UNIVERSITY OF SAINT LOUIS TUGUEGARAO

Tuguegarao City, Cagayan

School Of Accountancy, Business and Hospitality

BACHELOR OF SCIENCE IN ACCOUNTANCY

Curriculum 2019-2020

Course Information and Syllabus Acct 1026

DESCRIPTIVE TITLE: Financial Accounting and Reporting

CREDIT UNITS: 6 units (108 hours Lecture)
PRE-REQUISITE/S: None
COURSE DESCRIPTION:

This course provides a reinforcement of basic accounting, within the context of business and business decisions. Students obtain additional knowledge of the principles and concepts of
accounting as well as their application that will enable them to appreciate the production of accounting data. Emphasis is placed on understanding the reasons underlying basic accounting
concepts and providing students with an adequate background on the recording of transactions, their classifications and reporting function of accounting in a service and trading concerns through
the preparation of Statement of Financial Position, Income Statement, Statement of Changes in Equity, and Cash Flow Statement . Exposure through the use of practice sets, either manual or
computerized system (MS Excel, Quickbooks) in recording and reporting transactions for service or trading firm is a requirement in this course. Toward the end of the course covering financial
statements for corporation, there must be an introduction to regulatory reporting in the Philippines for Corporations which will be discussed in detailed at Regulatory Framework and Legal Issues
in Business.

PROGRAM LEARNING OUTCOMES:

Code Program Learning Outcome

ACO 1 Exercise high personal, moral and ethical standards by living the gospel values everyday in personal and professional life.
ACO 2 Demonstrate managerial and leadership skills in administration and supervision of accounting firms or organizations while recognizing cultural diversity.
ACO 3 Employ technology as a business tool in capturing financial and non-financial information, generating reports and making decisions.
ACO 4 Resolve business issues and problems, with global and strategic perspective using knowledge and technical proficiency in the areas of financial accounting and reporting, cost
accounting and management accounting and control, taxation, and accounting information systems.

ACO 5 Contribute in the advancement of research, education and practice to bridge the gap of undergraduate preparation and practice.

| ACCT 1026: Financial Accounting and Reporting 1

 Demonstrate communication skills to develop informative, explanatory and persuasive presentations to a variety of audiences using oral and written communication and language,
ACO 6
quantitative and technological literacy.

ACO 7 Work effectively with interdependence and versatility with high regard of a professional accountant’s legal and moral duty.

ACO 8 Work actively and voluntarily in pursuit of personal and professional development.

ACO 9 Demonstrate an attitude of self-less service through engagement to various community developments and environmental sustainability activities.

Integrate personal, professional and community values in a decision-making context as a member of an organization. Demonstrate social responsibility within organizational contexts
ACO 10
and the social role and impacts of organizations.

ACO 11 Conduct accountancy research through independent studies of relevant literature and appropriate use of accounting theory and methodologies

COURSE LEARNING OUTCOMES VIS-A-VIS PROGRAM LEARNING OUTCOMES:

COURSE LEARNING OUTCOMES

After completion of the course, the students should be able to: ACO ACO ACO ACO ACO ACO ACO ACO ACO ACO ACO
1 2 3 4 5 6 7 8 9 10 11
CLO 1: Explain nature and basic purpose of accounting and how it is applied in businesses. I I I

CLO 2: Demonstrate knowledge and skills in identifying, recording and communicating business
I P I I
transactions both under servicing and merchandising business.
CLO 3: Demonstrate knowledge and skills in accounting for transactions related to partnership
P I
formation, operations and dissolution.
CLO 4: Demonstrate knowledge and skills in accounting for transactions related to corporate
P I
issuances of shares, reacquisition and retirement of shares and distribution to owners.
I – Introduce P – Practice D – Demonstrate

