St. Rose College Educational Foundation, Inc.

College of Business and Accountancy

COURSE NAME: FINANCIAL ACCOUNTING AND REPORTING

COURSE CODE:

COURSE CREDITS: 3 UNITS

CONTACT HOURS: 54 HOURS

COURSE DESCRIPTION: This is an introductory course in financial accounting will develop students’ appreciation of
accounting as a language of business and an understanding of basic accounting concepts and principles that will help them
analyze business transactions.

GENERAL OBJECTIVES: Upon completion of this course, the learners are expected to:
1. Manifest understanding and appreciation of the nature and basic purpose of accounting and how it is applied in businesses.
2. Identify and differentiate the different forms of business organizations and their activities.
3. Demonstrate knowledge of the concepts and principles of accounting.
4. Demonstrate knowledge and skills in recording basic transactions and in making basic accounting calculations.
5. Identify and differentiate the Journal and the Ledger.
6. Demonstrate knowledge and skills in completing the processes in an accounting cycle.
7. Demonstrate knowledge and skills in accounting for transactions related to partnership formation, operations, dissolution
and liquidation.
8. Demonstrate knowledge and skills in accounting for transactions related to corporate issuances of shares, reacquisition and
retirement of shares and distribution to owners.

Course Code: Course Description: Effectivity: Date revised: Page 1 of 9

Financial Accounting and Reporting 1st Sem., SY 2019 - 2020
 I. DETAILED COURSE OUTLINE

Learning Goals Content Topic Learning Outcomes OBE Methodologies Evaluative

Measures
The learners shall INTRODUCTION The learners are 1. Lecture/PowerPoint 1. Seat works
be able to cite TO ACCOUNTING expected to be able to: presentation online 2. Recitation
specific examples in 1. Definition of 1. Define accounting. and face-to-face 3. Assignments
which accounting is accounting 2. Describe the nature 2. Application of 4. Quizzes
used in making 2. Nature of and purpose of concepts
business decisions accounting accounting. 3. Classroom Q&A
3. Functions of 3. Give examples of
Accounting in branches of
Business accounting.
4. Brief history of 4. State the function
accounting of accounting in a
5. Common business.
branches of 5. Differentiate
accounting between external
6. Users of and internal users
accounting of accounting
information information.
7. Forms of 6. Narrate the
business history/origin of
organizations accounting.
8. Advantages and 7. State the forms of
disadvantages of business
the different organization.
forms of 8. State the types of
business business according
organizations to their activities.
9. Types of
businesses
according to
activities
10.Advantages and
disadvantages of
the different
types of business

Course Code: Course Description: Effectivity: Date revised: Page 2 of 9

Financial Accounting and Reporting 1st Sem., SY 2019 - 2020
 The learners shall ACCOUNTING The learners are 1. Lecture/PowerPoint 1. Seat works
be able to identify CONCEPTS AND expected to be able to: presentation 2. Recitation
generally accepted PRINCIPLES 1. Explain the varied 2. Application of 3. Assignments
accounting 1. Basic accounting accounting concepts 4. Quizzes
principles concepts concepts and 3. Classroom Q&A
2. Accounting principles.
standards 2. Solve exercises on
3. The Conceptual accounting
Framework for principles as
Financial applied in various
Reporting cases.

The learners shall THE ACCOUNTING The learners are 1. Lecture/PowerPoint 1. Seat works
be able to solve EQUATION expected to be able to: presentation 2. Recitation
problems applying 1. The basic 1. Illustrate the 2. Application of 3. Assignments
the accounting accounting accounting concepts 4. Quizzes
equation equation equation. 3. Classroom Q&A
2. The expanded 2. Perform operations
accounting involving simple
equation cases with the use
3. Applications of of accounting
the accounting equation.
equation

The learners shall TYPES OF MAJOR The learners are 1. Lecture/PowerPoint 1. Seat works
be able to define, ACCOUNTS expected to be able to: presentation 2. Recitation
identify, and classify 1. The Account 1. Discuss the five 2. Application of 3. Assignments
accounts according 2. The Five Major major accounts. concepts 4. Quizzes
to the five major Accounts 2. Cite examples of 3. Classroom Q&A
types 3. Chart of each type of
accounts account.
4. Common 3. Prepare a Chart of
account titles Accounts.
5. Drills on account
titles

