BA 99.

1 Course Outline
Fundamental Accounting Theory and Practice I
1st Semester, SY 2016-17
Instructor
Office
Consultation
E-mail

Jerelleen Rodriguez
Rm 201C

Mikhael Magana
Rm 201A
TTh 4-6pm; WF 1-4pm

jerelleen@gmail.com

mikhael.magana@yahoo.com

Josel Rivera
Rm 205
TTh 1-3pm; WF 1-4pm
josel.rivera17@yahoo.com

Pamela Lloren
Rm 101
WF 1-4pm
paslloren@gmail.com

Course Description:
This course deals with the fundamental concepts, principles, and techniques applicable to the identification,
measurement and communication of accounting information.
Course Goals:
Understand the basic concepts, principles and terminologies used in accounting. Use financial reporting rules to
identify, record, classify, summarize and communicate accounting information through the financial statements.
Class Textbook:
Weygandt, Chalmers, Mitrione, Rankin, Kieso and Kimmel (2013), Principles of Accounting 3rd Australian Edition. (John
Wiley & Sons Australia, Ltd)
Other References:
Weygandt, Kimmel and Kieso (2015), Accounting Principles 12th Edition International Student Version (John Wiley &
Sons, Ltd)
NO. OF
SESSIONS
1

TOPIC
Introduction to Course and Class Rules

Accounting in action
What is accounting?
The building blocks of accounting
Using the building blocks of
accounting
Financial statements

The recording process

The account
Steps in the recording process
The trial balance

OBJECTIVES
Obtain an overview of the
course
Appreciate the relevance of the
course to ones program/future
plans
Understand class rules and
applicable university policies
Explain what accounting is
Identify the users and uses of
accounting
Explain the meaning of GAAP
Explain the qualitative
characteristics of financial
statements
Explain and use the accounting
equation
Analyze the effects of business
transactions on the accounting
equation
Understand what the four
financial statements are and
how they are prepared
Identify the basic steps in the
recording process
Prepare a trial balance and
understand its purposes

READING
ASSIGNMENT

Ch 1

Ch 2

 Explain the time period

assumption
Explain the accrual basis of
accounting
Explain why adjusting entries are
needed, identify major types of
Completion of the accounting cycle
adjusting entries and prepare
those entries
Using a worksheet
Describe the nature and purpose
Closing the books
of an adjusted trial balance
Summary of the accounting cycle

Prepare a worksheet
Classified statement of financial
Explain the process of closing
position
the books
State the required steps in the
accounting cycle
Explain the approaches to
preparing correcting entries
Identify the sections of a
classified statement of financial
position
Preparing reversing entries
FIRST LONG EXAMINATION (Sunday, September 18, 2016; Time: 9-12NN)

Adjusting the accounts

Timing issues
The basics of adjusting entries
The adjusted trial balance and
financial statements

1
4

First Long Exam Discussion

Internal control and cash
Internal control
Cash controls
Use of a bank account
Reporting cash

1
5

Define internal control and

identify its principles
Explain the application of
internal control principles to
cash receipts/cash payments
Describe the operation of a petty
cash fund
Indicate the control features of a
bank account
Prepare a bank reconciliation
Explain the reporting of cash
Accounting for receivables
Identify the different types of
Types of receivables
receivables
Notes receivables
Explain how accounts receivable
are initially recognized and
Financial statement presentation
measured in the accounts
and analysis
Explain how accounts receivable
are subsequently measured
Calculate the maturity date and
interest on notes receivable
Explain the financial statement
presentation and analysis of
receivables
SECOND LONG EXAMINATION (Sunday, October 23, 2016; Time: 9-12NN)
Second Long Exam Discussion
Midsem Evaluation
Accounting for retail operations
Identify the differences between
Retail operations
a service entity and a retail
entity
Recording purchases and sales of
inventory
Explain the entries for purchases
and sales revenue under a
Completing the accounting cycle
perpetual inventory system
Forms of financial statements

Ch 3 & 4

Ch 8

Ch 9

Ch 5 & 6

Explain the steps in the

accounting cycle for a retailer
Understand the single and two
Inventories
statement presentation of a
Inventory basics
statement of comprehensive
income per IAS 1
Inventory costing under a
periodic inventory system
Prepare the entries for
purchases and sales of inventory
Valuing at the lower of cost and
under a periodic inventory
net realizable value (NRV)
system
Inventory errors
Explain the basis for accounting
Statement presentation and
for inventories, and describe the
analysis
inventory cost flow methods
Inventory costing under a

Explain the lower of cost and

perpetual inventory system
NRV basis of accounting for
inventories
Indicate the effects of inventory
errors on the financial
statements
Apply the inventory cost flow
methods to perpetual inventory
records
Property, plant and equipment;
Describe how the cost principle
intangible assets and goodwill; mineral
applies to PPE
resources and biological assets
Explain the concept of
Property, plant and equipment
depreciation and calculate
(PPE)
periodic depreciation using
Intangible assets and goodwill
different methods
Mineral resources
Identify capital expenditures and
explain entries for these
Biological assets
expenditures
Presentation and analysis of non
Describe the measurement of
current assets in the financial
PPE, subsequent acquisition and
statements
how to account for the disposal
of PPE
Explain the basic issues related
to accounting of intangible
assets
Explain the basic issues related
to accounting for mineral
resources
Explain the basic issues related
to accounting for agricultural
activity and biological assets
Indicate how PPE, intangible
assets, mineral resources and
biological assets are reported
and analyzed
THIRD LONG EXAMINATION (Saturday, December 3, 2016; Time: 9-12NN)
Third Long Exam Discussion
FINAL EXAMINATION (Wednesday, December 7, 2016; Time: 9-12NN)
REMOVAL EXAMINATION (Sunday, December 14, 2016; Time 9-12NN)
Determining cost of sales under a
period system

