Professional Documents
Culture Documents
Accountancy Area
1st Semester, S.Y. 2015-2016
Instructor Cielo Jane M. Chiong, CPA
I. Vision : We envision a Christ-inspired, nationally responsive and globally competitive Colegio de San
Juan de Letran-Bataan recognized as:
A premier college in Region III, of various programs in science and technology, business and
education;
A leader in diverse areas of research and community service;
An emerging university town in the region;
An oasis for spiritual growth and a center for professional development; and
A key player in uplifting the quality of life and the economic condition of the region
II. Mission : We, the Colegio de San Juan de Letran, a Dominican institution of learning, commit ourselves to the
quality formation of integral human persons in our noble tradition of excellence and th supreme ideal
of DEUS, PATRIA, LETRAN.
Instr. Cielo Jane M. Chiong, CPA Asst. Prof. Cesario M. Canilao CPA, MBA Prof. Ma. Nancy T. Balasan, DBA
Date Signature over Printed Name Date Signature over Printed Name Date Signature over Printed Name
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III. General Objective : In line with the vision of the Colegio being responsive to the 21st century, the College of Accountancy
and Business Administration commits itself to the pursuit of academic excellence in order to develop
professionals and community leaders who excel in a globally competitive society.
Train and develop student with solid foundation in the field of business administration for long
term goals.
Inculcate the importance of scholarly and relevant research undertaking and ensure proficiency
in fulfilling the role of business professionals.
Mold students who are willing to contribute to the national economic and social development.
Produce students who are God-fearing, responsible and ethical members of the society.
IX. Course Description : This course is a culmination of the Financial Accounting cluster. It deals with the preparation of a properly
classified balance sheet, income statement, statement of changes in equity, and statement of cash flows,
including the required notes to financial statements, reconstruction of accounts from incomplete records,
change from cash basis to accrual method of accounting, correction of errors, accounting changes,
discontinuing operations, extraordinary items and interim and segment reporting.
X. Course Rationale : With the advent of the Philippine Accounting Standards/ Philippine Reporting Standards, several changes
were incorporated especially in the areas of financial statements preparation and presentation, PAS 1, 7, 8,
10 were also included.
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XI. Course Objectives
A. General Objective : At the end of the course, the students are expected to achieve a comprehensive understanding of
financial statement preparation and presentation and current issues related to this area.
B. Specific Objective
b. Know the concepts and methods necessary in the preparation of financial statements
2. Affective : Be equipped with values geared towards becoming socially responsible, morally upright, and globally
competitive accountants.
3. Psychomotor : Apply the skills in the preparation and presentation of complete financial statements with
appropriate disclosures in compliance with the Philippine Accounting Standards and Philippine
Financial Reporting Standards.
STRATEGIES/
SPECIFIC VALUES INSTRUCTIONAL TIME EXPECTED
SUBJECT MATTER TEACHING EVALUATION
OBJECTIVES INTEGRATED MATERIALS FRAME OUTCOME
METHODOLOGIES
Understand the Review the accounting Accountability Lecture – discussion Textbook Quiz 1st Understood the
nature of the process: PAS/PFRS week to nature of the
accounting 1. Nature Reliability Problem solving Exercises 2nd accounting
process. 2. Phases week process.
3. Adjustments Accuracy Group learning Board work
Perform the Performed the
steps in the Timeliness Power point Problem steps in the
cycle. presentation solving cycle.
Honesty
Evaluate the Case problem Assignment Evaluated the
importance of Competence analysis importance of
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making making
adjustments at Fairness adjustments at
the end of the the end of the
accounting Transparency accounting
period prior to period prior to
preparation of preparation of
financial financial
statements. statements.
Journalize Journalized
adjusting, closing adjusting,
and reversing closing and
entries and reversing
understand the entries and
importance and understand the
need to prepare importance and
them. need to prepare
them.
