COLEGIO DE SAN JUAN DE LETRAN Intramuros, Manila College of business Administration and Accountancy ACCOUNTANCY AREA Syllabus School Year 2005-2006
I. C o ur ur se se Nu mb mbe r
:
II. Course Course Title Title III.
:
ACC TG TG 2 Introd Introduct uction ion to Partne Partnersh rship ip and Corpo Corporat ration ion Accoun Accountin ting g
C redit
:
3 units
IV. Prerequisite
:
Acctg. 1
V. Course Description : This is a continuation of the first course in accounting. It deals with transactions, financial statements, and problems peculiar to the operations of partnership and corporations as distinguished from sole proprietorships. Topics include: partnership formation and operations including accounting for the admission of partners, changes in capital, and profit-and loss sharing ratios, the conversion of an unincorporated enterprise into a corporation; accounting for incorporated enterprises, including the preparation of financial statements for internal and external purposes; and sample financial statements of companies in the service, manufacturing and trading industries. VI. Course Rationale:
To contribute to the full appreciation of the course, a student should be exposed to the formation, operations, dissolution, and liquidation of partnerships, basic considerations in forming a corporation and stock transactions.
VII. Course Objectives: A. General Objective: At the end of the course the students are expected to have achieved a thorough understanding of the principles, theories, concepts, structures and relationships of a partnership and the corporate form of business enterprise. B. Specific Objectives: Cognitive: •
Establish a thorough and working understanding of the overall concepts and principles of accounting as applied to the partnership and corporate forms of business organization as well as the provision of partnership laws related to the formation, objections, dissolution and liquidation; knowledge in the accounting of partnership transactions including conversion of sole proprietorship to partnership; provisions of corporate law related to formation, capital structure and operations of a corporate form of organization; knowledge in the accounting of corporate transactions, including conversion of partnership to corporation.
Affective: • • •
Accept the business and social responsibilities attached to both the partnership and corporate forms of business. Integrate the values of honesty, objectivity, mutual trust and concern. Value the importance of basic accounting principles leading to the construction of financial information for decision-making.
Psychomotor: •
Perform the necessary steps in the preparation of financial statements of the partnership and corporate forms of business whether engaged in trading or manufacturing operations.
Specific Objectives
Review the basic principles and concepts learned in accounting 1.
Subject Matter
Values
1.Review of accounting cycle Sense of a. Recording of business appreciation transaction in the journal. b. Posting to the general ledger c. Preparation of trial balance d. Preparation of 10 column worksheet e. Preparation of adjusting entries f. Preparation of financial statements 1.Multiple step income statement 2. Statement of changes in owners equity. 3.Classified balance sheet g. preparations of closing and reversing entries.
Strategies/ Teaching Methodologies
-Question and Answer -Discussions -Problem Solving
Instructional Material
-Review Illustrative. -Demonstration problem -Book -Exercises
Evaluation
Time Frame
Expected Output
Review tests, Quizzes
1st week2nd week
Reviewed the basic principles and concepts learned in accounting 1.
Specific Objectives
Subject Matter
Define partnership clearly. 2.Partnership basic concepts & Enumerate the features of formation a partnership. a. Partnership defined b. Features of partnership Cite the advantages and c. Elements of a partnership. disadvantages of a d. Kinds of [partnership partnership as compared to e. Kinds of partners sole proprietorship and f. Partners role corporation. g. Advantages and disadvantages of Explain the accounting partnership principles in partnership h. Articles of a partnership formation. i. Rights of partners j. Partners capital and drawing accounts k. Loan Payable and Loan Journalize transactions Receivable accounts related to partnership l. Opening the books of the formation. partnership m. Forms of investment.
Values
Sense of appreciation . Objectivity and Fairness.
Strategies/Teaching Methodologies
Lecture, Discussion -Question and answer -LectureDemonstration --Problem Solving
Instructional Material
-Illustrative/ Demonstration Problem -Sample of articles of a coPartnership -Book -Exercise -Case Problem -Practice Set
Evaluation
Tests, Quizzes, long examination
Time Frame
3rd-4th week
Expected Output
Defined partnership clearly. Enumerate the features of a partnership. Cited the advantages and disadvantages of a partnership as compared to sole proprietorship and corporation. Explained the accounting principles in partnership formation. Journalized transactions related to partnership formation.