Ch 10

Grading Scheme:
First Long Exam
Second Long Exam
Third Long Exam
Final Exam
Quizzes
Total
Grading Scale:
1.00
1.25
1.50
1.75
2.00

20.0%
20.0%
20.0%
25.0%
15.0%
100.0%

97 to 100
93 to 96
89 to 92
85 to 88
81 to 84

2.25
2.50
2.75
3.00
4.00
5.00

77 to 80
73 to 76
69 to 72
65 to 68
60 to 64.99
Below 60

House Rules & Important Reminders:

1.

Materials: Students are expected to bring calculators and textbooks to class every meeting. Students may bring
soft copies of their textbooks if desired. Mobile phones and electronic gadgets will never be allowed as a substitute
for calculators during quizzes and exams. Answers to quizzes and exams must be written in blue or black ink only.
Pencils will not be allowed and will be marked incorrect.

2.

Tardiness: Class will begin promptly. The teacher will always comes on time. Excessive and disruptive tardiness
from many students in the class will result in a surprise quiz for the day.

3.

Exam schedules: All exams are departmental. The schedule of examinations has been set at the start of the
semester so that the student may inform the professors in his/her other classes to NOT schedule any examination,
field trip or any other activity that may conflict with the schedule of BA 99.1 examinations. Should any conflict of
schedules arise during the semester, the schedule of BA 99.1 examinations will take priority over any other
conflicting activities.

4.

Missed Quizzes and Exams:

a.
In order to be given a make-up quiz or exam, the student must meet all of the following conditions:
i.
There must be a valid reason for absence. Valid reasons shall include illness (with supporting
documents from both the University Health Service and doctors certificate indicating the
students incapacity to take exam) and death or grave emergency concerning immediate family
members. An excuse letter must be submitted duly signed by the authorized signatory, as the
situation may require.
ii.
The student must inform the instructor of his intended absence prior to the start of the quiz or
exam. Failure to do so will disqualify the student from being given a make-up test. Your
instructor has provided you with sufficient means to contact her (through class president, email, and Piazza).
iii.
Failure to meet the requirements in a & b will mean the student will get a grade of zero for the
missed exam.
b.
If a student misses two or more exams without valid reasons, then the student will be given a grade of
5.00 for the course.
c.
Missed Final Exam: A student will be given a grade of INC if he/she is absent from the final
examination or neglects to submit any of the course requirements provided that his/her class
standing is passing. If the students absence in the final exam is unjustifiable and his/her class
standing is below 3.00, he/she will get a grade of 5.00 for the course, in accordance with university
rules.

5.

Cheating: Cheating will be dealt with severely according to University regulations. Anybody caught cheating:
a.
In quizzes: will be given an automatic zero in the quiz and a fifteen point deduction in one major exam
In exams: will be given an automatic forty point deduction in exam

b.

In addition to the penalties stipulated above, depending on the circumstances surrounding the
incident, a student may also be subjected to: suspension for one year, prohibition from graduating
with honors, and in severe cases, have a case file against the student under the Student Disciplinary
Tribunal

6.

Photography, reproduction, or copying of exam questionnaires: Any student caught engaging in said activities
shall receive an immediate deduction of 10 points from his final grade at the end of the semester. If the student
drops the subject, a case shall be filed against him.

7.

Bonus Points: There will be NO incentives for any activities outside BA 99.1 (ex: attendance in BACBACAN,
seminars, lectures, etc.).

8.

Grade Solicitation: University rule on grade solicitation shall be enforced.

Article 194. PROHIBITION AGAINST GRADE SOLICITATION
No student of the UNIVERSITY shall SOLICIT directly or indirectly (ask any person to recommend him to his professor
or professors) any grade FROM AN INSTRUCTOR (in his record, examination paper or final report of grades). Any
student violating this rule shall lose credit in the subject or subjects regarding which such (recommendation)
SOLICITATION is made (the fact that a student is thus recommended shall be prima facie evidence that the
recommendation is made at the request of the student concerned), WITHOUT PREJUDUCE TO THE FILING OF A CASE
FOR DISCIPLINARY ACTION.

9.

Objection Period: Take note of the release of final grades and the period given for any corrections or objections
regarding grade recording and/or computations. (These will be announced during the final exam.) Grades
submitted after lapse of the Objection period will be final and irrevocable.

10. Important Dates

Deadline for dropping
Deadline for Filing of LOA
Last day of classes
Final examinations
Lantern Parade
Deadline for submitting final grades

October 27, 2016

November 11, 2016
December 5, 2016
December 7-14, 2016
December 16, 2016
December 22, 2016

Pertinent Holidays:
Quezon City Day
Ninoy Aquino Day
National Heroes Day
All Saints Day
Bonifacio Day

August 19, 2016 (Friday)

August 21, 2016 (Sunday)
August 29, 2016 (Monday)
November 1, 2016 (Tuesday)
November 30, 2016 (Wednesday)