Financial Accounting

Felix M. Del Rosario, CPA

Ilocos Sur Polytechnic State College
 ILOCOS SUR
POLYTECHNIC STATE
Tagudin Campus
COLLEGE

PRELIMINARIES

OVERVIEW ON THE MODULE

I. COURSE TITLE: Financial Accounting

II. COURSE OVERVIEW:

The course Financial Accounting combines theoritical concepts
underlying the presentation of financial statements with the practical
techniques of financial analysis. It includes accounting processes;
examination of the components of the statement of financial position , the
statement of comprehensive income , the staement of cash flows ; application
of the various quantitative techniques of financial analysis and its
interpretations ;Integration of key concepts from accounting , finance,
economics , business strategy essential for fianncial decision –making.
The course also exposes the students to the nature , functions , scope
and limitation of accounting environemnt particularly for the sole
proprietorship and corporation . It provides the students with the knowledge of
how accounting records, techniques and methodologies are being used to
record, classify and summarize accounting data. This course has been
divided into the following modules:
 Module 1. Accounting Concepts and Its Consideration
 Module 2. Basic Consideration on Financial Statements
 Module 3. The Major Financial Statements
 Module 4. Financial Analysis
 Module 5. Bank reconciliation
 Module 6. Cash and Cash Equivalents and Merchandise
Inventory

III. COURSE STUDY GUIDE:

This module was prepared for you, my dear students, to work on your own. To
have the best in working with this module, you are reminded to follow these simple
yet effective guidelines:

1. Manage your time well. A course study schedule is prepared for you to
help you study the modules in this course. The productive use of your
time and energy will help you a lot in finishing the scheduled activities.
2. Focus your attention. The key element for better understanding is
having the focus on the things to be done.
3. Give your best. Always remember that success will be attained in
everything you do by giving extra effort in the things you are doing. Giving
your best also means observing Honesty in doing the assigned tasks you
are asked to do in this module. Never let someone do the task for you or
copy the work of your classmates.

Course Code: Elect 102

Descriptive Title: Financial Accounting
Instructor: Felix M. Del Rosario, CPA
 ILOCOS SUR
POLYTECHNIC STATE
Tagudin Campus
COLLEGE

PRELIMINARIES

4. Submit on time. Work diligently. Do not procrastinate. Remember time is

gold. Work immediately on the task at hand in order for you to follow
scheduled time for submission.
5. Be patient and motivate yourself. Patience equates success. Always
think of the bright future ahead. And to get there, start moving now.
6. Answer confidently. Study hard, surf the internet, read and read and
read more. The more you know, the more confident you become.
7. Work independently. You can do it! Your future lies in your own hands
and your own decisions. So, practice working independently, trust
yourself, and be independent.
8. Contact me. If you have any questions, don’t hesitate to ask me through
the group chat created for this class or message me in my personal
number (09638584049)

IV. COURSE STUDY SCHEDULE:

To keep you on track for the best use of the modules in Fiancial Accounting,
the study schedule is hereby presented for you to follow:

Week Topic Learning Special Instructions

Week Module 1.
1 and 2 Fundamental
Principles of
Taxation
A. Introduction
B. Definition of
Taxation
C. The life Blood
Doctrine
D. Scope of the
Power of taxation.
E Principle of a
Sound Tax System.
F. The Inherent
Powers of the State
G. Limitations of
Taxation power
G.1 Inherent
Limitations
G.2 Constitutional
Limitations
H. Double Taxation
I. Escape from
taxation
Week Module 2. Taxes,
3 Tax Laws and Tax
Administration
Activities
Read Information Research more information or
on the identified details regarding the topics. Take
topics in Module 1 note of the important points and
Write in your Notebook if any.
Perform the Work on the intended learning
Intended Learning activity and submit to your
Activity instructor. Place answers in a
coupon bond( activity printed in
the module ) and perform online (
the link given by your instructor in
your group chat.
Answer Activity / Answer the activity / assessment
Assessment Task task provided. You must have to
get a passing score not just to
comply with the requirement but to
make it sure you have understood
the lesson and learned additional
information which you can apply in
the future. Assessment will be in
the form of online ( testmoz and
google form ).
Read Information Research more information or
on the identified details regarding the topics. Take
topics in Module 2 note of the important points and