Course Code: Course Description: Effectivity: Date revised: Page 3 of 9

Financial Accounting and Reporting 1st Sem., SY 2019 - 2020
 The learners shall BOOKS OF The learners are 1. Lecture/PowerPoint 1. Seat works
be able to ACCOUNTS AND expected to be able to: presentation 2. Recitation
differentiate a DOUBLE-ENTRY 1. Identify the uses of 2. Application of 3. Assignments
journal from a SYSTEM the two books of concepts 4. Quizzes
ledger and identify 1. The books of accounts. 3. Classroom Q&A
the types of accounts 2. Illustrate the format
journals and ledgers 2. Journal of general and
3. Ledger special journals.
4. Formats of the 3. Illustrate the format
books of of general and
accounts subsidiary ledgers.
5. Double-entry
system
6. Normal balances
of accounts
7. Rules of debits
and credits
8. Ending balance
of account
9. Contra and
adjunct accounts

The learners shall BUSINESS The learners are 1. Lecture/PowerPoint 1. Seat works
be able to identify TRANSACTIONS expected to be able to: presentation 2. Recitation
business and non- AND THEIR 1. Describe the nature 2. Application of 3. Assignments
business ANALYSIS and give examples of concepts 4. Quizzes
transactions, 1. The accounting business 3. Classroom Q&A
enumerate the cycle transactions.
types of business 2. Identifying and 2. Identify the different
documents, recite analyzing types of business
the rules of debit transactions and documents.
and credit, and events 3. Analyze common
apply these to 3. Journalizing business
simple cases 4. Recording drills transactions using
the rules of debit
and credit.

Course Code: Course Description: Effectivity: Date revised: Page 4 of 9

Financial Accounting and Reporting 1st Sem., SY 2019 - 2020
 The learners shall POSTING TO THE The learners are 1. Lecture/PowerPoint 1. Seat works
be able to post LEDGER expected to be able to: presentation 2. Recitation
journal entries to 1. Posting 1. Post transactions in 2. Application of 3. Assignments
the ledger, get the 2. Unadjusted trial the ledger. concepts 4. Quizzes
ending balances of balance 2. Prepare the 3. Classroom Q&A
ledger accounts, unadjusted trial
and prepare the balance.
unadjusted trial
balance

The learners shall ADJUSTING The learners are 1. Lecture/PowerPoint 1. Seat works
be able to identify ENTRIES expected to be able to: presentation 2. Recitation
items that need 1. Accruals of 1. Enumerate the 2. Application of 3. Assignments
adjustment and income and common end-of- concepts 4. Quizzes
prepare adjusting expense period adjustments. 3. Classroom Q&A
entries 2. Depreciation and 2. Prepare adjusting
bad debts entries.
3. Deferrals of
income and
expense
The learners shall ACCOUNTING The learners are 1. Lecture/PowerPoint 1. Seat works
be able to complete CYCLE OF A expected to be able to: presentation 2. Recitation
the accounting cycle SERVICE 1. Prepare a worksheet. 2. Application of 3. Assignments
of a service BUSINESS 2. Prepare closing concepts 4. Quizzes
business. 1. The worksheet entries. 3. Classroom Q&A
2. Financial 3. Prepare a balance
statements sheet and income
3. Closing entries statement of a
4. Post-closing trial service business.
balance 4. Prepare reversing
5. Reversing entries.
entries

The learners shall ACCOUNTING The learners are 1. Lecture/PowerPoint 1. Seat works
be able to complete CYCLE OF A expected to be able to: presentation 2. Recitation
the accounting cycle MERCHANDISING 1. Describe the nature 2. Application of 3. Assignments
of a merchandising BUSINESS of transactions in a concepts 4. Quizzes
business. 1. Inventory merchandising 3. Classroom Q&A
2. Inventory business.
systems 2. Record transactions
3. Gross profit of a merchandising
4. Recording in the business in the

Course Code: Course Description: Effectivity: Date revised: Page 5 of 9

Financial Accounting and Reporting 1st Sem., SY 2019 - 2020
 General and general and special
Special journals journals.
5. Posting to the 3. Post transactions in
General and the general and
Subsidiary subsidiary ledgers.
ledgers 4. Prepare a trial
6. The accounting balance.
cycle of a 5. Prepare adjusting
merchandising entries.
business 6. Complete the
accounting cycle of a
merchandising
business.
7. Prepare the
Statement of Cost of
Goods Sold and
Gross Profit.
The learners shall PARTNERSHIP The learners are 1. Lecture/PowerPoint 1. Seat works
be able to account FORMATION expected to be able to: presentation 2. Recitation
for the initial 1. Accounting for 1. Differentiate 2. Application of 3. Assignments
contributions of initial between the concepts 4. Quizzes
partners to a contributions accounting for 3. Classroom Q&A
partnership 2. Partners’ ledger partnerships, sole
business accounts proprietorships, and
3. Bonus method corporations.
2. State the valuation
of contributions of
partners.
3. Account for the
initial investments of
the partners to the
partnership.
4. State the peculiar
accounts used in a
partnership.

