ACCO 30013 Accounting FOR Special Transactions 2019 PDF

Preview

Summary

COURSE SYLLABUS AND LEARNING PLANCOURSE TITLE : ACCOUNTING FOR SPECIAL TRANSACTIONSCOURSE CODE : ACCO 30013nullCOURSE CREDIT : 3 UNITSPRE-REQUISITE : ACCO 20053, ACCO 20063 and ACCO 20073COURSE DESCRIPTION : This course deals with specialized accounting problems likely to be encountered by accountan...

Description

Republic of the Philippines

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES Office of the Vice President for Academic Affairs

COLLEGE OF ACCOUNTANCY & FINANCE COURSE SYLLABUS AND LEARNING PLAN COURSE TITLE

:

ACCOUNTING FOR SPECIAL TRANSACTIONS

COURSE CODE

:

ACCO 30013

COURSE CREDIT

:

3 UNITS

PRE-REQUISITE

:

ACCO 20053, ACCO 20063 and ACCO 20073

COURSE DESCRIPTION

:

This course deals with specialized accounting problems likely to be encountered by accountants. The study of the various topics in this course is based upon fundamental valuation accounting and accounting theory as applied to special income and expense recognition method and expanded business operations. This course includes specialized problems in partnership accounting; accounting for joint arrangement and associated enterprises (including I AS no. 28 and IFRS 11 and 15); accounting for domestic branches; accounting for consignment and installment sales; accounting for long-term construction contracts and franchising.

Institutional Learning Outcomes Creative and Critical Thinking Effective Communication Strong Service Orientation Passion to Life-Long Learning Sense of Personal and Professional Ethics 6. Sense of Nationalism and Global Responsiveness 7. Community Engagement 8. Adeptness in the Responsible Use of Technology 9. High Level of Leadership and Organization Skills 1. 2. 3. 4. 5.

Programs Outcomes A graduate of Bachelor of Science in Accountancy and Bachelor of Management Accounting should be able to: a. Demonstrate working knowledge in the areas of financial accounting and reporting, cost accounting and cost management, management accounting, auditing, accounting information systems and accounting research. b. Demonstrate self-confidence in performing functions as a professional accountant. c. Employ technology as a business tool in capturing financial and non-financial information, preparing reports and making decisions. d. Apply acquired knowledge and skills to pass professional licensure/certification examinations e. Appraise ethical problems/issues in practical business and accounting situations and recommend appropriate course of action that adheres to the professional code of ethics.

1

Course Outcomes Upon completion of the course, the students will be able to: a. Apply the fundamental concepts of income recognition in accounting for installment sales, longterm construction contracts, franchising and consignment b. Apply the law on Partnerships and understand the essential elements and general aspects in accounting for partnership formation, division of profits and losses, change in ownership, death & retirement of a partner, and liquidation of partnership

DETAILED LEARNING PLAN: WEEK NO.

NO. OF HOURS

TOPIC Orientation on classroom policies Discussion of course syllabus

1

1.0

2.0

PARTNERSHIP ACCOUNTING  Nature, definition and characteristics of partnership  Formation  Operation;

LEARNING OUTCOME

METHODOLOGIES

After orienting the students about classroom management policies and about the topics covered in this course, the learner will be able to:  Understand the policies on attendance, integrity, grading system and the contents of the course.  Elect classroom officers  Prepare seatplan

Lecture/Discussion

st

After discussing the 1 topic, the learner will be able to:  Define different types of partnership and kinds of partners  Journalize formation of a partnership (partners investing for the first time and existing businesses forming a partnership)  Journalize typical transactions of a partnership  Compute and journalize division of profits  Prepare schedule to show profit distribution-bonus and salaries as expenses and as share in profit  Construct statement of changes in partners’ equity, partnership balance sheet and income satement (showing division of profit)

      

Lecture/discussion Powerpoint presentation Problem solving Assignments Seatwork Boardwork Submission of actual articles of copartnership and financial statements of a partnership business

RESOURCES/ REFERENCES Subject syllabus.

Instructional Materials in Accounting for Special Transactions Advanced Accounting by Baysa and Lupisan, Part 1 Advanced Financial Accounting and Reporting by Dayag, Volume 1 Advanced Accounting by Guerrero and Peralta, Volume 1 Instructional Materials in Accounting for Special Transactions

2

ASSESSMENT Elect classroom officers; Prepare Seat Plan for the class; Students to discuss expectations from the subject.

