SCHOOL OF ACCOUNTANCY

BACHELOR OF SCIENCE IN ACCOUNTANCY

COURSE SYLLABUS

VISION A globally competitive institution, faithful to the teachings and tradition of the Catholic Church working towards the development of the person
following the examples of St. Arnold Janssen.
MISSION To develop and enhance the capabilities of the person to become a Witness to the Word and responsive to the demands of the society.
GOALS  GLOBAL COMPETENCE
 CULTURAL SENSITIVITY
 ACADEMIC EXCELLENCE
 SVD SPIRITUALITY
CORE VALUES Integrity, Social Responsibility, Excellence, Evangelization
Semester and 1st Semester S.Y. 2024-2025
School Year
Course Title Financial Accounting and Reporting
Course Code ACFAR
Course Description The course introduces the accounting concepts, principles, and procedures needed to perform the fundamental accounting functions, including
bookkeeping and financial statement presentation of single proprietorships engaged in service and merchandising operations. Emphasis is placed
on recording transactions and preparing financial statements according to generally accepted accounting principles.
Credit 6 units
Course None
Prerequisites
Faculty Criselle D. Magdalita, CPA, MBA
([email protected])
Course Learning Upon completion of the course. the students will be able to
Outcomes: A. Cognitive
1. Describe and explain the fundamental accounting concepts, principles, and procedures.
2. Describe the accounting equation and analyze the effects of business transactions on the accounting equation.
3. Journalize and post entries and prepare a trial balance.
4. Prepare general-purpose financial statements for sole proprietorships operating as a service or merchandising business according to generally
accepted accounting principles.
B. Psychomotor
1. Use the basic accounting principles to ensure accurate financial reporting.
2. Utilize double-entry accounting techniques to record transactions and maintain the balance of the accounting equation.
3. Demonstrate the ability to apply the fundamental accounting equation (Assets = Liabilities + Equity) to analyze and record transactions accurately.
 4. Demonstrate the ability to accurately record financial transactions in appropriate accounting journals and ledgers.
5. Demonstrate proficiency in preparing financial statements, including the Statement of Financial Position, Statement of Profit & Loss and Other
Comprehensive Income, and Statement of Cash Flows, based on the accounting equation and fundamental accounting concepts.
C. Affective
1. Comply with GAAP in financial reporting to ensure transparency and comparability of financial information.
2. Promote awareness on the impact of financial reporting on the credibility and trustworthiness of an organization in the eyes of investors, creditors,
and other users of financial information.
3. Promote a positive attitude towards the role of general purpose financial statements in providing relevant and reliable information to stakeholders
for decision-making.
4. Resolve to adhere to ethical responsibility in the presentation of the financial position and performance of an organization.

Required
Textbooks and Financial Accounting and Reporting (Fundamentals) by Zeus Vernon Millan, 2024 edition.
Resources:
References: 1. Basic Financial Accounting and Reporting Made Easy by Win Ballada, 2022 issue (24th edition).
2. Financial Accounting and Reporting Fundamentals by Ma. Elenita Balatbat Cabrera, Gilbert Anthony B. Cabrera, and Bernadette Ann B.
Cabrera, 2022 Edition.

Requirements: 1. Practice set for Service and Merchandising Business

2. Compilation of Problems in Journals and Ledgers

DETAILED COURSE OUTLINE:

