TOMAS DEL ROSARIO COLLEGE

Balanga City, Bataan

Syllabus in Accounting 1
Fundamentals of Accounting, Part 1
First Semester, School Year 2009-2010
Mrs. Maria Cristina M. Santiago
I. COURSE DESCRIPTION :
This course provides an introduction to accounting, within the context of business and business decisions. Students obtain basic understanding of the
principles and concepts of accounting as well as their applicability and relevance in the national context and learn how to use various types of accounting
information found in financial statements and annual reports. Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing
students with an adequate background on the recording, classification and summarization functions of accounting enabling them to appreciate the varied uses of
accounting data.
II. COURSE GOALS :
At the end of the course, the student is expected to:
1. Appreciate the need for the fair and reliable reporting of assets, liabilities, owners equity, revenue and expenses, as they affect the economic decision of
statement users.
2. Appreciate the significance of the accounting to his/her personal life.
3. Appreciate internal control system, business documents and forms, their designs/ uses and relationships with accounting records and reports.
4. Understand the logic of double-entry bookkeeping, the nature and significance of each step in the accounting cycle.
5. Appreciate the nature, functions , scope and limitations of accounting, its various users and its relationship with other disciplines and its professional
status.
6. Appreciate the role of accounting in business and be motivated to learn more about it.
7. Appreciate the values of honesty and objectivity in the accounting process.
III. Credit
Time Allotment
IV. COURSE CONTENT

: 6 units
: 108 hours
:
PRELIMINARY PERIOD

Learning Objectives

Learning Contents

Time Allotment

Learning Activities

Learning Assessment

 Define accounting and appreciate

its role business and other
disciplines.
Discuss the nature of accounting
as a service activity
Describe the various career
opportunities in Accounting
Discuss the importance of basic
professional values and ethical
behavior on the part of
accounting professionals
Identify the types of accounting
information and explain its
importance to various users and
decision makers

Discuss the history of accounting

and the significant influence of
Italians and changing nature of
business on the development of
the accounting system

1. Introduction to Accounting
1.1 Definition, purpose, nature,
functions, scope and objectives of
Accounting
1.2 Different branches of Accounting
(Financial, Management, etc.)
1.3 The accounting profession: career
opportunities
1.4 Specialized accounting fields
(public, private, government and
accounting education)
1.5 Basic Professional values and
ethics
1.5.1 Reputation
1.5.2 Integrity and due care
1.5.3 Competence
1.5.4 Objectivity
1.5.5 Client relations and
confidentiality
1.5.6 Reporting breaches of conduct
1.5.7 Unlawful activities
1.5.8 Fees and remuneration
1.5.9 Publicity and advertising
1.5.10 Disciplinary procedures
1.6 The
classical
notion of
stewardship
1.7 Users of accounting information
(internal vs. external)
1.8 Double entry bookkeeping
1.9 History of Accounting
1.9.1 The Florentine vs. Venetian
approach to reporting
1.9.2 Savory and Napoleonic
Commercial Code
1.9.3 The industrial revolution and
the share-issuing company
1.9.4 The arrival of income taxation
and conflict with financial accounting
1.9.5 Schmalenbach and the chart of
accounts
1.9.6 The rise of the group of
companies and the need for

Week 1

Lecture
Class Discussion

(6hours)

Quiz
Recitation
Seatwork
Report

Group Activity:
Search the web and
find out more about
the
different
organizations
influencing
the
practice
of
Accounting in the
Philippines. Report
your findings to the
class.

Professional
Regulatory
Board
PICPA
FRSC

Lecture
Class Discussion

Week 2
(6hours)

Internet activity:

Quiz
Recitation
Seatwork
Report

Enumerate the basic financial

statements and state the contents
of each statement
Define and classify the elements
of financial statements
Give examples of assets,
liabilities, equity, income and
expenses
Explain the nature of the
accounting information system
Discuss the functions of an
information system
Discuss the nature and need for
business documents
Explain the nature of business
transactions
Discuss the effect of business
transactions on the accounting
equation
Classify the business activities
into financing, investing or

consolidated accounts
1.9.7 Internationalization of markets
and reporting
1.10 Accounting variations among
countries
1.10.1 Why practices differ from one
country to another even though the
same set of basic principles is
followed
1.10.2 The linkage of tax laws and
accounting principles
1.10.3 Differences in the degree of
development of the capital markets in
countries and their effect on the
development and use of GAAP
1.11 Forms of business organization
and their activities
1.12 Accounting concepts and
principles
1.13 The basic financial statements of
business organizations
1.14 Relationships among the
financial statements

Search the web and

find out more about
the
history
of
Accounting.