| ACCT 1026: Financial Accounting and Reporting 2

LEARNING PLAN:
COURSE LEARNING
OUTCOMES
CLO 1: Explain nature and
basic purpose of accounting
and how it is applied in
businesses.
INTENDED
TEACHING AND LEARNING TIME
LEARNING TOPICS RESOURCES ASSESSMENT
ACTIVITIES FRAME
OUTCOMES
PRELIM
Identify and comply USL’s vision, mission, goals USL’s vision, mission, goals Day 1 USL’s vision, mission,
with the institutional, and objectives, classroom and objectives, classroom goals and objectives,
program and course policies, and introduction to the policies, and introduction to the classroom policies,
policies course in Financial Accounting course in Financial Accounting and introduction to the
and Reporting and Reporting course in Financial
Explain the relation Accounting and
between and among Discussion of the course Discussion of the course Reporting
various courses and syllabus syllabus
Financial Accounting Discussion of the
and Reporting course syllabus
Explain the definition, I. Introduction to Students are given an Week 1 Online & Printed Students to present the
nature functions, and accounting assignment on a case study References case study given as an
brief history of A. Definition of accounting that articulates the nature and assignment
accounting. B. Nature of accounting types of businesses and the
C. Functions of Accounting various common business Quiz on the topic
Identify and explain in Business transactions that occur on them
the common D. Brief history of
branches of accounting Lecture/Discussion
accounting and its E. Common branches of
users. accounting Case analysis that familiarizes
F. Users of accounting students to different forms of
Identify and explain information business organizations and
the forms of business G. Forms of business how accounting is applied to
organization and their organizations them
advantages and H. Advantages and
disadvantages disadvantages of the
different forms of
Identify and explain business organizations
the types of I. Types of businesses
businesses according according to activities
to activities and their J. Advantages and
advantages and disadvantages of the
disadvantages different types of
business
| ACCT 1026: Financial Accounting and Reporting 3
CLO 2: Demonstrate Illustrate application II. Accounting concepts
knowledge and skills in of different and principles
identifying, recording and accounting concepts A. Basic accounting
communicating business and principles to concepts
transactions both under various business B. Accounting standards
servicing and transactions C. The Conceptual
merchandising business. Framework for Financial
Explain the Reporting
importance of
accounting standards
and the Conceptual
Framework for
Financial Reporting
Illustrate the III. The accounting
accounting equation. equation
A. The basic accounting
Perform operations equation
involving simple B. The expanded
cases with the use of accounting equation
accounting equation. C. Applications of the
accounting equation
Prepare a chart of
accounts IV. Types of major
accounts
Identify and explain A. The Account
the different types of B. The Five Major Accounts
major accounts. C. Chart of accounts
D. Common account titles
Identify and explain E. Drills on account titles
the book of accounts.
Explain the rules of V. Books of accounts
debits and credits. and double-entry
system
A. The books of accounts
B. Journal
C. Ledger
D. Formats of the books of
accounts
Students are given a research Week 2 Online & Printed
assignment on that articulates References Students to answer
the application of accounting exercises and problems
concepts and principles on the topic
Lecture/Discussion Quiz on the topic
Sharing of researches or news
articles relating to
contemporary application of
basic accounting concepts and
principles
Board work
Students are given an Week 3 Online & Printed Students to undergo a
assignment to solve problems and 4 References pretest on basic
involving simple cases with the computation of the
use of accounting equation. elements of an
accounting equation
Board work
Students to submit a
Lecture/Discussion concept map that
articulates the
Case analysis presentation that relationship of the
articulates preparation of chart expanded accounting
of accounts equation and the
different types of major
accounts
Students to answer
exercises and problems
on the topic
Students to submit a
chart of account based
on the assigned case
study.
Quiz on the topic
| ACCT 1026: Financial Accounting and Reporting 4
 E. Double-entry system
F. Normal balances of
accounts
G. Rules of debits and
credits
H. Ending balance of
account
I. Contra and adjunct
accounts

