COLLEGE: BUSINESS DEPARTMENT: ACCOUNTANCY COURSE CODE: ACTBAS2
CLASS DAYS AND CLASS TIME: ____________________________ ROOM: _______ INSTRUCTOR NAME: ______________________________________________________________ CONTACT INFORMATION: _________________________________________________________ CONSULTATION HOURS: __________________________________________________________
COURSE DESCRIPTION:
This course ACTBAS2, Introductory Accounting for a Merchandising Business, deals with the accounting cycle for a sole proprietorship form of business engaged in merchandising activities. It includes recording of business transactions involving merchandising business, property, plant, and equipment, and preparation of financial statements for business decision-making. The course is designed to respond to changes brought about by developments in information technology through the use of a computerized accounting system. Accounting topics on the voucher system, petty cash fund, and bank reconciliation statement are also included.
LEARNING OUTCOMES (LO):
On completion of the course, the student is expected to be able to do the following: EXPECTED LASALLIAN
GRADUATE ATTRIBUTES (ELGA)
LEARNING OUTCOMES
Critical and creative thinker Recall basic accounting concepts and principles as applied to a sole proprietorship
Review the steps in the accounting cycle
Analyze transactions involving the purchase and sale of merchandise, including freight and VAT, under both periodic and perpetual inventory systems
Use both special journals and general journal in recording business transactions Analyze the necessary steps in recording and posting transactions in journals and ledgers
Measure cost and determine the journal entries concerning property, plant, and equipment
Effective communicator Discuss the concepts specifically related to a merchandising business Illustrate the direct extension method in preparing a work sheet Contrast periodic inventory system with perpetual inventory system Compare data processing under manual and computerized environments Reflective lifelong learner Relate the importance of petty cash fund and its entries to actual business
situations
Value the importance of the computer as a medium for data processing in accounting
Apply accounting principles in the national and global context Analyze business cases based on ethical and current issues
Value professionalism and business ethics in all aspects of accounting work Develop the Lasallian values of faith, zeal for service, and communion in mission, in learning basic skills in accounting
Service-driven citizen Set-up subsidiary ledgers, in addition to the general ledger, in posting transactions
Prepare year-end adjusting entries and explain its effects on financial statements Prepare a bank reconciliation statement and related adjusting entries
Develop and organize the steps and procedures of the voucher system Prepare financial statements and other reports for a sole proprietorship merchandising enterprise, under both manual and computerized environments
FINAL COURSE OUTPUT:
As evidence of attaining the above learning outcomes, the student is required to do and submit the following during the indicated dates of the term:
LEARNING OUTCOMES REQUIRED OUTPUTS DUE DATE LO 1: Recall basic accounting concepts and principles as
applied to a sole proprietorship
LO 2: Review the steps in the accounting cycle Workbook exercise Week 1 LO 3: Analyze transactions involving the purchase and sale of
merchandise, including freight and VAT, under both periodic and perpetual inventory systems
Workbook exercise Weeks 1 to 4
LO 4: Use both special journals and general journal in recording business transactions
Workbook exercise Week 6 LO 5: Analyze the necessary steps in recording and posting
transactions in journals and ledgers
Workbook exercise Week 6 LO 6: Measure cost and determine the journal entries
concerning property, plant, and equipment
Workbook exercise Weeks 4 to 5 LO 7: Discuss the concepts specifically related to a
merchandising business
Recitation Weeks 1 to 4
LO 8: Illustrate the direct extension method in preparing a work sheet
Recitation Week 13
LO 9: Contrast periodic inventory system with perpetual inventory system
Recitation Weeks 1 to 3
LO 10: Compare data processing under manual and computerized environments
Recitation Week 7
LO 11: Relate the importance of petty cash fund and its entries to actual business situations
Workbook exercise Week 13 LO 12: Value the importance of the computer as a medium for
data processing in accounting
Computer practice set activity outputs:
(1) Reports
(2) Evaluation form
Weeks 8 to 12
LO 13: Apply accounting principles in the national and global context
LO 14: Analyze business cases based on ethical and current issues
Business case report Week 7 LO 15: Value professionalism and business ethics in all aspects
of accounting work
LO 16: Develop the Lasallian values of faith, zeal for service, and communion in mission, in learning basic skills in
accounting
LO 17: Set-up subsidiary ledgers, in addition to the general ledger, in posting transactions
Workbook exercise Weeks 6 to 7 LO 18: Prepare year-end adjusting entries and explain its effects
on financial statements
(1) Workbook exercise (2) Recitation
Weeks 8 to 11
LO 19: Prepare a bank reconciliation statement and related adjusting entries
Workbook exercise Week 12 LO 20: Develop and organize the steps and procedures of the
voucher system
Workbook exercise Week 13 LO 21: Prepare financial statements and other reports for a sole
proprietorship merchandising enterprise, under both manual and computerized environments
Complete set of financial statements for a sole
proprietorship merchandising business
RUBRIC FOR ASSESSMENT: CRITERIA EXEMPLARY 4 SATISFACTORY 3 DEVELOPING 2 BEGINNING 1 RATING Critical and creative thinker The submitted work manifests qualities which go beyond the requirements. The submitted work manifests the required qualities.
