COURSE OUTLINE

FIRST SEMESTER TERM AY 2020 -2021

COURSE CODE: BSA 101

COURSE TITLE: Fundamentals of Accounting 1

PRE-REQUISITES: None

NO. OF UNITS: 3 units

CONTACT HOURS: 10:00AM – 11:30AM (S)

PLACEMENT: 1st Year, First Sem

COURSE DESCRIPTION:

This course provides an introduction to accounting, within the context of business and
business decisions. Students explore the role of accounting information in the decision-
making process and learn how to use various types of accounting information found in
financial statements and annual reports.

This course starts with a discussion of accounting thought and the theoretical background of
accounting and the accounting profession. The next topic is the accounting cycle – analysis
of business transactions, accounting equation, recording, posting, generation of trial balance,
adjusting entries and summarizing accounting data, including the preparation and
presentation of financial statements for merchandising and service companies as a single
proprietorship.

Emphasis is placed on understanding the reasons underlying basic accounting concepts and
providing students with an adequate background on the recording, classification, and
summarization functions of accounting to enable them to appreciate the varied uses of
accounting data.
 LECTURE (ONLINE)
WEEK LEARNING OUTCOMES MODULE NO. TOPICS ASSESSMENT
E-BOOK/TEXTBOOK (LEARNING ACTIVITIES/TASKS
PAGE WITH RUBRICS)
1-2 1. Understand the definition, 1-74 I. Introduction to Homework
nature, purpose, and uses of Accounting
accounting  Definition, purpose and Poll Quiz: Relevance of
nature of accounting Accounting in Daily Life
2. Appreciate the role of the
 Users of accounting
accountants in providing information: Prequiz – Definition of
useful information to different o Internal users Accounting and Steps in
users o External users Accounting Cycle
3. Identify and distinguish the  Ethical considerations
different forms of business in Accounting and Recitation
organization and their Business
 Forms of business Chapter Quiz
activities.
organization and their
4. Understand the basic
activities (e.g.,
accounting concepts and financing, investing and
principles. operating)
5. Define and classify the  Accounting concepts
elements of the financial and principles
statements and give examples  The financial
of each. statements of business
organizations
6. Describe and appreciate the
 Relationships among
specialized fields of the financial statements
accounting  Definition,
classification and
examples of assets,
liabilities, capital or
owners’ equity, income,
and expenses
 The accounting
profession: career
opportunities
 Specialized accounting
fields
o Public accounting
o Private accounting
o Government
accounting
o Accounting
education

3-4 7. Know Understand and 75-106 II. Analyzing business

interpret the accounting transactions Homework
equation  The accounting
8. Identify, classify, and analyze Recitation
equation.
business transactions
9. Summarize routine  Definition of business Chapter Quiz
transactions and prepare transactions and source
basic financial statements documents.
 Transactions affecting

5-6 10. Understand the nature of an
account and the rules of debit
and credit.
11. Describe and discuss double-
entry accounting.
12. Journalize and post
transactions relating to a
service company, including
initial investment by owner.
13. Determine balances of
accounts and identify their
normal balances.
7-9 14. Explain the accrual basis of
accounting and apply the
revenue and matching
principles.
15. Identify the classes and types
of adjusting entries and
understand the need to prepare
adjusting entries.
16. Journalize and post adjusting
entries
17. Prepare financial statements
from the adjusted trial balance
only balance sheet
accounts.
 Transactions affecting
income statement
accounts.
 Summarizing routine
transactions by
preparing:
o Income statement
o Capital statement
o Balance sheet
107-140 III. Recording transactions of Homework
a service company
 The Account and T- Take-home assessment:
account. Account Classification and
 Rules of debit and Analysis
credit.
 Double-entry Recitation
accounting.
 Recording in two- Chapter Quiz
column journal
o initial investment
by owner
o changes in assets,
liabilities and
capital.
o changes in income
and expenses.
o withdrawals of
owner.
 Determining the
balances of accounts
and their normal
balances.
 Posting to the ledger.
 Cross-indexing.
 Making the trial balance
141-169 IV. Measuring Business Homework – Exercises
Income: The Adjusting True or False Questions
Process Multiple Choice Questions
 Accrual-basis
accounting vs. Cash-
basis accounting.
 The accounting period.
 Revenue principle.
 Matching principle.
 The Time-Period
concept.
 Overview of the

