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VISION

In pursuit of perfection, the University of Baguio is committed to provide balanced quality


education by nurturing academic excellence, relevant social skills and ethical values in a fun
learning environment.
MISSION
The University of Baguio educates individuals to be empowered professionals in the global
community.
INSTITUTIONAL OBJECTIVES
(REVISED 2012)
The University of Baguio aims to produce a graduate who:
1.
2.
3.
4.
5.
6.

Exemplifies a higher standard of learning;


Manifest the mastery of relevant skills;
Upholds a conduct that is rightful and just;
Undertakes scientific and significant researches;
Advocates sustainable programs for the community and the environment; and
Leads and demonstrates exemplary performance in the field of specialization.

Course Number
ACCTNG1 (6 units)

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Effectivity:
First Semester SY 2013 - 2014

Date Revised
May 29, 2013

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SCHOOL OF BUSINESS ADMINISTRATION AND ACCOUNTANCY MISSION


The University of Baguio educates individuals to be empowered professionals in a
global community. The School of Business Administration and Accountancy edifies
competitive and morally upright individuals.
OBJECTIVES
The School of Business Administration and Accountancy, in an exuberant learning
climate, aims to nurture a business graduate who:
1. Cultivates the knowledge, that are imperative for career success in a globalized
setting;
2. Demonstrates relevant skills;
3. Utilizes macro-environmental acumen for economic growth and development;
4. Typifies professional integrity with humility;
5. Undertakes researches to promote systematic bases for business decisions; and
6. Models exemplary performance in business

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.

Professional Ethics
Integrity
Objectivity and Independence
Professional Competence and Due Care
Confidentiality
Professional Behavior
Fairness
Transparency
Accountability
Hard Work
Honesty
Patience
Diligence
Innovativeness
Risk-taking

CORE VALUES
1. Program Learning Outcomes (PLO) vis--vis Program Objectives

Program Learning Outcomes


P1

P2

O1. Students graduate to become professionals imbued with high moral/ ethical standards.

PROGRAM
OBJECTIVES
P3
P4
P5

P6

O2. Graduates are highly competitive with their acquired knowledge, skills and values in the practice of their profession.

O3. Graduates are confident of their academic and industry preparations and the entry competencies learned to tackle the rigors of the business world.

O4. Students can carry out researches that can be utilized in the community and in the business profession.

O5. Students recognize their responsibility and accountability as professionals and as workers in the community.

Course Number
ACCTNG1 (6 units)

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Effectivity:
First Semester SY 2013 - 2014

Date Revised
May 29, 2013

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O6. Students become aware of and strive for their physical, mental and spiritual well-being.

O7. Students are prepared to meet the needs and demands of global employment without losing the Filipino spirit.

O8. Students become aware of their responsibility to the environment and participate actively in environmental programs.

2. Course Objectives vis--vis Program Learning Outcomes


Course Objectives

PROGRAM OUTCOMES
O3
O4
O5
O6

O1

O2

O7

O8

C4 Integrate the application of the topics learned to situations most likely to be encountered in everyday life;

C5 Develop a system for higher learning designed specifically in preparation for the CPA Licensure Examinations.

AFFECTIVE DOMAIN
C6 Develop the value of honesty, objectivity and perseverance;

C7 Realized the contributions of accounting standards or GAAP to the development of more socially responsible and morally upright
professional accountant;
C8 Appreciate the role of financial accounting in meeting the informational needs of stakeholders as a basis for decision-making;

C9 Appraise critically the role of International Accounting Standards in achieving harmonization of accounting standards throughout
the world.
PSYCHOMOTOR DOMAIN
C10 Apply the principles and concepts of accounting which focus on equities and related revenue and expense items in the
presentation of financial and related information to meet external and internal obligations;
C11 Apply the skills in systematic problem solving;
C12 Solve accounting problems within the minimum speed required in the CPA Licensure Examination;

C13 Apply concepts and procedures of advanced accounting in meeting the requirement of the course such as quizzes, group work,
case studies, and other problem solving activities.