Course Code: Elect 102

Descriptive Title: Financial Accounting
Instructor: Felix M. Del Rosario, CPA
 ILOCOS SUR
POLYTECHNIC STATE
Tagudin Campus
COLLEGE

PRELIMINARIES

A. Definition of tax Write in your Notebook if any.

B. Characteristics Perform the Work on the intended learning
of Tax Intended Learning activity and submit to your
C. Classification of
Activity instructor. Place answers in a
Taxes coupon bond( activity printed in
D. Tax Law the module ) and perform online (
D.1 Nature of the link given by your instructor in
Philippines Tax your group chat
Law Answer Activity / Answer the activity / assessment
D.2 Fundamental Assessment Task task provided. You must have to
Doctrines in get a passing score not just to
Taxation comply with the requirement but to
E. Tax make it sure you have understood
Administration the lesson and learned additional
information which you can apply in
the future. Assessment will be in
the form of online ( testmoz and
google form )
Week Module 3. Tax on Read Information Research more information or
4to 7 Individuals on the identified details regarding the topics. Take
A. Definition of topics in Module 3 note of the important points and
Income Write in your Notebook if any.
B. Sources of Perform the Work on the intended learning
Income Intended Learning activity and submit to your
C. Taxation of Gross Activity instructor. Place answers in a
Income under NIRC coupon bond( activity printed in
and TRAIN LAW the module ) and perform online (
D. Situs of Income. the link given by your instructor in
E. Tax Accounting your group chat
Period Answer Activity / Answer the activity / assessment
F. Schedular Rate Assessment Task task provided. You must have to
G. Classification of get a passing score not just to
Individual Taxpayer comply with the requirement but to
H. Computation of make it sure you have understood
Tax Due the lesson and learned additional
I. Quarterly information which you can apply in
Computation of the future. Assessment will be in
income tax of the form of online ( testmoz and
individuals google form ).
I. BIR forms
intended for
individual taxpayer

Week Module 4. Tax on Read Information Research more information or

8 to 11 Corporation ( NIT on the identified details regarding the topics. Take
and MIT) topics in Module 4 note of the important points and
A. Definition of Write in your Notebook if any.
Corporate Perform the Work on the intended learning

Course Code: Elect 102

Descriptive Title: Financial Accounting
Instructor: Felix M. Del Rosario, CPA
 ILOCOS SUR
POLYTECHNIC STATE
Tagudin Campus
COLLEGE

PRELIMINARIES

TaxPayers Intended Learning activity and submit to your

B. Classification of Activity instructor. Place answers in a
Corporation Tax coupon bond( activity printed in
Payer the module ) and perform online (
C. Taxes Impose the link given by your instructor in
to Corporation your group chat.
c. 1 Normal income Answer Activity / Answer the activity / assessment
Tax ( NIT ) Assessment Task task provided. You must have to
c.1.a Tax base get a passing score not just to
c.1.b Tax rate . comply with the requirement but to
c.2 Minimum make it sure you have understood
Corporate Income the lesson and learned additional
Tax( MCIT) information which you can apply in
c.2.1 Tax rate the future. Assessment will be in
c.2.2 Tax base the form of online ( testmoz and
c.2.3 Requisites of google form ).
using MCIT
D. Difference
between NIT vs
MCIT
E. Computation of
Quarterly Income
Tax of Corporation
F. Computation of
Annual Income Tax
of Corporation
G. BIR forms
intended for
corporation.
Week Module 5. Tax on Read Information Research more information or
12 to Corporations on the identified details regarding the topics. Take
15 ( IAET, GIT, CGT, topics in Module 1 note of the important points and
FBT, FT) Write in your Notebook if any.
A.Important Notes Perform the Work on the intended learning
for Improperly Intended Learning activity and submit to your
Accumulated Activity instructor. Place answers in a
Earning Tax coupon bond( activity printed in
a.1 Assumptions the module ) and perform online (
that income is the link given by your instructor in
improperly your group chat
accumulated Answer Activity / Answer the activity / assessment
a.2 Income not Assessment Task task provided. You must have to
subject to get a passing score not just to
Income Tax comply with the requirement but to
a.3 Income make it sure you have understood
excluded from the lesson and learned additional
the gross information which you can apply in
income the future. Assessment will be in

