Certificate No.

AJA19-0226

COURSE GUIDE

Course: Financial Accounting and Reporting Semester 1st School Year: 2020-2021
Class Schedule: MW 7:30-10:30, 1:30-4:30 Instructor: Ronalyn G. Cebreros, CPA
Sheena A. Ty, CPA
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 adequate background on the recording of transactions, their classifications and
reporting functions of accounting in a service and trading concerns through the preparation of Statement
of Financial Position, Statement of Comprehensive Income, 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. Towards 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 Issued in Business.

Course Outline
SCHEDULE TOPIC
Day 1-2 Chapter 1: Overview of Accounting
Day 3-4 Chapter 2: The Accountancy Profession and its Development
Day 5-7 Chapter 3: Identifying Business Transactions
Day 8 Chapter 4: The Accounting Cycle

Chapter 5: Journalizing Transactions, Posting to the Ledger and Trial Balance

Day 8-11 Preparation
Lesson 1: Book of Accounts
Lesson 2: Journalizing
Lesson 3: Posting to the Ledger
Lesson 4: Ledger Balances
Lesson 5: Subsidiary Ledgers
Lesson 6: Trial Balance
Chapter 6: Completing the Accounting Cycle (Service Concern)
Day 12-13 Lesson 1: Adjustments
Lesson 2: Worksheet
Lesson 3: Adjusted Trial Balance
Day 14-15 Chapter 7: Financial Statement Presentationa and
Closing the Books of the Enterprise
Lesson 1: Financial Statements
Lesson 2: Closing Entries
Lesson 3: Post-Closing Trial Balance

ESSU-ACAD-501|Version 1 Page 1 of 4
Effectivtiy Date: March 1, 2019
 Certificate No. AJA19-0226

Lesson 4: Reversing Entries

Day 16-17 Chapter 8: Accounting for Merchandising and Manufacturing Business
Lesson 1: Service and Merchandising Business Compared
Lesson 2: Periodic versus Perpetual Method of Accounting
Lesson 3: Purchasing and Selling Activities
Lesson 4 Accounting for Manufacturing Concern
Day 18 Midterm Examination
Day 19-20 Chapter 9: Partnership Formation
Lesson 1: Nature of Partnership
Lesson 2: Accounting for Partnership Formation
Lesson 3: Bonus on Initial Investments
Lesson 4 Proprietor and Another Individual Forming Partnership
Lesson 5: Two Proprietors Forming a Partnership
Day 21-22 Chapter 10: Partnership Operations
Lesson 1: Division of Profits and Losses
Lesson 2: Bonus as Part of Profit/Loss
Lesson 3: Interest on Capital
Chapter 11: Partnership Dissolution
Day 23-25 Lesson 1: Admission of a New Partner in an Existing Partnership
Lesson 2: Admission by Investment
Lesson 3: Withdrawal or Retirement/Death, Bankruptcy
or Incapacity of a Partner
Day 26-28 Chapter 12: Dissolution with Liquidation of Partnership
Lesson 1: The Liquidation Process
Lesson 2: Liquidation by Lump Sum
Lesson 3: Liquidation By Installment
Day 29 Chapter 13: Corporation: Nature and Formation
Lesson 1: Nature of a Corporation
Lesson 2: Formation of a Corporation
Lesson 3: The Shareholder's Equity
Day 30-32 Chapter 14: Accounting for Share Capital Transactions
Lesson 1: Basic Concepts of Share Capital
Lesson 2: Memorandum Entry and Journal Entry Methods
Lesson 3: Accounting for Par Value Shares
Lesson 4: Accounting for No Par Value Shares
Lesson 5: Delinquent Subscription
Lesson 6: Incorporation of a Partnership
Day 33-35 Chapter 15: Accumulated Profits and Losses, Dividends and
Treasury Shares
Lesson 1: Accounting for Accumulated Profits and Losses
Lesson 2: Dividends
Lesson 3: Treasury Shares
Day 36 Final Examination