COGNITIVE DOMAIN
C1 Know the generally accepted accounting principles, applicable to the recognition, measurement and statement presentation of
assets;
C2 Integrate and apply the generally accepted accounting principles to problem situations involving assets that are likely encountered
in practice;
C3 Learn the application of accounting principles and reporting practices about financial accounting problems and issues;

Course Number
ACCTNG1 (6 units)

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Effectivity:
First Semester SY 2013 - 2014

Date Revised
May 29, 2013

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4. PRE-REQUISITE

BACTNG2 Partnership and Corporation Accounting

5. COURSE DESCRIPTION
This course introduces the nature, functions, scope, and limitations of the broad field of accounting theory. The course covers the detailed discussion,
appreciation, and application of accounting principles covering the asset accounts. Emphasis is given on the interpretation and application of theories of accounting in relation to cash,
temporary investments, receivables, inventories, prepayments, long-term investments, property, plant and equipment, intangibles, and other assets, including financial statement
presentation and disclosure requirements. The related internal control, ethical issues, and management of assets are also covered.
6. DETAILED COURSE OUTLINE
Session Learning Objectives
/ Goals (SLO/G)
To be able to understand the
nature and purpose of
accounting.

I.

To be able to recall the


essentials of accounting

To be able to understand the


objective of financial reporting

Course Number
ACCTNG1 (6 units)

Content Topic

Overview of Accounting
Definition of Accounting
Three important activities included in the
definition of accounting
Basic purpose of accounting
Accounting theory, concepts and assumptions
Common branches of accounting
Accounting standards
II.
The Accounting Process
Journalizing
Posting
Trial balance
Adjusting entries
Worksheet
Financial statements
Closing
Reversing
III.
The Conceptual Framework for
Financial Reporting
Purpose and status
Scope
Objective of a general purpose financial
reporting
Primary users
Qualitative characteristics of useful financial
information
Elements of financial statements
Recognition of the elements of financial

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Outcomes Based
Methodologies/
Strategies &
Approaches
group activity:
reporting

Group activity:
Reporting

Library and Internet


Research

Effectivity:
First Semester SY 2013 - 2014

Learning
Outcomes

Time
Allotment

Define accounting
and relate its
importance to
other fields and
how important it is
to the business

1 HR

Values

Evaluative
Measures

Transparency

Reporting

Review the
accounting
process

2 HRS

Hard work

Reporting

Understand the
primary objective
of financial
reporting

2 HRS

Fairness

Learning
Contracts
(These are
assignments
to be
accomplished
by the
students at
the library)

Date Revised
May 29, 2013

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PRC TOS

Session Learning Objectives


/ Goals (SLO/G)

Content Topic

Outcomes Based
Methodologies/
Strategies &
Approaches

statements
Measurement of the elements of financial
statements
IV.
Accounting for Cash
Definition, nature and composition of cash
and cash equivalents
Recognition and measurement of cash
Compensating balance requirement
Management and control of cash
Financial statement valuation,
presentation and disclosure
V.
Accounting for Receivables
Definition, nature and classification of
receivables
Recognition
Initial measurement
Subsequent measurement
Impairment of Receivables
VI.
Accounting for Inventories
Definition, nature and classes of
inventories
Recognition
Measurement
Cost formulas
Subsequent measurement
Inventory Estimation
FIRST GRADING EXAMINATION

Learning
Outcomes

Time
Allotment

Values

Evaluative
Measures

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Determine the
proper recognition
and presentation of
cash and cash
equivalents

8 hrs

Accountability

Learning
Contracts
Seatwork
Quiz

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Determine the
proper recognition
and presentation of
receivables

11 hrs

Objectivity and
Independence

Seatwork
Quiz
Learning
Contracts

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Determine the
proper recognition
and presentation of
inventories

9 hrs

Accountability

Learning
Contracts
Seatwork
Quiz

Risk-taking

Learning
Contracts
Seatwork
Quiz

To be able to determine the


proper recognition and
presentation of cash and cash
equivalents for financial
reporting purposes

To be able to determine the


proper recognition and
presentation of receivables for
financial reporting purposes

To be able to determine the


proper recognition and
presentation of inventory for
financial reporting purposes

To be able to determine the


proper recognition and
presentation of inventory for
financial reporting purposes

Course Number
ACCTNG1 (6 units)

VII.

