Professional Documents
Culture Documents
Course Number
ACCTNG1 (6 units)
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Effectivity:
First Semester SY 2013 - 2014
Date Revised
May 29, 2013
Page 1 of 10
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Effectivity:
First Semester SY 2013 - 2014
Date Revised
May 29, 2013
Page 2 of 10
PROGRAM
OBJECTIVES
P3
P4
P5
Students graduate to become professionals imbued with high moral/ ethical standards.
Graduates are highly competitive with their acquired knowledge, skills and values in the practice of their profession.
Graduates are confident of their academic and industry preparations and the entry competencies learned to tackle the rigors of the business world.
Students can carry out researches that can be utilized in the community and in the business profession.
Students recognize their responsibility and accountability as professionals and as workers in the community.
Students become aware of and strive for their physical, mental and spiritual well-being.
Students are prepared to meet the needs and demands of global employment without losing the Filipino spirit.
Students become aware of their responsibility to the environment and participate actively in environmental programs.
P2
P6
Course Objectives
PROGRAM OUTCOMES
O3
O4
O5
O6
O1
O2
O7
O8
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 Realized the contributions of accounting standards or GAAP to the development of more socially responsible and morally upright
professional accountant;
C8 Appreciate the role of financial accounting in meeting the informational needs of stakeholders as a basis for decision-making;
C9 Appraise critically the role of International Accounting Standards in achieving harmonization of accounting standards throughout
the world.
COGNITIVE DOMAIN
C1 Know the generally accepted accounting principles, applicable to the recognition, measurement and statement presentation of
assets;
C2 Integrate and apply the generally accepted accounting principles to problem situations involving assets that are likely encountered
in practice;
C3 Learn the application of accounting principles and reporting practices about financial accounting problems and issues;
Course Number
ACCTNG1 (6 units)
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Effectivity:
First Semester SY 2013 - 2014
Date Revised
May 29, 2013
Page 3 of 10
PSYCHOMOTOR DOMAIN
C10 Apply the principles and concepts of accounting which focus on equities and related revenue and expense items in the
presentation of financial and related information to meet external and internal obligations;
C11 Apply the skills in systematic problem solving;
C12 Solve accounting problems within the minimum speed required in the CPA Licensure Examination;
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.
4. PRE-REQUISITE
5. COURSE DESCRIPTION
This course introduces the nature, functions, scope, and limitations of the broad field of accounting theory. 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.
6. DETAILED COURSE OUTLINE
Session Learning Objectives
/ Goals (SLO/G)
I.
Content Topic
Overview of Accounting
Definition of Accounting
Three important activities included in the
definition of accounting
Basic purpose of accounting
Accounting theory, concepts and assumptions
Common branches of accounting
Accounting standards
II.
The Accounting Process
Journalizing
Posting
Trial balance
Adjusting entries
Worksheet
Financial statements
Closing
Reversing
III.
The Conceptual Framework for
Financial Reporting
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Outcomes Based
Methodologies/
Strategies &
Approaches
group activity:
reporting
Group activity:
Reporting
Effectivity:
First Semester SY 2013 - 2014
Learning
Outcomes
Time
Allotment
Values
Evaluative
Measures
Define accounting
and relate its
importance to
other fields and
how important it is
to the business
1 HR
Transparency
Reporting
Review the
accounting
process
2 HRS
Hard work
Reporting
Understand the
primary objective
2 HRS
Fairness
Learning
Contracts
Date Revised
May 29, 2013
Page 4 of 10
PRC TOS
Content Topic
Outcomes Based
Methodologies/
Strategies &
Approaches
Learning
Outcomes
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Values
of financial
reporting
Evaluative
Measures
(These are
assignments
to be
accomplished
by the
students at
the library)
Determine the
proper recognition
and presentation of
cash and cash
equivalents
8 hrs
Accountability
Learning
Contracts
Seatwork
Quiz
Determine the
proper recognition
and presentation of
receivables
11 hrs
Objectivity and
Independence
Seatwork
Quiz
Learning
Contracts
Determine the
proper recognition
and presentation of
inventories
9 hrs
Accountability
Learning
Contracts
Seatwork
Quiz
3 hrs
36 hours
Subtotal
Course Number
ACCTNG1 (6 units)
Time
Allotment
Effectivity:
First Semester SY 2013 - 2014
Date Revised
May 29, 2013
Page 5 of 10
PRC TOS
Content Topic
VII.
VIII.
