Course Code:

NATIONAL COLLLEGE OF BUSINESS AND ARTS COURSE SYLLABUS Acctg. 9-07

CUBAO * FAIRVIEW * TAYTAY Prerequisite:
BACHELOR OF SCIENCE IN ACCOUNTANCY
Acctg. 5-07

COURSE TITLE: Credit Units

ADVANCED FINANCIAL ACCOUNTING AND REPORTING, PART 1 6 units

COURSE DESCRIPTION:

This course deals with specialized accounting problems likely to be encountered by accountants. The study of the various topics in this course is based upon
fundamental valuation accounting and accounting theory as applied to special income and expense recognition methods and expanded business operations. This
course includes specialized problems in partnership accounting; accounting for joint ventures and associated enterprises (including International Accounting
Standards Statements Nos. 24, 28, and 31); accounting for domestic branches; accounting for installment sales; accounting for long-term construction contracts;
fire insurance accounting; and other special issues such as build-operate-transfer (BOT) and similar schemes.

COURSE OBJECTIVES:

At the end of the semester, the students are expected to:

1. Learn the process of liquidating partnership and corporation and how to account and pay liabilities to creditors, owners, and shareholders.
2. Account for installment sales, long-term construction contracts, and franchise agreements.
3. Prepare a reconciliation and account analysis of home office and branch operations.
4. Explain the meaning and significance of different Philippine Accounting Standards that deals with specialized accounting problems.
5. Discuss and apply fire insurance accounting and other special issues like build-operate-transfer (BOT) and other similar operations.
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COURSE OUTLINE:

ESTIMATED
CONTENTS/TOPIC NUMBER OF SPECIFIC OBJECTIVES ACTIVITIES EVALUTION
HOURS TOOLS
PRELIM PERIOD

1. Partnership 9 Understand initial investment

valuation and record keeping.
1.1 Nature, definition, characteristics
1.2 Formation
1.3 Operation
1.4 Financial statement preparation

2. Partnership Dissolution 9 Compute and recognized the value

2.1 Admission of new partner of the investment of the new
2.2 Retirement or withdrawal of a partner partner. And value a partner’s
share upon retirement or death.
2.3 Death, incapacity, bankruptcy of a partner
2.4 Incorporation of a partnership

3. Partnership Liquidation 9 Understand installment liquidations

and perform safe payment
3.1 Dissolution with liquidation computations.
3.2 Liquidation types- lump sum and installment
3.3 Procedures in liquidation
3.4 Journal entries and preparation of statement of
liquidation
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4. Joint Venture Enterprises (PAS 31) 9 Account for corporate and

unincorporated joint venture.
4.1 Nature, forms and structure
4.2 Journal entries and report preparation

5. Consignment Sales 9 Understand proper inventory

costing and compute gain or loss.
5.1 Definition, nature, characteristics
5.2 Accounting for consignment sales

PRELIM EXAMINATION

MIDTERM PERIOD
6. Installment Sales 13 Understand and compute realized
6.1 Definition, nature and characteristics gross profit including
repossessions. Can prepare
6.2 Installment sales method - real estate and financial statement with allocation
merchandise of cost of goods sold.
6.3 Procedures of calculating realized gross profit
6.4 Financial statement preparation with allocation of
cost of goods sold
6.5 Special problems in installment sales (Defaults and
repossessions, Trade-ins, Interest on unpaid
balance)
6.6 Installment sales of real estate dealers
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7. Accounting for Long-Term Construction Contracts 9 Prepare Journal entries and

7.1 Nature of construction business financial statements
7.2 Definition of terms and accounts used
7.3 Percentage of completion method / Cost recovery
method
7.4 Journal entries and preparation of financial
statements
8. Accounting for Franchise Fee 9 Account for initial franchise fee and
8.1 Nature and definition financial statement presentation.
8.2 Methods of accounting for initial franchise fee and
related cost of franchise revenue [Prior to
substantial performance of services, Upon
substantial performance of services (accrual &
installment sales method
9. Accounting for Fire Insurance 7 Compute and determine the
9.1 Definition and types of contracts amount recoverable from
9.2 Determination of amount recoverable from insurance company.
insurance company
9.3 Journal entries to record fire loss
9.4 Presentation of fire loss in income statement

MIDTERM DEPARTMENTAL EXAMINATION

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PREFINAL PERIOD
15
10. Accounting for Branches and Agencies Preparation of financial statement
10.1 Nature and definition of agency/branch per branch and consolidated
statement for head office.
10.2 Accounting for agencies and branches
10.3 Preparation of combined statements
10.4 Reconciliation of reciprocal accounts
10.5 Special problems in branch accounting (Inter-
branch cash & merchandise transfers,
Shipments/returns of merchandise above cost)
FINAL PERIOD
11. Other Special Topics 10 Determine the accounting for BOT.
11.1 Build-Operate-and-Transfer Schemes and its
Variants

FINAL DEPARTMENTAL EXAMINATION

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References:

1. Dayag, Antonio J. Advanced Accounting Volume One, Good Dreams Publishing, 2014
2. Guerrero, Peralta. Advanced Accounting: A Procedural Approach Volume 1
GIC Enterprises & Co., Inc. 2011
3. Hoyle, Joe B. Advanced Accounting. 10th ed. Boston: McGraw-Hill, 2011
4. Jeter, Joe B. Advanced Accounting: International Student Version. 4th ed. New Jersey: John Wiley & Sons, 2011
5. Tolentino-Baysa, Gloria J. Advanced Accounting 1.U Mandaluyong City: Millennium Books Inc., 2011

GRADING SYSTEM
LECTURE AND LABORATORY
(Cax2) + Periodic Examination
3
Where: CA = average grade of class standing which includes recitation, quizzes, long tests and projects
PG = preliminary grade
MG = midterm grade
PF = pre-final grade
FX = final examination

FG = PG + MG + PF + Final Examination
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