2-3

4-6

7-9

6

9

9

PARTNERSHIP DISSOLUTION  Admission of new partner  Retirement or withdrawal of a partner  Death, incapacity, bacnkruptcy of a partner  Incorporation of a partnership

After discussing the topics, the learner will be able to:  Define and characterize dissolution of a partnership  Journalize dissolution cases using bonus and asset revaluation methods  Journalize incorporation of partnership and prepare the balance sheet immediately after incorporation

      

PARTNERSHIP LIQUIDATION  Dissolution with liquidation  Liquidation types – lump sum and installment  Procedures in liquidation  Journal entries and preparation of statement liquidation

After discussing the topics, the learner will be able to:  Differentitate dissolution from liquidation of a partnership  Journalize the realization of non-cash assets, payment of liabilities and final settlement to partners in lump sum and installment liquidation  Prepare statement of liquidation with supporting schedules of cash distribution (periodic schedule of payment and cash priority program)

      

CORPORATE LIQUIDATION:  Statement of Affairs  Trusteeships Operations  Statement of Realization and Liquidation

After thorough discussion of the topics, the learner will be able to:  Prepare Statement of affairs with deficiency schedule  Journalize transfer of assets from financially distressed company to trustee  Prepare Statement of Realization and Liquidation

  

Lecture/discussion Powerpoint presentation Problem solving Assignments Seatwork Boardwork Groupwork

Instructional Materials in Accounting for Special Transactions

Recitation Boardwork Group work

Advanced Accounting by Baysa and Lupisan, Part 1

Quiz 1. Test materials regarding partnership formation & division of profits and losses, and dissolution

Advanced Financial Accounting and Reporting by Dayag, Volume 1 Advanced Accounting by Guerrero and Peralta, Volume 1

Lecture/discussion Powerpoint presentation Problem solving Assignment Seatwork Boardwork Groupwork

Instructional Materials in Accounting for Special Transactions Advanced Accounting by Baysa and Lupisan, Part 1 Advanced Financial Accounting and Reporting by Dayag, Volume 1

Recitation Boardwork Quz 2. Quiz on liquidation of partnership (basic only) applying sumpsum and installment liquidation Quiz 3. Quiz on installment liquidation (advanced problems)

Advanced Accounting by Guerrero and Peralta, Volume 1



 3

Lecture/discussion PPT presentation Solving problems/exercises – aplication of the theory Group work: Analyzing more complex problems/cases/situatio ns then present solutions/findings to class Assignments

Instructional Materials in Accounting for Special Transactions Advanced Financial Accounting and Reporting by Dayag, Volume 1 Advanced Accounting by Guerrero and Peralta, Volume 1

Quiz 4. Quiz on Corporate Liquidation

Advanced Accounting by Baysa and Lupisan Volume 2

MIDTERM DEPARTMENTAL EXAMINATION

10-11

12-13

6

6

CONSIGNMENT SALES  Definition, nature and characteristics  Accounting for consignment sales INSTALLMENT SALES  Definition, nature and characteristics  estate dealers

After discussing the topics, the learner will be able to:  Differentiate consignment sales from installment sales  Compute remittance from the consignee, net income resulting from consignment transactions and value of merchandise in the hands of the consignee

       

Lecture/discussion Powerpoint presentation Problem solving Assignment Seatwork Boardwork Groupwork submission of actual financial statements showing installment sales and regular sales

Instructional Materials in Accounting for Special Transactions

LONG TERM CONSTRUCTION CONTRACTS  Nature of construction business  Definition of terms and accounts used by construction business  Percentage of completion (cost to cost)  Long terms construction constracts with mobilization fee, retention fee and penalty clause  Journal entries and preparation of financial statements

After discussing the topics, the learner will be able to:  Define different terms or accounts used in construction contracts  Compute and journalize realized gross profit using percentage of completion method  Journalize billings and collections with mobilization fee, retention fee and penalty clause  Prepare financial statements of a construction company

       

Lecture/discussion Powerpoint presentation Problem solving Assignments Seatwork Boardwork Groupwork submission of actual financial statements showing installment sales and regular sales

Instructional Materials in Accounting for Special Transactions

4

PFRS 15

Recitation Seatwork Quiz 5. Quiz on Consignment and Installment sales Recitation/Boardwork/seat work

Advanced Financial Accounting & Reporting by Dayag, Volume 1 PFRS 15

14-15

16-18

6

9

FRANCHISE  Nature and definition  Methods of accounting for initial franchise fee and related cost of franchise revenue prior to substantial performance of service and upon substantial performance of services

After discussing the topics, the learner will be able to:  Describe and compare the different types of franchise arrangements  Explain how franchise companies derive their income  Compare and journalize the different methods of accounting for initial franchise fee and the related cost of franchise revenues – prior to substantial performance and upon-substantial performance of service

