Department of Accounting Education

ACC 124 –Syllabus

COURSE INFORMATION
1. Course Number : ACC 124
2. Course Name : Conceptual Framework and Intermediate Accounting 1
3. Course Description : This course is a study of the accounting function, its role in society, and the theory that provides
the foundation for modern financial accounting. It deals with the conceptual framework for
financial reporting, the Philippine Financial Reporting Standards, the Philippine Accounting
Standards, and how these standards affect financial accounting and reporting for business entities
specifically for large entities. The course also covers detailed topics about principles and
application of cash, receivables, inventories and investments.
4. Pre-requisite : ACC 111
5. Co-requisite : none
6. Credit : 6.0 units Lecture
7. Class/Lab Lecture : 6 hours per week (1 Sem)

8. Program Education Objective (PEO) of BS Accountancy:

Five (5) years after graduation, graduates of the BS in Accountancy program shall:
1. Demonstrate technical and professional competence in the practice of the profession: private, government,
academe and public accounting.
2. Involve in continuing professional development through participation to trainings, seminars, conferences and further
studies.

9. Student Outcomes (SO) of BS Accountancy and their links to PEO:

PEO
Upon completion of the program, students of the BSA program will be able to:
1 2
Articulate and discuss the latest developments in the specific field of practice.
SOa* 
(PQF level 6 descriptor)
SOb Effectively communicate orally and in writing using both English and Filipino. 
Work effectively and independently in multi-disciplinary and multi-cultural teams. 
SOc
(PQF level 6 descriptor)
SOd* Act in recognition of professional, social and ethical responsibility. 
SOe Preserve and promote Filipino historical and cultural heritage. 
SOf Describe the basic functions of management such as planning, organizing, leading and controlling. 
Identify and describe the basic concepts that underlie each of the functional areas of business 
(marketing, finance, human resources management, production and operations management,
SOg
information technology and strategic management) and employ these concepts in various business
situations.
Select the proper decision making tools to critically, analytically and creatively solve problems and 
SOh
drive results.
SOi Express clearly and communicate effectively with stakeholders both in oral and written forms. 
SOj Apply information and communication technology (ICT) skills as required by the business environment. 
SOk Work effectively with other stakeholders and manage conflict in the workplace. 
SOl Organize and lead groups to plan and implement business related activities. 
SOm Demonstrate corporate citizenship and social responsibility; and 
SOn Exercise high personal moral and ethical standards. 
Resolve business issues and problems, with a global perspective and particular emphasis on matters
confronting financial statement preparers and users, using their knowledge and technical proficiency
SOo* 
in the areas of financial accounting and reporting, cost accounting and management, management
accounting, auditing, taxation and accounting information systems.
Conduct accounting research through independent studies of relevant literature and appropriate use
SOp* 
of accounting theory and methodologies.
Employ technology as a business tool in capturing financial and non-financial information, generating
SOq* 
reports and making decisions.
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 Department of Accounting Education
ACC 124 –Syllabus

Apply knowledge and skills that will enable them to successfully respond to various types of
SOr* 
assessments (including professional licensure and certifications).
Maintain a professional commitment to good corporate citizenship, social responsibility and ethical
SOs* 
practice when performing functions as a professional accountant.
Participate in various types of employment, development activities, and public discourses, particularly 
SOt
in response to the needs of the communities one serves.
Note: * SO being addressed in this course

10. Course Outcome (CO) of ACC 124 and their links to SO:
Upon completion of the Student Outcomes
course, students of the BSA SO SO SO SO SO SO SO SO SO SO SO SO SO SO SO SO SO SO SO SO
program are expected to: a b c d e f g h i j k l m n o p q r s t
Explain the basic
accounting concepts
and assumptions as
covered in the
conceptual
CO 1 framework, including I I I D D E I
identification of
qualitative
characteristics and
elements of financial
statements.
Solve problems
applying theories and
concepts in
accounting for cash
and cash equivalents,
CO 2 trade and other I I I D D E I
receivables,
inventories, and
investments including
the preparation of
supplemental reports.

