NOTRE DAME OF TACURONG COLLEGE

City of Tacurong

BACHELOR OF SCIENCE IN ACCOUNTANCY

Course Syllabus in Accounting for Special Transactions
I. VISION-MISSION

Vision

The Notre Dame of Tacurong College, a Catholic school, envisions to be a leading institution in Central Mindanao in terms of quality education, development
programs and updated technology in consonance with its commitment to a dynamic and transformational leadership role in the society it serves.

Mission

The mission of Notre Dame of Tacurong College is to produce highly competent graduates imbued with Christian and desirable Filipino values, sense of social
responsibility and integrity; and to assume active leadership role in the locality and academic community through relevant and responsive programs, creative
organizational strategies and pastoral collaboration with the local church.

II. INSTITUTIONAL GOALS

1. Well- manifested NDTCian identity

2. Strong leadership and management
3. Excellent academic performance
4. Quality student activities and performance
5. Efficient and effective general services
6. Relevant community development and services programs
7. Conducive learning and working environment
8. Strong research culture

III. CORE VALUES

E – Excellence
X – Xt-Centeredness
C – Commitment
E – Empowerment
L – Leadership
IV. LEARNING OUTCOMES

IV.1 College Learning Outcomes for Instruction:

The College graduate of NDTC should be able to:

a. Engage in the exercise of profession in a specialized field of discipline.
b. Demonstrate proficiency in the application of technical and technological skills.
c. Quests for knowledge as a lifelong endeavor.
d. Communicate effectively both in oral and written forms.
e. Work independently and/or in multi-disciplinary and multi-cultural teams.
f. Live out the Christian and desirable Filipino values affecting others.
g. Respond willingly to global, national and local issues and environmental concerns.
h. Uphold and promote the Filipino historical and cultural heritage.

IV.2 Program Outcomes (CMO No. 27 S2017)

Common to all programs:

a. Articulate and discuss the latest developments in the specific field of practice.
b. Effectively communicate orally and in writing using both English and Filipino.
c. Work effectively and independently in multi-disciplinary and multi-cultural teams.
d. Act in recognition of professional, social and ethical responsibility
e. Preserve and promote "Filipino historical and cultural heritage".

Common to Business and Management

a. Describe the basic functions of management such as planning, organizing, directing, leading and controlling.
b. Identify and describe the basic concepts that underlie each of the functional areas of business (marketing, accounting, finance, human resources
management, production and operations management, information technology, and strategic management) and apply these concepts to business
situations.
c. Select the proper decision-making tools to critically, analytically and creatively solve problems and drive results.
d. Express clearly and communicate effectively with stakeholders both in oral or written forms.
e. Apply information and communication technology (ICT) skills as required by the business environment.
f. Work effectively with other stakeholders and manage conflict in the workplace.
g. Organize and lead groups to plan and implement business related activities
h. Demonstrate corporate citizenship and social responsibility; and
i. Exercise high personal moral and ethical standards.
 Specific to BS Accountancy

a. Resolve business issues and problems, with a global and strategic perspective using knowledge and technical proficiency in the areas of financial accounting
and reporting, cost accounting and management accounting and control, taxation, and accounting information systems;
b. Conduct accountancy research through independent studies of relevant literature and appropriate use of accounting theory and methodologies;
c. Employ technology as a business tool in capturing financial and non-financial information, generating reports and making decisions;
d. Apply knowledge and skills to successfully respond to various types of assessments (including professional licensure and certifications); and
e. Confidently maintain a commitment to good corporate citizenship, social responsibility and ethical practice in performing functions as an accountant.

V. COURSE NO. AND TITLE: APC 316 Accounting for Special Transactions
Credit: Three (3) units
Prerequisite: AFA 215

VI. COURSE DESCRIPTION:

This course deals with specialized accounting problems likely to be encountered by accountants. It exposes the learners to accounting for transactions and
activities that relate to business organizations other than the corporate form. The study of the various topics in this course is based upon fundamental
valuation accounting and accounting theory as applied to special income and expenses recognition methods and expanded business operations. This course
includes specialized problems in partnership dissolution, partnership and corporate liquidation, revenue recognition principles, accounting for consignment,
accounting for installment sales, long-term construction contracts, franchise, foreign exchange transactions and translation, derivatives and insurance
contracts.
VII. COURSE REQUIREMENTS:

A. Attendance
The student should avoid absences beyond the allowable number of absences as per Student Handbook in order not to be dropped from this subject.

