2012127007_syllabus_ba114.12012syllabus

UNIVERSITY OF THE PHILIPPINES VISAYASTACLOBAN 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; 3rd year BSA

*Class venue, day & time

DM-21

M T Th F 01:00-2:30

E-mail

[email protected]://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 1Submission on end-of-chapter questions

1

mailto:[email protected]

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


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 3http://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 ReconciliationBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 4http://bankrecon.webng.com/


Session

8-9


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

Board work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 5 and 6http://receivables.webng.com/


Session Formulate entries to account for different forms of receivable

Receivable FinancingBoard work /Critiquing of answers

Chapter 7

2

10-11 financing; on the boardCase ProblemsShort 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;

InventoriesBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 8http://inventory.webng.com/


Session

14-15

The student should be able to have a working knowledge on the following:a. Measurement of inventoryb. FIFO, weighted average, specific identification and LIFOc. Measurement at lower of cost or NRVd. Accounting for inventory writedown and reversal of writedowne. Standard costsf. Relative sales price methodg. Purchase commitmentsh. Disclosure with respect to inventoriesi Agricultural forest and mineral productsj. Commodities of broker-traders

Inventory ValuationBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 9


Session

16-17

The student should have a working knowledge on the following:a. Definition of biological assets, agricultural produce and harvestb. Recognition of biological assets and agricultural producec. Measurement of biological

Biological AssetsBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 10


3

http://inventory.webng.com/

http://receivables.webng.com/

assets and agricultural produceSession

18-19

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

Inventory EstimationBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 11http://www.freewebs.com/inventoryestimation/


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 ValueBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 12


Session 22-23

The student should have a working knowledge on the following:a. Acquisition of equity securitiesb. Investment categoriesc. Investment in unquoted equity instrumentsd. Sale of equity securitiese. Cash dividend, property dividend, liquidating dividend, stock dividendf. Shares received in lieu of cash dividendg. Share split, special assessment, redemption of shareh. Stock rights accounted for separately and not accounted for separately

Investment in Equity SecuritiesBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 13

http://investments101.webng.com/


Session

24-25

The student should have a working knowledge on the following:a. Intercorporate share investmentsb. Equity methodc. Upstream and downstream transactionsd. Measurement after loss of significant influencee. Investment of less than 20%

Investment in AssociateBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 14


4



http://www.freewebs.com/inventoryestimation/

http://www.freewebs.com/inventoryestimation/

f. Cost Methodg. Cash dividend from preacquisition retained earningsh. Change from cost or fair value to equity methodI. Investment in associate achieved in stages

Session

26-27

The student should have a working knowledge on the following:a. Measurement at amortized costb. Definition of bondc. Classification of bond investmentd. Amortization of discount or premiume. Sale of bond prior to maturityf. Callable, convertible, serial and term bondsg. Methods of amortization – straightline, bond outstanding, and effective interest methodh. Computation of effective interest rateI. Computation of purchase price of bonds

Financial Asset at Amortized CostBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 15


Session

28-29

The student should have a working knowledge on the following:a. Definition of investment property and owner-occupied propertyb. Recognition of investment propertyc. Measurement of investment propertyd. Derecognition of investment propertye. Disclosures related to investment property

Investment PropertyBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 16


Session

30-31

The student should have a working knowledge on the following: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 yeard. One time contributione. Cash surrender value

Fund and Other InvestmentsBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 17


Session 32-33

The student should have a working knowledge on the following:a. Purpose of derivatives

Derivatives Board work /Critiquing of answers on the boardCase Problems

Chapter 18


5

b. Types of financial riskc. Characteristics of derivativesd. Measurement of derivatives

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 boardCase ProblemsShort Quiz

Chapter 19

http://equipment.webng.com/


Session

36-37

The student should have a working knowledge on the following:a. Definition of government grantb. Recognition and measurementc. Disclosures related to government grant

Government GrantBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 20


Session

38-39

The student should have a working knowledge on the following:a. Definition of borrowing costsb. Qualifying assetsc. Assets excluded from capitalizationd. Accounting for borrowing coste. Disclosures related to borrowing cost

Borrowing CostBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 21


Session

40-41

The student should have a working knowledge on the following:a. Land – statement classification, costs chargeable, land improvements, special assessment, real property taxesb. Building – costs chargeable when purchased and when constructedc. Sidewalks, pavements, parking lot, driveways, claim for damages, building fixtures, ventilating system, lighting

Land, Building and MachineryBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 22


6

http://equipment.webng.com/

system, elevatord. Machinery, tools, patterns and dies, equipment, returnable containerse. Capital expenditures and revenue expendituresf. Additions, improvements or betterments, replacements, repairs, rearrangement costg. Accounting for major replacement

Session

42-43

The student should have a working knowledge on the following:a. Concept of depreciationb. Methods of depreciation

DepreciationBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 23


Session

44-45

The student should have a working knowledge on the following:a. Exploration and evaluation of mineral resourcesb. Wasting asset – cost of wasting assetc. Depletion and depletion methodd. Revision of depletion ratee. Depreciation of mining propertyf. Trust fund doctrine and wasting asset doctrineg. Maximum dividend under the wasting asset doctrine

DepletionBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 24


Session

46-47

The student should have a working knowledge on the following:a. Cost model and revaluation modelb. Frequency and basis of revaluationc. Statement of presentation and classificationd. Accounting for revaluation – proportional and elimination approache. Revaluation surplusf. Sale of revalued assetg. Disclosures related to revaluation

RevaluationBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 25

http://equipment.webng.com/p9.html

http://equipment.webng.com/p10.htmlSubmission on end-of-chapter questions

Session 48-49

The student should have a working knowledge on the following:a. Definition and measurement of impairmentb. Fair value less cost to sell

Impairment of AssetsBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 26


7



c. Value in used. Cash generating unite. Corporate assetsf. Reversal of impairment loss

Session

50-51


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; andf. Identify the disclosure requirements for intangible assets

Intangible AssetsBoard work /Critiquing of answers on the boardCase ProblemsShort Quiz

Chapter 27 and 28Submission on end-of-chapter questions

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 boardCase ProblemsShort 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.

Name Phone/Fax/Cell Email Address

8

9

Documents

2012127007_syllabus_ba114.12012syllabus