Legend:
I = Introductory equivalent to LEARNING (L) per CHED PSG. Input is provided, and competency is evaluated.
E = Enabling equivalent to PRACTICE (P) per CHED PSG. No input but competency is evaluated.
D = Demonstration equivalent to OPPORTUNITY (O) per CHED PSG. No input or evaluation, but there is opportunity to
practice the competencies.

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 Department of Accounting Education
ACC 124 –Syllabus

Program Educational Objectives

9 VISION
(PEO)
The University of Mindanao envisions to be a leading
globally engaged university creating sustainable impact in
society.
1. Demonstrate technical and
MISSION professional competence in the
The University of Mindanao seeks to provide a dynamic practice of the profession: private,
learning environment through the highest standard of government, academe and public
instruction, research, extension, and production in a private
11.
non-sectarian institutional committed to democratizing
accounting.
12. access to education.
13. 2. Involve in continuing professional
14. VALUES development through participation
15.Excellence, Honesty and Integrity, Innovation and to trainings, seminars, conferences
16. Teamwork
and further studies.
17.
PHILOSOPHY OF EDUCATION
Transformative education through polishing diamonds in
the rough

CORE COMPETENCY
Quality, Affordable, and Open Education

Program Intended Learning Outcomes (PILO)

SOa. Articulate and discuss the latest developments in the specific field of practice.
(PQF level 6 descriptor)
SOb. Effectively communicate orally and in writing using both English and Filipino.
SOc. Work effectively and independently in multi-disciplinary and multi-cultural
teams. (PQF level 6 descriptor) Course Outcomes (CO)
SOd. Act in recognition of professional, social and ethical responsibility.
SOe. Preserve and promote Filipino historical and cultural heritage.
SOf. Describe the basic functions of management such as planning, organizing,
leading and controlling.
SOg. Identify and describe the basic concepts that underlie each of the functional
areas of business (marketing, finance, human resources management,
production and operations management, information technology and strategic
management) and employ these concepts in various business situations. 1. Explain the basic accounting concepts
SOh. Select the proper decision making tools to critically, analytically and creatively
solve problems and drive results.
and assumptions as covered in the
SOi. Express clearly and communicate effectively with stakeholders both in oral conceptual framework, including
and written forms.
SOj. Apply information and communication technology (ICT) skills as required by identification of qualitative
the business environment. characteristics and elements of financial
SOk. Work effectively with other stakeholders and manage conflict in the
workplace. statements.
SOl. Organize and lead groups to plan and implement business related activities.
SOm. Demonstrate corporate citizenship and social responsibility; and
SOn. Exercise high personal moral and ethical standards. 2. Solve problems applying theories and
SOo. Resolve business issues and problems, with a global perspective and concepts in accounting for cash and
particular emphasis on matters confronting financial statement preparers and
users, using their knowledge and technical proficiency in the areas of financial cash equivalents, trade and other
accounting and reporting, cost accounting and management, management receivables, inventories, and
accounting, auditing, taxation and accounting information systems.
SOp. Conduct accounting research through independent studies of relevant
investments including the preparation
literature and appropriate use of accounting theory and methodologies. of supplemental reports.
SOq. Employ technology as a business tool in capturing financial and non-financial
information, generating reports and making decisions.
SOr. Apply knowledge and skills that will enable them to successfully respond to
various types of assessments (including professional licensure and
certifications).
SOs. Maintain a professional commitment to good corporate citizenship, social
responsibility and ethical practice when performing functions as a
professional accountant.
SOt. Participate in various types of employment, development activities, and public
discourses, particularly in response to the needs of the communities. one
serves.