B. Grading System
Midterm Final Term Final Grade
Class work: Percentage Percentage
Quizzes 35% 35%
Project/Research/Assignments 15 15

Recitation/Participation 10 60% 10 60%

Long Examinations:
Pre-Midterm/Pre-Final 20 20
Midterm/Final 20 40% 20 40%

Total/Final 100% + 100% /2 100%

VIII. COURSE LEARNINGS OUTCOMES:

Upon completion of the course the students will be able to:

1. journalize and prepare the financial reports relating to partnership formation, operation (including division of profit or loss), and liquidation.
2. use special revenue principles that are within the scope of IFRS 15 Revenue from Contracts with Customers.
3. perform accounting process or joint arrangements under PFRS 11, installment sales, consignment sales, long-term construction contracts, home
office, branch and agency transactions.
5. account for foreign currency transactions (including foreign currency derivatives) and foreign currency financial statements translations.
6. apply the skills in the preparation of journal entries to typical transactions and the basic financial statements in systematic problem-solving activities
and short cases analysis.
7. apply the qualities of neatness, accuracy, timeliness and compliance with requirements in the preparation and submission of reports.
8. integrate the value of honesty, integrity and fairness in the conduct of accounting practice.
IX. COURSE DESIGN MATRIX

TIME DESIRED LEARNING OUTCOMES COURSE CONTENT OUTCOMES- ASSESSMENT OF RESOURCE VALUES/SCOAIL
TABLE (DLO) BASED TEACHING LEARNING MATERIALS ISSUES
AND LEARNING OUTCOMES INTEGRATION
(OBTL) (ALO)
Week 1
Day  Be oriented with the vision- A. Orientation  Orientation  Question &  Student’s  Obedience
1 mission of the school and  Sharing of Answer Handbook  Discipline
objectives of the BS 1. The NDTC Mission, Core Values Expectations  Quiz: Knowing  Syllabus in  Adherence to
Accountancy program. and School Officials Your School APC 316 Policies
 Be oriented with the subject 2. The College of Business and Officials  Laptop  Social Concern
description, general Technical-Vocational Courses  LED Monitor
objectives, requirements, Outcomes
content and references. 3. The Course Outcomes
 Be informed of classroom 4. Classroom Policies
policies and expectations.
Day  Discuss the nature of B. Course Content  Lecture-  Recitation  Whiteboard  Discipline
2 partnership. Discussion  Seatwork/Quiz  Whiteboard  Social
 Identify and describe the 1. Partnership  Recitation  Assignments Pen Responsibility
characteristics of partnership. 1.1 Nature and Characteristics  Assignments  Laptop  Fairness
 Define different types of 1.2 Formation  Drills and  LED Monitor  Accountability
partnership and partners. Exercises  Strips of  Integrity
 Discuss the formation of Papers  Accuracy
partnership.
 Prepare entries to record the
formation of a partnership.
Week  Calculate the profit or loss of 1.3 Operations  Lecture-  Recitation  Whiteboard  Social
2 partnership operations. 1.4 Financial Statements Discussion  Seatwork/Quiz  Whiteboard Responsibility
 Enumerate the different Preparation  Recitation  Assignments Pen  Fairness
methods of dividing the profits  Assignments  Laptop  Accountability
or loss.  Drills and  LED  Integrity
 Compute the share of each Exercises Monitor  Accuracy
partner in the profit (loss) of  Strips of
the partnership. Papers
  Prepare schedule to show
profit (loss) distribution.
 Prepare entries to record the
distribution of partnership
profit (loss).
 Prepare the statement of
changes in partners’ equity,
partnership statement of
financial position and income
