FAR 01

I - Course Title: Financial Accounting and Reporting

II - Course Description:

This course provides a reinforcement of basic accounting, within the context of business and
business decisions. Students obtain additional knowledge of the principles and concepts of
accounting as well as their application that will enable them to appreciate the production of
accounting data. Emphasis is placed on understanding the reasons underlying basic accounting
concepts and providing students with an adequate background on the recording of transactions, their
classifications and reporting function of accounting in a service and trading concerns through the
preparation of Statement of Financial Position, Income Statement, Statement of Changes in Equity,
and Cash Flow Statement . Exposure through the use of practice sets, either manual or computerized
system (MS Excel, Quickbooks) in recording and reporting transactions for service or trading firm is a
requirement in this course. Toward the end of the course covering financial statements for
corporation, there must be an introduction to regulatory reporting in the Philippines for Corporations
which will be discussed in detailed at Regulatory Framework and Legal Issues in Business.

Week Topic Teaching Evaluation

and Strategies /
Time Methods
Allotmen
t

1 Introduction to partnership Lecture-Discussion Quizzes on partnership

(3 hours) accounting: formations and operations
1. Definition of partnership.
2. Characteristics of a partnership.
3. Advantages and disadvantages of
a partnership.
4. Classification of partnerships
5. Kinds of partners
6. Articles of partnership

2 Partnership formation Lecture - Discussion Quiz on partnership

(3 hours) 1. Individuals with no existing formation
business
2. A sole proprietor and two or more
individuals with no existing business
3. Two or more sole proprietors

3&4 Partnership operations Lecture – Quiz on partnership

(6 hours) 1. Divisions of profit and losses Discussion operations
among the partners
2. Allocation of salaries, interest and
bonuses.

5 PRELIMINARY EXAMINATION

6&7 Partnership Dissolution Lecture-Discussion Quiz on partnership

(6 hours) 1. Admission of a new partner dissolution
2. Death of a partner 1. Admission
3. Retirement of old partner 2. Death and retirement
4. Insolvency of a partner 3. Insolvency
 8 Partnership Liquidation – 1st part Lecture-Discussion Quiz on partnership lump-
(3 hours) 1. Lump-sum liquidation sum liquidation

9 MIDTERM EXAMINATION

12 & 13 Organization & formation of a Lecture - Discussion Quiz on organization and

(6 hours) corporation formation of a corporation
1. Definition of corporation
2. Advantages and disadvantages of
corporation
3. Classification of corporations
4. Steps in organizing a corporation
5. Articles of incorporation and by-
laws of the corporation
6. Rights of stockholders
7. Classes of shares
8. Accounting for issuance of share
capital

14 SEMI-FINAL EXAMINATION

A. Recording transactions in a Lecture-Discussion Practice Set – Kashato

special journals Shirts by Win Ballada.
B. Nature and use of control
accounts and subsidiary ledgers
C. Types of special journals
1. Sales journal
2. Purchases journal
3. Cash receipts journal
4. Cash disbursements journal

FINAL EXAMINATION
54 hours

V – Grading System

Class Standing Prelims Midterm Semi-Finals Finals

Attendance 10% 10% 10% 10%

Quizzes 60% 60% 60% 60%
Recitations 15% 15% 15% 15%
Homework & Seatwork 15% 15% 15% 15%
Class Standing 70% 70% 70% 70%
Examination 30% 30% 30% 30%
100% 100% 100% 100%

Major Grade = 30% of previous term grade + 70% current term output

VIII – Learning Resources for the Course

 Ballada Winlu, Basic Financial Accounting and Reporting Made Easy , Manila: Domdane Publishers, 2018
 Ballada Winlu, Kashato Shirts

Prepared by:

____________________________
MARK D. MENDOZA
Faculty
Checked by:

____________________________
MARIJOY M. ROMIRAL, DBA
Head, Academic Affairs

Approved by:

____________________________
PIA MARIE S. ANDRES-KHAN
President