COURSE CODE: BAIACC1X

COURSE TITLE: INTERMEDIATE ACCOUNTING 1

COURSE CREDIT: 6 Units
PREREQUISITE(S)/CO-REQUISITE(S)
 FINANCIAL ACCOUNTING AND REPORTING;
 CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS
COURSE DESCRIPTION
This course introduces the nature, function, scope and limitations of the broad field of accounting theory. It
deals with the study of 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 the they may be appropriately applied, their impact or effect on the financial
statements and the criticisms commonly leveled against them. The course also covers the detailed discussion,
appreciation and application of accounting principles covering the assets, financial and non-financial. Emphasis
is given in the interpretation and application of theories of accounting in relation to cash, temporary
investments, receivables, inventories, prepayments, property, plant and equipment, long-term investments,
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
systems in receivables, inventories and lapsing schedule

COURSE LEARNING OUTCOMES (CLO)

At the end of the course, the students must be able to (CLO):

1. Identify generally accepted accounting principles applicable to measurement and reporting of financial
accounting data.
2. Describe the principles and standards underlying the recognition, measurement and presentation, and
disclosure requirements of the assets in statement of financial position.
3. Employ technology as a business tool in capturing financial and non-financial information, preparing
reports and making decisions.

EXAMINATION AND GRADING POLICY

The trimester includes middle and final terms, both concluded by major exams which will be equivalent to half
(1/2) of the term grades. For every major exam, students should secure their examination permits or promissory
notes to be shown to their professor on the scheduled exam date.

The computation of grades starts with the Course Works (CW) which may be comprised of Homework,
Seatwork, Quiz, Project, Research Work and Reporting. CW will be 40% of the term grade.

Professional Development (PD) will be 10% of the term grade. PD includes class participation and attitude.

COURSE OUTLINE: BAIACC1X JCC

The Major Exams are Midterm (ME) and Final examinations (FE) which will comprise 50% of the term grade.

GRADING BREAKDOWN

Final Grade Distribution

% Grade Allocation Per Term
% Per Term Distribution
Course works 40
Midterms 50
Major Exam 50
Professional Development 10 Finals 50
TOTAL % 100 TOTAL % 100

GRADING SYSTEM

% Grade Range Grade Point Letter Grade Descriptive Equivalent

96-100 4 DR Dropped
90-95 3.5 INC Incomplete
84-89 3
78-83 2.5
72-77 2
66-71 1.5
60-65 1
59 and below R (Repeat)
Failure
0 Cheating
Excessive Absences

WEEK NO TOPICS/ ACTIVITIES NO. OF HOURS

 University and College Mission and Vision
 Classroom policies
1 8
 Development of the Accounting Profession
 Cash and Cash Equivalent
I. Receivables 8
-Accounts Receivable
2
-Notes Receivable
-Loans Receivable
I. Receivables (Continuaation) 8
3 -Receivable Financing
-Impairment of Receivables
I. Inventories 8
-Definition, nature and classes of
inventories
4 -Recognition
-Initial Measurement, at cost
-Inventory recording system
(Perpetual and Periodic Inventory

COURSE OUTLINE: BAIACC1X JCC

 System)
-Inventory costing method
-Items not ordinarily
interchangeable- specific
identification
-Items that are interchangeable -
FIFO and Weighted Average cost
method
I. Inventories (Continuation) 8
-Inventory Estimation Methods
(Gross Profit Method, Retail Inventory
Method excluding peso value and
retail info)
-Valuation at lower of cost and net
realizable value, reversal and write
down
5
-Other inventory issues (Purchase
Commitment, Inventory Valued at
Selling Price, Borrowing Cost, Lump
Sum Acquisition, Inventory Errors)
-Financial Statements Presentation
and Disclosures
-Internal Controls of Management of
Inventories
6 MIDTERM EXAMINATION
I. Property, Plant and Equipment
- Definition, recognition and
measurement
- Elements of cost
- Acquisition property
- Derecognition of PPE
- Property classified as held for sale
- Idle or abandoned property
- Fully depreciated property
- Disclosures

 Government grant
 Borrowing costs
- Qualifying Asset
7 8
- Accounting for Borrowing Cost
- Specific and general borrowing
- Disclosure Requirements

 Land, Building and Machinery

- Measurement and recognition
- Chargeable costs
- Capital expenditure and revenue
expenditure
- Subsequent cost
- Accounting for Addition,
Improvement, replacements, repairs
and rearrangement cost
- Accounting for Major Replacement
I. Property Plant and Equipment (Continuation)
8 8
 Depreciation

COURSE OUTLINE: BAIACC1X JCC

 - Concepts and methods
- Change in useful life
- Change in depreciation method

 Depletion
- Exploration and Evaluation
assets
- Wasting Assets
- Depletion Method
- Revision on depletion rate
- Depreciation of mining property

 Cost Model and Revaluation Model

- Accounting for revaluation
- Sale of revalued assets
- Disclosures related to revaluation

 Impairment of Assets
- Definition and indication
- Resources and Measurement
- Cash Generating Unit
- Reversal of impairment loss
I. Intangible Assets
- Definition and recognition criteria
- Measurement and recognition
- Amortization and amortization methods
- Change in amortization method and useful life
- Derecognition of intangible assets

 Specific intangible assets

9 8
- Patents and trademark
- Copyright
- Franchise
- Goodwill
- Impairment of intangible assets
- Organization cost

 Research and Development Cost

I. Investment in Debt and Equity Securities

 Financial Assets at Fair Value

- Definition
- Accounting for Financial Instruments
- Reclassification and Impairment of Financial Assets

 Investment in Equity Securities

- Accounting considerations
10 8
- Disposal of equity security
- Share split and stock rights

 Investment in Associate
- Definition and measurement
- Cost Method
- Equity Method
- Impairment of investment in
associate

COURSE OUTLINE: BAIACC1X JCC

 - Upstream and Downstream
transactions
- Discontinuance of Equity Method

 Financial asset at Amortized Cost

- Definition, Measurement and Classification
- Acquisition of Bond Investment
- Sale of Bonds
- Methods of Amortization
I. Investment Property
- Initial recognition 8
- Measurement after initial recognition
11
- Transfer to and from other classifications
- Presentation on statement of financial position
- Derecognition
I. Accounting for Other types of Investments 8
- Funds for Future Use
12 - Cash surrender value of life insurance
- Long-term advances and deposits
- Non-current assets held
I. Biological Assets 8
- Definition, nature and classes
- Recognition
13 - Initial measurement at cost
- Valuation at lower of cost and net realizable value (write-down)
to net realizable value
- Financial statement presentation and disclosure
13.5 FINAL EXAMINATION

PROPOSED TEACHING AND COMMUNICATION STRATEGIES

 Lecture/ Discussion
 Research and Reporting
 Case Analysis/ Discussion
 Group Interaction thru Exercises, Planning and Implementation of Course Related Activities

SUGGESTED REFERENCES
 Milan (2021), Intermediate Accounting 1, Bandolin Enterprise: Baguio City
 Valix (2021), Intermediate Accounting 1, GIC Enterprises: Manila City

COURSE OUTLINE: BAIACC1X JCC