BA 99.

1 Fundamental Accounting Theory and Practice I Course Outline First Semester, SY 2012-13

Instructor Office Consultation Hours

Aliza Racelis Rm 203 TTh 9:00-12:00 1:00-4:00

Debbie Wong Rm 201 TTh 1:00-2:30 W 10:00-5:00

DaniRose Salazar Rm 201 M to F 2:30-5:30 (By appointment)

Course Description: This course deals with the fundamental concepts, principles, and techniques applicable to the identification, measurement and communication of accounting information.

Course Goals: Understand the basic concepts, principles and terminologies used in accounting. Use financial reporting rules to identify, record, classify, summarize and communicate accounting information through the financial statements.

References: TEXTBOOK: Weygandt, Kieso and Kimmel (2010), Accounting Principles 10th ed. (John Wiley & Sons, NJ)

NO. OF SESSIONS 1

TOPIC Introduction to Course and Class Rules

OBJECTIVES Obtain an overview of the course Appreciate the relevance of the course to ones program/future plans Understand class rules and applicable university policies Explain what accounting is Identify the users and uses of accounting Explain the meaning of GAAP Explain the qualitative characteristics of financial statements Explain and use the accounting equation Understand what the 4 financial statements are and how they are prepared Explain the uses and limitations of financial

READING ASSIGNMENT

Conceptual Framework and Accounting Principles Nature and purpose of accounting Types of business organizations Accounting principles and concepts Accounting equation The financial statements

Chapter 1

Transaction Analysis and the Recording Process Double-entry accounting The account The journal The ledger

statements Perform the recording and summarizing phases of the accounting cycle. Prepare the accounting records of a company. Prepare and use a trial balance.

Chapter 2

The trial balance Accrual Accounting and Income Matching expenses and revenues Adjusting entries The adjusted trial balance

Distinguish accrualbasis accounting from cash basis accounting. Explain and apply the revenue and matching principles. Prepare adjusting entries at the end of the accounting period. Prepare and use the adjusted trial balance. Prepare financial statements from the adjusted trial balance. Prepare closing entries. Prepare correcting entries Prepare a classified

Chapters 3&4

balance sheet Explain the use of current and debt ratios to evaluate a businesss ability to pay debts. FIRST LONG EXAMINATION (Sunday, July 22, 2012; Time: 1 - 5 PM) Describe the nature Internal Control and Cash Chapter 8 and presentation of the Nature cash asset in the balance sheet. Balance sheet presentation Define internal control and identify Internal controls characteristics of an effective internal control Bank system. reconciliation statement Petty cash fund Voucher system Apply internal controls to cash receipts/payments. Prepare a bank reconciliation statement and related adjusting entries. Explain and apply the vouchers system. Account for receivables. Explain and use different methods to account for bad debts. Design internal controls for receivables. Report receivables on

Receivables and Short-Term Investments Definition Valuation

Chapter 9

Balance sheet presentation and classification

the balance sheet. Explain and use the acid-test ratio and days sales in receivables to evaluate a business. SECOND LONG EXAMINATION (Sunday, August 19, 2012; Time: 1 - 5 PM) Describe the Inventories Chapters 5 operation and set up the Definition 5&6 accounting records of a merchandising entity. Valuation Explain and use the Estimation cost of goods sold account. techniques Describe/distinguish and use the periodic and perpetual inventory systems. Describe the nature of the asset inventory. Account for inventory under the perpetual and periodic systems. Explain and apply the different inventory costing methods. Analyze the effects of inventory errors on cost of goods sold and net income. Estimate inventory using different techniques. Apply the lower of cost or NRV rule. Measure the cost of a

Long Term Tangible Assets

Chapter 10

Definition Valuation

plant asset. Explain and compute depreciation using different depreciation methods. Account for depreciation in the financial statements. Account for disposal of a plant asset. Account for changes in plant assets useful life, depreciation method and other estimates. Describe the nature of a natural resources asset. Account for natural resources and depletion. Report natural resources and depletion in the financial statements. Measure the cost of an intangible asset. Distinguish intangible assets with finite and infinite lives. Explain and compute amortization using different depreciation methods.

