Advanced Accounting 1

COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTANCY Rawis, Legazpi City Course Syllabus Advanced Financial Accounting & Reporting, Part I Vision and Mission Aquinas University of Legazpi, a nurturing counity of !oinican learning"transforing learning"transforing and perfecting, under t#e patronage of $t% #oas Aquinas, coits itself to t#e pursuit of acadeic e'cellence t#roug# dedicated study, t#e strengt#ening strengt#ening of one(s oral integrity t#roug# fervent prayer and witnessing, t#e s#aring wit# ot#ers of  t#e fruit of one(s endeavor t#roug# loving service, t#e en#anceent of one(s eotional aturity towards a ore C#ristian counity, and t#e prootion of cultural advocacy for a genuine appreciation of Cat#olic, Filipino, and )icol identity% AIM #e C)*A ais to provide and deliver quality quality education education t#roug# responsiv responsive e instruction, instruction, researc#, researc#, e'tension, production production and ot#er services for t#e total developent developent of its #uan capital% CBMA Obje!i"es +% -% 1%

Provide Provide necessary necessary opportuni opportunities, ties, tools tools and support services services to its faculty, faculty, studen students, ts, staff staff and support personnel .sta/l .sta/lis# is# strong strong lin0ages lin0ages wit# t#e feeder feeder secto sectorr and and t#e t#e indust industry ry to ensure ensure sustain sustained ed services services to its graduates wit# t#e aluni involveent )alance t#e t#e interests interests of all sta0e#olders sta0e#olders wit# wit# t#at of t#e university to ensure ensure utual utual growt#, developent and sustaina/ility%

Course Ti!le2 Ti!le2

Advanced Financial Accounting & Reporting, Part I

Subje! Code# #ree 314 units

Credi!# Subje! Desri$!ion#

#is course deals wit# specialized specialized accounting pro/les li0ely to /e encountered encountered /y accountants% accountants% #e study of t#e various topics in t#is course is /ased upon fundaental valuation accounting and accounting t#eory as applied to special incoe and e'pense recognition recognition et#ods and e'panded /usiness /usiness operations% #is course includes specialized pro/les in partners#ip accounting accounting for 5oint ventures and associated enterprises 3including 3including Internation International al Acco Accounti unting ng $tandards $tandards $tateents $tateents 6os% -7, -8, and 1+4 accounting accounting for doestic doestic /ranc#es /ranc#es acco accounti unting ng for install installent ent sales sales acco accounti unting ng for long9ter long9ter construc construction tion contrac contracts ts fire insuranc insurance e accounting and ot#er special issues suc# as /uild9operate9transfer /uild9operate9transfer 3):4 and siilar sc#ees% Financial Accounting and Reporting I

%rere&uisi!e# Course Ou!line#

+%

Partners#ip +%+ +%+

6atu 6ature re,, defi defini niti tion on,, c#ar c#arac acte teri rist stic ics s

+%-

Foration

+%1

:peration

+%7 +%7

Fina Finan ncial cial state ateent pre prep para aration tion

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A)UINAS UNIVE*SITY Course $ylla/us ; Advanced Financial Accounting & Reporting, Part I -%

1%

7%

>%

?%

@%

8%

Partners#ip !issolution -%+

Adission of new partner

-%-

Retireent or wit#drawal of a partner

-%1

!eat#, incapacity, /an0ruptcy of a partner

-%7

Incorporation of a partners#ip

Partners#ip Liquidation 1%+

!issolution wit# liquidation

1%-

Liquidation types9 lup su and installent

1%1

Procedures in liquidation

1%7



6ature, fors and structure

7%-


Consignent $ales >%+

!efinition, nature, c#aracteristics

>%-

Accounting for consignent sales

Installent $ales ?%+

!efinition, nature and c#aracteristics

?%-

Installent sales et#od 9 real estate and erc#andise

?%1

Procedures of calculating realized gross profit

?%7

Financial stateent preparation wit# allocation of cost of goods sold

?%>

$pecial pro/les in installent sales 3!efaults and repossessions, radeins, Interest on unpaid /alance4

?%?