Describe the nature VI. Business transactions
and give examples of and their analysis
business A. The accounting cycle
transactions. B. Identifying and analyzing
transactions and events
Identify the different C. Journalizing
types of business D. Recording drills
documents.
VII. Posting to the ledger
Analyze common A. Posting
business transactions B. Unadjusted trial balance
using the rules of
debit and credit.
Record accountable
business transactions
Students are given an
assignment to solve problems
involving journal and ledger
entries for common various
business transactions and to
prepare the unadjusted trial
balance
Board work
Lecture/Discussion
Students are to research on the
bookkeeping trends for 2019.
Week 5 Online & Printed Students to undergo a
and 6 References pretest on recording and
classifying transactions
Students to answer
exercises and problems
on the topic
Quiz on the topic
Students share in class
what they found out in
their research on the
2019 bookkeeping trends

Post transactions in
the ledger.

Prepare the
unadjusted trial
balance.
MIDTERM
Prepare adjusting VIII. Adjusting entries Students are given an Week 7 Online & Printed Students to undergo a
entries A. Accruals of income and assignment to solve problems and 8 References pretest on preparation of
expense involving preparation of adjusting entries
Prepare adjusted trial B. Depreciation and bad adjusting entries and adjusted
balance. debts trial balance

| ACCT 1026: Financial Accounting and Reporting 5

 C. Deferrals of income and
expense
D. Preparation of adjusted
trial balance.
Board work Students to answer
exercises and problems
Lecture/Discussion on the topic
Quiz on the topic

Prepare a worksheet. IX. Accounting cycle of a Students are given an Week 9 Online & Printed Students to answer
service business assignment to solve problems and 10 References exercises and problems
Prepare closing A. The worksheet involving preparation of on the topic
entries. B. Financial statements worksheet, closing entries,
C. Closing entries balance sheet, income Quiz on the topic
Prepare a balance D. Post-closing trial balance statement and reversing
sheet and income E. Reversing entries entries Students to submit a
statement of a practice set for servicing
service business. Board work entity

Prepare reversing Lecture/Discussion

entries.

Identify and explain X. Accounting cycle of a Students are given an Week 11 Online & Printed Students to answer
the different inventory merchandising assignment to solve problems and 12 References exercises and problems
systems. business involving journal entries of on the topic
A. Inventory business transaction
Explain the B. Inventory systems Quiz on the topic
accounting treatment C. Gross profit Board work
for various peculiar D. Recording in the General
transaction for a and Special journals Lecture/Discussion
merchandising E. Posting to the General
business and Subsidiary ledgers
F. The accounting cycle of
Record accountable a merchandising
business transactions business

Prepare a statement
of cost of goods sold

FINALS

| ACCT 1026: Financial Accounting and Reporting 6

CLO 3: Demonstrate
knowledge and skills in
accounting for transactions
related to partnership
formation, operations and
dissolution.
CLO 4: Demonstrate
knowledge and skills in
accounting for transactions
related to corporate
issuances of shares,
reacquisition and
retirement of shares and
distribution to owners.
Identify and explain XI. Partnership formation Students are given an Week Online & Printed Students to undergo a
the nature and A. Accounting for initial assignment to solve problems 13, 14 References pretest on related topics
elements of a contributions involving journal entries on and 15
contract of B. Partners’ ledger partnership formation and Students to answer
partnership accounts dissolution; and computation of exercises and problems
C. Bonus method partners’ share over on the topic
Record the formation partnership’s profit or loss
of partnership in the XII. Partnership Quiz on the topic
book of accounts operations Board work
A. Division of profits and
Compute the losses Lecture/Discussion
partners’ share on
the partnership’s XIII. Partnership
profit or loss dissolution
A. Admission of a partner
Identify and explain B. Withdrawal, retirement or
the different modes death of a partner
of dissolution.
Record the
dissolution of
partnership in the
books of accounts.
Explain the nature of XIV. Accounting for Students are given an Week Online & Printed Students to undergo a
a corporation, its corporations assignment to solve problems 16, 17 References pretest on related topics
elements and how A. Shareholders’ equity involving journal entries on and 18
accounting is B. Subscriptions and various corporation’s equity Students to answer
affected by its issuances of share transactions exercises and problems
structure capital on the topic
C. Accounting for treasury Board work
Record various shares Quiz on the topic
equity transactions D. Accounting for retirement Lecture/Discussion
of shares Sharing on financial
Prepare a statement E. Donated capital Students to research on the statements of select
of changes in financial statement listed companies
stockholders’ equity XV. Accounting for presentation of select listed
dividends companies
A. Cash dividends
B. Share dividends
| ACCT 1026: Financial Accounting and Reporting 7
 C. Dividends on preference
shares
D. Share splits

