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Answer Key
Answer Key
Manila
Institute of Accounts, Business and Finance
COURSE SYLLABUS
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 conditions 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. The related internal control, ethical
issues, and management of assets are also covered. Exposure to computerized system in receivables, inventory, and
lapsing schedules is a requirement in this course.
General Course Objectives : At the end of the course, the student is expected to be able to obtain a comprehensive knowledge and understanding on
selected pronouncements of the Accounting Standards Council (ASC) as embodied in the PAS and principles underlying
measurement, valuation and presentation and disclosure of ASSETS.
3 At the end of the session, the student is Conceptual Judgment 1. Lectures Flexibility 1. Preparation of
expected to understand: Framework for the Understanding 2. Assignments Creativity Financial
Preparation and Presentation Accountability Statements
• Users and their information needs Presentation of Skills 2. Quiz
• Objective of financial statements Financial
• Underlying assumptions in the Statements
preparation of financial statements
• Qualitative characteristics of financial
statements (Understandability,
Relevance, Reliability, Comparability)
• Principles of Recognition and
Measurement (Measurement basis)
• Elements of financial statements and
their definition (Assets, Liabilities,
Equity, Income, Expenses)
• Recognition and measurement of the
elements of financial statements
• Concepts of capital and capital
maintenance ( Financial concept,
Physical concept)
8 • Receivable financing arrangements Accounting for Analytical Ability 1. Answering Honesty 1. Quiz
[Accounts Receivable, Pledging (general Receivables (cont’d) Problem Solving assignments Integrity 2. Case Study
assignment of receivables), Factoring, Skills 2. Lectures Fairness
Assignment of specific receivable]: Notes Presentation 3. Board work Accountability
receivable (Discounting)] Skills 4. Giving
• Notes/loans receivable impairment and assignment
un-collectibility
• Financial statement presentation and
disclosure
• Internal control measures for receivable
10 At the end of the session, the student is Accounting for Analytical Ability 1. Lectures Honesty 1. Quiz
expected to understand: Inventories Problem Solving 2. Illustrative Integrity 2. Internet works
Skills problems Fairness
• Definition, nature and classes of Presentation 3. Board work Accountability
inventories Skills 4. Assignment Commitment
• Recognition
• Initial measurement at cost
• Inventory recording systems (Periodic
inventory system, Perpetual inventory
system)
• Inventory costing methods (Items not
ordinarily interchangeable: Specific
identification; For items that are
interchangeable: First in, First out
method, Weighted average cost method)
References:
Books:
• Financial accounting : tools for business decision making. Kimmel, Paul. 2010
• Financial accounting : a global approach. Monger, Rod. 2010
• Financial accounting : volume two. Valix, Conrado T. 2010
• Financial accounting. Vol 1. Valix, Conrado T. 2010
• Financial accounting : volume three. Valix, Conrado T. Valix, 2009
• Financial accounting. Albrecht, W. Steve. 2008
• Financial accounting : a business process approach. Reimers, Jane L. 2008
• Financial accounting. Harrison, Walter T. 2008
• Financial accounting. Williams, Jan R. 2008
• Financial accounting and reporting. Whittington, O. Ray. 2008
• Financial accounting and reporting. Elliott, Barry. 2008
• Financial accounting. Needles, Belverd E. 2007
• Financial accounting : a user perspective. Albright, Thomas L. 2007
• Financial accounting. Libby, Robert. 2007
• Financial accounting : instructors solutions manual. Needles, Belverd E. 2007
• Financial accounting. Vol. 2. Valix, Conrado T. 2007
• Financial accounting. Harrison, Walter T. 2006
• Financial accounting : ann introduction. Peirson, Graham. 2006
• Financial accounting : reporting & analysis. Stice, Earl K.
• Financial accounting. Britton, Anne. 2006
• Financial accounting and reporting. Whittington, O. Ray. 2006
• Financial accounting in an economic context. Pratt, Jamie. 2006
• Financial accounting, reporting and analysis. Elliott, Barry. 2006
Online/URL:
• http://www.picpa.com.ph
• http://www.iasplus.com
• http://www.iasb.org
• http://www.ifac.org
Class Standing
Average Quizzes (AQ)………………………………………………….…….30%
Class Participation (CP) ………………………………………………...…...10%
Major Examination (PEx/MEx/FEx) ………………………………………….……..60%
Total …………………………………………………………………….…………….100%
b. Determine 2nd Preliminary Grade (2nd PG) and Midterm Grade (MG)
FG = MG (50%) + FP (50%)
Descriptive
Grade Point System Equivalent
95 100% 1.00
92 94% 1.25 Superior
90 91% 1.50
88 89% 1.75 Very Good
85 87% 2.00
82 84% 2.25 Good
80 81% 2.50
78 79% 2.75 Fair
75 77% 3.00 Barely Satisfactory
Below 75% 5.00 Failure
GERRY V. FERNANDO
Curriculum Committee