accountancy, in an exuberant learning climate, aims to nurture a business graduate who:
1.
2.
3.
4.
5.
6.

cultivates the knowledge, that is imperative for career success in a globalized setting;
demonstrates relevant skills;
utilizes macro-environmental acumen for economic growth and development;
typifies professional integrity with humility;
undertakes researches to promote systematic bases for business decisions; and
models exemplary performance in business.
School Objectives

P1. Cultivates the knowledge that is imperative for career success in a globalized setting.
P2. Demonstrates relevant skills.
P3. Utilizes macro-environmental acumen for economic growth and development.
P4. typifies professional integrity with humility.
P5. undertakes researches to promote systematic bases for business decisions.
P6. models exemplary performance in business

UNIVERSITY GOALS
1
2
3
4
5
6

2. Program Outcomes and Relationship to School Objectives

Program Outcomes

SCHOOL/ PROGRAM
OBJECTIVES
S1 S2 S3 S4 S5 S6

The Accountancy program aims to produce a graduate who:

O1. Applies exceptional accounting knowledge to meet the demands of the business community
O2. Demonstrates high proficiency in the practice of the profession

O3.
O4.
O5.
O6.

Conforms with the highest degree of ethical standards

Employs researches to elevate professional knowledge and skills in sound business decisions
Satisfies the demands of a dynamic industry for a better community; and
Typifies excellence in the practice of the accounting profession

3. Course Objectives and Relationship to Program Outcomes

Course Objectives
COGNITIVE DOMAIN
C1. know the concepts relating to accounting for Business Combinations;
C2. integrate and apply the generally accepted accounting principles to problem situations
involving financial statements that are likely encountered in practice;
C3. learn the basic processes that happen in the accounting systems for Business Combinations;
C4. integrate the application of the topics learned to situations most likely to be encountered in
everyday life;
C5. develop a system for higher learning designed specifically in preparation for the CPA
Licensure Examinations.
AFFECTIVE DOMAIN
C6. develop the value of honesty, objectivity and perseverance.
C7. realize the contributions of accounting standards or GAAP to the development of a more
socially responsible and morally upright professional accountant.
C8. integrate the values of honesty and integrity in the preparation of financial reports for
Business Combinations;
C9. apply the qualities of neatness, accuracy, timeliness, and compliance with requirements in
the preparation and submission of reports.
PSYCHOMOTOR DOMAIN
C10. apply the skills in the preparation of financial reports for Business Combinations;
C11. apply the skills in systematic problem solving.
C12. solve accounting problems within the minimum speed required in the CPA Licensure
Examinations;
C13. apply concepts and procedures of advanced accounting in meeting the requirement of the
course such as quizzes, group work, case studies, and other problem solving activities.

O1

PROGRAM OUTCOMES
O2 O3 O4 O5 O6 O7

O8

4. Pre-requisite

ACCTGN2 Financial Accounting and Reporting Part 2;

ACCTGN3 Cost Accounting and Cost Management Part 1

5. Co-requisite
6. Course Description
The course extensively discusses all other financial accounting topics that are not covered by the first two
parts of Financial Accounting and Reporting. The course aims to organize the concepts and procedures in ways that focus on student
motivation and understanding. The course is designed to equip the students with knowledge and technical skills needed for the CPA
Licensure Examinations, as well as for their future jobs.

7. Course Coverage
Learning Contents/ Topic

Course Syllabus
VMO
Seat Plan
Leveling of Expectations

I. Theoretical Framework for Financial

No.
School
of
Hrs
.
P P P
1 2 3
1

10

Objectives
P
4

P
5

P
6

Program Outcomes

Activity and
Learning
Approach

O
1

O
2

O
3

O
4

O
5

O
6

O
7

O
8

Orientation
Internalize the
VMO
Arrange
students
Requirements
and
Grading
system
Lecture-

Evaluati
on

Quiz,

Learning Contents/ Topic

No.
School Objectives
of
Hrs
.
P P P P P P
1 2 3 4 5 6

Program Outcomes
O
1

O
2

O
3

O
4

O
5

O
6

O
7

II. Review of Accounting Process

III. Statement of Financial Position
1

IV. Statement of Comprehensive Income

V.