ESSU-ACAD-501|Version 1 Page 2 of 4
Effectivtiy Date: March 1, 2019
 Certificate No. AJA19-0226

Course Requirements
Course Learning Outcomes Required Output
At the end of the course, the students will be able to:
1) Understand and explain the overall fundamental
accounting concepts and principles as applied to
service concern, merchandising, partnership and 1. Chapter Exercises
corporation. 2. Major Examinations
2) Demonstrate knowledge of the accounting process
for service concern, merchandising, partnership and
corporation types of business on cases and
problems.
3) Apply with mastery the steps in the preparation of
financial statements and integrate of accounting
information into the internal and external decision
making of an economic entity.
Course Policies: Grading System:
This learning material is designed to provide contextual The grades on each rating period shall be
and foundational knowledge on the subject/course being computed using the following formula:
pursued and is intended to be used as an alternative
method of learning in this trying times of COVID-19 Chapter Exercises 50%
pandemic. Major Exams _50%
Total 100%
The material contains discussions and chapter exercises.
However, contents presented in this material may not be
enough for their learning needs, so it is suggested to
consider reading other references related to the topics.

Ideally the chapter exercises should be answered and

compiled on or before the major exams. These contribute to
50% of their grades while the remaining 50% shall be taken
from their major exams.

Midterm exams shall cover Chapter 1 to 8 while the final

exams shall cover Chapter 9 to 15.

Students may contact their professor for any concern or

clarification about the topics, tasks, and outputs to be done.
References;
1. Aduena, Nick L. (2014). Fundamentals of Accounting (Sole Proprietorship Accounting for Service
and Merchandising with Introduction to Manufacturing. C & E Publishing Inc.
2. Ballada, Win Lu (2017). Accounting Fundamentals: Made Easy. Domdane Publishers
3. Ballada, Win Lu (2017). Partnership and Corporation Accounting Made Easy 20th Edition.
Domdane Publishers.
4. Cabrera, Ma. Elenita B. and Cabrera, Gilbert Anthony B. (2018-2019). Financial Accounting and
Reporting. GIC Enterprises & Co. Inc.
5. Manuel-Vera Cruz, Zenaida. (2017) 21st Century Accounting Process. Zenaida Vera-Cruz
Manuel, San Adress Bukid Manila
6. Lopez, Rafael M. (2019). Fundamentals of Accounting (Simplified Procedural Approach). MS

ESSU-ACAD-501|Version 1 Page 3 of 4
Effectivtiy Date: March 1, 2019
 Certificate No. AJA19-0226

Lopez Printing & Publishing.

7. Lopez, Rafael M. (2016-2017). Accounting for Partnership and Corporation (Simplified Procedural
Approach). MS Lopez Printing & Publishing.
8. Manuel, Zenaida Vera Cruz. Partnership and Corporation Accounting
9. Rabo, JS and Tugas, AC, and Salendrez, HE (2016). Fundamentals of Accountancy, Business
and Management 1. Vibal Group Inc.
10. Valencia, E.G. and Roxas G.F. (2014). Basic Accounting 4 th Edition. Valencia Educational
Supply.
11. Valencia, E.G. and Roxas G.F. (2014). Partnership and Corporation Accounting. Mutual Books
Inc.
Consultation Schedule:
Students shall consult the faculty through phone, messenger and email;
Ronalyn G. Cebreros - 09151796718 / 09297950852; lencebreros22@gmail.com
Tuesday and Thursday 3:00 to 4:30 pm
Friday 1:30 – 2:30pm

Sheena A. Ty – 09493232060; sheenaamoscoty@gmail.com

Friday 8:00-12:00nn.

Prepared by: Approved:

RONALYN G. CEBREROS, CPA MS. DYMPHNA ANN C. CALUMPIANO, CPA

INSTRUCTOR HEAD, ACCOUNTANCY PROGRAM

SHEENA A. TY, CPA

INSTRUCTOR

ESSU-ACAD-501|Version 1 Page 4 of 4
Effectivtiy Date: March 1, 2019