Specific Objectives
Subject Matter
Determine the net income or 3. Partnership operation and net loss of partnership division of profit and losses business. a. Income statement. b. Closing entries Prepare income statement of c. Worksheet a service or merchandising d. Methods of dividing partnership. profits and losses e. Factors for an equitable Apply the different ways of method of distribution. distributing net profit or net f. Statement of changes in loss. partner’s equity.
Values Integrated
Accuracy Appreciation Honesty and fairness
Enumerate the different4. Changes in partners equity Values of fairness causes of dissolution. a. Dissolution defined and integrity Revise the partners equity b. Causes of dissolution after dissolution c. Accounting procedures to Apply the accounting dissolution principles with regards to d. Admission by punches goodwill and bonus e. Admission by Investment recognition. f. Withdrawal of a partner Journalize the transaction g. Death of a partner related to dissolution. h. Incorporation of a partnership i. Recognition of goodwill, bonus and asset revaluation.
Strategies/Teaching Methodologies
-Lecture, discussion -Question and answer -Lecture-demonstration -Problem solving -Research
Instructional Material
-Illustrative/ Demonstration Problem --Exercise -Practice Set
Evaluation
Tests, Quizzes, long examination
Time Frame
5th-7th week
Expected Output
Determined the net income or net loss of partnership business. Prepared income statement of a service or merchandising partnership.
-Lecture, discussion -Question and answer -Lecture-demonstration -Problem solving -Group discussion
-Illustrative/ Demonstration Problem --Exercise -Practice Set -cases
Tests, Quizzes, long examination
8th-9th week
Applied the different ways of distributing net profit or net loss.
Specific Objectives
Subject Matter
Values Integrated
Strategies/Teaching Methodologies
Instructional Material
Evaluation
Time Frame
Expected Output
COMMUNITY SERVICE INTEGRATION
Provide the students with Nature, formation the basic operational organization of partnership. knowledge of partnership accounting that they may apply to adopted community.
and Organizing skills Lecture-discussion Obedience and Project study compliance to partnership organization government rules
Illustration, Quizzes inExercises Seat works Problem-solving
MID-TERM
Provided the students with the basic operational knowledge of partnership accounting that they may apply to adopted community.
EXAMINATION
Differentiate dissolution Values of fairness from liquidation. and integrity 5. Partnership Liquidation Apply the legal provisions (general Partnership) for partnership liquidation; a. Liquidation defined apply accounting b. Distinction between procedures for lump-sum dissolution and liquidation. liquidation Prepare the statement of c. Liquidation by Lumpliquidation sum method Record the transactions d. Statement of partnership involved in lump-sum Liquidation. liquidation. e. Entries in liquidation. f. Cash distribution by lump-sum method 1. Partners with loan account 2. Deficient partners in solvent 3. Exercise of the right of offset
-Lecture, discussion -Question and answer -Lecture-demonstration -Problem solving
-Illustrative/ Demonstration Problem --Exercise -Practice Set -Cases
Tests, Quizzes, long examination
10th week Differentiated dissolution from liquidation. Applied the legal provisions for partnership liquidation; apply accounting procedures for lump-sum liquidation. Prepared the statement of liquidation Recorded the transactions involved in lumpsum liquidation.
Specific Objectives
Su bj ect Mat ter
Val ues
St ra te gi es/ Te ac hi ng Methodologies
Instructional Material
Evaluation
Time Frame
Expected Output
Define corporation. 6.Accounting for Corporate Discuss the attributes of a formation and Operation. corporation a. Formation of corporation. Explain the incorporation Definition requirements. 1. Characteristics. List down the different 2. Types of kinds of corporation. corporation Describe the kinds of 3. Distinction Capital Stock. between Examine the different partnership and c omp on ent s of corporation. stockholders equity b. Accounting for formation Journalize capital stock and operation. transaction.(using two 1. Recording of methods) preferred and Journalize dividends, common stock (par, treasures stocks & retained non-par, stated earnings. value) transactions Compute EPS and BVS. under memorandum & journal entry methods. 2. Incorporation of sole proprietorship and/or partnership.