Week Hrs Topic/Content Learning Outcomes Strategies/Activities Assessment of Learning
Outcomes
Week 1 2 Discussion of the VMG,  Identify and comply with the  Sharing of expectations from  Students to share their reflection on
classroom policies and policies in Financial Accounting the teacher and the students their realization from the initial
introduction to the course. & Reporting (FAR) subject to  Lecture/discussion discussion
Discussion of the course maximize learning
syllabus.  Explain the importance of FAR
as a preparatory course for
higher accounting subjects
Week 1 4 INTRODUCTION TO  Define accounting and explain  Lecture / discussion  Students to answer exercises,
ACCOUNTING its role in business.  Situational analysis that will cases, and problems on the topic
1.1 Definition, Nature, and  Differentiate between external require application of the  Quiz on the topic
Functions of Accounting and internal users of accounting concepts learned
information.
 1.2 Users of Accounting  Distinguish between the different
Information forms and activities of business
1.3 Brief History of Accounting organizations.
1.4 Branches of Accounting  Narrate the history/origin of
1.5 Types and Forms of accounting
Business Organizations  Give examples of the branches
1.6 Advantages and of accounting.
Disadvantages of the  Explain the accounting concepts
Different Forms and Types of and principles.
Business Organizations  Give an overview of the
1.7 Accounting Concepts and standard setting bodies in the
Principles Philippines
1.8 Qualitative Characteristics of
Useful Financial Information
1.9 Accounting Standards in the
Philippines
Week 2 1 FUNDAMENTAL PRINCIPLES  Explain why ethics are crucial  Lecture / discussion  Students to answer exercises,
AND THE ACCOUNTANCY in accounting  Situational analysis that will cases, and problems on the topic
PROFESSION  Identify and discuss career require application of the  Quiz on the topic
2.1 Fundamental Principles of a opportunities open to concepts learned
Professional Accountant accountants
 Integrity
 Objectivity
 Professional Competence and
Due Care
 Confidentiality
 Professional Behavior
2.2 Accountancy Profession
Career Opportunities
 Public Practice
 Commerce and Industry
 Government Service
 Academe
Week 2-3 7 THE ACCOUNTING EQUATION  Understand what is meant by  Lecture / discussion  Students to answer exercises,
& INTRODUCTION TO the accounting equation  Situational analysis that will cases, and problems on the topic
FINANCIAL STATEMENTS  Define the elements of require application of the  Quiz on the topic
3.1 The Basic and Expanded financial statements and give concepts learned
Accounting Equation examples for each
 3.2 The Basic Financial  Use the accounting equation in  Student-centered review
Statements of Business solving accounting problems session
Organizations  Describe the nature of the
3.3 Elements of Financial typical account titles used in
Statements (Five Major recording transactions
Accounts)
3.4 Account Titles
Week 3-4 10 BUSINESS TRANSACTIONS  Analyze and state the effects  Lecture / discussion  Students to answer exercises,
AND THEIR ANALYSIS of business transactions on an  Situational analysis that will cases, and problems on the topic
4.1 Accounting Cycle entity’s assets, liabilities, and require application of the  Quiz on the topic
4.2 Definition of Business owner’s equity concepts learned  Students to submit a practice set
Transactions and Source  Record the effects of business  Student-centered review
Documents transactions in accounting session
4.3 Analyzing Business equation form using the  Short video presentation
Transactions financial transaction worksheet
4.4 Two-fold Effects of Business
Transactions and the Financial
Transaction Worksheet
Week 5 3 PRELIMINARY EXAMINATION
Week 5-9 24 RECORDING TRANSACTIONS  Understand what is meant by  Lecture / discussion  Students to answer exercises,
OF A SERVICE COMPANY the double-entry system  Situational analysis that will cases, and problems on the topic
(SOLE PROPRIETORSHIP)  Describe the account and its require application of the  Quiz on the topic
5.1 Double-entry accounting uses concepts learned  Students to submit a practice set
5.2 The Account, T-account and  Explain and summarize the  Student-centered review
The Rules of Debit and Credit rules of debits and credits as session
5.3 Chart of Accounts and The applied to balance sheet and  Short video presentation
Normal Balances of Accounts income statement accounts
5.4 Books of Accounts (Journal  Identify and describe the uses
and Ledger) of the two books of accounts
5.5 Recording in a Two-column  Analyze the impact of
General Journal transactions on the elements
5.6 Posting to the Ledger and the specific accounts
5.7 Preparing the Trial Balance  Apply the rules of debits and
5.8 Locating and Correcting credits in analyzing business
Errors transactions
  Journalize transactions in
proper form
 Post transactions in the
general ledger
 Prepare and explain the use of
a trial balance
 Perform steps in locating and
correcting errors
Week 9 3 MIDTERM EXAMINATION
Week 10- 8 ADJUSTING THE ACCOUNTS  Explain accrual accounting &  Lecture / discussion  Students to answer exercises,
11 6.1 Accrual Basis Accounting how it improves financial  Situational analysis that will cases, and problems on the topic
6.2 Overview of the Adjusting statements. require application of the  Quiz on the topic
Process  Identify the types of concepts learned  Students to submit a practice set
6.3 Accruals and Deferrals adjustments and their  Student-centered review
6.4 Adjustments for Accruals purposes. session
6.5 Adjustments for Deferrals  Illustrate how accounting  Short video presentation
6.6 Alternative Methods of Initial adjustments link to financial
Recording of Income and statements.
Expenses (Deferrals)  Prepare and explain the
6.7 Preparing the Adjusted Trial adjusting entries.
Balance  Interpret the effects of omitting
adjustments on the financial
statements.
 Prepare an adjusted trial
balance.
 Explain the alternative method
of recording deferrals.
Week 11- 16 ACCOUNTING CYCLE OF A  Describe the flow of accounting  Lecture / discussion  Students to answer exercises,
13 SERVICE BUSINESS information from the  Situational analysis that will cases, and problems on the topic
7.1 The Worksheet unadjusted trial balance into require application of the  Quiz on the topic
7.2 Financial Statements the adjusted trial balance, and concepts learned  Students to submit a practice set
 Statement of Profit or Loss into the income statement and  Student-centered review
and Other Comprehensive balance sheet columns of the session
Income worksheet.
 Statement of Changes in
Equity
  Statement of Financial  Prepare accurately, and in
Position good form, a ten-column
 Statement of Cash Flows worksheet.
7.3 Closing Entries  Understand and appreciate the
7.4 Post-closing Trial Balance usefulness of financial
7.5 Reversing Entries statements.
 Develop skills in the
preparation of financial
statements.
 Explain how the financial
statements are interrelated.
 Explain why temporary
accounts are closed each
period.
 Prepare and post closing and
reversing entries.
 Prepare a post-closing trial
balance.
Week 13 3 PREFINAL EXAMINATION
Week 14- 24 ACCOUNTING CYCLE OF A  Describe merchandising  Lecture / discussion  Students to answer exercises,
18 MERCHANDISING BUSINESS activities and identify the  Situational analysis that will cases, and problems on the topic
8.1 Merchandising Operations income components for a require application of the  Quiz on the topic
8.2 Inventory Systems merchandising entity. concepts learned  Students to submit a practice set
8.3 Cost of Sales and Gross Profit  Distinguish between the  Student-centered review
8.4 Recording Merchandising income statements of service session
Business Transactions in a Two- and merchandising entities.  Short video presentation
column General Journal  Compare cash discounts and
8.5 The Accounting Cycle of a trade discounts.
Merchandising Business  Explain the treatment of
(Worksheet, Adjusting Entries, transportation costs
Closing Entries, and Financial considering the different freight
Statements) terms.
8.6 Special Journals  Explain the inventory systems
of merchandising entities.
 Analyze and record
transactions for merchandise
 sales and purchases under the
periodic and perpetual
inventory systems.
 Determine the entries to
recognize merchandise
inventory ending.
 Prepare the adjusting entries
and worksheet for a
merchandising entity.
 Compare income statements
under the nature of expense
and function of expense
methods.
 Explain how the worksheet
under a perpetual inventory
system differs from that
prepared under a periodic
inventory system.
 Understand the limitations of
using the general journal and
the general ledger.
 Describe the use of controlling
accounts and subsidiary
ledgers.
 Explain the goals and uses
special journals.
 Record transactions using
special journals.
Week 18 3 FINAL EXAMINATION