Describe the Presentation of general 3rd Described the
basic financial purpose financial week basic financial
statements statements: statements
1. Nature
Apply the 2. Consideration Applied the
principles in the 3. requirements principles in the
presentation of presentation of
general purpose general
financial purpose
statements financial
statements
Identify and Presentation of the : 4th Identified and
evaluate the 1. Statement of week to evaluate the
over- all financial position 5th over-all
considerations in 2. Income statement Week considerations
the preparation of 3. Statement of in the
general purpose changes in equity preparation of
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financial 4. Statement of cash general
statements flows purpose
5. Notes to financial financial
Describe the statements statements
structure of the
financial Described the
statements structure of the
financial
Identify the statements
minimum
requirements for Identified the
the content of minimum
financial requirements
statements for the content
of financial
statements
Apply accounting Preparation of income 6th Applied
standards on statement: week to accounting
income 1. Approaches 7th standards on
statement and to 2. Measurement Week income
statement of 3. Concepts statement and
changes in equity to statement of
changes in
Differentiate the equity
two approaches
to income Differentiated
measurement the two
approaches to
income
measurement
Understand the Comprehensive income 8th Understood the
concept of basis: week to concept of
comprehensive 1. Cash basis 9th comprehensive
income and how 2. Accrual week income and
it is measured 3. Modified how it is
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measured
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Define the 1. Assets
elements of 2. Liabilities Defined the
statement of 3. Owner’s/ partners elements of
financial position and shareholders’ statement of
equity financial
Classify the position
elements of
balance sheet Classified the
elements of
Apply accounting balance sheet
standards
relative to Applied
balance sheet accounting
standards
relative to
balance sheet
Differentiate the Forms: 14th Differentiated
forms of 1. Account week to the forms of
statement of 2. Report 15th statement of
financial position week financial
position
Assess the
importance and Assessed the
weakness of importance and
statement of weakness of
financial position balance sheet
Prepare a Prepared a
statement of balance sheet
financial position in accordance
in accordance with GAAP
with GAAP
Described the
Describe the Activities in cash flows: nature of cash
nature of cash 1. Operating flow
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flow 2. Investing
3. Financing Classified the
Classify the different
different activities Methods in cash flow activities in
in cash flow preparation: cash flow
1. Direct
Analyze the 2. Indirect Analyzed the
transactions 3. disclosure transactions
affecting cash requirement affecting cash
flows, the flows, the
balance sheet balance sheet
accounts and accounts and
income income
statement statement
accounts accounts
Convert cash Reconstruction of 16th Converted cash
basis net income accounts: week to basis net
to accrual basis 1. From incomplete 17th income to
net income records week accrual basis
2. Conversion from net income
Differentiate cash to accrual
single entry basis Differentiated
system from single entry
double entry system from
system double entry
system
Prepare financial Interim reporting:
statements from 1. Definition Prepared
incomplete 2. Approaches financial
records 3. Minimum statements
components from incomplete
Describe the 4. Recognition and records
nature of interim measurement
reporting 5. Income statements Described the
of segment nature of
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Differentiate and 6. Standard interim
evaluate the two principles applied reporting
approaches in in segment
treatment of reporting Differentiated
interim period and evaluate
the two
Describe the Types of segment approaches in
minimum reporting: treatment of
components of 1. Business interim period
interim financial 2. Geographical
statements Described the
minimum
Apply the components of
accounting interim financial
standard on statements
income and
expenses Applied the
reported in the accounting
interim financial standard on
statements income and
expenses
Describe the reported in the
nature of interim financial
segment statements
reporting
Described the
Identify types of nature of
segment segment
reporting
Identified types
of segment
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for the effects of 1. Review historical for the effects
changing prices cost and stability of changing
of money concepts prices
Differentiate 2. Monetary vs non-
constant peso monetary items Differentiated
accounting from 3. Constant peso constant peso
current cost accounting vs accounting from
accounting current cost current cost
accounting accounting
Apply the rules 4. Preparation of
on the financial Applied the
preparation of statements using rules on the
financial constant peso and preparation of
statements under current cost financial
both constant accounting statements
peso accounting under both
and current cost Reporting in constant peso
accounting hyperinflationary accounting and
economies: current cost
1. Characteristics accounting
2. Restatement
procedures
3. Restatement of
balance sheet,
income statement
and equity
4. investee
FINAL EXAM 18TH
Week
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XIII. Grading System :
XIV. References
Textbooks : Financial Accounting volume III 2012 Edition by Atty. Conrado T. Valix
Publisher: GIC Enterprises & Co., Inc. 2017 C. M. Recto, Manila
Internet : http://www.Fasb.org
http://en.wikipedia.org
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