Bicol University

College of Business, Economics, and Management

Daraga, Albay 4501

DEPARTMENT OF ACCOUNTANCY

STANDARDIZED SYLLABUS FOR

FUNDAMENTALS OF ACCOUNTING, PART I
(for 6 academic credit units)

Course Title Fundamentals of Accounting, Part I

Course Code Accounting 11
Number of Hours 108
Number of Credits 6
Legal Basis Commission on Higher Education (CHED) Memorandum No. 3 Series of 2007
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 to enable them to appreciate
the varied uses of accounting data.

VISION
A World-Class University Producing Leaders and Change Agents for Societal Transformation and Development

MISSION
The aforecited vision is rooted in Bicol University's mandate as provided in RA 5521 which is "to give professional and technical training and provide advanced and specialized
instruction in literature, philosophy, the sciences and arts, besides providing for the promotion of scientific and technological researches, (Sec. 3)."

BU QUALITY POLICY
Bicol University commits to continually strive for excellence in instruction, research and extension, by meeting the highest level of clientele satisfaction and adhering to quality
standards.

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

INSTITUTIONAL LEARNING OUTCOMES

Every BU graduate should:
1. Demonstrate critical thinking and integrative skills to solve problems and to support lifelong learning;
2. Communicate effectively and appropriately in oral and in writing for various purposes with the responsible use Information Communication Technology (ICT) tools;
3. Collaborate with diverse people ethically and with mastery of knowledge and skills in given disciplines; and
4. Create knowledge and innovation to promote inclusive development as well as globalization.

GOALS OF THE COLLEGE

1. To provide the highest quality of education in the field of business, economics, and management that is responsive to regional and national development;
2. To pursue relevant research and extension activities through linkages with business organizations, and government and non-government agencies;
3. To initiate vigorously income-generating activities for improving tehe financial capability of the college; and
4. To establish the highest degree of efficiency, effectiveness, collegiality in making decisions and transparency in the administrative system.

COLLEGE LEARNING OUTCOMES

Every BU CBEM graduate should:
1. Demonstrate a high level of mastery and competence in business, economics, and management and contribute to organizational performance and regional and national
development for societal transformation;
2. Demonstrate effective, efficient and ethical practice of profession in public, private, academe, or government sector;
3. Manifest transformative research skills towards the identification of innovative solutions to existing and new problems and the discovery and creation of new knowledge for
effective decision-making.
4. Initiate extension programs that will address issues on sustainable livelihood and community development;
5. Create centers that will showcase and commercialize research-based technologies and products to improve the financial capability of the college for self-sustainability.

COURSE LEARNING OUTCOMES

The students are likely to:

1. Define and describe the nature of accounting and state its importance to business taking into consideration how it evolved into the present globalization stature;
2. Identify the different branches of accounting and describe the career opportunities in Accounting;
3. Identify the users of accounting information and state the importance of accounting information to each user;
4. Distinguish the different forms of business organizations;
5. Distinguish the different types of business;
6. Understand and apply the different accounting concepts and principles;
7. Apply the accounting equations in various business transactions;
8. Distinguish the elements of financial statement;
9. Describe and differentiate the types of books of accounts;
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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

10. Understand and apply the steps in the accounting cycle during the accounting period of a service business;
11. Understand and apply the steps in the accounting cycle at the end of the accounting period of a service business;
12. Understand and apply the steps in the accounting cycle of a merchandising business;
13. Analyze financial statements and apply its interpretation to decision-making;
14. Understand the basics for accounting for cash, accounts receivable and property, plant and equipment.

