UNIVERSITY OF CAGAYAN VALLEY

TUGUEGARAO CITY
SCHOOL OF BUSINESS ADMINISTRATION
COURSE TITLE: ACC 204-FINANCIAL ACCOUNTING 2

Total No. of units: 3

Lecture

No. of contact Hours/Week: 3

: 3

COURSE DESCRIPTION:
This subject is intended to magnify and update the students knowledge on financial accounting course, it
primary deals with the presentation of financial statements that conforms to the latest Philippine Financial
Reporting Standards, for a corporate type of business.
PRE-REQUISITES: ACC 203
I.

COURSE OBJECTIVES:
1. To properly examine the transactions and accounting records to come up with a relevant and reliable
financial statements.
2. Understand, explain and convey to the management the economic and quantitative information to be used in
making economic decisions.
3. To accumulate and supply financial information to statement users, (owners and creditors), to help them in
making informed judgments and better decisions.

II. COURSE REQUIREMENTS:

1.
2.
3.
4.
5.

Regular attendance
Maximum of two graded recitations per grading period
Minimum of three quizzes per grading period
Seat works and assignments
Three periodical exams

III. ENRICHMENT ACTIVITIES:

1. Handouts Problem solving
2. Homework
3. Internet Access
4. Textbooks

Course Content

Learning Objectives

Competence

Activities/
Strategies

Evaluative
Measures

Values
Integrated

Time
Frame

Lecture

Graded
Recitation
s

Interdepen
dence

3hrs

REVIEW OF UCVs
PHILOSOPHY,VISION AND
MISSION
PRELIM PERIODIC
COVERAGE:
I. REVIEW OF
CONCEPTUAL FRAME
WORK

At the end of prelims the

students should be able to:
Recognize the importance of
accountants in the private
sector, in government and
in public accounting
practice.
Discuss the basic notion or
fundamental premises on
which the accounting
process is based.

II. LIABILITIES
A. Current
Liabilities
1. Trade and
Other Payables
2. Estimated
liabilities
3. Payroll
4. Current
Portion of
Long Term Debt
5. Current Tax
liability

Utilize the understanding

on the latest accounting
standards issued by the
Philippine Financial
Reporting standards
Council.
Exhibits the proper
attitude in recording,
authorizing and custody of
corporate/companys assets.
Define and classify
financial and non-financial
liabilities according to
their economic
characteristic and in
conformity with Philippine
Financial Reporting
Standards(PFRS)

Outline and defend relevant

accounting terms, concepts,
elements, and general
guidelines/procedures to be
followed in the preparation
of competent financial
statements.

Classroom
reports
Seat works
Assignment
Discussion

State and briefly discuss

the essential
characteristic of a
liability, which is
extracted from the
definition of an accounting
liability.
Identify and classify
different kinds of
obligation in the
preparation of financial
statement
Enumerate the methods in
valuing and measuring short
and long term liabilities.

Lecture
Classroom
reports

Quizzes
Periodic
Exams
Graded
Recitation
s
Quizzes

Seat works
Board
works
Assignment
Discussion

Quality of
work

Skillfulness
Commitment
Integrity

Periodic
Exams

15hrs

MIDTERM PERIODIC
COVERAGE

At the end of midterms, the

students should be able to:

B. Non-Current
Liabilities
1. Noncurrent
portion of
long term debt
2. Operating and
Finance Lease
Liability
3. Note Payable
and Debt
Restructuring
4. Long term
obligation to
company
officers
5. Long term
deferred
revenue
FINAL PERIODIC
COVERAGE

Demonstrate skills in
identifying and measuring
long-term business
liabilities and economic
transactions to aid
recording, maintenance and
preparing financial
records/reports.

C. SHAREHOLDERS
EQUITY
1. Share Capital
2. Reserves
3. Retained
Earnings

Skillfully organize records

to confidently communicate
these reports to decision
makers.

Properly apply the

accounting procedures for
estimated premium and
warranty liabilities.

Lecture
Classroom
reports

Frequent
Graded
Recitation
s

Define and briefly discuss

the nature, manner of
recognition and other
measurement considerations
of a provision.

Seat works

Quizzes

Distinguish and give

examples of adjusting and
non-adjusting events after
the reporting period.

Presentati
on
of
sample
documents

Honesty

18hrs

Patience
Resourcefu
lness

Periodic
Exams

Resultsoriented

Board
works

Selfconfidence

Assignment
Discussion

At the end of finals, the

students should be able to:
Analyze transactions and/
or documents, in a
competent manner, regarding
stockholders equity and
retained earnings to aid in
computing year end balances
that will be used in
preparing reliable,
relevant, and comparable
financial reports.

Define corporation and

recite its essential
requisites in the
formation.

Lecture

State and briefly discuss

all the components of the
shareholders equity.

Seat works

Properly record the

authorization to issue
share capital.
Prepare a schedule of
changes in equity and book
value per share.

Classroom
reports

Board
works
Discussion

Graded
Recitation
s
Quizzes
Periodic
Exams

Responsiveness
Awareness
to
existing
rules and
regulation
s

9hrs

III.STATEMENT OF
COMPREHENSIVE
INCOME
IV. STATEMENT OF
CHANGES IN EQUITY
V. STATEMENTT OF CASH
FLOWS
VI. NOTES,COMPRISING A
SUMMARY OF
SIGNIFICANT
ACCOUNTING
POLICIES AND OTHER
EXPLANATORY NOTES

Adheres to work in
accordance with the highest
standards of
professionalism and to
attain a level of
performance to the meet the
companys and publics
interests.
Interpret and communicate
the financial statements to
management and other
interested users.

Recite and discuss the

components of financial
statements in accordance
with Philippine Financial
Reporting Standards.

Presentation of
sample
documents

Timeliness

Assignment

Diligence

Objectiveness

Decisiveness

Prepare statement of cash

flows, comprehensive
income, changes in equity
and notes, comprising a
summary of significant
accounting policies and
explanatory notes.

IV. EQUIPMENT, MATERIALS, TEACHING AIDS:

Chalk and board, Visual Aid, Photocopies, and Overhead Projector
V.

REFERENCES:
VALIX,CONRADO, et. Al. FINANCIAL ACCOUNTING, VOLUMES 1,2,3, National Book Store, copyright 2010.
PHILIPPINE FINANCIAL REPORTING STANDARDS(PFRS), Financial Reporting Standards Council(FRSC)

ELECTRONIC REFERENCES:
1. http://www.bir.gov.ph
2. http://www.prc.gov.ph
3. www.kpmg.com
Prepared by:

Recommending Approval:

Approved by:

SENADOR V. DE LA CRUZ, CPA

Instructor

LEANDRO L. ERMITANIO Ph. D

Dean, School of Business Education

VISITACION C. ROLA, Ph. D.

VP for Academic Affairs

9hrs