Specific Objectives
Subject Matter
Adherence to legal provisions Faithfulness
-Lecture, discussion -Question and answer -Lecture-demonstration -Problem solving
Values of fairness, honesty and integrity
-Illustrative/ Demonstration Problem --Exercise -Practice Set -Cases
Tests, Quizzes, long examination
11th-14th week
Care and Accuracy
Values
Strategies/Teaching Methodologies
Instructional Material
Evaluation
Time Frame
Defined corporation. Discussed the attributes of a corporation Explained the incorporation requirements. Listed down the different kinds of corporation. Described the kinds of Capital Stock. Examined the different components of stockholders equity Journalized capital stock transaction.(using two methods) Journalize dividends, treasures stocks & retained earnings. Compute EPS and BVS
Expected Output
Discuss the nature 7. of non-cost manufacturing manufacturing business. system. Differentiate manufacturing a. Introduction of the from merchandising business elements of manufacturing costs . -Direct materials Journalize manufacturing -Direct loan. transactions. -Manufacturing expenses. Prepare statement of cost of b. Preparation of statement goods manufactured and of cost of goods sold. manufactured and income statement.
Values of attentiveness and care
Demonstration-Lectures, question and browser
-Illustrative/ Demonstration Problem --Exercise -Cases
Tests, Quizzes
15th-16th week
Define what the voucher 8. Voucher system system is a. Characteristics of the Examine critically the voucher system. features of the system. b. Books of accounts used Explain the basic concepts of c. Accounting entries made. the system. Prepare journal entries using the different books of accounts.
Value of carefulness and patience
Lecture-discussion Lecture demonstration Problem-solving Question and answer.
-Illustrative/ Demonstration Problem --Exercise -Cases
Tests, Quizzes
17th week Defined what the voucher system is Examined critically the features of the system. Explained the basic concepts of the system. Prepared journal entries using the different books of accounts
Discussed the n at ur e of manufacturing business. Differentiated manufacturing from merchandising business Journalized manufacturing transactions. Prepared statement of cost of goods manufactured and sold.
Specific Objectives
Subject Matter
Correlate the inter 9.Simple reconstruction of relationships of differentaccounts. accounts a. Determination of net Analyze the entries made. income or loss through Compute for missing items reconstruction of. and amounts. 1. Sales 2. Purchase 3. Expenses 4. Other income 5. Capital accounts b. Reconstruction of accounts from trial balance.
Values
Strategies/Teaching Methodologies
Instructional Material
Ev al uat io n
Values of accuracy, care and patience
Lecture-discussion Lecture demonstration Question and answer.
Demonstration problems Exercises
Quizzes and tests
Organization skills Compliance to government rules
Lecture-discussion Project study on how to organize a corporation and/or cooperative.
Illustration Quizzes Exercises Seatwork Problem-solving Examination
T ime Frame
18th week
Expected Output
Correlated the inter relationships of different accounts Analyzed the entries made Compute for missing items and amounts.
COMMUNITY SERVICE INTEGRATION
Provide the students with the basic skills in cooperatives and corporation accounting that they may apply in the adopted community.
Nature, formation and organization of corporation as well as cooperatives.
Provided the students with the basic skills in cooperatives and corporation accounting that they may apply in the adopted community.
FINAL EXAMINATION
VIII. Grading System MIDTERMS C LASS STAN DIN G 30% QUIZZES 30% MIDTERM EXAM 40%
FINALS CL ASS S TANDI NG QUIZZES FINAL EXAM
MIDTERM GRADE 100%
PRE-FINAL GRADE 100%
3 0% 30% 40%
FINAL GRADE
MIDTERM 50%
+
PRE- FINAL GRADE
50%
=
100%
IX. Course Policies: Policies on attendance, tardiness and academic dishonesty are found in the Student Handbook.
In case of missed examination and assignments, the student is given the chance to make-up within a week from the day he/she reported,
otherwise, it will be
equivalent to 50%.
Students have to pass an Examination covering Acctg. 1 and 2. X. Textbook: Baysa and Lupisan, Accounting for Partnership and Corporation, 2005 edition XI. References: Manuel, Zenaida,, Accounting for Partnership and Corporation, 2004 Edition Ballada, Win Lu, Partnership and Corporation Accounting (Made Easy), 2004 edition