COURSE REQUIREMENT:
At the end of the course, the student must be able to simulate the bookkeeping process and to prepare financial statements for a simple servicing or merchandising entity through a practice set.
The practice set will be distributed to each group with 5 members at the beginning of midterm and to be submitted at the end of midterm.

ASSESSMENT:

Course Learning Outcomes Assessment Tools Key performance Indicators

CLO 1: Manifest understanding and appreciation of the nature and basic
purpose of accounting and how it is applied in businesses.
CLO 2: Demonstrate knowledge and skills in identifying, recording and
communicating business transactions both under servicing and
merchandising business.
CLO 3: Demonstrate knowledge and skills in accounting for transactions
related to partnership formation, operations and dissolution.
CLO 4: Demonstrate knowledge and skills in accounting for transactions
related to corporate issuances of shares, reacquisition and retirement of
shares and distribution to owners.
Quiz, Seatwork and Major Examinations
Accomplished practice set on bookkeeping
and financial statements preparation and
completed service learning program
Quiz, Seatwork and Major Examinations
Quiz, Seatwork and Major Examinations
At least 75% of the students can digest the nature and
purpose of accounting
At least 75% of the students can demonstrate knowledge
and skill in bookkeeping and financial statement
preparation.
At least 75% of the students can demonstrate knowledge
and skill in accounting for partnership
At least 75% of the students can demonstrate knowledge
and skill in accounting for corporations

| ACCT 1026: Financial Accounting and Reporting 8

GRADING SYSTEM:

Criteria in Grading Prelim Midterm Finals

Class Standing = 50%
Quizzes 25 % 25 % 25%
Diagnostics, Seatwork, Exercises 10% 10% 10%
Practice Set and Research 10% 10% 10%
Recitation, Assignment 5% 5% 5%
Major/Periodic Exam 50% 50% 50%
TOTAL 100% 100% 100%

Grade Computation:

Preliminary Raw Score (PRS): Preliminary Grade:

Class Standing (max of 50) plus Prelim Examination (max of 50) Preliminary Raw Score (PRS) / 2 + 50
Moving Midterm Raw Score (MMRS):
Class Standing (max of 50) plus Midterm Examination (max of 50)
Midterm Raw Score (MRS): Midterm Grade:
Preliminary Raw Score plus (2 X Moving Midterm Raw Score) Midterm Raw Score (MRS) / 2 + 50
3
Moving Final Raw Score (MFRS):
Class Standing (max of 50) plus Final Examination (max of 50)
Final Raw Score (FRS): Final Grade:
Midterm Raw Score plus (2 X Moving Final Raw Score) Final Raw Score (FRS) / 2 + 50
3

The preliminary, midterm and final raw scores are transmuted using the following transmutation table. Before transmutation, the raw scores should first be rounded off to whole
numbers. However, for succeeding computations, the unrounded raw scores are used. The transmuted grade is the one reflected in the grading sheets.