statement with the schedule
of profit (loss) distribution
shown below the income
statement.
 Solve problems related to the
topics.
Week  Describe partnership 2. Partnership Dissolution  Lecture-  Recitation  Whiteboard  Social
3 dissolution. 2.1 Description Discussion  Seatwork/Quiz  Whiteboard Responsibility
 Identify and describe each 2.2 Causes of Dissolution  Recitation  Assignments Pen  Fairness
cause of partnership 2.2.1 Admission of New Partner  Assignments  Laptop  Accountability
dissolution. 2.2.2 Retirement or Withdrawal of  Drills and  LED  Integrity
 Prepare entries to record a Partner Exercises Monitor  Accuracy
partnership dissolution under 2.2.3 Death, Incapacity,  Strips of
each cause of dissolution. Bankruptcy of a Partner Papers
 Journalize incorporation of 2.2.4 Incorporation of a
partnership. Partnership
 Compare the total partners’
equity and partners’ division
of profit(loss) ratio before and
after the partnership
dissolution.
 Prepare statement of financial
position immediately after
Incorporation.
 Solve problems related to the
topics.
Week  Describe partnership 3. Partnership Liquidation  Lecture-  Recitation  Whiteboard  Discipline
4 liquidation. 3.1 Description Discussion  Seatwork/Quiz  Whiteboard  Social
 Contrast dissolution and 3.2 Reasons for Liquidation  Recitation  Assignments Pen Responsibility
liquidation of a partnership. 3.3 Types of Liquidation  Assignments  Laptop  Fairness
  State the reasons for Lump-Sum and Installment  Drills and  LED  Accountability
liquidation. 3.4 Procedures in Lump-Sum Exercises Monitor  Integrity
 Compare and contrast the Liquidation  Strips of  Professional
types of liquidation. 3.5 Preparation of Statement of Papers Judgment
 Follow the procedures for Liquidation: Lump-Sum  Accuracy
lump-sum partnership Liquidation
liquidation. 3.6 Preparation of Journal Entries
 Prepare the statement of 3.7 Procedures in Installment
liquidation for lump-sum Liquidation
liquidation. 3.8 Preparation of Statement of
 Record the partnership Liquidation: Installment
liquidation transactions under Liquidation
lump-sum method. 3.8.1 Safe Payment Schedule
 Describe safe payment 3.8.2 Cash Priority Program
schedule and cash priority 3.9 Preparation of Journal Entries
program.
 Prepare the statement of
liquidation for installment
liquidation with supporting
schedules
 Journalize installment
liquidation. Solve problems
related to the topics.
Week • Differentiate corporate 4. Corporate Liquidation  Lecture-  Recitation  Whiteboard  Social
5 dissolution from liquidation. 4.1 Corporate Dissolution vs. Discussion  Seatwork/Quiz  Whiteboard Responsibility
 Describe a statement of Corporate Liquidation  Recitation  Assignments Pen  Fairness
affairs. 4.2 Reasons for Liquidation  Assignments  Laptop  Accountability
 Identify and describe the 4.3 Statement of Affairs  Drills and  LED  Integrity
information included in the 4.4 Statement of Deficiency Exercises Monitor  Accuracy
statement of affairs. 4.5 Statement of Realization and  Strips of
 Describe a statement of Liquidation Papers
deficiency. 4.6 Determination of the Order of
 Identify balances recorded in Priority of Claimants of
the statement of deficiency. Company Assets Subject to
 Describe a statement of Liquidation
realization and liquidation.
 Identify the information
included in the statement of
realization and liquidation.
  Prepare a statement of affairs,
deficiency and realization and
liquidation.
 State the order of priority of
claimants of company assets
subject to liquidation.
 Solve problems related to the
topics.