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 Department of Accounting Education
ACC 124 –Syllabus
11. CO and Assessment Task Alignment
Assessment Task Assessment
Course Outcome Coverage
Theory-based Practice-based Schedule
Identify the basic accounting • The Accountancy
concepts and assumptions as Profession
covered in the conceptual • Conceptual
framework, including the Framework
identification of qualitative • Introduction to
Multiple Choice Financial
characteristics and elements of
1 Questions - 1st Exam Statements:
financial statements.
(40 items) Statement of
Financial Position
and Statement of
Comprehensive
Income

Solve problems applying theories • Cash and Cash

and concepts in accounting for cash Multiple Choice Preparation of Equivalents
and cash equivalents, trade and Questions bank • Bank
2nd Exam
other receivables, inventories, and (15 items; reconciliation Reconciliation
investments including the 25 points) (15 pts) • Proof of Cash
preparation of supplemental
Multiple Choice • Trade & Other
reports.
Receivables
Questions
- 3rd Exam • Estimation of
(20 items;
Doubtful Accounts
40 points)
Multiple Choice • Notes Receivable
Preparation of
Questions • Loans Receivable
amortization
(15 items; 4th Exam • Receivable
schedule
25 points) Financing
(15 pts)
• Inventories
Inventory • Cost Formulas
Multiple Choice estimation • Lower of cost or
Questions using the retail net realizable
5th Exam
(15 items; inventory value
2 25 points) method • Inventory
(15 pts) estimation

• Financial Assets at
Multiple Choice Fair Value
• Investment in
Questions
- 6th Exam Equity Securities
(20 items;
• Investment in
40 points) associate

• Financial Assets at
Multiple Choice Amortized Cost
• Effective Interest
Questions
- 7th Exam Method
(20 items;
• Reclassification of
40 points) financial assets

Multiple Choice
Questions
(60 items; - Final Exam • All Topics
60 points)

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 Department of Accounting Education
ACC 124 –Syllabus

12. Assessment Task Details (Theory-based)

Assessment
Coverage Assessment Task Details
Schedule
• The Accountancy
Profession
• Conceptual
Framework
You are expected to identify the generally accepted
• Introduction to accounting principles and accounting assumptions covered
Financial Multiple Choice
under the conceptual framework. Moreover, you are to
1st Exam Statements: Questions
determine the qualitative characteristics of financial
Statement of (40 items)
statements as well as determine the recognition criteria of
Financial Position
and Statement of the elements in the financial statements.
Comprehensive
Income

You are expected to identify items to be included in the

• Cash and Cash Multiple Choice
line item, cash and cash equivalents. Moreover, you should
Equivalents Questions
2nd Exam be able to determine correct balances by preparing a bank
• Bank Reconciliation (15 items;
reconciliation or proof of cash as applicable.
• Proof of Cash 25 points)
You are expected to identify items to be included in the
• Accounts Receivable Multiple Choice
line item, trade and other receivables. Also, you should be
• Estimation of Questions
3rd Exam able to compute estimated doubtful accounts under
Doubtful Accounts (20 items;
applicable method as required.
40 points)
You are expected to account for notes receivable and loans
Multiple Choice receivable and be able to determine its initial and
• Notes Receivable
Questions subsequent measurement. Moreover, you should be able
4th Exam • Loans Receivable
(15 items; to account appropriately using various methods of
• Receivable Financing
25 points) generating cash thru receivable financing.

You are expected to account for inventory transactions,

• Inventories
assign value to ending inventories and cost of goods sold
• Cost Formulas Multiple Choice
using prescribed cost formula and apply the lower of cost
5th Exam • Lower of cost or net Questions
and net realizable value requirement of PAS 2. Also, you
realizable value (15 items;
should be able to estimate inventories using gross profit
• Inventory estimation 25 points)
method or retail inventory method.