COURSE OUTLINE

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

The learners shall… The learners shall be able to…

INTRODUCTION TO
ACCOUNTING

 Define accounting Definition of Accounting Cite specific examples in which Lecture Textbook Answer the end-of-the- 2 hours
accounting is used in making chapter exercises.
 Describe the nature of Nature of Accounting business decisions Handouts
accounting Graded recitation;
 Explain the functions of Functions of Accounting Presentation
accounting in business End-of-topic quiz.
 Narrate the history/origin of History of Accounting
accounting

BRANCHES OF ACCOUNTING

 Differentiate the branches of Varied branches and areas of
accounting accounting, particularly
1. financial accounting
2. management accounting
3. government accounting
4. auditing
5. tax accounting
6. cost accounting
 Solve exercises from Lecture Textbook Answer the end-of-the- 2 hours
the textbook in the chapter exercises.
identification of the Handouts
branches of Graded recitation;
accounting described Presentation
through the types of End-of-topic quiz.
services rendered

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I
Specific Learning Outcomes
 Explain the kind/type of
services rendered in each of
these branches
 Define external users and
gives examples
 Define internal users and
give examples
 Identify the type of decisions
made by each group of
users
 Describe the type of
information needed by each
group of users
 Differentiate the forms of
business organization
 Identify the advantages and
disadvantages of each form
Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment
7. accounting education
8. accounting research
Professional rendered by CPAs  Make a list of business
1. Financial Reporting within the community
2. Auditing on the types of
3. Tax accounting services
4. Consultancy they require
USERS OF ACCOUNTING
INFORMATION
External and internal users of  Solve exercises and Lecture Textbook Answer the end-of-the- 2 hours
financial information problems on the chapter exercises.
identification of users Handouts
of information, type of Graded recitation;
decisions to be made, Presentation
and type of information End-of-topic quiz.
needed by the users
 Cite users of financial
information and
identify whether they
are external or internal
users
FORMS OF BUSINESS
ORGANIZATIONS
Various forms of business  Differentiate the forms Lecture Textbook Answer the end-of-the- 2 hours
organization, as follows: of business chapter exercises.
1. sole / single organization in terms Handouts
proprietorship of nature of ownership Graded recitation;
2. partnership  Make a list of existing Presentation
3. corporation business entities in End-of-topic quiz.
4. cooperatives their community and
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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I
Specific Learning Outcomes
 Compare and contrast the
types of business according
to activities
 Identify the advantages,
disadvantages, and
business requirements of
each type
 Explain the varied
accounting concepts and
principles
 Solve exercises on
accounting principles as
applied in various cases
 Illustrate the accounting
equation
 Perform operations involving
simple cases with the use of
accounting equation
Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment
identify the form of
business organization
TYPES OF BUSINESS
ACCORDING TO ACTIVITIES
Types of business according to  Differentiate the types Lecture Textbook Answer the end-of-the- 2 hours
activities, particularly: of business according chapter exercises.
1. service business to activities Handouts
2. merchandising business  Make a list of Graded recitation;
3. manufacturing business businesses in their Presentation
community according End-of-topic quiz.
to their activities
ACCOUNTING CONCEPTS
AND PRINCIPLES
Accounting concepts and Identify generally accepted Lecture Textbook Answer the end-of-the- 2 hour
principles accounting principles chapter exercises.
1. Entity Concept Problem- Handouts
2. Accrual Basis vs. Cash Solving Graded recitation;
Basis Presentation
3. Going Concern End-of-topic quiz.
Assumption
4. Periodicity Concept
5. Materiality
6. Adequate Disclosure
7. Qualitative
Characteristics
THE ACCOUNTING EQUATION
The Accounting Equation Solve problems applying the Lecture Textbook Answer the end-of-the- 4 hours
accounting equation chapter exercises.
Problem- Handouts
Solving Graded recitation;
Presentation
End-of-topic quiz.
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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