Installent sales of real estate dealers

Accounting for Long9er Construction Contracts @%+

6ature of construction /usiness

@%-

!efinition of ters and accounts used

@%1

Percentage of copletion et#od  Cost recovery et#od

@%7


Accounting for Franc#ise Fee 8%+

6ature and definition

8%-

*et#ods of accounting for initial franc#ise fee and related cost of franc#ise revenue BPrior to su/stantial perforance of services, Upon su/stantial perforance of services 3accrual & installent sales et#od

D%

+E%

Accounting for )ranc#es and Agencies D%+

6ature and definition of agency/ranc#

D%-

Accounting for agencies and /ranc#es

D%1

Preparation of co/ined stateents

D%7

Reconciliation of reciprocal accounts

D%>

$pecial pro/les in /ranc# accounting 3Inter9/ranc# cas# & erc#andise transfers, $#ipentsreturns of erc#andise a/ove cost4

Accounting for Fire Insurance +E%+

!efinition and types of contracts

+E%-

!eterination of aount recovera/le fro insurance copany

+E%1


+E%7

Presentation of fire loss in incoe stateent

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A)UINAS UNIVE*SITY Course $ylla/us ; Advanced Financial Accounting & Reporting, Part I

++%

:t#er $pecial opics ++%+

)uild9:perate9and9ransfer $c#ees and its =ariants

Course *ou!ine #e class s#ould accord t#eselves in active participation in order for t#e not only e'pose t#eselves to t#e t#eoretical concepts of t#e course /ut to understand and e'perience t#e processes in financial stateents accounting and reporting% #e professor s#all otivate and require t#e students to study in advance t#e te't/oo0 c#apters and ot#er reading aterials so t#at t#e class s#all /e 0nowledgea/ly ared during t#e graded recitations and /oard wor0s% uestions fro t#e class s#ould /e encouraged in case t#ere are certain topics w#erein t#e students are confused and in need of clarifications% #eories surrounding t#e accounting practice s#all /e discussed in a anner w#ere practical e'aples s#all /e offered a0ing it easier for t#e students to grasp t#e application of  t#ose accounting principles% Gradin, S!andards Grade coputation is /ased on t#e following easures2 *idterFinal .'ainations uizzes oe wor0s and ot#er requireents otal

1EH >EH -EH +EEH

Course grades will /e li0ewise interpreted /ased on a traditional DD9+EEH J +%E, D8HJ+%+, D@HJ+%-, D?HJ+%1, D>H +%7, D7HJ+%>, D1HJ+%?, D-HJ+%@, D+HJ+%8, DEHJ+%D, 8DHJ-%E, 88HJ-%+, 8@HJ-%-, 8?HJ-%1, 8>HJ-%7, 87HJ-%>, 8-981HJ-%?, 8E98+HJ-%@, @89@DHJ-%8, @?9@@HJ-%D, @>HJ1%E, and /elow @>HJ>%E% E-a.ina!ions #ere will /e two a5or e'ainations, *idter and Finals% #e *idter and Finals coprise a set of  copre#ensive e'aination t#at includes review questions% #ere will /e no reedial e'ainations% uizzes2 uizzes will /e given over t#e course of t#e seester% K#en t#e student is a/sent during a quiz, #es#e is allowed to /e given a special test only if a letter request signed /y t#e parent 3wit# edical certificate attac#ed in case of  sic0ness is su/itted to t#e professor iediately upon returning /ac0 to class4% Class Protocol2 If for soe reason t#e students are already late, t#ey s#ould not s0ip class% All t#ey #ave to do is to coe in quietly and ta0e a seat at t#e side or in t#e rear of t#e classroo% owever, to encourage students not to /e late all t#e tie, t#ree ties tardy is considered one day a/sent% If students ust leave t#e classroo early, t#ey s#ould as0 perission fro t#e instructor /efore t#e class starts% If t#ey are going to t#e cofort roo or elsew#ere, t#ey #ave to as0 perission first% $tudents are e'pected to o/serve proper decoru inside t#e classroo% Class $trategy and *et#odology2 #e class will eploy of oral pro/le solving wor0, written activities, visual presentation, case pro/le, question and answer and group discussion% C:UR$. R.$:URC.$ A6! *A.RIAL$2 +%

Prepared /y2

BIENVENIDO O/ O*O%E0A III Instructor

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A)UINAS UNIVE*SITY Course $ylla/us ; Advanced Financial Accounting & Reporting, Part I

Recoending Approval2

2ON CELSO 3/ A%UYAN Progra C#airperson

Approved /y2

CELESTE YAN0ON !ean

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