Investments
Financial Instruments
Classification
Recognition
Initial Measurement
Subsequent Measurement
Transactions Subsequent to initial
recognition
Disclosures
Investment in Associates
Significant influence
Recognition
Initial Measurement
Subsequent measurement
Disclosures
Outcomes Based
Methodologies/
Strategies &
Approaches
Library and Internet
Research
Problem Solving
(Actual CPA Board
Problems)
Learning
Outcomes
Time
Allotment
Determine the
proper recognition
and presentation of
investments
18 hrs
Risk-taking
Learning
Contracts
Seatwork
Quiz
Determine the
proper recognition
and presentation of
investment in
associates
15 hrs
Risk-taking
Learning
Contracts
Seatwork
Quiz
SUBTOTAL
Determine the
proper recognition
and presentation of
property, plant and
equipment
Accountability
Learning
Contracts
Seatwork
Quiz
MIDTERM EXAMINATION
To be able to determine the
proper recognition and
presentation of property, plant
and equipment for financial
reporting purposes
Course Number
ACCTNG1 (6 units)
IX.
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Effectivity:
First Semester SY 2013 - 2014
Date Revised
May 29, 2013
3 HRS
36 HRS
12 hrs
Values
Evaluative
Measures
Page 6 of 10
PRC TOS
Content Topic
X.
XI.
Course Number
ACCTNG1 (6 units)
o Revenue expenditures
Valuation or measurement subsequent to
initial recognition
o Benchmark method cost less
accumulated depreciation and
accumulated impairment losses
o Allowed alternative method
revaluation at fair value less
accumulated depreciation and
accumulated impairment losses
Depreciation of assets
o Definition, nature and causes
o Factors affecting depreciation
o Methods of depreciation
Straight-line method
Declining balance method
Sum-of-the-years digits method
Group and composite depreciation
Accounting changes affecting
depreciation
Retirement and disposals
Financial statement presentation and
disclosures
Internal control and management of
property, plant and equipment
Depletion of Mineral Resources
Recognition
Measurement
Depletion
Presentation
Disclosures
Government Grants
Definition
Recognition
Initial Measurement
Presentation
Disclosures
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Outcomes Based
Methodologies/
Strategies &
Approaches
Learning
Outcomes
Time
Allotment
Values
Determine the
proper depletion of
mineral resources
6 hrs
Accountability
Learning
Contracts
Seatwork
Quiz
Determine the
proper accounting
treatment for
government grants
2 HRS
Integrity
Learning
Contracts
Seatwork
Quiz
Effectivity:
First Semester SY 2013 - 2014
Date Revised
May 29, 2013
Evaluative
Measures
Page 7 of 10
PRC TOS
XII.
Borrowing Costs
Definition
Recognition
Measurement
Financial Statement Presentaiton
Disclosures
XIII.
Investment Property
Definition
Recognition
Measurement
Financial Statement Presentaiton
Disclosures
XIV.
Intangible assets
Definition
Recognition
Measurement
Financial Statement Presentaiton
Disclosures
XV.
Impairment of Assets
Core principle
Accounting for impairment
Recognition and measurement
Impairment loss
FINAL EXAMINATION
Content Topic
Outcomes Based
Methodologies/
Strategies &
Approaches
Library and Internet
Research
Problem Solving
(Actual CPA Board
Problems)
Learning
Outcomes
Time
Allotment
Values
Determine the
proper recognition
and presentation of
borrowing costs
2 HRS
Accountability
Learning
Contracts
Seatwork
Quiz
Determine the
proper recognition
and presentation of
investment
properties
2 HRS
Risk-taking
Learning
Contracts
Seatwork
Quiz
Determine the
proper recognition
and presentation of
intangible assets
6 HRS
Accountability
Learning
Contracts
Seatwork
Quiz
Determine the
proper accounting
treatment for
impairment of
assets
3 HRS
Integrity
Learning
Contracts
Seatwork
Quiz
SUBTOTAL
TOTAL
Evaluative
Measures
PRC TOS
3 HRS
36 HRS
108 HRS
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
Course Number
ACCTNG1 (6 units)
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Effectivity:
First Semester SY 2013 - 2014
Date Revised
May 29, 2013
Page 8 of 10
nd
Valix, Conrado T. Financial Accounting Volume 1. 2010 rev. ed. Manila: GIC, c2010.
th
Wild, John J. Financial Accounting: information for decisions. 4 ed. Boston: McGraw/Irwin, 2008.
Lam, Nelson. Intermediate financial reporting: an IFRS perspective. Singapore: McGraw, c2009.
th
Powers, Marian. Financial and Managerial Accounting Principles, 9 ed. Australia: Cengage, 2011.
th
nd
Internet sites
http://www.iasplus.com
http://www.picpa.com.ph
http://www.skousen.swcollege.com
http://www.sec.gov.ph
http://www.dlsu.edu.ph
http://accounting.swlearning.com
http://stice.swlearning.com
http://www.numa.com/
www.mhhe.com
PREPARED BY
ACC/TAX/BL GROUP
NOTED BY
Course Number
ACCTNG1 (6 units)
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Effectivity:
First Semester SY 2013 - 2014
Date Revised
May 29, 2013
Page 9 of 10
APPROVED BY
Course Number
ACCTNG1 (6 units)
Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1
Effectivity:
First Semester SY 2013 - 2014
Date Revised
May 29, 2013
Page 10 of 10