TOMAS DEL ROSARIO COLLEGE

Balanga City, Bataan

Syllabus in Accounting 5
Finaancial Accounting 3
First Semster, School Year 2014-2015
Mrs. Lea Grace Ann Canare
I.

II.

Course Description
This course combines what the students learn into their Financial Accounting 1 and 2 subjects. It focus on the preparation of financial statements,
including single entry, cash and accrual basis of accounting. This course also tackles the PFRS for Small-Medium Entries (SMEs) as compared
with full PFRS.
Course Goals:
At the end of the course, the student is expected to:
1. Learn the more comprehensive way of preparing financial statements.
2. Understand the other concerns in preparing financial statements such as accounting changes, prior period error, etc.
3. Determine the difference between accounting for SMEs and those with full PFRS.

III.

Credit:
Time Allotment:

IV.

Course Content:

3 Units
54 hours

PRELIMINARY PERIOD
Students are expected to:
Define financial
statements
Understand the
components, objectives
and elements of
financial statements
Determine the users of
financial statements
Define assets, liabilities

I.

Financial Statements
a. Definition of financial
statements
b. General purpose financial
statements
c. Components and objective
of financial statements
d. Financial reporting
e. Objective and limitations of
financial statements
f. Recognition of elements

Lecture-Discussion
2
Weeks

Recitation
Quiz

and shareholders equity

Know the disclosures
necessary for financial
reporting.
Students are expected to:
Determine
related
parties and unrelated
parties
Understand the pricing
policies
Determine
adjusting
events
from
nonadjusting events
Know the components
of the statement of
comprehensive income
and
statement
of
changes in equity

II.
III.
IV.

V.
VI.
VII.

g. Measurement of elements
h. Users of financial statements
Statement of Financial Position
Notes to Financial Statements
Related parties
a. Definition of related party
b. Control, significant
influence and joint control
c. Key management personnel
compensation
d. Unrelated parties
e. Transaction with
government-related parties
f. Pricing policies
Evens after the reporting period
Statement of Comprehensive income
Statement of changes in equity

2
Weeks

Lecture-Discussion

Recitation
Seatwork
Assignment
Quiz

MID-TERM PERIOD
Students are expected to:
Understand the
conditions for
classification as held
for sale
Define a discontinued
operation
Know different kinds
of accounting changes
and how to treat them

VIII.

Noncurrent Asset Held for sale

a. Definition
b. Conditions for classification
as held for sale
c. Measurement of asset held for
sale
d. Write-down to fair value less
cost of disposal
e. Subsequent increase in fair
value
f. Revalued asset classified as
held for sale
IX.
Discontinued operation
a. Definition of discontinued operation
b. Component of an entity
c. Component classified as held for sale

2
Weeks

Lecture-Discussion

Recitation
Seatwork
Assignment
Quiz

d. Presentation of discounted operation

e. Abandoned discontinued operation
X.
Accounting Changes
Students are expected to:
XI.
Interim Financial Reporting
a. Two views of interim
Understand the basic
financial reporting
principles for interim
b. Presentation of interim
reporting
financial statements
Understand the core
c.
Basic principles for interim
principle of segment
financial reporting
reporting
d. Interim reporting of
Adjust cash basis
contingencies
statements to accrual
XII.
Operating Segment
basis, vice versa
a. Core principle of segment
Determine net income
reporting
or loss using the single
b. Reportable operating segment
entry method
c. Aggregation of operating
Understand the
segments
treatment of prior
d. Measure of profit and loss
e. Measure of segment assets
period errors.
and liabilities
XIII.
Cash and Accrual Basis
XIV.
Single entry
XV.
Error Correction

2
Weeks

Lecture-Discussion

Recitation
Seatwork
Assignment
Quiz

FINAL PERIOD
Students are expected to:
XVI.
XVII.
Determine the
operating activities, XVIII.
financing activities and
investing activities.
Understand the general
and specific price
changes
Understand monetary
and monetary items
Understand the gain or
loss on purchasing

Statement of Cash flows

Hyperinflation
Current Cost Accounting

1 Weeks

Lecture Discussion

Recitation
Seatwork
Assignment
Quiz

power
Students are expected to:
Understand the nature
of micro-business
entities
Know the objective
and elements of
financial statements
under SMEs

XIX.
XX.
XXI.

Students are expected to:

XXII.
XXIII.
Determine the
XXIV.
difference between
SMEs and full PFRS
treatment to
Comprehensive
income, note to
financial statement and
accounting changes
Students are expected to:
XXV.
XXVI.
Determine the
difference between XXVII.
SMEs and full PFRS
treatment to
Inventories and
Revenue, Basic
Financial Instruments,
and Associate
Students are expected to:
XXVIII.
XXIX.
Determine the
XXX.
difference between
SMEs and full PFRS
treatment to Property,
plant and equipment,
Intangible assets and
Impairment Assets

SMEs- Definition
SMEs- Qualities and General Features
SMEs- Statement of Financial
Position

SMEs- Comprehensive Income

SMEs- Notes to Financial Statement
SMEs- Accounting Changes

1 Weeks

Lecture Discussion

1 Weeks
Lecture Discussion

SMEs- Inventories and Revenue

SMEs- Basic Financial Instruments
SMEs- Associate

SMEs- Property, Plant and Equipment

SMEs- Intangible Assets
SMEs- Impairment of Assets

1 Weeks

Lecture Discussion

2 Weeks

Lecture Discussion

Recitation
Seatwork
Assignment
Quiz

Recitation
Seatwork
Assignment
Quiz

Recitation
Seatwork
Assignment
Quiz

Recitation
Seatwork
Assignment
Quiz

V. Textbook

1. Valix, C.T., Peralta, J.F., Valix, C.A.M., (2014 Edition) Financial Accounting Volume 3, including SMEs, GIC Enterprises & Co., Inc.
VI. Course requirements
a.
b.
c.
d.

Quizzes
Seatworks
Recitation
Group Activity

VII. Grading System

Grades are computed as follows:
Preliminary Average
Midterm Average
Final Average

Final Grade

= (CS x 2) + Preliminary Exam

3
= (CS x 2) + Midterm Exam
3
= (CS x 2) = Final Exam
3
= Prelim Average + Midterm Average + Final Average
3

The Class standing is the sum of recitation, activities, quizzes and attendance.
The following formula is used on grade transmutation:
50
# of items

x RS + 50

Prepared By:

Recommending Approval:

Mrs. Lea Grace Ann Canare-Sabino

Instructor

Approved By:

College Dean
Mr. Jefferson L. Triguero
Department Chair

Miss Rosario G. Quesada