Raw Score Grade Raw score Grade Raw Score Grade Raw Score Grade Raw Score Grade

Below 50 70 60-61 80 72-73 86 82-83 91 92-93 96

50-51 75 62-63 81 74-75 87 84-85 92 94-95 97
52-53 76 64-65 82 76-77 88 86-87 93 96-97 98
54-55 77 66-67 83 78-79 89 88-79 94 98-99 99
56-87 78 68-69 84 80-81 90 90-91 95 100 100
58-59 79 70-71 85

| ACCT 1026: Financial Accounting and Reporting 9

Rubrics on practice set, case analysis, board work, and seatwork

Poor Fair Good Excellent

Success Indicators
Solving Presentation and
Explanation
Content
Methods of Computation
Verbal Explanation
1 pts 2 pts 3 pts 4 pts
Few accounts have label, and few Some accounts have label, and some Most accounts have label, and most All accounts have label and all
procedures are met, not understand by procedures are met and can be procedures are met and understand by procedures are met and well
non-accounting people. understand by non-accounting people. non-accounting people. understand by non-accounting people.
Few solutions and schedules are Some solutions and schedules are Most of the schedules are prepared to All schedules necessary are prepared
made to support the answer. made to support the answer. support the answer. to support the answer.
No basis on the method and formula Few formula and method were used to Most formula and methods were used All formula and necessary methods
used for the computation support the answers. to support the answer were used to support the answer.
Student has difficulty to explain the Students explained and some Students explained the solutions in Students explained well and
solutions and few accounting accounting principles are mentioned interesting manner and most confidently and all accounting
principles are mentioned and and explained. accounting principles are mentioned principles are mentioned and
explained. and explained. explained.

Textbook:
Millan, Z. V. (2019). Financial Accounting and Reporting (Fundamentals). Baguio City: Bandolin Enterprise.

References:
1. Ballada, W. (2019). Basic Financial Accounting and Reporting. Manila: DomDane Publishers.
2. Cabrera, E.(2017) Fundamentals of Accounting Volume I, GIC Enterprises & Co., Inc., Manila
3. Financial Reporting Standard Council (2017). Philippine Financial Reporting Standards. PICPA
4. Valencia, E. and Roxas, G. (2017), Basic Accounting, Valencia Educational Supply
5. Valix, C. and Peralta, J. (2018). Financial Accounting Volume I GIC Enterprises & Co., Inc., Manila
6. Valencia, E. and Roxas, G. (2017), Partnership and Corporation Accounting, Valencia Educational Supply

Electronic Resource:
1. Introduction to accounting, https://courses.lumenlearning.com/sac-finaccounting/chapter/chapter-1/
2. Accounting Basic https://www.accountingcoach.com/accounting-basics/explanation
3. Basic Accounting. https://www.bizfilings.com/toolkit/research-topics/finance/basic-accounting/the-accounting-system-and-accounting-basics
4. Basic accounting and bookkeeping lessons, http://www.moneyinstructor.com/accounting.asp
5. Financial Accounting. https://www.accountingcoach.com/financial-accounting/explanation
6. Accounting Tutorials for Beginners. https://www.guru99.com/accounting.html

| ACCT 1026: Financial Accounting and Reporting 10

Revision History:

Revision Date Revised by Nature of Revision

November 6, 2018 Jerome D. Marquez, CPA, MBA Modified formatting, course description, program learning outcomes, course learning outcomes, learning plan, course
requirement, assessment tools for the CLO, rubrics and references.
August 2, 2019 Rovelle Concepcion S. Siazon, CPA, DBA Aligned Course Description, Program and Course Learning Outcomes with BSAc 2018 Course Catalogue
Updated teaching and learning activities, assessments,
Updated references and electronic resources.

Endorsed by Recommending Approval Approved by

JEROME D. MARQUEZ, CPA, MBA ALICIA S. TULIAO, MBE EMMANUEL JAMES P. PATTAGUAN, Ph.D
Accountancy Program Chair Academic Dean Vice-President for Academics

| ACCT 1026: Financial Accounting and Reporting 11