Course Code: Elect 102

Descriptive Title: Financial Accounting
Instructor: Felix M. Del Rosario, CPA
 ILOCOS SUR
POLYTECHNIC STATE
Tagudin Campus
COLLEGE

PRELIMINARIES

a.4 allowable the form of online ( testmoz and

accumulated google form ).
income
a.5 Tax base of
IAET
a.6 Tax rate of
IAET
B. Important Notes
of Gross Income
Tax .
b.1 Requisites of
Imposing Gross
Income Tax
b.2 Tax Rate and
Tax Base
C. Fringe Benefit
Tax
c.1 Classification of
FBT
c.2 Managerial
employee vs
rank and file
employee
c.3 Taxable Fringe
Benefits
c.4 Di minimis
benefit
c.5 Grosss Up
monetary value
c.6 Tax base and
Tax Rate of FBT
D. CAPITAL GAINS
TAX
d.1 Transactions
under CGT
d.2 Tax rate under
non listed
shares of stocks
d.3 Tax rate of sale
of capital
property
E. Final Tax
F. Rate of Special
and International
corporation
.

Week Module 6. RA Read Information Research more information or

Course Code: Elect 102

Descriptive Title: Financial Accounting
Instructor: Felix M. Del Rosario, CPA
 ILOCOS SUR
POLYTECHNIC STATE
Tagudin Campus
COLLEGE

PRELIMINARIES

16 to 10963 and Tax on the identified details regarding the topics. Take
18 Remedies topics in Module 1 note of the important points and
A. Tax Reform for Write in your Notebook if any.
Acceleration and Perform the Work on the intended learning
Inclusion Act Intended Learning activity and submit to your
B. Tax remedies Activity instructor. Place answers in a
C. Remedies of the coupon bond( activity printed in
government the module ) and perform online (
c.1 Assessment of the link given by your instructor in
Tax your group chat.
c.2 Imposition of Answer Activity / Answer the activity / assessment
Surcharges and Assessment Task task provided. You must have to
Penalties get a passing score not just to
c.3 Civil Remedies comply with the requirement but to
for the collection of make it sure you have understood
delinquent Taxes the lesson and learned additional
d. Due process of information which you can apply in
Taxpayer remedies the future. Assessment will be in
the form of online ( testmoz and
google form ).

V. COURSE EVALUATION:
To pass the course, you must:

1. Submit all course requirements to include the following:

a. Activities /Assessments
b. Major Course Outputs (1702 and 1701 of local companies )

2. Pass all examinations:

a. Midterm examination
b. Final examination

VI. HOW TO USE THIS MODULE:

Welcome my dear students!

The Module, “Taxation ( Income Taxation)”, is a course which
comprises the knowledge, skills and attitudes required for a future business
managers.

DO NOT WRITE ANYTHING ON THIS

MODULE. All answers to
activities/assessments and tests should
be written on a long coupon bond
Course Code: Elect 102
Descriptive Title: Financial Accounting
Instructor: Felix M. Del Rosario, CPA
 ILOCOS SUR
POLYTECHNIC STATE
Tagudin Campus
COLLEGE

PRELIMINARIES

There are number of symbols in this module to guide you as you study:

This tells you to take note of or to remember an important point.

This tells you there is an Intended Learning Activity for you to

accomplish.

This tells you there is an assignment or research activity to be

undertaken.

This tells you there is an Activity / Assessment or Self-Test.

Course Code: Elect 102

Descriptive Title: Financial Accounting
Instructor: Felix M. Del Rosario, CPA