Republic of the Philippines

.
CAVITE STATE UNIVERSITY
(CvSU)
Don Severino de las Alas Campus
Indang, Cavite
(046) 415-0010 / 415-0011 (046)415-0012
Email Address: cvsu@asia.com

COLLEGE OF ECONOMICS, MANAGEMENT AND DEVELOPMENT STUDIES

DEPARTMENT OF ACCOUNTANCY
COURSE SYLLABUS
Second Semester, School Year 2014-2015
ROSEMARIE R. TURAN
Professor
Office Location: CEMDS
Office Phone Number: 4150014 loc.224

E-mail address: rosemarieturan@yahoo.com

Consultation Hours: Saturday 2:00-3:00pm

Course Number/ Code

: ACTG 26

Course Title

Course Description

: This course introduces the nature, functions, scope, and

limitations of the broad field of accounting theory. It deals
with the study of the theoretical accounting framework,
objectives of financial statements, accounting conventions, and
generally accepted accounting principles, standard setting
process for accounting practice, national as well as
international principles relating to the preparation and
presentation of financial statements, the condition under which
they may be appropriately applied, their impact or effect on the
financial statements; and the criticisms commonly leveled
against them. The course covers the detailed discussion,
appreciation, and application of accounting principles covering
the assets, financial and nonfinancial. Emphasis is given on the
interpretation and application of theories of accounting in
relation to cash, temporary investments, receivables,
inventories, prepayments, long-term investments, property,
plant and equipment, intangibles, and other assets, including
financial statement presentation and disclosure requirements.

Financial Accounting & Reporting, Part I

The related internal control, ethical issues, and management of

assets are also covered.
Credit Unit

6 units

6 hours/week

Prerequisite

ACTG 25 (Partnership and Corporation Accounting)

Course Objectives

At the end of the course, with at least 70% proficiency,

students are expected to:
1. know the conceptual framework for financial reporting;
2. apply the conceptual framework and disclosure
requirements relative to current and non-current assets.

Core Values

: Students are expected to live by and stand for the following

University tenets:
TRUTH is demonstrated by the students objectivity and honesty
during examinations, class activities and in the
development of projects.
EXCELLENCE is exhibited by the students self-confidence,
punctuality, diligence and commitment in the assigned
tasks, class performance and other course requirements.
SERVICE is manifested by the students respect, rapport, fairness
and cooperation in dealing with their peers and members
of the community.
In addition, they should exhibit love and respect for the nature
and support for the cause of humanity.

Credit Hours
Lecture

Course Content
Overview of the Course
1. New Conceptual Framework of Accounting
1.1 Definition of accounting
1.2 The accountancy profession
1.3 Financial Reporting Standards Council
1.4 Users of financial information
1.5 Objective of financial statements
1.6 Elements of financial statements
1.7 Recognition of elements
1.8 Measurement of elements
1.9 Financial capital and physical capital

Course Calendar
(No. of Hours)
1
5

2. Financial Statements (An Introduction)

2.1 Definition and components of financial statements
2.2 Definition of assets
2.3 Classification of assets
2.4 Definition of liabilities
2.5 Classification of liabilities
2.6 Shareholders equity
2.7 Notes to financial statements
2.8 Forms of statement of financial position
2.9 Forms of statement of income
2.10 Statement of retained earnings
2.11 Statement of changes in equity
2.12 Statement of cash flows

3. Cash and Cash Equivalents

3.1 Definition of cash and cash equivalents
3.2 Valuation and statement presentation of cash
3.3 Window dressing, lapping and kiting
3.4 Imprest system
3.5 Petty cash fund

4. Bank Reconciliation
4.1 Definition of bank reconciliation
4.2. Reconciling items
4.3 Forms of bank reconciliation
4.6 Preparation of adjusting entries

5. Proof of Cash
5.1 Two-date bank reconciliation
5.2 Computation of book balance
5.3 Computation of bank balance
5.4 Computation of deposits in transit
5.5 Computation of outstanding checks

6. Accounts Receivable
6.1 Definition of receivables
6.2 Classification and presentation of receivable
6.3 Measurement of accounts receivable
6.4 Accounting for bad debts
6.5 Estimating doubtful accounts

7. Notes Receivable
7.1 Definition
7.2 Dishonored notes receivable
7.3 Initial measurement
7.4 Subsequent measurement
7.5 Interest and noninterest bearing note

8. Loan Receivable
8.1 Definition of loan receivable
8.2 Impairment of loan
8.3 Measurement of impairment

9. Receivable Financing
9.1 Forms of receivable financing
9.2 Measurement of notes receivable
9.3 Interest bearing and non-interest bearing note

10. Inventories
10.1 Definition and classes of inventories
10.2 Goods includible in inventory
10.3 Statement presentation of inventories
10.4 Periodic and perpetual inventories
10.5 Cost of inventories

11. Inventory Valuation

11.1 Measurement of inventory
11.2 Methods of estimating inventories
11.3 Accounting for inventory writedown and reversal of writedown
11.4 Agricultural, forest and mineral products

12. Biological Assets

10. 1 Definition of biological assets
10.2 Biological transformation
10.3 Recognition of biological assets

13. Inventory Estimation

11.1 Use of estimate in inventory valuation
11.2 Gross profit method
11.3 Retail inventory method

14. Financial Asset at Fair Value

12.1 Definition and examples of investments
12.2 Statement presentation
12.3 Financial instruments
12.4 Classification of financial assets
12.5 Reclassification of financial assets