You are expected to account properly financial assets, debt

• Financial Assets at investments and equity investments based on their
Fair Value Multiple Choice classification. Also, you should be able to determine when
• Investment in Equity
6th Exam Questions to recognize dividends as income and be able to account
Securities
(20 items; properly other issues related to equity investments. Lastly,
• Investment in
40 points) you should be able to apply concepts in accounting for
associate
equity investment under equity method.

• Financial Assets at Multiple Choice

You are expected to apply concepts in accounting for
Amortized Cost bonds investment at amortized cost. Also, you should be
7th Exam Questions
• Effective Interest able to amortize bond discounts or premiums using various
(20 items;
Method methods, especially the method prescribed by the
40 points)
standard which is the effective interest method.
You are expected to answer multiple choice questions
Multiple Choice covering all topics discussed during the semester.
Questions Moreover, questions that would allow you to apply the
Final Exam • All topics
(60 items; concepts discussed related to the various line items shall
60 points) be included in this comprehensive exam.

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 Department of Accounting Education
ACC 124 –Syllabus

13. Assessment Task Details (Practice-based)

Assessment
Coverage Assessment Task Details
Schedule
You are to prepare a bank reconciliation using the adjusted
balance method. You will be rated based on the following
• Cash and Cash
Preparation of bank criteria:
nd Equivalents
2 Exam reconciliation (15 Accuracy 10
• Bank Reconciliation
pts) Presentation 5
Proof of Cash
Total Score 15

You are to prepare an amortization schedule using the

effective interest method. You will be rated based on the
Preparation of
• Notes Receivable following criteria:
amortization
rd
3 Exam • Loans Receivable Accuracy 10
schedule
• Receivable Financing Presentation 5
(15 pts) Total Score 15

You are to compute the estimated ending inventory using

• Inventories
the retail inventory method under conventional, average
• Cost Formulas Inventory estimation
and FIFO cost approach. You will be rated based on the
• Lower of cost or net using the retail
following criteria:
realizable value inventory method
Accuracy 10
• Inventory estimation (15 pts) Presentation 5
Total Score 15

14. COURSE OUTLINE AND TIME FRAME

Time Frame Topics Teaching Learning Activities Required Readings
➢ Orientation on Classroom and University
• Orientation
Policies as well as Grading System
• Lecture/Discussion
➢ The Accountancy Profession
Week 1 to • Assignment via
➢ Conceptual Framework
Week 3 Quipper
➢ Introduction to Financial Statements:
• Short Quizzers
Statement of Financial Position and
Statement of Comprehensive Income • Assessment Task

•
Lecture/Discussion
➢ Cash and Cash Equivalents
•
Assignment via
➢ Bank Reconciliation
Quipper
Week 4 to o Adjusted Balance Method
• Assessment Task
Week 5 o Book to Bank Method
• Comprehensive
o Bank to Book Method
Quizzers
➢ Proof of Cash
• Board Work
SECOND EXAMINATION
➢ Accounts Receivable
o Definition, recognition, classification,
measurement & presentation
o Recording credit sales – gross & net
• Lecture/Discussion
method
• Assignment via
o Accounting for bad debts –
Week 6 to Quipper
allowance & write off method
Week 7 • Comprehensive
➢ Estimation of Doubtful Accounts
Quizzers
o Aging of Accounts Receivable
• Board Work
o Percent of Accounts Receivable
o Percent of Sales
o Impairment of Accounts Receivable
o
THIRD EXAMINATION
➢ Notes Receivable • Lecture/Discussion
Week 8 to
➢ Definition, recognition, classification, • Assignment via
Week 9
measurement & presentation Quipper
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 Department of Accounting Education
ACC 124 –Syllabus
➢ Loans Receivable • Assessment Task
o Definition, recognition, classification, • Comprehensive
measurement & presentation Quizzers
o Costs & fees related to loan
o Impairment of loan
➢ Receivable Financing
o Pledge
o Assignment
o Factoring
o Credit Card
o Discounting
FOURTH EXAMINATION
➢ Inventories
• Definition, Recognition, Classification,
Measurement and Presentation
• Review on shipping terms, perpetual
&periodic inventory system, trade and
cash discounts
• Cost elements