The submitted work partially manifests the required qualities. Certain aspects are either incomplete or incorrect.
The submitted work does not manifest any of the requirements. Effective communi-cator The submitted/ presented work manifests qualities which go beyond the requirements. The submitted/ presented work manifests the required qualities. The submitted/ presented work partially manifests the required qualities. Certain aspects are either incomplete or incorrect.
The submitted/ presented work does not manifest any of the requirements. Reflective lifelong learner The submitted work manifests qualities which go beyond the requirements. The submitted work manifests the required qualities.
The submitted work partially manifests the required qualities. Certain aspects are either incomplete or incorrect.
The submitted work does not manifest any of the requirements. Service-driven citizen The submitted work manifests qualities which go beyond the requirements. The submitted work manifests the required qualities.
The submitted work partially manifests the required qualities. Certain aspects are either incomplete or incorrect.
The submitted work does not manifest any of the requirements.
TOTAL:
OTHER REQUIREMENTS AND ASSESSMENTS:
Aside from the final output, the student will be assessed at other times during the term by the following: Quizzes
Midterm examination
Departmental final examination Assignment folder
GRADING SYSTEM:
GRADE POINT DESCRIPTION PERCENTAGE
4.0 Excellent 97 – 100 3.5 Superior 94 – 96 3.0 Very Good 91 – 93 2.5 Good 87 – 90 2.0 Satisfactory 83 – 86 1.5 Fair 77 – 82 1.0 Pass 70 – 76 0.0 Fail Below 70
The student will be graded according to the following:
BASIS 1ST HALF 2ND HALF
Average Quizzes 40% 40%
Formal Examination 40% 40%
Class Standing 20% 20%
TOTAL 100% 100%
LEARNING PLAN: LEARNING OUTCOMES TOPICS WEEK NO. LEARNING ACTIVITIES
1, 2 I. REVIEW OF THE ACCOUNTING CYCLE 1 Read text, pp. 147-148;
Answer workbook, pp. 1-3 7 II. INTRODUCTION TO MERCHANDISING BUSINESS 1 Read text, pp.183-184, 187,
190;
Answer workbook, pp. 4-10 2.1 Nature and operating cycle
2.2 Business documents used
III. ACCOUNTING CYCLE OF A MERCHANDISING BUSINESS
3, 9 3.1 Recording purchase and sale of merchandise in general journal
3.1.1 Perpetual inventory system (gross method only) 1-2 Read text, pp. 185-194, 195, 205-208; Answer workbook, pp. 11-14; QUIZ 1 3.1.2 Periodic inventory system (gross method
only)
3.1.3 Freight terms 2-3 Read text, pp. 188-189;
237-238;
Answer workbook, pp. 15-18, 21
3.1.3.1 FOB Shipping point, Collect 3.1.3.2 FOB Shipping point, Prepaid 3.1.3.3 FOB Destination point, Collect 3.1.3.4 FOB Destination point, Prepaid
3.1.4 With Value-added Tax 3-4 Read lecture notes; Answer workbook, pp. 19-20;
QUIZ 2 6 3.2 Recording purchase and disposal of property,
plant, and equipment
4-5 Read text, pp. 407-410,419, 423-426;
Answer workbook, pp. 22-28;
QUIZ 3 3.2.1 Revenue vs. Capital expenditures
3.2.2 Journal entries related to purchase (net method)
3.2.3 Disposal of property, plant, and equipment through sale
21 3.3 Preparing functional-form Income Statement (including computation of missing amounts)
5-6 Read text, pp. 197-204; Check workbook exhibits; Answer workbook, pp. 29-30