VI. Noncurrent Asset Held for Sale and

Discontinued Operations
Definitions
Recognition and Measurement
Presentation and Disclosures

VII. Accounting Changes

Change in Accounting Policy
Change In Accounting Estimate

discussion,
Board
exercises,
Recitations,
Group Activity

Assignme
nts,
Research,
Case
Analysis

Lecturediscussion,
Board
exercises,
Recitations,
Group Activity

Quiz,
Assignme
nts,
Research,
Case
Analysis

Lecturediscussion,
Board
exercises,
Recitations,
Group Activity

Quiz,
Assignme
nts,
Research,
Case
Analysis

Notes to the Financial Statements

Accounting Policies
Accounting Estimates
Prior Period Error
Events after the Reporting Period

FIRST GRADING EXAMINATION

Evaluati
on

O
8

Accounting

PRELIMINARY EXAMINATION

Activity and
Learning
Approach

Learning Contents/ Topic

VIII.

Interim Financial Reporting

Definition
Basic Concepts
Components of Interim Reports
Presentation and Disclosures

No.
School
of
Hrs
.
P P P
1 2 3
8

Objectives

Program Outcomes

P
4

P
5

P
6

O
1

O
2

O
3

O
4

O
5

O
6

O
7

O
8

Activity and
Learning
Approach

Evaluati
on

Lecturediscussion,
Board
exercises,
Recitations,
Group Activity

Quiz,
Assignme
nts,
Research,
Case
Analysis

Lecturediscussion,
Board
exercises,
Recitations,
Group Activity

Quiz,
Assignme
nts,
Research,
Case
Analysis

IX. Operating Segments

Definition
Core Principles
Presentation
Disclosure
MIDTERM EXAMINATION
X. Cash to Accrual and Single Entry System

Definition

Basic Concepts

Computations
XI. Error Correction

Prior Period Error

Restatement of Errors

Counterbalancing Errors

Non-counterbalancing Errors
XII. Cash Flows Statement
Definition
Purpose
Operating Activities

1
10

Learning Contents/ Topic

No.
School Objectives
of
Hrs
.
P P P P P P
1 2 3 4 5 6

Program Outcomes
O
1

O
2

O
3

O
4

O
5

O
6

O
7

O
8

Activity and
Learning
Approach

Evaluati
on

Lecturediscussion,
Board
exercises,
Recitations,
Group Activity

Quiz,
Assignme
nts,
Research,
Case
Analysis

Investing Activities
Financing Activities

XIII. Hyperinflation and Current Cost

Accounting
Definition
Basic Concepts
Price Index
Presentation and Disclosures
XIV. IFRS for SMEs
Definition
General Features
Financial Statements
Notes
Specific Items
FINAL EXAMINATION

Grading System:
For Professional Board Examination Subjects: the cut-off score is 70%. The highest possible grade is ninety-nine (99); the lowest passing grade
is seventy-five (75); and the lowest failing grade is sixty-five (65).
First grading Class standing = 70 % ; Exam = 30 %
Midterms
Class standing = 60 % ; Exam = 40 %
( Tentative Midterm Grade x 2 + First Grading ) / 3 = Midterm Grade

Finals

Class standing = 50 % ; Exam = 50 %

( Tentative Final Grade x 2 + Midterm Grade ) / 3 = Final grade

Textbook:
Valix C., Peralta, J., Valix, CA. Financial Accounting Volume 3, 2012.

References:
Robles N., Empleo, P. Intermediate Accounting Part 3, 2010.
http://accounting.swlearning.com
http://stice.swlearning.com
www.iasplus.com
http://www.numa.com/
www.mhhe.com

Syllabus Evaluation Committee:

RHAD VIC F. ESTOQUE, CPA, MBA
Program Chair

DR. KAREEN B. LEON, CPA

Dean, School of Business Administration and Accountancy