The presentation and disclosure assertion alleges that financial statement items are correctly classified (e.g.; long term liabilities will not mature within one year) and that footnote disclosures are adequate to avoid misleading the users of financial statements.
The presentation and disclosure assertion alleges that financial statement items are correctly classified (e.g.; long term liabilities will not mature within one year) and that footnote disclosures are adequate to avoid misleading the users of financial statements.
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MASTERS TECHNOLOGICAL INSTITUTE OF MINDANAO
Iligan City COURSE SYLLABUS COURSE CODE : ACCTG 111 (6 units) COURSE TITLE : Fundamentals of Accounting, Part I PRE-REQUISITE : None PRE-REQUISITE TO : ACCTG 121 TYPE OF COURSE : BASIC I. COURSE DESCRIPTION This introductory course is designed to develop a basic understanding of the conceptual framework underlying the measurement and communication of financial data for business decisions as well as their relevance in the national context. This course deals with analyzing, recording and processing business transactions commonly engaged by a sole proprietor of a service enterprise. The fundamental concepts and principles essential to the measurement and communication of said transactions are introduced and emphasized as the course progresses. II. OBJECTIVES / VALUES At the end of the course, the students should be able to do the following: 2.1 Cognitive (Knowledge) 2.1.1. Discuss the definition, nature, and scope of accounting. 2.1.2. Discuss the brief history of accounting. 2.1.3. Identify the basic principles, theories and concepts underlying the preparation of financial statements for a sole proprietorship service enterprise. 2.1.4. Illustrate and give examples of each of the basic accounting principles, theories and concepts. 2.1.5. Demonstrate acquired skills in performing the steps of the accounting cycle. 2.1.6. Calculate net pay, construct payroll sheet and journalize payroll transactions, including its remittance to various government agencies. 2.1.7. Relate accounting to other fields of discipline. 2.1.8. Compare different forms of business organization, as to ownership and activity. 2.1.9. Analyze business transactions of a sole proprietorship service enterprise, including transactions subject to VAT. 2.1.10. Measure the value and determine the journal entries concerning promissory notes. 2.1.11. Measure financial position of a sole proprietorship service enterprise. 2.1.12. Evaluate financial performance of a sole proprietorship service enterprise. 2.1.13. Measure changes in owners equity of a sole proprietorship service enterprise. 2.1.14. Assess the cash flow position of a sole proprietorship service enterprise. 2.1.15. Determine the errors in journal, ledger and trial balance. 2.1.16. Prepare correcting entries, year end adjusting entries, closing entries and reversing entries and explain their effects on financial statements. 2.2 Cognitive (Skills) 2.2.1. Apply accounting principles in the national and global context. 2.2.2. Analyze business cases based on ethical and current issues. 2.2.3. Prepare financial statements for a sole proprietorship service enterprise. 2.3 Affective / Value Aims 2.3.1. Demonstrate 5 Cs of the College of Business and Economics, namely: Critical thinking; Commercial ethics; Computer literacy; Communication skills; and Community service. 2.3.2. Value professionalism and business ethics in all aspects of accounting work. 2.3.3. Develop the La Sallian values of faith, zeal for service, and communion in mission, in learning basic skills in accounting. III. COURSE OUTLINE TOPICS Introduction / Classroom Policies / Groupings I. INTRODUCTION TO ACCOUNTING 1.1 Case Overview Financial Statements 1.2 Definition, nature, and scope of Accounting 1.3 Brief History of Accounting