4, 5, 14, 17 3.4 Recording of business transactions using special journals and the general journal – manual
(for illustration purposes only)
6-7 Read text, pp. 286-300; Answer workbook, pp. 31-37 (selected exercises); Do 1st Half Business Case; MIDTERM EXAM 3.4.1 Sales Journal
3.4.2 Cash Receipts Journal 3.4.3 Purchase Journal 3.4.4 Cash Payments Journal 3.4.5 General Journal
3.5 Posting from the general and special journals to the general and subsidiary ledgers – manual
(for illustration purposes only)
3.5.1 Accounts Receivable/Customer subsidiary ledger
3.5.2 Accounts Payable/Creditor subsidiary ledger
3.5.3 General ledger
3.6 Preparing Schedules of Accounts Receivable and Payable – manual
(for illustration purposes only)
10, 12 3.7 Manual vs. Computerized Accounting Systems 8 Read text, pp. 281-286; Do Computer Laboratory Practice Set activity
LEARNING OUTCOMES TOPICS WEEK NO. LEARNING ACTIVITIES 3.8 Completion of the accounting cycle
18 3.8.1 Journalizing and posting year-end adjustments (accrual basis)
Read text, pp. 95-98; 109-111
3.8.1.1 Review: Accrued expenses 8 Read text, pp. 105-109; Answer workbook, pp. 43-45;
QUIZ 4 3.8.1.2 Review: Accrued revenues
3.8.1.3 Review: Prepaid expenses 8-9 Read text, pp. 99-105, 115-118;
Answer workbook, pp. 46-50;
QUIZ 5 3.8.1.4 Review: Unearned income
3.8.1.5 Review: Amortization of discount 3.8.1.6 Depreciation (straight-line method) 9-10 Read text, pp. 411-414; Answer workbook, pp. 51-52
3.8.1.7 Doubtful accounts (allowance method) 10-11 Read text, pp. 373-377; Answer workbook, pp. 53-56 3.8.1.7.1 Estimation: Balance sheet approach 3.8.1.7.2 Write-off and recovery 3.8.1.8 Merchandise inventory
(periodic inventory system)
11 Answer workbook, pp. 42, 57-59;
QUIZ 6
19 3.8.2 Bank reconciliation statement 11-12 Read text, pp. 344-352; Answer workbook, pp. 60-65
3.8.2.1 Preparing a simple bank reconciliation statement (adjusted balances method) 3.8.2.2 Recording adjusting entries for
reconciling items
8 3.8.3 Preparing a work sheet (10- and 8-column work sheets)
12 Read text, pp. 135-141; 208-209;
Answer workbook, pp. 67-69 (selected exercise) 21 3.8.4 Preparing financial statements – manual
and computerized
Check workbook exhibits; Read text, pp. 196-202; Answer workbook, pp. 70-75 3.8.4.1 Functional-form Income Statement 3.8.4.2 Report-form Statement of Financial Position
3.8.4.3 Statement of Changes in Equity 3.8.4.4 Direct-method Statement of
Cash Flows
3.8.4.5 Notes to Financial Statements
2 3.8.5 Journalizing and posting closing entries 13 Read text, pp. 141-147, 161-162;
Answer workbook, pp. 66, 76-78
3.8.6 Preparing a post-closing trial balance 3.8.7 Journalizing and posting reversing entries
20 3.9 Introduction to Voucher System Read text, p. 340;
Answer workbook, pp. 79-83
11 3.10 Establishment and replenishment of petty cash fund under the imprest system
13-14 Read text, pp. 342-344; Answer workbook, pp. 38-41;
DEPARTMENTAL FINAL EXAM
REFERENCES:
Bernados, H., Velasco, E., Manalo, M., Aquino, N., and Manaligod, G. (2010). Workbook in Introductory Accounting for Merchandising Business. (WORKBOOK)
Cabrera, M., Ledesma, E., and Lupisan, M. (2007). Fundamentals of Accounting, Vol. 1. Manila: GIC Enterprises and Co., Inc.
