Republic of the Philippines

City of Olongapo
GORDON COLLEGE
Olongapo City Sports Complex, East Tapinac, Olongapo City
Tel. No. (047) 224-2089 loc. 314

College of Business and Accountancy

Program: Bachelor of Science in Accountancy

Course Code: ACC 101

Course Title: Fundamentals of Accounting Part I

Course Description:

This course provides an introduction to accounting, within the context of business and business
decisions. Students obtain basic understanding of the principles and concepts of accounting as well as
their applicability and relevance in the national context and learn how to use various types of
accounting information found in financial statements and annual reports. Emphasis is placed on
understanding the reasons underlying basic accounting concepts and providing students with an
adequate background on the recording, classification and summarization functions of accounting to
enable them to appreciate the varied uses of accounting data.

Course Learning Outcomes:

1. Understand the role of accounting in the business and the double entry system

2. Prepare the journal entries and post it to the ledger

3. Prepare the trial balance

4. Prepare the worksheet including adjusting entries

5. Preparation of financial statements

6. Journalize and post adjusting entries

7. Closing entries

8. Prepare the post – closing trial balance

9. Prepare the reversing entries.

10. Understand the special and combination journals and voucher system

11. Prepare the payroll.

Schedul Module Number and Learning Objectives Topics and Teaching and Learning
e Title (most essential learning Key Concepts Learning Materials Tasks
competencies) and Resources

1st Week Module1: After studying this chapter, Accounting Basic Financial Activities in
you should be able to: Overview Accounting and your text
Accounting & Its Reporting by book:
Environment Define accounting and explain Accounting Win Ballada.
its role in business History (21st Edition Discussion
onwards) questions,
Have a fair knowledge of the Fundamentals True or
evolution of accounting and of Accounting Laptop and internet. False,
Multiple
find how it affected accounting
Types of YouTube, Choice
pedagogy, policy and practice Business Messenger, Gmail
Discuss the basics of ASEAN Forms of
and recognize how it will Business
affect accountancy practice in Organizations
the region

Describe the fundamental

business model and find how it
is applied to the various types
of businesses

Distinguish between the

different forms and activities
of business organizations

Explain the importance of the

purpose and phases of
accounting

Ascertain the need to adapt Fra

Luca Paciolli’s system for the
modern times

Explain the fundamental

accounting concepts and
principles

Summarize the salient features

of the Accounting Act of 2004,
the Core Competencies
Framework and the Code of
Ethics for Professional
Accountants and harness them
to attain professional
advancement

Explain why ethics are crucial

 in accounting

Identify and discuss the career

opportunities open to
accountants

2nd and Module 2: After studying this chapter, Types of Basic Financial Activities in
3rd Week you should be able to: Financial Accounting and your text
The Accounting Statements Reporting by Win book:
Equation and the Describe the parts of an Ballada. (21st
Double- Entry information system Elements of Edition onwards Discussion
System Financial questions,
Explain how an accounting Statement, Multiple
information system helps the classification, Choice,
characteristics True or
decision makers
and sample False and
Define the elements of accounts. Laptop and internet Problem
solving
financial statements Accounting YouTube,
Equation messenger, and
Describe the account (the
Gmail
simple T- Account) and its Debits and
uses Credits

Understand what is meant by Normal

the accounting equation and Balance of an
prove the validity of the Account
“mirror image” concept
Financial
Understand what is meant by Transaction
the double-entry system Worksheet

Explain how the double-entry

system follows the rules of the
accounting equation

Define debits and credits

Summarize the rules of debit

and credit as applied to
balance sheet and income
statement accounts

Describe the nature of the

typical account tiles used in
recording transactions

Analyze and state the effects

of business transactions on an
entity’s assets, liabilities and
owner’s equity and record
these effects in accounting
 equation form using the
financial transaction worksheet
and the T-Accounts

Distinguish between revenue

and receipts

4th and Module 3: List and explain in brief the Source Basic Financial Activities in
5th Week sequential steps in accounting Documents Accounting and your text
Recording Business cycle Reporting by Win book:
Transactions Accounting Ballada. (21st
Identify the general journal as Cycle Edition onwards Discussion
the book of original entry questions,
The journal, Multiple
Detail the standard contents of ledger, format Choice,
True or
the general journal
Simple and False and
Outline the steps in analyzing Compound Laptop and internet Problem
Entry solving
transactions and state the role YouTube,
of source documents Locating Errors messenger, and
Gmail
Analyze the impact of
transaction on the elements
and the specific accounts