➢ Inventory cost flow

• First in, First out (FIFO) • Orientation
• Weighted average • Lecture/Discussion
Week 10 to • Last in, First out (LIFO) • Assignment via Quipper
Week 12 • Specific identification • Short Quizzers
• Standard costs • Assessment Task
• Relative sales price method

➢ Lower of cost and net realizable value

• Accounting for inventory write down
(direct method & allowance method)

➢ Inventory Estimation
• Gross profit method
• Retail inventory method

FIFTH EXAMINATION
➢ Financial Instruments
• Nature, Definition, Recognition,
Measurement,
• Financial Assets, Debt security & Equity • Lecture/Discussion
security • Assignment
Week 13 to • Assessment Task
Week 14 ➢ Financial Assets at Fair Value • Comprehensive
Quizzers
➢ Investment in Equity Securities

➢ Investment in Associate

SIXTH EXAMINATION
➢ Investment in Bonds
• Lecture/Discussion
• Financial Assets at amortized cost
• Assignment
Week 15 to (investor)
• Comprehensive
Week 16
Quizzers
➢ Effective Interest Method

SEVENTH EXAMINATION
➢ Reclassification of Financial assets
• Lecture/Discussion
• Assignment
Week 17 to ➢ Investment Property
• Comprehensive
Week 18
Quizzers
➢ All Topics

FINAL EXAMINATION
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 Department of Accounting Education
ACC 124 –Syllabus

15. TEXTBOOK

a. Valix, C., Peralta, J. F., & Valix, C. A. M. (2020). Intermediate accounting. (2020 ed., Vol. 1). Manila, Philippines: GIC
enterprises & Co., Inc.

16. REFERENCES
a. Valix, C., Peralta, J. F., & Valix, C. A. M. (2019). Intermediate accounting. (2019 ed., Vol. 1). Manila, Philippines:
GIC enterprises & Co., Inc.
b. Millan, Z. B. (2019). Intermediate accounting 1A (2019 ed.). Baguio City, Philippines : Bandolin Enterprises.
c. Millan, Z. B. (2019). Intermediate accounting 1B (2019 ed.). Baguio City, Philippines : Bandolin Enterprises.
d. Libby, R., Libby, P. & Hodge, F. (2020). Financial accounting. (10th ed.). New York : McGraw-Hill Education.
e. Stice, E. K., et. al. (2021). Financial accounting. (3e, IFRS ed). Taiwan : Cengage Learning Asia Pte Ltd.

17. COURSE EVALUATION

Assessment Methods Weights

EXAMINATIONS 70%
A. Exam 1st to 7th (5% per Exam) 35%
B. Final Exam 35%
CLASS PARTICIPATIONS 30%
C. Quizzes, Assignments, Class Participation 10%
D. Research, Projects, Requirements 20%
TOTAL 100%

18. POLICIES AND GUIDELINES

a. Attendance is counted from the first regular class meeting.
b. Schedule of the class is as follows: 3 days Face to Face Classes; 3 days Asynchronous using Quipper LMS.
c. A validated student identification card must always be worn by all students while attending classes.
d. Cheating is strictly prohibited. Any form of dishonesty shall be dealt with accordingly. Honesty is called for at all
times.
e. Valid examination permits are necessary for taking the examinations as scheduled.
f. Base-15 grading policy should be observed.

Prepared by: Reference reviewed by:

MARY CRIS L. LUZADA, CPA, MSA CLARISSA R. DONAYRE, MSLS

Faculty Member Chief Learning and Information Center

Reviewed by: Recommending approval:

JOE MARI N. FLORES, CPA, MSA GINA FE G. ISRAEL, EdD

Program Head-BSA Dean of College

Approved by:

PEDRITO M. CASTILLO II, EdD

VP, Academic Planning and Services

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