Specific Objectives Explain business analysis and its relation to financial statement analysis Identify and discuss different

ifferent types of business analysis Describe the different business risk. Describe the different investment theories. Explain business analysis and its relation to financial statements Describe the purpose of each financial statement and linkages between them Analyze and interpret financial statements as a preview to more detailed analysis Explain the purpose of financial statement analysis in an efficient market Explain the different categories of financial report Explain the financial reporting and analysis environment Describe Statutory Financial Reports Identify and discuss the factors affecting statutory financial reports

Topic/Content

Procedure/Activities

Evaluative Measures Follow-up questions Quizzes

Values Determination Patience Goal-oriented Accuracy

Time Allotment 3 hours

1. Overview of Financial Statement Lecture-discussion Analysis 1.1. Business Analysis 1.1.1. Types of Business Analysis 1.1.2. Components of Business Analysis 1.2.Business Risks 1.3. Investment Theories 1.4. Financial Statement- Basis of Analysis 1.4.1. Business Activities 1.4.2. Financial Statements Reflect Business Activities 1.4.3. Users of financial statements 1.4.3.1. Internal Users 1.4.3.2. External Users 1.2.4 Link between Financial Statements 2. Financial Reporting Lecture-discussion 2.1. Categories of Financial Reports 2.1.1. Historical Reports 2.2.2. Current Performance Reports 2.3.3. Future Performance Reports 2.2. Financial Reporting Environment 2.3. Statutory Financial Reports 2.4. Factors Affecting Statutory Financial Reports

Follow-up questions Quizzes

Efficiency Profit-oriented Discipline

3 hours

Specific Objectives

Topic/Content 3. Financial Analysis 3.1. Uses of Financial Analysis 3.2. Analysis Tools 4. Comparative Financial Statement Analysis 4.1. Year-to-Year Change Analysis 4.2. Index-Number Trend Analysis 5. Common-Size Financial Statement Analysis

Procedure/Activities

Evaluative Measures

Values

Time Allotment

Lecture-discussion

Specific Objectives

Define estates and trusts Identify taxable estates and trusts Determine gross income and taxable income of estates and trusts Compute taxes due on estates and trusts

Topic/Content

Lecture-Discussion

Evaluative Measures

Values

Time Allotment

Define income Enumerate the sources of income Distinguish income from other technical terms Discuss the requisites for income to be taxable. Define gross income Identify and distinguish the income Derived from different sources.

Lecture-discussion Group sharing

Lecture-discussion Group sharing

Lecture-discussion List down the income excluded from gross income for income tax purposes

Lecture-discussion

Lecture-discussion Define deductions Discuss the legal basis governing deductions Classify deductions from gross income Identify the items not deductible from Gross income Stress out the importance of filing of Returns and payment of tax on time. Tax liability of partnership and partners Tax consequences of partnerships considered as corporations Tax on Estates and Trusts Definition of Terms Taxable estates and trusts Gross income of estates and trusts Taxable income of estates and trusts Exemption Allowed Computation of the tax Third Quarter Categories of Income Written Exam Definition of Income Sources of Income Distinction of Income from Other terms Requisites for Income to be Taxable Meaning of Gross Income Forms of Compensation Income from Business Income from Farming Income from sales or dealings of property Written Exam Understanding Articulate Honesty Lecture-discussion

Written Exam

Honesty Willingness Accuracy

Income in the form of interest Income in the form of dividends Income derived from whatever source Exclusions from Gross Income In General Exclusions Under the Tax Code Proceeds of Life Insurance Gifts, bequests and devises Compensation for injuries or sickness Income exempt under treaty Retirement, benefits, pensions, gratuities, etc. Miscellaneous items Other exclusions from income under special laws Deductions from Gross Income Definition Authority for deductions Kinds of deductions Items Not Deducted from Gross Income Filling of Returns and Payment of Tax Interest, Surcharge & Penalties

Course Requirements: 1. Quizzes 2. Major examinations

3. Projects/Assignments 4. Compiled Tax Computation (different taxpayers) 5. Written Report (Current Problems and Issues on Income Taxation in the Philippines) Grading System Assignment/Projects 20% Quarterly Exams Quizzes - 40% - 40% 100% References: Ballada, Susan & Win Ballada, 2005. Income Taxation Made Easy 7th ed. DomDame Publishers & Made Easy Boo. Manila, Philippines De Leon, Hector S. & Benjamin D. Teodoro. 1998. The Law and Income Taxation. Rex Bookstore, Manila, Philippines. De Leon, Hector S. 1998. Income Tax law and Accounting. Rex Bookstore, Manila, Philippines. Handouts/BIR Regulations taken from the internet. Prepared by: ANALYN AMARILLO Instructor Franciscan College of the Immaculate Conception Baybay City, Leyte

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COURSE SYLLABUS S.Y. 2012 2013 FIRST SEMESTER COURSE NUMBER COURSE TITLE COURSE DESCRIPTION : TAX 1 : Income Taxation and Tax Consciousness : The accounting aspect of the law on income taxation is discussed thoroughly in this course. It involves the study of the income tax law under the National Internal Revenue Code and its implementing regulations together with the applicable rulings and circulars of the Commissioner of the Internal Revenue. Each item of gross income and deductions, gains and losses on dispositions of property, methods of accounting and filing of returns and payment of income tax both for individuals and corporation will be taken up. : The students are expected to develop awareness and consciousness on income and business taxation. : 3 UNITS : 3 hours lecture/week : Basic accounting subjects

COURSE OBJECTIVES CREDIT UNITS SESSIONS PRE-REQUISITE