Investments
Financial Instruments
Classification
Recognition
Initial Measurement
Subsequent Measurement
Transactions Subsequent to initial

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Effectivity:
First Semester SY 2013 - 2014

Subtotal
Determine the
proper recognition
and presentation of
investments

Date Revised
May 29, 2013

3 hrs
36 hours
18 hrs

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PRC TOS

Session Learning Objectives


/ Goals (SLO/G)

Content Topic

To be able to determine the


proper recognition and
presentation of inventory for
financial reporting purposes

VIII.

Outcomes Based
Methodologies/
Strategies &
Approaches

recognition
Disclosures
Investment in Associates
Significant influence
Recognition
Initial Measurement
Subsequent measurement
Disclosures

Learning
Outcomes

Time
Allotment

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Determine the
proper recognition
and presentation of
investment in
associates

15 hrs

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

SUBTOTAL
Determine the
proper recognition
and presentation of
property, plant and
equipment

MIDTERM EXAMINATION
To be able to determine the
proper recognition and
presentation of property, plant
and equipment for financial
reporting purposes

IX.

Course Number
ACCTNG1 (6 units)

Accounting for Property, Plant and


Equipment
Definition, nature and classes
Recognition
Initial Measurement
o Cash Purchase
o Purchase on a deferred payment
contract
o Issuance of securities
o Donation or discovery
o Self-contruction
o Exchanges of non-monetary
assets
o Treasury stock
o Financial statement presentation
and disclosures
o Expenditures subsequent to
acquisition
o Capital expenditures
o Revenue expenditures
Valuation or measurement subsequent to
initial recognition
o Benchmark method cost less
accumulated depreciation and
accumulated impairment losses

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Effectivity:
First Semester SY 2013 - 2014

Date Revised
May 29, 2013

3 HRS
36 HRS
12 hrs

Values

Evaluative
Measures

Risk-taking

Learning
Contracts
Seatwork
Quiz

Accountability

Learning
Contracts
Seatwork
Quiz

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PRC TOS

Session Learning Objectives


/ Goals (SLO/G)

Content Topic

Outcomes Based
Methodologies/
Strategies &
Approaches

Allowed alternative method


revaluation at fair value less
accumulated depreciation and
accumulated impairment losses
Depreciation of assets
o Definition, nature and causes
o Factors affecting depreciation
o Methods of depreciation
Straight-line method
Declining balance method
Sum-of-the-years digits method
Group and composite depreciation
Accounting changes affecting
depreciation
Retirement and disposals
Financial statement presentation and
disclosures
Internal control and management of
property, plant and equipment
Depletion of Mineral Resources
Recognition
Measurement
Depletion
Presentation
Disclosures
Government Grants
Definition
Recognition
Initial Measurement
Presentation
Disclosures
Borrowing Costs
Definition
Recognition
Measurement

Learning
Outcomes

Time
Allotment

Values

Evaluative
Measures

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Determine the
proper depletion of
mineral resources

6 hrs

Accountability

Learning
Contracts
Seatwork
Quiz

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Determine the
proper accounting
treatment for
government grants

2 HRS

Integrity

Learning
Contracts
Seatwork
Quiz

Library and Internet


Research
Problem Solving
(Actual CPA Board

Determine the
proper recognition
and presentation of
borrowing costs

2 HRS

Accountability

Learning
Contracts
Seatwork
Quiz

To be able to determine the


proper depletion of mineral
resources

X.

To be able to determine the


proper accounting treatment
for government grants

XI.

XII.

