2012127007_syllabus_ba114.12012syllabus

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UNIVERSITY OF THE PHILIPPINES VISAYAS TACLOBAN COLLEGE DIVISION OF MANAGEMENT Course Syllabus *Course number

BA 114.1 _*_Professor _{Harold B. Lacaba}

*Course title Accounting Theory and Practice I *Consultation

hours 3:00-5:00 PM MTThF

*_{Course credit 6 Units} _{Prerequisite BA 99.1 and BA 99.2; 3}rd year BSA

*Class venue, day & time

DM-21 M T Th F 01:00-2:30 E-mail Website

[email protected]

http://haroldlacaba.webng.com Section EM Phone Local 09228371392 *Course description

This course is designed for accounting major students who have completed the fundamental accounting courses. The course will cover the conceptual framework of accounting and the generally accepted accounting principles applicable to accounting and financial reporting.

*Course goals At the end of the course, the student is expected to be able to:

1. Perform the functions of analyzing, recording, classifying, summarizing and reporting business transactions in accordance with generally accepted accounting principles. 2. Understand, analyze and solve accounting problems and cases.

3. Know and understand the conceptual framework of accounting and the pronouncements of the Accounting Standards Council embodied in the Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS)

4. Recognize, analyze and justify the need for new or revised standards to appropriately address changes in the business environment and in requirements of users of financial information which may involve harmonizing pure theory and economic reality.

*Course

schedule *Course objective *Topic/Activity *References and deadline of _requirements Session

1-2

The student should be able to: Enumerate the users of

accounting information and their information needs;

Enumerate the branches of accounting;

Narrate the history of the accounting profession;

Identify the recent developments affecting the accounting

profession

The Development of the Accounting Profession/ Framework of Accounting

Chapter 1

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Session 3-4

The student should be able to: Identify the different components of the financial statements Know the different elements of the financial statements Prepare the different financial statements

Solve problems and cases related to financial statement preparation

Financial Statements: An

Introduction Chapter 2Submission on end-of-chapter questions

Session 4-5

The student should be able to: Determine how and at what amount cash is presented in the balance sheet;

Identify some basic features of internal control to safeguard cash; Know the proper accounting for petty cash fund

Cash and Cash Equivalents Board work on cash problems Critiquing of answers on the board Cases on Internal Control about Cash

Short Quiz

Chapter 3

http://cashaccounting.webng.com/ Submission on end-of-chapter questions

Session 6-7

Prepare bank reconciliation and Formulate adjusting entries to bring cash account to its correct balance;

Bank Reconciliation

Board work /Critiquing of answers on the board

Case Problems Short Quiz

Chapter 4

http://bankrecon.webng.com/

Submission on end-of-chapter questions

Session 8-9

The student should be able to: Identify when and at what amount receivables are initially recognized;

Formulate entries for transactions affecting notes and accounts receivables;

Determine how and at what amount receivables are presented on the balance sheet

Loans and Receivables

Chapter 5 and 6

http://receivables.webng.com/

Session Formulate entries to account for

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10-11 financing; on the board Case Problems Short Quiz

http://receivables.webng.com/

Session 12-13

The student should be able to: Enumerate the items making up the inventories of a

manufacturing entity, a merchandising entity and a service entity;

Differentiate the perpetual inventory system and periodic inventory system;

Compute inventory values using the different inventory costing procedures;

Evaluate effects of inventory costing methods for both financial and tax reporting; Identify the effects of inventory errors on current and future financial statements;

Measure inventories based on the lower of cost and net realizable value;

Inventories

Chapter 8

http://inventory.webng.com/

Session 14-15

The student should be able to have a working knowledge on the following:

a. Measurement of inventory b. FIFO, weighted average, specific identification and LIFO c. Measurement at lower of cost or NRV

d. Accounting for inventory writedown and reversal of writedown

e. Standard costs

f. Relative sales price method g. Purchase commitments h. Disclosure with respect to inventories

i Agricultural forest and mineral products

j. Commodities of broker-traders

Inventory Valuation

Chapter 9

Session 16-17

The student should have a working knowledge on the following:

a. Definition of biological assets, agricultural produce and harvest b. Recognition of biological assets and agricultural produce c. Measurement of biological

Biological Assets

Chapter 10

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assets and agricultural produce Session

18-19

Estimate cost of inventories using estimating procedures and understand the applicability of each estimating procedures

Inventory Estimation

Board work /Critiquing of answers on the board Case Problems Short Quiz Chapter 11

http://www.freewebs.com/invent

oryestimation/

Session 20-21

The student should be able to: Explain why enterprises acquire investments;

Distinguish the different classification of investment securities;

Account for investment securities (transactions subsequent to acquisition and disposal); Account for changes in value of investment securities;

Determine the proper valuation for investment securities on the balance sheet;

Identify the required disclosures for investment securities

Financial Asset at Fair Value Board work /Critiquing of answers on the board

Chapter 12

Session

22-23 The student should have a working knowledge on the following:

a. Acquisition of equity securities b. Investment categories

c. Investment in unquoted equity instruments

d. Sale of equity securities e. Cash dividend, property dividend, liquidating dividend, stock dividend

f. Shares received in lieu of cash dividend

g. Share split, special assessment, redemption of share

h. Stock rights accounted for separately and not accounted for separately

Investment in Equity Securities Board work /Critiquing of answers on the board Case Problems Short Quiz Chapter 13

http://investments101.webng.co

m/

Session 24-25

a. Intercorporate share investments

b. Equity method

c. Upstream and downstream transactions

d. Measurement after loss of significant influence

Investment in Associate

Chapter 14

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e. Investment of less than 20% f. Cost Method

g. Cash dividend from

preacquisition retained earnings h. Change from cost or fair value to equity method