Pages Workbook 2 - 9, 29 - 30 Workbook and
1.3.1 1.3.2 1.3.3
Double-entry bookkeeping Harmonization of accounting reports International Accounting Standards TOPICS 1.4 Relationship of Accounting to other fields of discipline 1.5 Forms of business organization as to ownership and activity 1.6 Basic professional values and business ethics II. MEASURING AND REPORTING FINANCIAL POSITION 2.1 Nature and forms of Statement of Financial Position 2.1.1 Report form 2.1.2 Account form 2.2 Related Accounting Concepts / Principles 2.2.1 Entity 2.2.2 Monetary 2.2.3 Cost 2.2.4 Objectivity or Reliability 2.2.5 Going Concern 2.2.6 Materiality 2.2.7 Disclosure 2.3 Accounting Equation 2.4 Transactional Analysis: assets, liabilities and owners equity 2.5 Preparation of Statement of Financial Position
III. MEASURING AND REPORTING FINANCIAL PERFORMANCE
3.1 Nature and forms of Income Statement 3.1.1 Natural form 3.1.2 Functional form 3.2 Related Accounting Concepts / Principles 3.2.1 Time Period 3.2.2 Income Recognition 3.2.3 Matching or Expense Recognition 3.2.4 Accrual 3.2.5 Consistency 3.2.6 Conservatism (Prudence) 3.2.7 Disclosure 3.3 Expanded accounting equation 3.4 Transactional Analysis: revenues and expenses 3.5 Preparation of natural form Income Statement
4.1 Nature and form of Statement of Changes in Owners Equity 4.2 Transaction analysis: investments, withdrawals, net income (loss) 4.3 Preparation of Statement of Changes in Owners Equity
22-24 Lecture Notes Lecture Notes
V. MEASURING AND REPORTING CASH FLOWS
5.1 Nature and forms of Statement of Cash Flows 5.1.1 Direct method 5.1.2 Indirect method 5.2 Components of Statement of Cash Flows 5.2.1 Operating activities 5.2.2 Investing activities 5.2.3 Financing activities 5.3 Preparation of Statement of Cash Flows direct method VI. THE ACCOUNTING CYCLE 6.1 Accounting cycle and business documents used 6.2 Analyzing business transactions in terms of debits and credits 6.3 Recording of business transactions in the journal 6.3.1 Rendering of service, with Output VAT 6.3.2 Purchase of supplies and equipment, with Input VAT
6.4 Accounting for payroll 6.4.1 Definition of payroll terms 6.4.2 Calculation of Net Pay or Take Home Pay 6.4.3 Payment with deductions (SSS, Philhealth, Pag-ibig, withholding tax, advances to employees) 6.4.4 Subsequent remittance to government agencies of amounts withheld from salaries and corresponding employers contribution TOPIC 6.5 Accounting for promissory notes 6.5.1Determination of maturity date, interest, maturity value, discounts and cash proceeds 6.5.2 Recording of transactions involving promissory notes 6.5.2.1 Receipt and issuance 6.5.2.2 Collection and payment at maturity 6.5.2.3 Dishonor by the maker 6.5.2.4 Renewal of note 6.5.2.5 Discounting of notes receivable with recourse (Separate recording of interest expense and income) 6.5.2.5.1 Honor or dishonor of discounted note 6.5.2.6 Discounting of own note 6.5.2.6.1 Honor or dishonor of discounted own note 6.5.2.6.2 Amortization of discount on note payable (straight line method) 6.6 Posting to the general ledger (T account form of ledger) 6.7 Preparing the trial balance 6.7.1 Use and limitations of a trial balance 6.7.2 Locating errors in the trial balance 6.7.3 Preparing correcting entries 6.7.4 Preparing corrected trial balance 6.8 Journalizing and posting year end adjustments (accrual basis) 6.8.1 Accrued expenses 6.8.2 Accrued income 6.8.3 Prepaid expenses 6.8.4 Amortization of discount on notes payable (straight