To be able to determine the


proper recognition and
presentation of borrowing
costs for financial reporting
Course Number
ACCTNG1 (6 units)

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Effectivity:
First Semester SY 2013 - 2014

Date Revised
May 29, 2013

Page 7 of 10

PRC TOS

Session Learning Objectives


/ Goals (SLO/G)

purposes
To be able to determine the
proper recognition and
presentation of investment
property for financial reporting
purposes
To be able to determine the
proper recognition and
presentation of intangibles for
financial reporting purposes

To be able to determine the


proper accounting treatment
for impairment of assets

Content Topic

Financial Statement Presentaiton


Disclosures
XIII.
Investment Property
Definition
Recognition
Measurement
Financial Statement Presentaiton
Disclosures
XIV.
Intangible assets
Definition
Recognition
Measurement
Financial Statement Presentaiton
Disclosures
XV.
Impairment of Assets
Core principle
Accounting for impairment
Recognition and measurement
Impairment loss
FINAL EXAMINATION

Outcomes Based
Methodologies/
Strategies &
Approaches
Problems)

Learning
Outcomes

Time
Allotment

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Determine the
proper recognition
and presentation of
investment
properties

2 HRS

Risk-taking

Learning
Contracts
Seatwork
Quiz

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Determine the
proper recognition
and presentation of
intangible assets

6 HRS

Accountability

Learning
Contracts
Seatwork
Quiz

Library and Internet


Research
Problem Solving
(Actual CPA Board
Problems)

Determine the
proper accounting
treatment for
impairment of
assets

3 HRS

Integrity

Learning
Contracts
Seatwork
Quiz

SUBTOTAL
TOTAL

Values

Evaluative
Measures

PRC TOS

3 HRS
36 HRS
108 HRS

Grading System:
For Professional Board Examination Subjects: the cut-off score is 70%. The highest possible grade is ninety-nine (99); the lowest passing grade is seventy-five (75); and the lowest failing grade is
sixty-five (65).
First grading Class standing = 70 % ; Exam = 30 %
Midterms
Class standing = 60 % ; Exam = 40 %
( Tentative Midterm Grade x 2 + First Grading ) / 3 = Midterm Grade
Finals
Class standing = 50 % ; Exam = 50 %
( Tentative Final Grade x 2 + Midterm Grade ) / 3 = Final grade
Textbook and References:
TEXTBOOK
Course Number
ACCTNG1 (6 units)

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Effectivity:
First Semester SY 2013 - 2014

Date Revised
May 29, 2013

Page 8 of 10

Millan, Zeus Vernon B. Financial Reporting: Theory and Practice (Intermediate Financial Accounting) Volume 1. 2013 ed.
REFERENCES
Doupnik, Timothy. International Accounting. 2nd ed. Boston: McGraw, c2009.
Valix, Conrado T. Financial Accounting Volume 1. 2010 rev. ed. Manila: GIC, c2010.
Wild, John J. Financial Accounting: information for decisions. 4th ed. Boston: McGraw/Irwin, 2008.
Lam, Nelson. Intermediate financial reporting: an IFRS perspective. Singapore: McGraw, c2009.
Powers, Marian. Financial and Managerial Accounting Principles, 9th ed. Australia: Cengage, 2011.
Reeve, James M. Principles of Accounting 24th ed. Australia: Cengage, c2012.
Jones, Mowen, Hansen, Heitger, Rich. (2012). Financial and Managerial Accounting: The Cornerstones of Business Decisions 2 nd Edition. US: Southwestern CENGAGE Learning. C2012
Internet sites
http://www.iasplus.com
http://www.picpa.com.ph
http://www.skousen.swcollege.com
http://www.sec.gov.ph
http://www.dlsu.edu.ph
http://accounting.swlearning.com
http://stice.swlearning.com
http://www.numa.com/
www.mhhe.com
PREPARED BY
ACC/TAX/BL GROUP

NOTED BY

MS. ALLYN C. GARIBAY


Assigned Librarian
Course Number
ACCTNG1 (6 units)

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Effectivity:
First Semester SY 2013 - 2014

Date Revised
May 29, 2013

Page 9 of 10

MR. RHAD VIC F. ESTOQUE, MBA, CPA


Program Chair
APPROVED BY
DR. KAREEN B. LEON, CPA
Dean, SBAA

Course Number
ACCTNG1 (6 units)

Description:
INTERMEDIATE ACCOUNTING 1/ FINANCIAL
REPORTING 1

Effectivity:
First Semester SY 2013 - 2014

Date Revised
May 29, 2013

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