Capital vs. revenue expenditures Depreciation: nature and methods Controls

Balance sheet presentation

Long Term Intangible Assets Definition Valuation

Chapter 10

Capital vs. revenue expenditures Amortization: nature and methods Controls

 Balance sheet presentation THIRD LONG EXAMINATION (Sunday, October 7, 2012; Time: 1 - 5 PM) FINAL EXAMINATION (Monday, October 15, 2012; Time: 1 - 5 PM)

Grading Scheme:

First Exam Second Exam Third Exam Final Exam Quizzes

20% 20% 20% 25% 15% -------------

Total

100%

Grading Scale:

97-100 93-96 89-92 85-88 81-84 77-80

1.00 1.25 1.50 1.75 2.00 2.25

73-76 69-72 65-68 60-64.99 Below 60

2.50 2.75 3.00 4.00 5.00

Important Reminders:

1.

All exams will be departmental.

2. Depending on who your instructor is, you may be required to submit a 3 x 5 index card with the following information: full name, nickname, student number, course, address, contact phone number, email address and recent photo.

3. All assigned work should be written in legal-size, yellow/columnar paper. Selected assigned exercises may be required to be submitted during/after class discussion.

4. Missed Quizzes, Homework, Class Participation. There will be no make-up for quizzes, homework and class participation. The student gets a score of zero.

5.

Missed Long Exams. a. If a student fails to take a long exam for health or other valid reason (like family related-reasons, official college business/activity, etc.), a student will be allowed to take a make up exam as long as the student informs the instructor before the exam starts and upon submission of pertinent documentation of the reason. b. If the reason for missing a long exam is not valid, the student shall not be allowed to take the exam. He/she shall receive score of zero for the missed exam. c. A student may miss only one of the 3 long exams given for the course, whether his/her reasons are valid or not. d. If a student misses two or more exams without valid reasons, s/he will be given a grade of 5.0 for the course. If a student misses two or more exams with valid reasons, s/he will be given a grade of INC for the course.

e. An INC will be given if the student can show proof of illness/hospitalization or other valid reason. The instructor should be informed of the illness or hospitalization or valid reason prior to or on the day of the exam and not later.

6.

Missed Final Exam.

A student will be given a grade of INC if he/she is absent from the final examination or neglects to submit any of the course requirements provided that his/her class standing is passing. If the students absence in the final exam is unjustifiable and his/her class standing is below3.00, he/she will get a grade of 5.00 for the course, in accordance with university rules.

7.

Attendance. a. University rule on absences shall be enforced. (Max of 6 absences)

b. Students who drop the course must follow all official procedures for DROPPING. c. If a student does not officially drop and fails to attend the remaining class session and to take the exams without a valid reason, he will be given grade of 5.0 for the course in accordance with University rules.

8.

Grade Solicitation. University rule on grade solicitation shall be enforced.

Article 194. PROHIBITION AGAINST GRADE SOLICITATION No student of the UNIVERSITY shall SOLICIT directly or indirectly (ask any person to recommend him to his professor or professors) any grade FROM AN INSTRUCTOR (in his record, examination paper or final report of grades). Any student violating this rule shall lose credit in the subject or subjects regarding which such (recommendation) SOLICITATION is made (the fact that a student is thus recommended shall be prima facie evidence that the recommendation is made at the request of the student

concerned), WITHOUT PREJUDUCE TO THE FILING OF A CASE FOR DISCIPLINARY ACTION.

9. Take note of the release of final grades and the period given for any corrections or objections regarding grade recording and/or computations. (These will be announced during the final exam.) Grades submitted after lapse of the Objection period will be final and irrevocable.

10.

Important Dates

Deadline for dropping Deadline for Filing of LOA Last day of classes

September 10, 2012 September 24, 2012 October 8, 2012