Apply the rules of debits and

credits in analyzing business
transactions

Journalize transactions in
proper form

Describe a general ledger and

understand what purpose it
serves

Post entries from the general

journal to the general ledger

Distinguish between
permanent and temporary
accounts

Develop a chart of accounts

Prepare and explain the use of

a trial balance

Perform steps in locating and

correcting errors

6th and Module 4: Explain accrual accounting Accrual Basis Basic Financial Activities in
7th Week and state how it improves Accounting and your text
Adjusting the financial statements Periodicity Reporting by Win book:
Accounts Concept Ballada. (21st
Explain the importance of Edition onwards Discussion
periodic reporting and time Need for questions,
period assumption Adjustments Multiple
Choice,
Explain the recognition and Deferral and True or
Accruals False and
derecognition process
Laptop and internet Problem
Identify the types of solving
YouTube,
adjustment and their purposes messenger, and
Gmail
Illustrate how accounting
adjustment like to financial
statements

Use the same steps learned in

analyzing transactions

Prepare and explain the

adjusting entries

Interpret the effects of

omitting adjustments on the
financial statements

Develop skills in preparing

adjusting entries using T-
Accounts

Summarize the adjustment

process showing the type of
adjustment, the effect in
omitting the adjusting entry on
the financial statements and
the adjusting entry

Prepare the adjusted trial

balance

Explain the alternative

methods of recording deferrals

MIDTERM

9th and Module 5: Describe the flow of The worksheet Basic Financial Activities in
10th accounting information from Accounting and your text
Week Worksheet and the unadjusted trial balance Preparing the Reporting by Win book:
Financial Statements Worksheet Ballada. (21st
into the adjusted trial balance
Edition onwards Discussion
and finally, into the income Preparing the questions,
 statement and balance sheet Financial Multiple
columns of the worksheet Statements Choice,
a. Income True or
Prepare accurately and in good Statement False and
form a ten-column worksheet b. Statement of Problem
Changes in solving
Understand and appreciate the Equity Laptop and internet
usefulness of financial c. Statement of
Financial YouTube,
statements
Position messenger, and
Develop the skills in the d. Cash Flow Gmail
preparation of financial
statements

Describe how the

financial statements
are interrelated

11th Module 6: Explain why temporary Closing Entries Basic Financial

Week accounts are closed each Post Closing Accounting and Activities in
Completing the period Trial Balance Reporting by Win your text
Accounting Cycle Ballada. (21st book:
Recognize the need for a post- Edition onwards
closing trial balance and Discussion
questions,
reversing entries in particular
Multiple
instances Choice,
True or
Prepare and post adjusting Laptop and internet False and
entries, closing entries and Problem
reversing entries YouTube, solving
messenger, and
Prepare a post-closing trial Gmail
balance

12th Module 7: Describe merchandising Operating Basic Financial Activities in

Week activities and identify the Cycle of Accounting and your text
Merchandising income components for a Merchandising Reporting by Win book:
Operations Business Ballada. (21st
merchandising entity
Edition onwards Discussion
Distinguish between income Source questions,
Documents Multiple
statements of service and
Choice,
merchandising entities Cash Discounts True or
False and
Illustrate the operating cycle of Trade Laptop and internet Problem
a merchandising entity Discounts solving
YouTube,
Be familiar with the different Transportation messenger, and
source documents being used Costs Gmail
by merchandising entities FOB shipping
Point
Compare cash discounts and FOB
 trade discounts Destination

Summarize the treatment of Value Added

transportation costs Tax
considering the freight terms
FOB Destination, FOB
Shipping Point, Prepaid and
Freight Collect

Explain the inventory systems

of merchandising entities

Analyze and record

transactions for merchandise
sales under a periodic
inventory system

Analyze and record

transactions for merchandise
purchased under a periodic
inventory system

Prepare the entries showing

the effects of value-added tax
on merchandising transactions

Compare and contrast the

entries needed for the periodic
and perpetual inventory
system

13th Module 8: Recognize the need for a Adjusting. Basic Financial Activities in
Week physical count and analyze the Closing Accounting and your text
Completing the effects of omitting the Entries. Reporting by Win book:
Cycle for a Ballada. (21st
procedure
Merchandising Preparing the Edition onwards Discussion
Business Determine the entries for worksheet. questions,
Multiple
merchandise inventory using
Preparing the Choice,
either the adjusting entry Financial True or
method or the closing entry Statements. False and
method Laptop and internet Problem
solving
Prepare the adjusting entries YouTube,
for a merchandising entity messenger, and
Gmail
Recognize the need for a
worksheet and summarize how
the new accounts related to
merchandising transactions are
 handled in the worksheet