PRE-MIDTERM EXAM
Week  Discuss the nature of revenue 5. Revenue Recognition Principles  Lecture-  Recitation  Whiteboard  Social
6 from contracts with 5.1 Revenue from Contracts with Discussion  Seatwork/Quiz  Whiteboard Responsibility
customers. Customers (PFRS 15)  Recitation  Assignments Pen  Fairness
 State the five steps in the 5.1.1 Five-Steps Model  Assignments  Laptop  Accountability
recognition of revenue. Framework  Drills and  LED  Integrity
 Describe how performance 5.1.2 Financial Statement Exercises Monitor  Accuracy
obligations are identified in a Presentation  Strips of
contract. Papers
 Describe how the transaction
price is determined and how it
is allocated to the
performance obligations.
 State the timing of revenue
recognition and its
measurement.
 State the presentation of
contracts with customers in
the statement of financial
position.
Week  Define and discuss the nature 6. Consignment Sales  Lecture-  Recitation  Whiteboard  Fairness
7 and characteristics of 6.1 Definition, Nature, Discussion  Seatwork/Quiz  Whiteboard  Accountability
consignment sales. Characteristics  Recitation  Assignments Pen  Integrity
 Distinguish consignment sales 6.2 Accounting for Consignment  Assignments  Laptop  Accuracy
from regular sales. Sales  Drills and  LED
 Prepare journal entries to 6.2.1 Journal Entries Exercises Monitor
record sale of merchandise by 6.2.2 Computation of Cost of  Strips of
the consignee to third parties Goods Sold and Profit or Papers
and its remittance to the Loss by the Consignor
 consignor and other 6.3 Financial Statement
consignment transactions. Presentation
 Calculate the amount of profit
or loss under consignment
sales by the consignor.
 Illustrate how profit is
reflected on the income
statement.
 Solve problems related to the
topics.
Week  Discuss the concept of 7. Installment Sales  Lecture-  Recitation  Whiteboard  Social
8 installment sales. 7.1 Definition, Nature and Discussion  Seatwork/Quiz  Whiteboard Responsibility
 Identify and describe the Characteristics  Recitation  Assignments Pen  Fairness
methods of accounting for 7.2 Installment Sales Method –  Assignments  Laptop  Accountability
installment sales. Merchandising Firms  Drills and  LED  Integrity
 Journalize installment sales for 7.3 Procedures of Calculating Exercises Monitor  Accuracy
merchandising firms. Realized Gross Profit  Strips of
 Compute realized gross profit 7.4 Financial Statements papers
using installment receivable Preparation with Allocation of
balances and deferred gross Cost of Goods Sold
profit balances.
 Prepare financial statements
using installment method with
cost of goods sold allocation.
Week  Compute the gain or loss of 7.5 Special Problems in Installment  Lecture-  Recitation  Whiteboard  Social
9 repossession to be recorded Sales (Defaults and Discussion  Seatwork/Quiz  Whiteboard Responsibility
or recognized. Repossession, Trade-Ins,  Recitation  Assignments Pen  Fairness
 Prepare journal entries to Interest on Unpaid Balance)  Assignments  Laptop  Accountability
record defaults, repossessions,  Drills and  LED  Integrity
trade-ins and interest on Exercises Monitor  Accuracy
unpaid balance.  Strips of  Decisiveness
 Solve problems related to the Papers  Professional
topics. Judgment