Chalmers, K., Fyfe, M., Kieso, D., Kimmel, P., Mitrione, L., and Weygandt, J. (2010). Principles of Financial Accounting, 2nd edition. Australia: John Wiley & Sons, Ltd. (TEXT)
Kieso, D., Kimmel, P., and Weygandt, J. (2008). Accounting Principles, 8th edition. New Jersey: John Wiley & Sons, Inc.
Kimwell, Mercedes. (2009). Fundamentals of Accounting, 2nd edition. Manila: GIC Ent. & Co., Inc.
Valencia, E., and Roxas, G. (2009). Basic Accounting, 3rd edition. Baguio City: Valencia Educational Supply
ONLINE RESOURCES:
www.wiley.com/college/weygandt www.wileyplus.com
CLASS POLICIES:
POLICIES SPECIFIC TO THE COURSE:
o Only students who had obtained at least a 1.0 final grade in ACTBAS1 (for non-BSA students) and at least a 2.0 final grade in ACTBAS1 (for BSA students) are qualified to take this course.
o This course is a prerequisite to the following courses: ACTPACO (a final grade of at least 2.0 for BSA students to qualify); ACTMANA (for business students who are not MFI nor BS-Ent majors);
ENTMANA (for BS-Ent students); and FMANACC (for MFI students).
o A minimum of six (6) long quizzes [three (3) long quizzes before and after midterms] is required in this course.
o The 20% class standing shall consist of the following: (1) active participation in class; (2) prompt
submission of assignments and compilation; (3) attendance; (4) business case for the 1st half; (5) practice set computer laboratory session attendance and outputs for the 2nd half; and (6) good manners and right conduct.
o The final examination is departmental and covers the entire course syllabus. This is held for three (3) hours during the Final Examinations Week (Week 14). NORMALLY, it involves 40% multiple choice and true/false theory questions; 10% journalizing merchandising transactions; 16% journalizing adjusting entries; 14% problem solving with solutions in good accounting format; and 20% financial statements preparation.
o The midterm examination, unlike the final examination, may not be departmental and covers topics discussed up to Week 6 or 7, depending upon the discretion of the faculty member.
o The business case for the first half of the term would be given by the faculty member to the class/class representative at least a week (for individual business case) or two weeks (for group business case) before the submission deadline.
o The computer laboratory practice set activity for the second half of the term is good for 1-1/2 to 2 hours and should be scheduled at least after the topic on “Special Journals”. A handout on student account activation, together with the laboratory and take home exercises, will be given by the faculty member to the class/class representative. Once advised by the faculty member, it is imperative that the student follow the instruction on student account activation immediately to prevent his/her account from expiring. o It is the responsibility of the student to be mindful of his/her absences/tardiness and performance in class. o Specific class policies on attendance, make-up quizzes, academic honesty, grading system, dress code,
classroom management, and others not mentioned above, are to be discussed by the faculty member on the first day of classes.
DEPARTMENT POLICIES:
o Subject to the University policies on shifting, a shiftee applicant is accepted to the BSA program, if he/she had: (1) A cumulative GPA of at least 3.0 at time of shifting; (2) A final grade of at least 2.0 in ACTBAS1 and ACTBAS2, if taken; (3) Taken up at least one English course and had a final grade of at least 2.5 in all English courses taken up; (4) Taken up at least one Math-related course and had a final grade of at least 2.5 in all Math-related courses taken up; (5) Passed an interview conducted by the Accountancy Department Vice Chair or Faculty Member; and (6) Passed the ITEO shifting examination, for external shiftees.
o An application for special final examination should be accomplished by the student if there are conflicts in the final examination schedule, following the University policies on order of priority.
o When inside the Accountancy Department, students are expected to observe silence, and maintain the cleanliness and orderliness of the room.
o Please observe consultation hours/schedule of the faculty member. Students are not allowed inside the Accountancy Department during the following times: (1) Before office hours: Monday to Saturday, before 0800; (2) Lunch break: Monday to Saturday, 1200-1300; (3) After office hours: Monday to Friday, after 1900 and Saturday, after 1400; (4) Grade consultation day; and (5) When no faculty member/staff is around.
o For student concerns regarding the BSA program or the course, please set an appointment with the Department Vice Chair. For all other inquiries, please visit the Accountancy Department at St. La Salle Building, 3rd floor, Room 324. Important announcements will be posted on the Accountancy Department bulletin board, St. La Salle Building, 3rd floor, North Wing.
Basic Accounting Two Committee 10/May/2011
