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I. Course Description
A course dealing with the nature, function, scope and limitation of the field of accounting
affecting a service concern and a merchandising enterprise organized as a sole proprietorship. It
is designed to meet the basic needs of all business students, regardless of their area of
specialization. It provides the students with the knowledge of how accounting records,
techniques, and methodologies are utilized to present useful accounting information from a mass
of data. Emphasis is placed on understanding the reasons underlying basic accounting concepts
and providing students with adequate background in the recording, classifying, and summarizing
functions of accounting to enable them to appreciate the varied uses of accounting data. A
practice set provides the practical application of topic discussed.
Vision: “Truth and Goodness in Man and for all Mission: Produce through a responsive curriculum, morally upright,
others through Education” committed and competent graduates capable of meeting the growing
human resources needs in the profession, government, business, industry
and home.
Tomas del Rosario College
Capitol Drive, San Jose, Balanga City, Bataan
Tel No: (047) 237-3115; Tel No: (047) 791-61-52
3. Income Statement
3.1 Service Business
3.2 Service Income
3.3 Operating Expenses
3.4 Single-Step Form
3.5 Merchandising Business
3.6 Multiple-Step Form
3.7 Income from Sales
3.8 Cash Discounts
3.9 Cost of Goods Sold
3.10 Cost of Goods Available for Sale
3.11 Net Cost of Purchases
3.12 Freight-In
3.13 Merchandise Inventory
3.14 Determining Ending Inventory
3.15 Periodic Inventory Method
3.16 Operating Expenses
3.17 Other Items
3.18 Accounting Period
3.19 Periodicity Concept
3.20 Heading of the Income Statement
Vision: “Truth and Goodness in Man and for all Mission: Produce through a responsive curriculum, morally upright,
others through Education” committed and competent graduates capable of meeting the growing
human resources needs in the profession, government, business, industry
and home.
Tomas del Rosario College
Capitol Drive, San Jose, Balanga City, Bataan
Tel No: (047) 237-3115; Tel No: (047) 791-61-52
Vision: “Truth and Goodness in Man and for all Mission: Produce through a responsive curriculum, morally upright,
others through Education” committed and competent graduates capable of meeting the growing
human resources needs in the profession, government, business, industry
and home.
Tomas del Rosario College
Capitol Drive, San Jose, Balanga City, Bataan
Tel No: (047) 237-3115; Tel No: (047) 791-61-52
V. Course Requirements
1. Quizzes
2. Long Examinations
3. Recitation
4. Learning Exercises
The class standing is the sum of recitation, quizzes, group activity, projects, assignment and
attendance.
Vision: “Truth and Goodness in Man and for all Mission: Produce through a responsive curriculum, morally upright,
others through Education” committed and competent graduates capable of meeting the growing
human resources needs in the profession, government, business, industry
and home.