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COURSE CURRICULUM

THEORY OF ACCOUNTS
1. Accounting and Financial Accounting Concepts
2. Overview of accounting (definition, purpose and functions, uses of accounting information, branches of
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accounting)
Accounting standard setting in the Philippines (institutions and process)
Conceptual framework
Presentation of Financial Statements
The Accounting Process
Income Determination
Discontinued Operations
Accounting for Assets (nature, recognition, measurement, valuation, classification, derecognition, and

disclosure) Concept of financial and non-financial assets


10. Cash and cash equivalents
11. Short-term investments (including financial assets at fair value through profit or loss, other
comprehensive, and derivatives)
12. Trade and non-trade receivables (including receivable financing)
13. Inventories (except LIFO, peso value-LIFO, retail LIFO, and conventional retail method)
14. Prepaid expenses
15. Other financial assets
16. Noncurrent investments (including financial assets at amortized cost, investment in associates,
investments in joint ventures, other financial instruments, and investment property)
17. Property, plant, and equipment
18. Intangibles and other noncurrent assets (including noncurrent assets held for sale)
19. Impairment of assets
20. Accounting for Liabilities (nature, recognition, measurement, valuation, classification, disposition, and
disclosure)
21. Concepts of financial vs. non-financial liabilities
22. Current liabilities (including provisions)
23. Noncurrent liabilities
24. Debt restructuring
25. Other financial liabilities
26. Accounting for Equity (nature, recognition, measurement, retirement, and disclosure)
27. Preference and ordinary shares
28. Share premium
29. Revaluation surplus
30. Retained earnings (including dividends and appropriations/accumulated profit or loss)
31. Capital restructuring (quasi-reorganization, recapitalization)
32. Treasury stock
33. Other reserves
34. Book value per share
35. Statement of changes in equity
36. Cash flows statement
37. Interim financial statements: Presentation & disclosure requirements
38. Operating Segments
39. Accounting for/Disclosure requirements
a. Events after the balance sheet date
b. Earnings per share
c. Contingencies
d. Related party
e. Accounting policies
f. Others
40. Accounting changes and prior-period errors
a. Change in estimates

b. Change in accounting policies


c. Prior-period errors
41. Accounting for income taxes
42. Research and development
43. Borrowing costs
44. Employee benefits, including retirement benefit costs
45. Leases (operating leases, finance leases, sale and leaseback)
46. Foreign currency transactions and translations
47. Cost accumulation for product costing
48. Business combinations and consolidation of financial statements
49. Accounting for share-based payments
50. Accounting for government grants and disclosure of government assistance
51. Financial reporting and changing prices (including hyperinflationary economies)
52. Accounting for agricultural activity
53. Not-for-profit organizations
54. Government Accounting New Government Accounting System
55. Accounting for build-operate-transfer (BOT)
BUSINESS LAW
I. LAW ON BUSINESS TRANSACTIONS
1. Obligations and Contracts
2. Contract of Sales
3. Contract of Agency, Pledge and Mortgage
II. LAW ON BUSINESS ASSOCIATIONS
1. Partnership
2. Corporations
III. LAW ON NEGOTIABLE INSTRUMENTS
1. Negotiable Instruments Law
TAXATION
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Principles of Taxation and its Remedies


Powers and Authority of the Commissioner of Internal Revenue under Section 4 to 7, Title 1 of
the Tax Code
Authority of the Commissioner to Compromise Tax Payments, Abate or Cancel Tax Liability
and Refund or Credit Taxes
5. Tax Remedies
6. Income Tax
7. Compliance Requirements
8. Transfer Taxes: Estate and Donors Tax
9. Value Added Tax
10. Percentage Taxes
11. Community Tax (computation of basic, additional and optional community tax for individuals
12. Additions to Tax
MANAGEMENT SERVICES
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Basic Consideration in MS
Management Information System and Systems Engagement
Managerial Accounting: Basic Frameworks and Contemporary Developments
Cost Concepts, Cost Classifications and Cost Accumulation
Cost-Volume-Profit Analysis
Standard Cost Variance Analysis
Absorption and Variable Costing
Accounting Information and Short-Term Decision Making
Responsibility Accounting, Performance Measurement and Transfer Pricing