15. Investment in Equity Securities

13.1 Acquisition of equity securities
13.2 Investment categories
13.3 Sale of equity securities

16. Investment in Associate

14.1 Definition of investment in associate
14.2 Equity method
14.3 Impairment of investment in associate
14.4 Other changes in equity

17. Financial Asset at Amortized Cost

15.1 Measurement at amortized cost
15.2 Definition of bond
15.3 Classification of bond investment
15.4 Amortization of discount or premium

18. Investment Property

16.1 Definition of investment property
16.2 Examples of investment property
16.3 Measurement of investment property
16.4 Derecognition of investment property
16.5 Disclosures related to investment property

19. Fund and Other Investments

17.1 Definition of fund
17.2 Current and noncurrent fund
17.3 Accounting for fund and other investments

20. Derivatives
18.1 Purpose of derivatives
18.2 Types of financial risk
18.3 Characteristics of derivatives
18.4 Measurement of derivatives

21. Property, Plant and Equipment

19.1 Definition
19.2 Recognition
19.3 Measurement
19.4 Acquisition
19.5 Derecognition
19.6 Fully depreciated property

22. Government Grant

20.1 Definition
20.2 Recognition and measurement
20.3 Classifications of government grant
20.4 Accounting for government grant
20.5 Presentation of government grant

23. Borrowing Costs

21.1 Definition
21.2 Qualifying assets
21.3. Accounting for borrowing costs
21.4 Disclosures related to borrowing cost

24. Land, Building and Machinery

22.1 Land
22.2 Building
22.3 Machinery
22.4 Capital and revenue expenditures
22.5 Accounting for major replacement

25. Depreciation
23.1 Concept of depreciation
23.2 Methods of depreciation
23.3 Change in useful life
23.4 Change in depreciation method

26. Depletion
24.1 Wasting assets
24.2 Cost of wasting assets
24.3 Depletion and depletion method
24.4 Revision of depletion rate

27. Revaluation
25.1 Cost model and revaluation model
25.2 Statement presentation and classification
25.3 Accounting for revaluation
25.4 Revaluation surplus

28. Impairment of Assets

26.1 Definition and indication of impairment
26.2 Measurement of recoverable amount
26.3 Recognition of impairment loss
26.4 Cash generating unit

29. Intangible Assets

27.1 Definition and essential criteria for intangible assets
27.2 Recognition and acquisition of intangible asset
27.3 Measurement after recognition
27.4 Amortization of intangible asset
27.5 Factors affecting life

30. Specific Intangible Asset

28.1 Examples of specific intangible assets
28.2 Impairment of intangible asset with finite life
28.3 Impairment of intangible asset with indefinite life

31. Research and Development Cost

31.1 Definition of research
31.2 Definition of development
31.3 Accounting for research cost
31.4 Accounting for development cost

LONG EXAMS, MIDTERM AND FINAL EXAM

Teaching Methods
1. Lecture
2. Discussions
3. Individual problem solving
4. Problem solving by pair
5. Problem solving by group
6. Seat works
7. Board works
8. Group dynamics
9. Using technology application of excel (accounts receivable
subsidiary ledger and inventory costing)
10. Question and answer
Textbook/References

Peralta, Jose F., Valix, Christian Aris M. and Valix, Conrado T., Financial Accounting,
Volume 1, (2014) GIC Enterprises & Co., Inc. Manila, Philippines.
Valix, Christian Aris M. and Valix, Conrado T., Practical Accounting 1, CPA
Examination, (2014), GIC Enterprises & Co., Inc. Manila, Philippines.
Valix, Conrado T. Theory of Accounts (2014), GIC Enterprises & Co., Inc. Manila,
Philippines.

Supplementary Readings

: Compilation of PFRS for SMEs

PAS/PFRS, Volume 1
PAS/PFRS, Volume 2

Instructional Materials

: Laptop, textbook, worksheets,

whiteboard marker, calculator

Course Requirements:
Attendance, Written examinations (short quizzes, long exams, midterm exam and
final exams, submission of assignments/projects, group exercises
Grading

:
Examinations
Long exam and quizzes
Midterm
Final

70%
30%
20
20

Other requirements
Total

30
100%

Course Policies:
A. Attendance
Students are not allowed to have 20% or more absences of the total class hours, otherwise,
they will be graded as follows:
Dropped (if majority of the excessive absences are excused)
Failed (if majority of the excessive absences are unexcused)
B. Classroom Decorum
Students are required to:
1. wear their identification cards and observe proper dress code at all times;
2. turn off or put in silent mode their cellular phones during class hours;
3. maintain cleanliness and orderliness of the room at all times; and
4. come to class on time.

C. Examination/Evaluation
1. Quizzes may be announced or unannounced.
2. Long examinations are always announced.
3. Cheating is strictly prohibited. A student who is caught cheating will be given a score
of 0 for the first offense. For the second offense, he/she will automatically fail the
subject.
4. Examination permits are required during midterm and final examinations.
5. Students who missed exams, laboratory exercises, or quizzes may only be excused for
any of the following reasons:
a. Participation in a University/College approved field trip or activity (must be
cleared one week in advance);
b. Personal illness (must present medical certificate); and
c. Death or serious illness in the immediate family (must present death or
medical certificate)

Prepared by:

Reviewed by:

Rosemarie R. Turan

Ludivinia F. Victorino

Professor/ Instructor

Department Chair

Approved by:
Roderick M. Rupido
Dean, CEMDS