Week 3
(6 hours)

Class discussion

Recitation
Quiz

Week 4
(6 hours)

Lecturedemonstration

Seatwork
Assignment
Board work
Quiz
Project

2. Introduction
to
Accounting
Information System
2.1 Features of an effective
information system
2.2
Overview
of
accounting
information system
2.3 The three stages of data processing
3. Analyzing and summarizing business
transactions
3.1 Definition of business transactions
and source documents
3.2 Summary of Business activities
3.2.1 Financing
3.2.2 Investing
3.2.3 Operating
3.3 The Accounting equation
3.4 Analyzing and accounting for

Group project:
Bring samples of
different
business
documents
and

operating
Illustrate the effect of business
transactions on the financial
statements

business transactions
3.5 Presentation of results of routine
transactions by preparing the Basic
Financial statements
3.6 Relationship among the financial
statements

Enumerate the different steps in

the accounting cycle
Explain the nature and role of
accounting records
Enumerate and describe the types
of accounts
Interpret the effects of
transactions on T accounts in
terms of the rules of debits and
credits
Record the transactions in a twocolumn journal

4. Recording transactions of a service

company

Post the transactions in the

general ledgers
Prepare the trial balance
Locate errors in the trial balance
and prepare a corrected trial
balance

4.1 Double entry accounting and

accounting systems
4.2 The account and T-Account
4.3 Rules of Debit and credit
4.4 Chart of accounts and normal
balances
4.5 Recording in two-column journal

4.6 Posting to the ledger

4.7 Preparing the trial balance
4.7.1 steps in taking the trial balance
4.7.2 locating errors

discuss to the class

the use of each
document.

Week 5
(6 hours)

Lecturedemonstration

Board work
Assignments
Quiz

Problem solving

Week 6
(6hours)

Lecturedemonstration
Problem solving

Board work
Assignments
Quiz

MID-TERM PERIOD

Learning Objectives
Distinguish
between
accrual basis and cash
basis of accounting
Explain
the
basic
accounting principles
Explain the need to
prepare adjusting entries
Prepare adjusting journal
entries

Prepare adjustments and

complete the worksheet
Prepare the basic financial
statements in good form
Post the adjusting journal
entries
Prepare
the
closing
reversing entries
Post the closing and
reversing entries

Differentiate
a
merchandising company
from a service company
Explain the operating
cycle of a merchandising
company and its major
activities

Learning Contents
5. Measuring business income
5.1 Accrual basis accounting vs. Cash
basis accounting
5.2 Accounting period
5.3 Revenue principles
5.4 Matching principles
5.5 Time-period concepts
5.6 Overview of the adjusting process
5.7 Adjustments for prepayments and
accruals
5.8 Preparation of the adjusted trial
balance and financial statements
5.8 Preparation of the adjusted trial
balance and financial statements
5.9 Use of Accounting information for
decision making
6. Completing the accounting cycle
6.1 Overview of the Accounting cycle
6.2 Preparation an accounting
worksheet
6.3 Using the worksheet
6.4 Preparing financial statements from
the worksheet
6.5 Journalizing and posting adjusting
entries
6.6 Journalizing and posting closing
entries
6.7 Preparing the post-closing trial
balance
6.8 Preparing the reversing entries
7. Recording merchandising business
transactions
7.1 Merchandising operations
7.2 Recording merchandising business
transactions in a two-column journal
7.2.1 Purchases
7.2.2 Sales

Time Allotment
Week 7
(6hours)

Weeks 8 and 9
(12hours)

Learning Activities
Lecture-demonstration

Learning Assessment

Problem solving

Board work
Assignments
Quiz

Lecture-demonstration
Problem solving
OHP

Board work
Seatwork
Quiz

Activity:
Solve a comprehensive
problem applying the steps
in the accounting cycle

Week 10
(6hours)

Lecture-demonstration
Problem solving
OHP

Board work
Seatwork
Quiz

Record purchase and sale

of merchandise using the
two methods
Cite
the
differences
between cash discounts
and sales discount
Identify and record the
different
terms
of
shipments
Perform the accounting
cycle that leads to the
preparation of financial
statements
of
a
merchandising business

