ac 511 syllabus 2010
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UNIVERSITY OF SAN CARLOSCollege of Commerce
Department of Accountancy
Course No. : AC 511
Course Title : Advanced Financial Accounting and Reporting Part I
Credit : 3 units
Pre-requisite Course : AC 506 Financial Accounting and Reporting Part II
Class Schedule : _________
Venue : _____________
Instructor : _____________
Consultation Hoursand Location : __________
Overview of the Course
This course deals with special contemporary accounting issues in the practice of accountancy. It includes the proper application of contemporary accounting techniques and methodology to advanced accounting problems and situations like branch and home office relationship, special revenue recognition principles.
This course is designed to provide the student with conceptual knowledge of financial accounting for business enterprises. It covers discussions on financial reporting, and disclosures in conformity with Philippine Accounting Standards (PAS), Philippine Financial Reporting Standards (PFRS), and International Financial Reporting Standards (IFRS).
Course Description
This course is the first part of advanced accounting. It discusses advanced accounting principles applicable to special problems encountered by business entities and accounting practitioners as well. It also covers the basic principles and concepts underlying income recognition and measurement. Greater in-depth understanding and higher level of analytical and critical thinking are required compared to the fundamental and intermediate accounting courses.
Course Objectives
During the semester, the students are expected to:
1. understand the fundamental principles, concepts, and theories associated with business operations involving home office and branch, installment sales, franchise, and long-term construction contracts;
2. be familiar with the basic concepts and underlying principles involved in accounting for joint ventures, fire insurance and build-operate-transfer scheme;
3. demonstrate the competencies required in the practice of the accountancy 1
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as a competent and socially responsible professionals; and
4. recognize the issues and developments in the practice of accountancy relevant to the needs of the local, national, and global communities in a rapidly changing world.
Classroom Management
1. Attendance is a MUST. You may incur only ten (10) absences for MWF schedules or seven (7) absences for TTH schedules. Otherwise, you will automatically be dropped from class and receive a grade of either NC (No Credit) or a failing grade of 5.0 whichever is applicable.
2. Students who incur three (3) absences will be asked by the instructor to see the Department Chair to secure permission to be re-admitted to class. A re-admission slip should be properly accomplished for this.
3. Tardiness is discouraged. Make sure that you come to class on time. It is a source of irritation and class disruption when students arrive late. Students who arrive 15 minutes after the start of class are considered tardy. Please note that three (3) tardiness is equivalent to one (1) absence.
4. A permanent seat plan will be made at the start of the semester. You are advised to keep to your assigned seating arrangement; otherwise, you will be marked absent for that day.
5. Classes should always start and end with a short prayer. The instructor can opt to lead the prayer or assign students to do this alternately.
6. Students should assist in maintaining the orderliness and cleanliness of the classrooms. Graffiti writing is strictly prohibited. Any student found violating this rule will be punished with the appropriate sanction. Before leaving the classroom, the instructor with the help of the students, should ensure that no litter/garbage is left behind and that chairs are in their proper order. Should the class be the last schedule for the day, the instructor should arrange that the lights and air conditioning units are switched off.
7. Going out of the classroom at any time is strictly discouraged. Make it a habit to go to the restroom during your vacant period or before the start of your classes. If you must visit the restroom, permission should be sought from the instructor.
8. Use of mobile phones inside the classroom is strictly prohibited. Switch them off or place them under silent mode before entering your classes. The instructor has the right to confiscate mobile phones that rings and/or used during class hours. The confiscated unit can only be claimed from the Dean’s Office at the end of the semester.
9. The teacher reserves the right to ask the student to leave the room if his behavior is disruptive in class.
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10.It is your responsibility to properly schedule your classes so that meals and snacks will be taken at its proper time.
11.Students are encouraged to see the instructor during consultation hours for any concerns, questions and assistance with regards to the course.
Learning Activities
To aid in higher knowledge retention, recall and application, varied and effective learning activities will be done such as lectures / discussions; practice tests; individual assignments; and problem solving exercises.
Evaluation/Grading System
This course will follow the standard grading system of the university as follows:
For the Midterm Grade: Tests/Quizzes 1/3 Other Requirements 1/3 Midterm Examination 1/3 For the Final Grade: Midterm Grade 1/3 Class Standing after Midterm 1/3 Final Examination 1/3
For purposes of transmutation, the course will use the following grade equivalents (at 50% passing):
Grade Equivalent
1.0 - 100 1.9 - 78 to 791.1 - 98 to 99 2.0 - 75 to 771.2 - 95 to 97 2.1 - 73 to 741.3 - 93 to 94 2.2 - 70 to 721.4 - 90 to 92 2.3 - 68 to 691.5 - 88 to 89 2.4 - 65 to 671.6 - 85 to 87 2.5 - 63 to 641.7 - 83 to 84 2.6 - 60 to 621.8 - 80 to 82 2.7 - 56 to 59
2.8 - 55 to 572.9 - 53 to 543.0 - 50 to 52
Below 3.0 is equivalent to a failing grade or 5.0
Course Requirements
Class Standings will include the following components:
1. Regular class attendance and punctuality2. Pre-tests
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3. Class participation4. Seatwork5. Individual research reports6. Unit tests and quizzes7. Practice Tests
Course Content and Schedule
Orientation Introduce to the students the University Vision and Mission, College of
Commerce aims, and Department of Accountancy objectives. Discuss classroom rules and policies. Check admission slips.