TYPES OF MAJOR ACCOUNTS

 Discuss the five major The five major accounts, namely, Define, identify, and classify Lecture Textbook Answer the end-of-the- 3 hours
accounts 1. Assets accounts according to the five chapter exercises.
 Cite examples of each type 2. Liabilities major types Problem- Handouts
of account 3. Capital Solving Graded recitation;
 Prepare a Chart of Accounts 4. Income Presentation
5. Expenses End-of-topic quiz.
BOOKS OF ACCOUNTS
 Identify the uses of the two The two major types of books of  Differentiate a journal Lecture Textbook Answer the end-of-the- 2 hours
books of accounts accounts, namely, journal and from a ledger chapter exercises.
 Illustrate the format of a ledger  Identify the types of Problem- Handouts
general and special journals journals and ledgers Solving Graded recitation;
 Illustrate the format of a Presentation
general and subsidiary End-of-topic quiz.
ledger
 Differentiate the journal from
the general ledger
THE ACCOUNTING CYCLE OF
A SERVICE BUSINESS
 Describe the nature and Types of business transactions Identify business and Lecture Textbook Answer the end-of-the- 19 hours
gives examples of business nonbusiness transactions chapter exercises.
transactions Problem- Handouts
 Identify the different types of Types of business documents  Enumerate the types Solving Graded recitation;
business documents of business documents Presentation
 Properly accomplish End-of-topic quiz.
business documents
such as deposit slips,
withdrawal slips,
official receipts, sales
invoices, receiving
report, purchase order,
etc.