7.2.3 Cash discounts and trade

discounts
7.2.4 Freight costs
7.3 Inventory systems
7.3.1 Periodic Inventory
7.3.4 Perpetual Inventory

8. Recording transactions in special

journals

Week 13
(6hours)

Lecture by the teacher

8.1 Nature and use of control accounts

and subsidiary ledgers
8.2 Types of special journals
8.3 Recording of financing, investing
and operating transactions in the special
journals

Quiz
Recitation
Seatwork

FINAL PERIOD
Leaning Objectives
Record and compute
doubtful accounts expense
using the different
methods

Learning Contents
9. Accounts and Notes Receivable
9.1 Methods of recognizing doubtful
accounts expense
9.1.1 Direct write off method
9.1.2 Allowance method

Time Allotment

Learning Activities

Learning Assessment

Week 13
(6hours)

Lecture by the teacher

Quiz
Recitation
Seatwork

Week 14
(6hours)

Lecture-demonstration

Quiz
Recitation
Seatwork

9.2 Estimating doubtful accounts using

sales and accounts receivable
9.2.1 Based on Accounts Receivable
9.2.2 Based on Sales

Compute interest, maturity

value, discounts and
proceeds
Record the receipt and

(Financial Accounting Volume 1 by

Conrado Valix and Jose F Peralta)
10. Receipt and discounting of promissory
notes
10.1 Computation of interest, maturity
value, discount and proceeds

discounting of promissory
notes
Identify the nature of
transactions of a
manufacturing business
and compare them with
the service and
merchandising.
Account for the
transactions of a
manufacturing concern
Prepare the Cost of Goods
Manufactured and Sold
Prepare a payroll sheet
and record transactions
affecting payroll

11. Manufacturing Operations

11.1 Nature of manufacturing business
11.2 Transactions related to
manufacturing process
11.3 Elements of manufacturing costs
11.3.1 Materials
11.3.2 Labor
11.3.3 Factory overhead
11.4 Preparation of Cost of Goods
manufactured and Sold

Lecture-demonstration
Problem solving

Quiz
Recitation
Seatwork

Week 16
(6hours)

Group Activity:
Visit the SSS, BIR, Phil
health and HDMF Offices
and get copies of deduction
schedules or tables for
withholding tax, SSS, Phil
health and Pag-ibig.
Demonstrate to the class
how to use these tables in
payroll preparation.
Peer tutoring

Quiz
Report

12. Payroll Accounting

11.1 Preparation of the Payroll
11.2 Withholding tax
11.3 HDMF contributions
11.4 SSS contributors
11.5 Phil health contributions

13. Practice set

Apply the basic

accounting skills

V. TEXTBOOK

Week 15
(6hours)

Week 17 and 18
(12hours)

Practice set

1. Ballada, Win Lu, Basic, Accounting Made Easy, 14th edition. Dom Dane Publishers. 2009
VI. REFERENCE
1.
2.
3.
4.
5.
6.

Valencia, Edwin G, Basic Accounting, Concepts, Principles, Procedures and Applications, Valencia Educational Supply, 2004
Peralta, Jose F., Valix, Conrado T., Financial Accounting, 2009 edition. GIC Enterprises & Co., Inc., 2009
Cabrera, Ma. Elenita B., Ledesma, Ester F., Lupisan, Ma. Concepcion Y., Fundamentals of Accounting, Volume 1, 2009 edition, GIC Enterprises n& Co.
http://www.picpa.com.ph
http://www. prc.gov.ph
PAS and PFRS

VII. COURSE REQUIREMENTS

1.
2.
3.
4.
5.
6.

Quizzes
Long Examinations
Recitation
Practice Set
Group Activity
Projects

VIII. GRADING SYSTEM

Grades are Computed as follows:

Preliminary Average = (C.S. x 2) +_Preliminary Exam
3
Mid-term Average = (C.S. x 2) + Midterm Exam
3
Final Average = (C.S. x 2) + Final Exam
3
Final Grade

= Prelim Average + Midterm Average + Final Average

3

The class standing is the sum of recitation, quizzes, group activity, projects, assignment and attendance.
The following formula is used on grade transmutation.
50
# of items x RS + 50
Prepared by:

Recommending Approval:

Approved By:

Mrs. Maria Cristina M. Santiago

Mr. Jefferson L. Triguero

Miss Rosario G. Quesada

Department Chair

College Dean