ACCOUNTING FOR HOME OFFICE, BRANCHES AND AGENCIES  Nature and definition of agency/branch  Accounting for agencies and branches  Preparation of combined finanancial statements  Reconciliation of reciprocal accounts  Special problems in branch accounting such as interbranch transfer of cash and merchandise at above cost; shipments/returns of merchandise at above cost

After discussing the topics, the learner will be able to:  Define and compare agency and branch  Journalize formation of agency and branch  Prepare financial statements for agency and branch  Prepare working papers for combined financial statements with emphasis on elimination entries)  Prepare combined financial statements  Journalize interbranch cash and merchandise transfers (at cost and above cost)  Journalize shipments and returns of merchandise shipped at above cost.

5

       

Lecture/discussion Powerpoint presentation Problem solving Assignment Seatwork Boardwork Groupwork submission of sample franchise contracts

       

Lecture/discussion Powerpoint presentation Problem solving Assignments Seatwork Boardwork Groupwork submission of sample franchise contracts

Instructional Materials in Accounting for Special Transactions

Quiz 6. Quiz on longterm construction contracts and franchising

PFRS 15

Instructional Materials in Accounting for Special Transactions

Quiz 7. Quiz on journalizing basic home office/branch transaction including reconciliation of reciprocal accounts Quiz 8. Special problems in branch/home office accounting

FINAL DEPARTMENTAL EXAMINATION 54.00 GRADING SYSTEM Class Standing Quizzes Assignments,seatworks, recitation Practice set Attendance, right conduct Departmental examination Total

70% 70% 10% 10% 10% 30% 100%

st

nd

Final Grade = (1 Grading Period + 2 Grading Period) 2 REFERENCES (Reading Materials)  Baysa, Gloria T., Lupisan Ma. Concepcion. Advanced Accounting  Dayag, Antonio, Advanced Financial Accounting and Reporting Volume 1, 2019 ed  Guerrero and Peralta, Advanced Accounting, 2018 ed  Rante, Liz, Ruado and Binaluyo, Instructional Materials in Accounting for Special Transactions th  CIRC HF 5635 C57 2014, Christensen, Theodore E., Advanced financial accounting, 10 ed., 2014 nd  CIRC HF 5636 T364 2015, Tan Hock Neo, Pearl Advanced financial accounting: an IAS and IFRS approach, 2 2015 th  CIRC HF 5636 S85 2014, James D. Stice, Intemediate accounting, 19 ed., 2014 th  CIRC HF 5636 .H693 2015, Hoyle, Joe Ben, Fundamentals of advanced accounting 6 ed., 2015 CLASSOOM POLICIES: ATTENDANCE The allowed number of absences for students enrolled in ACCO 30013 with onc e-a-week meeting is three (3). Request for excused absences or waiver of absences must be presented upon reporting back to class. Special examinations will be allowed only in special cases, such as prolonged illne ss. It is the responsibility of the student to monitor his/her own tardy incidents and absences that might accumulate leading to a grade of “FA,” (Failed due to Absences). It is also his/her responsibility to consult with the teacher, chair or dean should his/her case be of special nature. ACADEMIC HONESTY All BSA and BSMA students are expected to be academically honest. Cheating, lying and other forms of immoral and unethical behavior will not be tolerated. Any student found guilty of cheating in examinations will (at a minimum) receive a grade of 5.0 or failure in the course requirement or in the course.

6

Prepared by the Committee on ACCO 30 013 Syllabus Revision:

Jonald P. Binaluyo Member

Elsa R. Ruado Member

Ma. Delia M. Liz Chair

Reviewed by:

Recommending Approval by:

GLORIA A. RANTE Chairperson, Higher Accounting

LILIAN M. LITONJUA Dean

Approved by: Dr. MANUEL M. MUHI Vice President for Academic Affairs

7

Student’s Copy I have read the course syllabus and I understand that I have to comply with the requirements of the course and the expectatio ns from me as a student of ACCO 30013 during the First Semester of SY 2019-2020. I am fully aware of the consequences of non-compliance with the above-mentioned requirements and expectations.

Printed name and signature of student

Date ----------------------------------------------------------------------------------------------------------------------Teacher’s Copy I have read the course syllabus and I understand that I have to comply with the requirements of the course and the expectatio ns from me as a student of ACCO 30013 during the First Semester of SY 2019-2020. I am fully aware of the consequences of non-compliance with the above-mentioned requirements and expectations.

Printed name and signature of student

Date Effective School Year 2019-2020

8...