10. Operational and Financial Budgeting


11. Analysis and Interpretation of Financial Statements
12. Quantitative Techniques
13. Working Capital Management and Financing Decisions
14. Capital Budgeting
15. Project Feasibility Study
16. Economic Concepts: Macro and Micro
AUDITING THEORY
1. Fundamentals of Auditing and Assurance Services
2. The Professional Practice of Public Accounting
3. The Financial Statements Audit Client Acceptance, Audit Planning, Supervision and
4. Understanding the Entity and its Environment Including its Internal Control and Assessing the
5. Audit Objectives, Procedures, Evidences and Documentation
6. Audit Sampling
7. Completing the Audit / Post-Audit Responsibilities
8. Reports on Audited Financial Statements
9. Auditing in a Computerized Information Systems (CIS) Environment
10. Other Assurance and Nonassurance Services
AUDITING PROBLEMS
1. Application of analytical procedures in audit planning
2. Understanding of the internal control and tests of controls
a. Revenue and receipt cycle
b. Expenditure and disbursement cycle
c. Production cycle
d. Investing and financing cycle
3. Audit of sales and revenue transactions
4. Audit of receivable balances
5. Audit of cash receipt transactions / cash balance
6. Audit of acquisitions and purchases
7. Audit of payroll transactions
8. Audit of cash disbursement transactions / cash balance
9. Audit of inventory balances
10. Audit of trade payable balances
11. Audit of prepaid expenses and accrued liabilities
12. Audit of conversion activities
13. Audit of inventory balances: work-in-process and finished goods
14. Audit of cost of goods sold balance
15. Audit of financing cycle transactions
16. Audit of non-trade liability balances
17. Audit of interest expense and finance cost balances
18. Audit of equity accounts
19. Audit of investing transactions
20. Audit of investment account balances
21. Audit of property, plant and equipment account balances
22. Audit of intangible account balances
23. Audit of cash balances
24. Completing the Audit
25. Evaluation of related party transactions, going concern, and contingencies
26. Evaluation of events after the balance sheet date
27. Drafting the audited financial statements
28. Application of analytical procedures in the overall review
29. Drafting the audit report
PRACTICAL ACCOUNTING PROBLEMS I

1. Preparation of Financial Statements


2. Accounting process
3. Components of financial statements including Notes
a. Balance sheet
b. Income statement
c. Statement of changes in equity
d. Cash flow statement
e. Notes to financial statements
1. Contingencies
2. Events after balance sheet date
3. Accounting policies
4. Related party disclosure
5. Segment reporting
6. Earnings per share
7. Other disclosures
4. Cash basis to accrual basis and single entry
5. Financial reporting and changing prices (including hyperinflationary economies)
6. Accounting for Income and Expenses
7. Net income
8. Accounting changes
9. Prior-period errors
10. Interim reporting
11. Operating Segment
12. Development-stage enterprise
13. Cash and cash equivalents
14. Trade and other receivables
15. Inventories
16. Prepaid expenses
17. Investments (excluding investment in subsidiaries and joint ventures)
18. Property, plant and equipment
19. Intangibles
20. Other assets
21. Impairment of assets
22. Trade and other payables
23. Provisions; Contingent liabilities
24. Income taxes payable
25. Bonds payable
26. Notes payable
27. Debt restructuring
28. Employee benefits
29. Other liabilities
30. Preference shares
31. Ordinary shares
32. Additional paid-in capital / share premium / other sources
33. Reserves
34. Retained earnings / accumulated profit or loss
35. Treasury shares
36. Earnings per share
37. Book value per share
38. Quasi-Reorganization
39. Accounting for deferred taxes
40. Accounting for leases
41. Accounting for non-current assets held for sale and discontinued operations
42. Accounting for share-based payments

43. Accounting for biological assets, agricultural produce at the point of harvest and government grants
related to agricultural activity
44. Accounting for government grants and disclosure of government assistance
45. Borrowing Cost
PRACTICAL ACCOUNTING PROBLEMS II
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Partnership Accounting
Financial reporting of interests in joint ventures
Corporate liquidation
Accounting for installment sales contracts
Long-term construction contracts
a. Percentage-of-completion method
b. Cost recovery or zero-profit method

6. Commercial franchise operations - point of view of franchisor


7. Accounting for Branch and Agency Transactions
8. Accounting for Business Combination
9. Preparation of Consolidated and Separate Financial Statements
10. Accounting for Foreign Currency Transactions
11. Other Derivatives and Hedging Activities
12. Preparation of Foreign Currency Financial Statements
13. Cost Accounting
14. Not-for-profit organizations
15. Accounting for build-operate-transfer (BOT)
16. Government Accounting - New Government Accounting System