MIDTERM EXAM
Week  Describe the nature of real 7.6 Installment Sales of Real Estate  Lecture-  Recitation  Whiteboard  Social
10 estate business. Dealers Discussion  Seatwork/Quiz  Whiteboard Responsibility
 Compute realized gross profit 7.6.1 Definition, Nature and  Recitation  Assignments Pen  Fairness
 using installment sales for real Characteristics  Assignments  Laptop  Accountability
estate dealers. 7.6.2 Computation of Realized  Drills and  LED  Integrity
 Journalize installment sales for Gross Profit and Deferred Exercises Monitor  Accuracy
real estate. Gross Account Balance at  Strips of  Decisiveness
 Solve problems related to the the End of the Year Papers  Professional
topics. 7.6.3 Financial Statement Judgment
Presentation
Week  Explain the nature of 8. Accounting for Long-Term  Lecture-  Recitation  Whiteboard  Social
11 construction business. Construction Contracts Discussion  Seatwork/Quiz  Whiteboard Responsibility
 Define different 8.1 Nature of Construction Business  Recitation  Assignments Pen  Fairness
terms/accounts used in 8.2 Definition of Terms and  Assignments  Laptop  Accountability
construction contracts. Accounts Used  Drills and  LED  Integrity
 Identify and describe the 8.3 Methods of Computing Exercises Monitor  Accuracy
different methods of Revenue, Costs and Realized  Strips of  Decisiveness
computing realized gross Gross Profit Papers  Professional
profit. 8.3.1 Percentage of Completion Judgment
 Compute for the revenue, 8.3.2 Cost Recovery
costs and realized gross profit 8.4 Preparation of Journal Entries
under the percentage of 8.5 Financial Statement
completion and cost recovery. Preparation and Presentation
 Prepare entries for long-term
construction contracts
transactions.
 Apply the pertinent PFRS
Standards (IAS 11/PFRS 15) to
ensure proper financial
statement presentation.
 Prepare financial statements
for construction firms.
Week  Define and explain the nature 9. Accounting for Franchise  Lecture-  Recitation  Whiteboard  Social
12 of franchise. Operations - Franchisor’s Point of Discussion  Seatwork/Quiz  Whiteboard Responsibility
 Explain the different types of View (IAS 18/IFRS 15)  Recitation  Assignments Pen  Fairness
franchise agreement. 9.1 Definition and Nature  Assignments  Laptop  Accountability
 Describe the sources of 9.2 Methods of Accounting for  Drills and  LED  Integrity
income of franchise Initial Franchise Fee and Exercises Monitor  Accuracy
companies. Related Cost of Franchise  Strips of  Decisiveness
 Discuss the accounting for the Revenue Papers  Professional
initial franchise fee and the 9.2.1 Prior to Substantial Judgment
related cost of franchise Performance of Services
 revenues – prior to substantial 9.2.2 Upon Substantial
performance Performance of Services
and upon substantial (Accrual and Installment
performance of service. Sales Method)
 Record pertinent franchise 9.3 Journal Entries and
transactions. Determination of Revenue,
 Solve problems related to the Costs and Gross Profit
topics. 9.3.1 Initial Franchise Fee
9.3.2 Continuing Franchise Fee,
Bargain Purchase Option,
and Commingled
Revenue
9.3.3 Repossessed Franchise
9.3.4 Option to Purchase the
Franchise Outlet
9.4 Financial Statement
Presentation
9.5 Accounting for SME
Week  Define and discuss the terms 10. Accounting for Foreign Currency  Lecture-  Recitation  Whiteboard  Social
13 related to foreign currency Transactions and Translation of Discussion  Seatwork/Quiz  Whiteboard Responsibility
transactions and translation of Financial Statements of Foreign  Recitation  Assignments Pen  Fairness
foreign currency denominated Entity – Foreign Subsidiaries  Assignments  Laptop  Accountability
financial statements. 10.1 Definition, Nature of  Drills and  LED  Integrity
 Explain the nature and Foreign Currency Exercises Monitor  Accuracy
implications of foreign Transactions and  Strips of  Decisiveness
currency transactions in Translation Papers  Professional
financial statements. 10.2 Journal Entries Showing Judgment
 Journalize foreign currency Gain or Loss on Exchange
transactions of purchases and Difference
sales of assets and
merchandise on the books of
buyer and seller, reflecting
foreign exchange difference as
gain or loss on foreign
exchange.
 Solve problems related to the
topics.
 PRE-FINAL EXAM
Week  Name the requirements for 10.3 Translation Methods -  Lecture-  Recitation  Whiteboard  Fairness
14 capitalization of foreign Temporal, Monetary-Non- Discussion  Seatwork/Quiz  Whiteboard  Accountability
exchange difference under the Monetary, and Current  Recitation  Assignments Pen  Accuracy
Alternative Treatment 10.4 Translation Adjustment  Assignments  Laptop  Decisiveness
method. Treatment  Drills and  LED  Professional
• Apply the translation 10.5 Problems Related to Exercises Monitor Judgment
procedures to foreign Translation Adjustment  Strips of
denominated financial Treatment Papers
statements submitted by a
subsidiary.
 Prepare consolidated financial
statements using the parent’s
currency as reporting
currency, showing how
translation adjustment is
treated.
• Solve problems related to
translation methods and
translation adjustment
treatment.

Week  Describe a derivative. 11. Derivatives  Lecture-  Recitation  Whiteboard  Accountability