EXPECTATIONS FROM STUDENT:

The student's responsibility is to come to each class prepared. S/he is also expected to take all examinations on the datescheduled. S/he should read the assigned
problems prior to class. She is expected to attend each class and participate actively in the discussions.
ACADEMIC DISHONESTY:
All students are expected to be academically honest. Cheating, lying and other forms of unethical behavior will not be tolerated. Any student found guilty of cheating
in examinations or plagiarism in submitted course requirements will receive an F or failure in the course requirement or in the course. Plagiarism refers to the use of books,
notes or other intellectual property without giving proper attribution to its author, or representing the work of another person as one's own; Cheating refers to securing help in a
test; copying tests, assignments, reports or term papers; collaborating with other students during an examination or in preparing academic work; signing another student's
name on an attendance sheet; or otherwise practicing scholastic dishonesty.

POLICY ON ABSENCES:
The allowed number of absences for students enrolled in a 3-unit class is equivalent to 11 hours. All absences after that shall mean excessive absences, which will
merit a grade of 70% (FA-Failed due to Absences) or Dropped. Request for excused absences or waiver of absences must be presented upon reporting back to class.
Special exams/ quizzes will be allowed only for valid reasons (see grading policy). A permit for special examination should be approved by the dean before a special
examination maybe given.

GRADING SYSTEM:
Preliminary Examination 10%
Midterm Examination 15%
Prefinal Examination 20%
Final Examination 25%
Quizzes 15%
Project 5%
Attendance, Recitation, Assignments & Seatworks 10%

Prepared by: Approved by: Noted by:

Criselle D. Magdalita, CPA, MBA Leneilyn M. Poblete, CPA Mary Jane R. Bautista, CPA, MBA Br. Hubertus Guru, SVD, Ed.D
Faculty Member Program Chairperson Dean Vice-President for Academic Affairs