line method) 6.8.5 Unearned income 6.8.6 Depreciation (straight line method) 6.8.7 Doubtful accounts (allowance method) 6.8.7.1 Balance Sheet approach 6.8.7.1.1 Percentage of Accounts Receivable 6.8.7.1.2 Aging of Accounts Receivable 6.9 Preparing Financial statements 6.9.1 Income Statement 6.9.2 Statement of Comprehensive Income (Introduce and not prepare) 6.9.3 Statement of Financial Position 6.9.4 Statement of Changes in Equity 6.9.5 Statement of Cash Flows 6.9.6 Notes to Financial Statements 6.11 Closing the books 6.11.1 Journalizing closing entries 6.11.2 Posting closing entries 6.11.3 Ruling nominal accounts and balancing real accounts 6.11.4 Preparing post-closing trial balance 6.12 Journalizing and posting reversing entries
I. Introduction to Accounting II. Measuring and reporting financial position QUIZ #1 III. Measuring and reporting financial performance IV. Measuring and reporting changes in owners equity QUIZ#2 V. Measuring and reporting cash flows VI. The accounting cycle QUIZ#3 (up to topic 6.4.4) MIDTERM EXAM (up to Topic 6.5.2.6.2) QUIZ #4 (from 6.5 up to Topic 6.7.4) QUIZ #5 (up to Topic 6.8.5) QUIZ #6 (up to Topic 6.9.6) DEPARTMENTAL FINAL EXAM TOTAL V. TEACHING METHODOLOGIES
3 3 1 3 1
1,2 2,3 3 3,4 4
1.5 1 16 1.5 3 1 1.5 1.5 3 42
5 5 5-13 6 7 9 11 12 14
5.1 Lecture and discussion
5.2 Drill and exercises 5.3 On-line learning 5.4 Case analysis VI. COURSE REQUIREMENTS 6.1 Workbook 6.2 Assignment Folder 6.3 Cases and Unstructured Problems 6.4 Term-End Course Evaluation Form VII. ASSESSMENT/EVALUATION 7.1 Grading System* Percentage Range of Computed Grades 98 100 95 97 92 94 89 91 85 88 82 84 79 81 77 78 75 76 - 74
Grade in Decimal
Verbal Interpretation
1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 5.00
Excellent Superior Very good Above average Good Average Fair Passing Barely Passing Failure
The percentage equivalent should be computed as follows:
BASIS 1ST HALF Average Quizzes* 40% Final Examination 40% Class Standing** 20% TOTAL 100% Final Grade Computation
40%
2ND HALF 40% 40% 20% 100% 60%
*Minimum of 3 long quizzes before and after midterms.
**Class standing shall consist of the following: (1) 10% - prompt submission of assignments and compilation; (2) 5% - Business case; (3) 5% - attendance, active participation in class and good manners and right conduct. VIII. REQUIRED TEXT AND REFERENCE MATERIALS
8.1 Required text and materials
FUNDAMENTALS OF ACCOUNTING by RAFAEL M. LOPEZ, JR.,latest edition PRACTICE SET FOR BASIC ACCOUNTING (MERCHANDIZING) by RAFEL M. LOPEZ, JR. 8.2 References 8.2.1 Kimwell, Mercedes (2009). Enterprises & Co., Inc.
Fundamentals of Accounting, 2nd edition. Manila: GIC
8.2.2 Valencia, E., and Roxas, G. (2009). Basic Accounting, 3rd edition. Baguio City: Valencia Educational Supply. 8.2.3 Kieso, D., Kimmel, P. and Wegandt, J. (2008). Accounting Principles, 8th edition. New Jersey: John Wiley and Sons, Inc. 8.2.4 Cabrera, M.E.B, Ledesma, E.F., and Lupisan M.C.Y. (2007). Fundamentals of Accounting Vol. 1. Manila: GIC Enterprises and Co., Inc. 8.2.5 Mamalateo, V. (2007). Value Added Tax. Metro Manila: V.C. Mamalateo Law Office. 8.3 Websites 8.3.1 http://www.wiley.com/college/weygandt 8.3.2 http://www.swcollege.com 8.3.3 http://www.sss.gov.ph 8.3.4 http://www.philhealth.gov.ph 8.3.5 http://www.bir.gov.ph PREPARED BY: AMERAH JASMINE M. HOSNI, CPA Instructor
Electrochemical Determination of Gatifloxacin, Moxifloxacin and Sparfloxacin Fluoroquinolonic Antibiotics On Glassy Carbon Electrode in Pharmaceutical Formulations
Electrochemical Determination of Gatifloxacin, Moxifloxacin and Sparfloxacin Fluoroquinolonic Antibiotics On Glassy Carbon Electrode in Pharmaceutical Formulations