Course Introduction Present the course syllabus as to scope, sequencing of subject matter,
course requirements, and evaluation and grading system. Distribute individual copies of the course syllabus.
Week 1 3 hours
Orientation1. Remind the students of the University Vision and Mission, College of
Commerce aims, and Department of Accountancy objectives.2. Discuss classroom rules and policies.3. Check admission slips.4. Group the students.
Course Introduction1. Present the course syllabus as to scope, sequencing of subject matter,
course requirements, and evaluation and grading system.2. Distribute individual copies of the course syllabus.
Week 2 - 3 6 hours
Unit I Accounting for Agency Transactions
Sales agency and branch contrasted Accounting for sales agency
Agency net income determined separately Agency net income not determined separately
Unit II Accounting Branch Operations
Home Office and Branch Accounting Recording transactions between home office and branch Preparation of separate financial statements of branch and home office
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Preparation of combined financial statements for home office and branch Reconciliation of home office and branch accounts (reciprocal accounts)
Week 4 - 6 9 hours
Unit III Accounting for Branch Operations
Special problems Interbranch transactions involving transfer of cash and merchandise Branch billing at amounts other than cost Freight costs on shipments Home office – branch expense allocation Determination of branch true income Preparation of combined income statement
Week 7 - 9 9 hours
Unit IV Accounting for Installment Sales
Nature and characteristics of installment sales Methods of recognizing gross profit on installment sales Accounting procedures governing installment sales
Sale of personal property Sale of real estate property
Trade-ins Repossessions Interest computation using annuity method
Preparation of financial statements
Week 10 MIDTERM EXAMINATIONS
Week 11 3 hours
Unit V Accounting for Consignment Sales
Nature and operation of consignment sales Accounting for consigned goods
Consignor’s books Consignee’s books
Income determination Completed consignment Uncompleted consignment
Preparation of financial statement from the viewpoint of the consignor5
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Week 12 – 13 6 hours
Unit VI Accounting for Long term Construction Contracts
1. Accounting for long term construction contracts Percentage of completion method Cost recovery or zero-profit method
Revision of estimates Change order
Week 14 - 15 6 hours
Unit VII Accounting for Financially Distressed Corporations
Insolvency/Bankrupt Defined and Differentiated Voluntary vs. Involuntary Secured vs. Unsecured Creditors Assignee, Trustee, Receiver Proceedings
Remedies Available for Relief of Debtor Equity Insolvency Bankruptcy Insolvency
Statement of Affairs Nature, purpose and Importance Form and Content Computation of Amount Available, Rate of Estimated Payment and
Deficiency to unsecured Creditors Preparation of the Statement of Affairs and the Supporting Deficiency
Statement Statement of Realization and Liquidation
Nature, Purpose and Importance Form and Content Analysis of Transactions and its Effect on the Statement Preparation of the statement of realization and liquidation
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Week 16 3 hours
Unit VI Commercial Franchise Operations (Point of View of Franchisor)
1. Methods of recognizing revenue Accrual basis Installment basis
2. Accounting for initial franchise fees and continuing franchise fees3. Determination of Net Income earned by the franchisor.
Week 17 - 18 6 hours
Unit VIII Joint Venture and Associated Enterprises and Fire Insurance
1. Accounting for Joint venture and associated enterprises Recording of transactions Financial reporting of interests in joint venture
2. Accounting for Fire insurance (point of view of insurer) Recording of transactions Measurement of income
Week 19 FINAL EXAMINATION
Bibliography
A. Books
Guerero, P., Peralta, J., Advanced Accounting. Volume One. 2008 edition, GIC Enterprises and Co., Inc, C2008
Guerero, P., Peralta, J., Advanced Accounting. Volume Two. 2008 edition, GIC Enterprises and Co., Inc, C2008
Skousen, K. F., Stice E. K. Stice, J. D., Intermediate Accounting. 15th edition, South-Western College Publishing, C2004.
Statement of Financial Accounting Standard. Compiled by the Accounting Standards Council, PICPA.
Kinnel, Kieso & Weygandt, Financial Accounting. 3rd edition, John Wiley and Sons, Inc., C2004.
Valix & Peralta, Financial Accounting. 2000 edition.
Epstein B. J., Mirza., International Accounting Standards. C2001.
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B. Website
Intermediate Accounting, Skousen: http//:skousen.swcollege.com
Intermediate Accounting, Kieso & Weygandt: http://www.wiley.com/college/kieso
International Accounting Standard, John Wiley & Sons:http://www.wiley.com/gaap
Practical Accounting: http://www.booksites.net/benedict
FASB: http://www.rutgers/edu/accounting/raw/fasb
IFAC: http://www.ifac.org
Attach a copy of the school calendar and mark the weeks corresponding to the course schedule.
2010 Revision
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