I. Investment in associate achieved in stages Session

26-27

a. Measurement at amortized cost b. Definition of bond

c. Classification of bond investment

d. Amortization of discount or premium

e. Sale of bond prior to maturity f. Callable, convertible, serial and term bonds

g. Methods of amortization – straightline, bond outstanding, and effective interest method h. Computation of effective interest rate

I. Computation of purchase price of bonds

Financial Asset at Amortized Cost Board work /Critiquing of answers on the board

Chapter 15

Session 28-29

a. Definition of investment property and owner-occupied property b. Recognition of investment property c. Measurement of investment property d. Derecognition of investment property e. Disclosures related to investment property Investment Property

Chapter 16

Session 30-31

a. Current and noncurrent fund b. Accounting for sinking fund, preference share redemption fund, fund for property

acquisition, contigency fund and insurance fund

c. Annual contribution at the beginning of each year d. One time contribution e. Cash surrender value

Fund and Other Investments Board work /Critiquing of answers on the board

Chapter 17

Session

Derivatives

Chapter 18

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a. Purpose of derivatives b. Types of financial risk c. Characteristics of derivatives d. Measurement of derivatives Case Problems Short Quiz Session 34-35

Determine the proper amount at which items of property, plant and equipment are measured upon recognition;

Account for costs incurred subsequent to acquisition of property, plant and equipment; Account for changes in estimated useful life and changes in residual value of property, plant and equipment;

Properly measure property, plant and equipment on the balance sheet;

Identify the required disclosures on the financial statements related to property, plant and equipment

Property, Plant and Equipment Board work /Critiquing of answers on the board

Chapter 19

http://equipment.webng.com/ Submission on end-of-chapter questions

Session 36-37

a. Definition of government grant b. Recognition and measurement c. Disclosures related to government grant

Government Grant

Chapter 20

Session 38-39

a. Definition of borrowing costs b. Qualifying assets

c. Assets excluded from capitalization

d. Accounting for borrowing cost e. Disclosures related to

borrowing cost

Borrowing Cost

Chapter 21

Session 40-41

a. Land – statement classification, costs chargeable, land

improvements, special assessment, real property taxes b. Building – costs chargeable when purchased and when constructed

c. Sidewalks, pavements, parking lot, driveways, claim for

damages, building fixtures,

Land, Building and Machinery Board work /Critiquing of answers on the board

Chapter 22

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ventilating system, lighting system, elevator

d. Machinery, tools, patterns and dies, equipment, returnable containers

e. Capital expenditures and revenue expenditures

f. Additions, improvements or betterments, replacements, repairs, rearrangement cost g. Accounting for major replacement

Session 42-43

a. Concept of depreciation b. Methods of depreciation

Depreciation

Chapter 23

Session 44-45

a. Exploration and evaluation of mineral resources

b. Wasting asset – cost of wasting asset

c. Depletion and depletion method

d. Revision of depletion rate e. Depreciation of mining property

f. Trust fund doctrine and wasting asset doctrine

g. Maximum dividend under the wasting asset doctrine

Depletion

Chapter 24

Session 46-47

a. Cost model and revaluation model

b. Frequency and basis of revaluation

c. Statement of presentation and classification

d. Accounting for revaluation – proportional and elimination approach

e. Revaluation surplus f. Sale of revalued asset g. Disclosures related to revaluation

Revaluation

Board work /Critiquing of answers on the board Case Problems Short Quiz Chapter 25 http://equipment.webng.com/p9.html http://equipment.webng.com/p10.ht ml

Session

a. Definition and measurement of impairment

Impairment of Assets

Chapter 26

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b. Fair value less cost to sell c. Value in use

d. Cash generating unit e. Corporate assets

f. Reversal of impairment loss Session

50-51

The student should be able to: a. Explain the nature of intangible assets;

b. Account for acquisition of intangible assets;

c. Account for amortization of intangible assets;

d. Determine how and at what amount intangible assets are presented on the balance sheet; e. Account for subsequent expenditures on intangible assets; and

f. Identify the disclosure

requirements for intangible assets

Intangible Assets

Chapter 27 and 28

Midterms Wednesday after the discussion on Inventory Valuation

Finals As scheduled (University calendar)

*Teaching methods & strategies

Power point Presentation. Board work /Critiquing of answers on the board Case Problems

Short Quiz

*Grading

System Activity Points

1. Midterms 30%

2. Finals 30%

3. Quizzes 20%

4. Board work/attendance/assignments /other requirements 20%

Total 100%

Class requirements details

Answers to end of chapter questions will be written on a notebook.

*Reading List Financial Accounting Book 2011 or 2012 edition by Valix, Valix and Peralta Intermediate Accounting Books

PAS/PFRS

Class-pals List below names of at least three classmates. Get the best mode of getting in touch with them in case you have concerns regarding the course.

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