15  Describe a business and the 11.1 Nature of Business Discussion  Seatwork/Quiz  Whiteboard  Accuracy
accounting concepts 11.2 Description of a Derivative  Recitation  Assignments Pen  Professional
connected with derivatives 11.3 Business and Accounting  Assignments  Laptop Judgment
and hedging activities. Concept Connected with  Drills and  LED
 Identify the different types of Derivatives and Hedging Exercises Monitor
risk faced by a business. Activities  Strips of
 Describe the characteristics of 11.4 Types of Risks Faced by a Papers
the following types of Business
derivatives: swaps, forwards, 11.5 Types of Derivatives
futures, and options. 11.5.1 Forwards
 Account for forwards and 11.5.2 Futures
futures.
Week  Account for interest rate swap 11.5.3 Interest Rate Swap  Lecture-  Recitation  Whiteboard  Social
16 and call and put options. 11.5.4 Call and Put Options Discussion  Seatwork/Quiz  Whiteboard Responsibility
 Define hedging, and outline 11.6 Hedging Activities  Recitation  Assignments Pen  Fairness
the difference between a fair  Assignments  Laptop  Accountability
 value hedge and a cash flow  Drills and  LED  Integrity
hedge. Exercises Monitor  Accuracy
 Account for a variety of  Lecture-  Strips of  Decisiveness
different derivatives and for Discussion Papers  Professional
hedging relationships. Judgment
 Solve problems related to the
topics.
Week  Define fire insurance. 10. Accounting for Fire Insurance  Lecture-  Recitation  Whiteboard  Social
17  Identify and describe the types 10.1 Definition Discussion  Seatwork/Quiz  Whiteboard Responsibility
of contract. 10.2 Types of Contracts  Recitation  Assignments Pen  Fairness
 Define different terms used in 10.3 Terms Used in Fire Insurance  Assignments  Laptop  Accountability
fire insurance accounting from 10.4 Determination of the Carrying  Drills and  LED  Integrity
insured’s viewpoint. Value of the Lost Property Exercises Monitor  Truthfulness
 Compute the carrying value of  Strips of  Professional
lost property. Papers Judgment

Week  Compute the amount 10.5 Determination of Amount  Lecture-  Recitation  Whiteboard  Social
18 recoverable from insurance Recoverable from Insurance Discussion  Seatwork/Quiz  Whiteboard Responsibility
company. Company  Recitation  Assignments Pen  Fairness
 Record transactions 10.6 Journal Entries to Record Fire  Assignments  Laptop  Accountability
pertaining to loss fire. Loss  Drills and  LED  Integrity
 Prepare income statement 10.7 Presentation of Fire Loss in Exercises Monitor  Accuracy
showing fire loss account. Income Statement  Strips of  Decisiveness
Papers  Professional
Judgment
FINAL EXAM
X. REFERENCES:

Millan, Z. V. B. (2019). Financial Accounting & Reporting (Fundamentals) 3 rd Edition. Manila, Philippines: Bandolin Enterprise
Ballada, W. (2020). Partnership and Corporation Accounting Made Easy 2020 Issue - 22 nd Edition. Manila, Philippines: DomDane Publishers
Dayag, A. (2021). Advanced Financial Accounting (A Comprehensive – Conceptual & Procedural Approach). Manila, Philippines: Conanan Bookstore
Dayag, A. (2019). Advanced Financial Accounting (Theories and Problems) CPA Examination Review Manual 2019 Edition. Manila, Philippines: Conanan
Bookstore
PRC-BOA Resolution No. 30 s.2022 – Revised LECPA Syllabi and TOS Effective October 2022

https://www.cliffsnotes.com/study-guides/accounting/accounting-principles-ii/partnerships/partnership-accounting
https://slideplayer.com/slide/7102285/
https://www.google.com/search?source=hp&ei=cFaZXuG_JMjn-QaM26egDg&q=statement+of+affairs+corporate+liquidation&oq=statement+of+
affairs&gs_lcp=CgZwc3ktYWIQARgCMgIIADICCAAyAggAMgIIADICCAAyAggAMgIIADICCAAyAggAMgIIADoFCAAQgwE6BAgAEApKNQgXEjEwZzIzMmcyMD
FnMTcxZzE5OGcyMDFnMTY1ZzE5MGcxNjlnMTcxZzE3Mmc0MjJnMjU5Sh0IGBIZMGcxZzFnMWcxZzFnMWcyZzFnMWc1ZzVnMVDgR1i6oAFg7MABaAFw
AHgAgAGBBogBsCGSAQ4wLjE3LjEuMS4xLjAuMZgBAKABAaoBB2d3cy13aXo&sclient=psy-ab

Designed by: Noted by:

JULIE T. GATUSLAO, CPA, MBE OFELIA P. CORONADO, CPA, MBE

Teacher/Head, Accountancy Program Dean, College of Business and Tech./Voc. Courses