Prepare accurately and in good

form a ten-column worksheet

Understand and appreciate the

usefulness of financial
statements

Develop skills in the

preparation of financial
statements

Compare income statements

prepared under the nature of
expense and function of
expense methods

Explain why temporary

accounts are closed each
period

Recognize the need for a post-

closing trial balance and
reversing entries in particular
instances

Prepare closing entries, post-

closing trial balance and
reversing entries

Explain how the worksheet

under a perpetual inventory
system differs from that
prepared under a periodic
inventory system

14th Module 9: Understand the limitations of Control and Basic Financial Activities in
Week using the general journal and Subsidiary Accounting and your text
Special and the general ledger Ledgers Reporting by Win book:
Combination Ballada. (21st
Journals, and Describe the use of controlling Special Edition onwards Discussion
Voucher System accounts and subsidiary Journals questions,
[Link] Journal Multiple
ledgers
2. Cash Choice,
Receipts True or
Explain the goals and uses of
journal False and
special journals 3. Purchase Laptop and internet Problem
Journal solving
Record transactions using 4. Cash YouTube,
special journals Disbursements messenger, and
Journal Gmail
 Post transactions to the general
and subsidiary ledgers

Prepare and prove the

accuracy of subsidiary ledgers

Prepare schedules of accounts

receivable and accounts
payable

Explain the distinguishing

features of the voucher system

15th Module 10: Compare the activities Manufacturing Basic Financial Activities in
Week prevalent to merchandising Inventory Accounting and your text
Manufacturing and manufacturing entities Accounts Reporting by Win book:
Operations Ballada. (21st
Identify the elements of Edition onwards Discussion
manufacturing costs questions,
Multiple
List the manufacturing Choice,
True or
inventory accounts
False and
Show the pro-forma entries of Laptop and internet Problem
solving
the common transactions for a YouTube,
manufacturing entity messenger, and
Gmail
Prepare a statement of cost of
goods manufactured

Prepare a statement of cost of

goods sold

Pinpoint the differences in the

worksheet of a manufacturing
entity as compared to a
merchandising entity

16th Module 11: Recognize the terms used in Accounting for Basic Financial Activities in
Week payroll accounting Payroll Accounting and your text
Payroll Reporting by Win book:
Explain the basic labor laws Ballada. (21st
affecting the gross pay Edition onwards Discussion
computation questions,
Multiple
Explain the major programs Choice,
True or
mandated to take care of
False and
employee benefits Laptop and internet Problem
solving
Understand and compute YouTube,
employees’ payroll deductions messenger, and
an employers’ payroll Gmail
 expenses

Identify and describe the

payroll system

Prepare the payroll register

Journalize payroll-related
entries

Apply internal control over

payrolls

NOTE:

MODULES - ALL ANSWERS SHOULD BE WRITTEN ON A YELLOW PAD, 2-COLUMN

JOURNAL PAPER, 10-COLUMN WORKSHEET. COMPUTERIZED ANSWERS
WILL NOT BE ACCEPTED. ALL HARD COPIES WILL BE SUBMITTED ON THE
DATE THAT I WILL REQUIRE AT MINISTOP ULO NG APO.

QUIZZES/MAJOR EXAMS- SCAN COPY OF YOUR EXAMS SHOULD BE UPLOADED ON

THE TIME GIVEN. CORRESPONDING POINTS WILL BE
DEDUCTED FOR LATE SUBMISSION.
HARD COPIES SHOULD ALSO BE SUBMITTED AT MINISTOP
ULO NG APO.

MIDTERM GRADE – QUIZZES 50%

MODULES 10%
CLASS PARTICIPATION 10%
MIDTERM EXAM 30%

TENTATIVE FINAL GRADE

. QUIZZES 50%
MODULES 10%
CLASS PARTICIPATION 10%
FINAL EXAM 30%

FINAL GRADE
MIDTERM GRADE 50%
TENTATIVE FINAL GRADE 50%

TEXT BOOK BASIC FINANCIAL ACCOUNTING AND REPORTING- BALLADA

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