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I
Specific Learning Outcomes
 Analyze common business
transactions using the rules
of debit and credit
 Determine the normal
balance of an account
 Determine balances of
accounts using the t-
account
 Record transactions of a
service business in the
general journal
 Post transactions in the
ledger
 Prepare a trial balance
 Prepare adjusting entries
 Prepare worksheet
 Identify the elements of the
SFP and describe each of
them
 Classify the elements of the
SFP into current and
noncurrent items
Learning Content
 Business Transactions
and their Analysis
 Rules of debits and
credits
Recording business transactions
Posting business transactions
The trial balance
 Recording adjusting
entries
 Preparation of a
worksheet
COMPLETING THE
ACCOUNTING CYCLE AND
PREPARATION OF BASIC
FINANCIAL STATEMENTS
Statement of Financial Position
(SFP)
Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment
 Recite the rules of
debit and credit, and
apply these rules to
business transactions
 Solve simple problems
and exercises in the
analyses of business
transaction
Prepare journal entries for
basic business transactions
 Post transactions in
the ledger
 Solve exercises and
problems that require
using the t-account
Prepare an accurate trial
balance
 Prepare adjusting
journal entries
 Prepare a worksheet
Solve exercises and problems Lecture Textbook Answer the end-of-the- 16 hours
that require preparation of an chapter exercises.
SFP for a single proprietorship Problem- Handouts
with proper classification of Solving Graded recitation;
accounts as current and Presentation
noncurrent using the report End-of-topic quiz.
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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I
Specific Learning Outcomes
 Prepare the SFP of a single
proprietorship
 Prepare an SFP using the
report form and the account
form with proper
classification of items as
current and noncurrent
 Identify the elements of the
SCI and describe each of
these items for a service
business and a
merchandising business
 Prepare an SCI for a service
business
 Prepare an SCE for a single
proprietorship
 Discuss the components
and structures of a CFS
 Prepare a CFS
 Describe the nature of
transactions in a
merchandising business
 Record transactions of a
merchandising business in
the general and special
journals
 Posts transactions in the
general and subsidiary
Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment
form and the account form
Statement of Comprehensive Solve exercises and problems
Income (SCI) that require preparation of SCI
Statement of Changes in Equity Solve exercises and problems
(SCE) that require preparation of an
SCE for a single proprietorship
Cash Flow Statement (CFS) Solve exercises and problems
that require preparation of a
CFS
THE ACCOUNTING CYCLE OF
A MERCHANDISING BUSINESS
Journalizing of transactions using  Prepare journal entries Lecture Textbook Answer the end-of-the- 24 hours
the general and special journals,  Post to the ledger chapter exercises.
namely: sales journal, purchase  Prepare the trial Problem- Handouts
journal, cash receipts journal and balance, worksheet, Solving Graded recitation;
cash payments journal adjusting entries Presentation
 Complete the End-of-topic quiz.
accounting cycle of a
Posting to the ledger, namely: merchandising
general and subsidiary ledgers business
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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I
Specific Learning Outcomes
ledgers
 Prepare a trial balance
 Prepare adjusting entries
 Prepare adjusting entries
 Complete the accounting
cycle of a merchandising
business
 Prepare the Statement of
Cost of Goods Sold and
Gross Profit
 Define the measurement
levels, namely, liquidity,
solvency, stability, and
profitability
 Perform vertical and
horizontal analyses of
financial statements of a
single proprietorship
 Compute and interpret
financial ratios such as
current ratio, working
capital, gross profit ratio, net
profit ratio, receivable
turnover, inventory turnover,
debt-to-equity ratio, and the
like
Learning Content
Preparation of trial balance
Preparation of trial balance
Adjusting entries to include pre
payments, accrual and deferral
 Worksheet preparation
 Completing the
accounting cycle of a
merchandising business
ANALYSIS AND
INTERPRETATION OF
FINANCIAL STATEMENTS
 Financial ratios to test
the level of liquidity,
solvency, profitability,
and stability of the
business
 Methods or tools of
analysis of financial
statements to include
horizontal analysis,
vertical analysis
Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment
 Solve exercises and Lecture Textbook Answer the end-of-the- 10 hours
problems that require chapter exercises.
computation and Problem- Handouts
interpretation using Solving Graded recitation;
horizontal analysis, Presentation
vertical analysis, and End-of-topic quiz.
various financial ratios
 Using downloaded
sample financial
statements, perform
horizontal and vertical
analysis, compute
various financial ratios,
and interpret the level
of liquidity, solvency,
stability, and
profitability of the
business
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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I
Specific Learning Outcomes
 Identify items to be included
in cash
 Differentiate between cash
and cash equivalents
 Describe the nature of a
bank reconciliation
statement
 Identify common reconciling
 items and describe each of
them
 Analyze the effects of the
identified reconciling items
 Classify receivables as
trade or non-trade
 Compute the net realizable
value of accounts receivable
 Compute allowance for
doubtful accounts
 Compute depreciation
expense
 Compute book value of PPE
MINIMUM COURSE REQUIREMENTS:
 Required Textbook/s
 Journal Notebook
 Accounting Practice Set
The members of the Faculty of Department of Accountancy discuss, formulate and prepare this syllabus.
Learning Content
INTRODUCTORY TOPICS TO
FINANCIAL ACCOUNTING
Introduction to Accounting for
Cash
Introduction to Bank
Reconciliation
 Nature and Structure
 Reconciling Items
 Methods of Preparation
Introduction to Accounting for
Accounts Receivables
Introduction to Accounting for
Property, Plant, and Equipment
Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment
Compute correct balance of Lecture Textbook Answer the end-of-the- 18 hours
cash and cash equivalents to chapter exercises.
be presented in the Statement Problem- Handouts
of Financial Position Solving
Solve exercises and problems Presentation Graded recitation;
involving the following:
1. Identification of the End-of-topic quiz.
proper treatment of
reconciling items in the
bank reconciliation
statement
2. Preparation of a bank
reconciliation
statement
Compute correct balance of
accounts receivable to be
presented in the Statement of
Financial Position
Compute correct balance of
PPE to be presented in the
Statement of Financial Position
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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Effectivity: June 2, 2015

Revisions: 0
If revised, date of last revision: not applicable

In behalf of the members of the Faculty: Approved:

MARK FRANCIS G. NG, CPA, MBA EDDIE S. SEE, Ed. D., M. B. A., R. P. A. E.
Chairperson, Department of Accountancy Dean, BU College of Business, Economics, and Management

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