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Tomas del Rosario College

Capitol Drive, San Jose, Balanga City, Bataan


Tel No: (047) 237-3115; Tel No: (047) 791-61-52

Department: BUSINESS ADMINISTRATION

Course Code: Acctg 1

Course Title: The Accounting Process 1

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.

II. Course Credits: 3 units

III. Course General Objectives


At the end of the semester the students should be able to:
1. To understand the role of accounting as the language of business.
2. To know and appreciate the career opportunities in the field of accounting.
3. To understand the financial condition of a business as presented in a balance sheet.
4. To understand the results of operation of a business as summarized in an income statement.
5. To develop the basic skills needed in preparing an income statement.
6. To understand the sources and uses of working capital.
7. To develop the basic skills needed to prepare a statement of changes in financial position.
8. To understand how different groups use the financial statements for business decisions.
9. To understand the principal tools and acquire the basic skills for financial statement analysis.
10. To understand the effects of business transactions on assets, liabilities, and owner’s equity.
11. To relate these changes in terms of the rules of debit and credit.

IV. Course Outline

1. Business and Accounting


1.1 Types of Business Ownership
1.2 Single Proprietorship
1.3 Partnership
1.4 Corporation
1.5 Definition of Accounting
1.6 Accounting as the language of Business
1.7 Accounting and Bookkeeping
1.8 The Basic Financial Statements
1.9 Users of Accounting Information
1.10 Fields of Accounting Work
1.11 Other Fields
1.12 Accounting Standards in the Philippines

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

2. Basic Financial Statements


2.1 Elements of a Balance Sheet
2.2 Liabilities
2.3 Owner’s Equity
2.4 Balance Sheet Equation
2.5 Use of Accounts
2.6 Heading of a Balance Sheet
2.7 Balance Sheet Classifications
2.8 Assets Section
2.9 Current Assets
2.10 Long-term Investments
2.11 Property and Equipment
2.12 Intangible Assets
2.13 Other Assets
2.14 Liabilities Section
2.15 Current Liabilities
2.16 Long-term Liabilities
2.17 Owner’s Equity
2.18 Forms of a Balance Sheet Presentation
2.19 Guidelines
2.20 Business Entity Concept
2.21 Illustrative Balance Sheets

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

4. The Statement of Changes In Financial Position


4.1 Operating Cycle
4.2 Basic Financial Statements
4.3 Statement of Changes in Financial Position
4.4 Working Capital Concept
4.5 Sources and Uses of Working Capital

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

5. The Use of Financial Statements for Business Decisions


5.1 Financial Statements
5.2 Limitations of Financial Statements
5.3 Users of Financial Statements
5.4 Analytical Tools
5.5 Comparative Financial Statements
5.6 Common- Size Financial Statements
5.7 Ratio Analysis
5.8 Interpretation of Ratios
5.9 Measures of Short-Term Liquidity
5.10 Current Ratio
5.11 Acid- Test Ratio
5.12 Measures of Long-Term Solvency
5.13 Debt-to- Equity Ratio
5.14 Times- Interest- Earned Ratio
5.15 Return on Investment (ROI)

6. Business Transactions and Business Papers


6.1 Use of Accounts
6.2 Ledger
6.3 Rules of Debit and Credit
6.4 Debit Balance
6.5 Credit Balance
6.6 In-Balance
6.7 Effects on Accounting Equation
6.8 Summary of the Rules of Debit and Credit
6.9 Business Papers
6.10 Bookkeeping
6.11 Double- Entry System
6.12 Journalization

7. Accounting for A Service Business


7.1 Recording
7.2 Cash on Hand and Cash in Bank
7.3 Owner’s Drawing Account
7.4 Recording Purchase of Property
7.5 Recording Sale of Property
7.6 Recording Service Income
7.8 Salaries and Wages
7.9 Notes Receivable
7.10 Notes Payable
7.11 Recording Borrowing/Lending Money
7.12 Discounting Notes Payable
7.13 Lending Money
7.14 Combination Journal
7.15 Recording in a Combination Journal
7.16 Proving the Combination Journal
7.17 Illustrations

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

VI. GRADING SYSTEM:


Grades are computed as follows:
Preliminary Average = (C.S. x 2) + Preliminary Exam
3
Mid-Term Average = (C.S. x 2) + Mid-Term Exam
3
Final Average = (C.S. x 2) + Final Average Exam
3
Final Grade = (C.S. x 2) + Preliminary Exam
3

The class standing is the sum of recitation, quizzes, group activity, projects, assignment and
attendance.

The following formula is used on grade transmutation.

Prepared by: Approved:

VANESSA L. VINLUAN MERCEDES G. SANCHEZ, Ed. D.


Acting College Secretary Vice President for Academics Student Affairs
and Extension Services

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.

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