Course Code: Course Description: Effectivity: Date revised: Page 6 of 9

Financial Accounting and Reporting 1st Sem., SY 2019 - 2020
 The learners shall PARTNERSHIP The learners are 1. Lecture/PowerPoint 1. Seat works
be able to make OPERATIONS expected to be able to: presentation 2. Recitation
computations for 1. Division of 1. State the items that 2. Application of 3. Assignments
the divisions of profits and affect the division of concepts 4. Quizzes
profits and losses of losses a partnership’s 3. Classroom Q&A
a partnership profits or losses
among the partners among the partners.
2. Compute for the
share of a partner in
the partnership’s
profit or loss.

The learners shall PARTNERSHIP The learners are 1. Lecture/PowerPoint 1. Seat works
be able to make DISSOLUTION expected to be able to: presentation 2. Recitation
journal entries to 1. Admission of a 1. State the causes of 2. Application of 3. Assignments
effect a dissolution partner partnership concepts 4. Quizzes
of a partnership 2. Withdrawal, dissolution. 3. Classroom Q&A
retirement or 2. Account for the
death of a effects of partnership
partner dissolution on the
partnership equity.

The learners shall PARTNERSHIP The learners are 1. Lecture/PowerPoint 1. Seat works
be able to make LIQUIDATION expected to be able to: presentation 2. Recitation
computations for 1. Lump sum vs. 1. State the order of 2. Application of 3. Assignments
the final settlement Installment priority in the concepts 4. Quizzes
of partners’ liquidation settlement of claims 3. Classroom Q&A
respective interests 2. Safe payment in cases of
in cases of schedule liquidation.
partnership 3. Cash priority 2. Account for the
liquidation program liquidation of a
partnership.
The learners shall ACCOUNTING FOR The learners are 1. Lecture/PowerPoint 1. Seat works
be able to make CORPORATIONS expected to be able to: presentation 2. Recitation
journal entries to 1. Shareholders’ 1. State the 2. Application of 3. Assignments
record corporate equity components of concepts 4. Quizzes
share issuances and 2. Subscriptions shareholders’ equity. 3. Classroom Q&A
reacquisition and and issuances of 2. Account for the
retirement of shares share capital initial issuances of
3. Accounting for shares of stocks.
treasury shares 3. Account for treasury
4. Accounting for shares.

Course Code: Course Description: Effectivity: Date revised: Page 7 of 9

Financial Accounting and Reporting 1st Sem., SY 2019 - 2020
 retirement of
shares
5. Donated capital
The learners shall ACCOUNTING FOR The learners are 1. Lecture/PowerPoint 1. Seat works
be able to account DIVIDENDS expected to be able to: presentation 2. Recitation
for dividend 1. Cash dividends 1. Account for 2. Application of 3. Assignments
transactions of a 2. Share dividends dividends concepts 4. Quizzes
corporation 3. Dividends on 3. Classroom Q&A
preference
shares
4. Share splits

Course Code: Course Description: Effectivity: Date revised: Page 8 of 9

Financial Accounting and Reporting 1st Sem., SY 2019 - 2020
 II. GRADING SYSTEM:

Major Exams (Midterm & Final Term) 40%

Quizzes and Preliminary Exams 40%
Class Standing (Attendance, Activity/Assignment and Recitations) 20%
TOTAL 100%

TEXTBOOK
Millan, Financial Accounting and Reporting (Fundamentals) (3rd Edition - 2020), Philippines: Bandolin Enterprise

WEBSITE REFERENCES
http://www.iasplus.com/

Prepared by:

Jeric A. Villanueva, CPA

Course Code: Course Description: Effectivity: Date revised: Page 9 of 9

Financial Accounting and Reporting 1st Sem., SY 2019 - 2020