10 18. Perform the steps in the
accounting cycle in proper
sequence.
19. Prepare a work sheet and
financial statements from the
completed work sheet.
20. Journalize and post adjusting
and closing entries and
understand the need to prepare
them.
21. Prepare a post-closing trial
balance
22. Journalize and post reversing
entries and understand the
purpose of preparing them.
adjusting entries.
 Adjustments to the
accounts:
o Prepayments
(Deferrals)
o Accruals
o Provision for
uncollectible
accounts receivable
o Depreciation of
plant asset
 Preparing the adjusted
trial balance.
 Preparing the financial
statements from the
adjusted trial balance
170-215 V. Completing the Homework
accounting cycle for a
service company Recitation
 Overview of the
accounting cycle. Chapter Quiz
 Preparing an accounting
worksheet.
 Using the worksheet.
 Preparing financial
statements from the
worksheet.
o Income statement
o Capital statement
o Classified balance
sheet
o Cash flow
statement (simple
cash receipts &
disbursements)
 Journalizing and
posting adjusting
entries.
 Journalizing and
posting closing entries.
 Preparing the post
closing trial balance
 Preparing the reversing
entries.
 Use of accounting
information in decision-
making: Accounting
Ratios
11-13 23. Distinguish a merchandising 216-270 VI. Merchandising and the Homework
company from a service Accounting Cycle
company  Merchandising Recitation
24. Analyze and journalize operations
transactions in a two-column o Business Chapter Quiz
general journal peculiar to a documents
merchandising business o Operating cycle of
25. Understand and differentiate a merchandising
the two methods of accounting business
for inventories  Recording
26. Compute the merchandise merchandising business
inventory, costs of good sold transactions in a two-
and gross margin column general journal
27. Prepare a work sheet and o Sales revenue
financial statements, including o Sales returns and
classified income statement, allowances
for a merchandising business o Sales discounts
o Purchases of
merchandise
o Purchases returns
and allowances
o Purchase
discounts
o Transportation
costs
 Inventory systems
o Perpetual
inventory
procedure
o Periodic inventory
procedure
 Determination of
o merchandise
inventory
o cost of goods sold
o gross margin
 Worksheet preparation
 Adjusting and closing
process for a
merchandising business
 Financial statements of
a merchandising
business
 Income statement
format

14 28. Describe the nature and know 271-377 VII. Recording transactions Homework
the use of control accounts in special journals
and subsidiary ledgers.  Nature and use of Recitation
29. Identify and describe the control accounts and
subsidiary ledgers Chapter Quiz
different types of special
journals.  Types of special
30. Understand the nature of and
 appreciate the usefulness of journals
special journals. o sales journal
31. Identify the transactions that o purchases journal
are recorded in the special o cash receipts
journals. journal
32. Journalize transactions in the o cash
special journals and post them disbursements
in the subsidiary ledgers and journal
in the general ledger.  Recording of
financing, investing
and operating
transactions in the
special journals and
general journal

COURSE POLICIES:
1. CLASS PARTICIPATION: All students are strongly encouraged to ask questions during class
sessions. Students can also present their ideas on topic regardless of whether they are
consistent with those of the instructor or author of the textbook they are using. Students are
not free to talk or whisper with individual during class session.

2. MISSED EXAMS AND ASSIGNMENT: Students who will miss any major examination will be
given a chance to take the said examination after a week of the scheduled major examination
and will be required to present a special permit from the cashier’s office. For quizzes or
assignments taken online, if an error in the system or internet connectivity problems occurred
while taking the quiz or submission of the assignment, a re-scheduled time and date will be set
by the professor for the particular student.

3. ACADEMIC HONESTY: All students are to adhere to high standards of integrity in their
academic
work. Plagiarism and cheating are not acceptable and will not be condoned by the college.
Students involved in such activities are subject to serious disciplinary action. For further
explanation on this topic, please refer to the WCC Student Handbook.
GRADING SYSTEM
PRELIMINARY GRADE - Average of quizzes (3 quizzes) + Class standing (Recitation, Learning Activities, Oral Report) + Prelim Exam
3

MIDTERM GRADE - Average of quizzes (3 quizzes) + Class standing (Recitation, Learning Activities, Oral Report) + Midterm Exam
3
FINAL GRADE - Average of quizzes (3 quizzes) + Class standing (Recitation, Learning Activities, Oral Report) + Final Exam
3

OVERALL GRADE - Prelim Grade + Midterm Grade + Pre-Final Grade

3

REFERENCES:
Financial Reporting and Accounting by Zeus Millan, 3rd Edition

Vera Cruz – Manuel, Zenaida (International Edition 2019). 21 st Century Accounting Process (25th ed.). Zenaida Vera
Cruz – Manuel/Raintree Trading & Publishing, Inc.

JOURNALS:
Highest Standard, The Official Technical Journal of the Board of Accountancy

ELECTRONIC DATA BASE SUBSRIPTIONS:

Accounting Coach - https://www.accountingcoach.com

Companion Website- http://www.cengage.com/cgi-wadsworth/course_products_wp.pl?

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