ACTG143 Intermediate Accounting 1 Reviewed PDF

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De La Salle University – Dasmariñas COLLEGE OF BUSINESS ADMINISTRATION AND ACCOUNTANCY ACCOUNTANCY DEPARTMENT COURSE SYLLABUS COURSE CODE COURSE TITLE COURSE TYPE COURSE CREDIT PRE-REQUISITES CO-REQUISITES INSTRUCTOR CONSULTATION

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B-ACTG143 Intermediate Accounting 1 Lecture Six (6) units B-ACT122 None Maurice C. Sabio 9:30 – 10:30 am (M/Th)

COURSE DESCRIPTION This course will give you a deeper appreciation and understanding of the complexity of accounting as you are introduced to the International Financial Reporting Standards (IFRS)/Philippine Financial Reporting Standards (PFRS). It will provide you with the detailed discussion, appreciation and application of the accounting standards in relation to cash and cash equivalents, loans and receivables, inventories, investments, property, plant and equipment, and intangibles. A sound and adequate knowledge of the standard will equip you with the intellectual skills needed to analyze and solve financial accounting problems. It will also expose you to problems and situations that require interpersonal and communication skills which are vital in preparation to your other financial-related subjects. The related internal control, ethical issues and management of assets are also covered. At the end of this course, you should have sufficient theoretical and practical knowledge about accounting to apply concepts learned to almost any situation presented to you in a work environment. COURSE LEARNING OUTCOMES At the end of the course, students are expected to: 1. Apply critical thinking, communication skills and computer literacy by preparing and presenting solutions in class. 2. Demonstrate acquired skills by recognizing, measuring, and presenting transactions related to assets in the financial statements. 3. Construct disclosures by identifying the relevant information required by the accounting standards to be presented as part of the financial statements. 4. Exhibit faith by interpreting, judging, and evaluating classroom realities in the light of the Gospel. 5. Demonstrate the importance of ethics and Christian-like actions in accounting for assets and emphasize the need for relevance, truthfulness, timeliness, integrity, objectivity, and neutrality in the preparation of assets section of the statement of financial position.

6. Recognize and realize the social responsibility of an accounting professional in the computation and presentation of a fairly stated current assets section of the statement of financial statement. LEARNING PLAN TOPIC 1. Cash and cash equivalents Discussion of how concepts are applie in actual practice

2. Receivables

HRS / LEARNING OUTCOME WEEK 15

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Reflect on the Bible verse/Gospel reading • Describe the nature and composition of cash and cash equivalents • Determine how Cash and cash equivalents are measured and recognized in the accounting records • Identify approaches in the management and control of cash (accounting for petty cash fund and bank reconciliation/proof of cash) • Present and disclose Cash and cash equivalents in the financial statements • Apply the concepts related to cash and cash equivalents to problems and cases • Reflect on the Bible verse/Gospel reading • Describe the nature and composition and classification of receivables • Determine how Receivables in the form of accounts, notes, loans and others are measured and recognized in the accounting records (Recognition, initial and subsequent measurement, uncollectibility, impairment and derecognition)

TEACHINGLEARNING ACTIVITY

ASSESSMENT STRATEGY

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• Lecture • Discussion of how concepts are applied in actual practice • Accounting activity simulation • Presentation of sample problems and solutions

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Short Quiz Recitation Assignment Seatwork Long Test Major Exam

Discuss how receivable financing ( Pledging, assignment, factoring, discounting) can aid in raising working capital • Identify approaches in the management and control of Receivables • Present and disclose Receivables in the financial statements • Apply the concepts related to Receivables to problems and cases Main Task: Prelim Examination • Reflect on the Bible • Lecture verse/Gospel reading • Discussion • Describe the nature and of how composition, concepts are classification of applied in Inventories and actual biological assets practice • Determine how • Accounting Inventories in the form activity of raw materials and simulation supplies, work-in• Presentation process, and finished of sample goods are measured and problems and recognized in the solutions accounting records (including estimation techniques used for Inventories) • Identify approaches in the management and control of Inventories (perpetual and periodic methods, physical count, etc.) • Differentiate price change and physical change in relation to Biological assets • Present and disclose Inventories and Biological assets in the financial statements including other inventory related issues such as purchase commitments •

3. Inventories

(PAS 2), including Biological Assets (PAS 41)

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Short Quiz Recitation Assignment Seatwork Long Test Major Exam

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4. Investments (PFRS 7 & 9, including PAS 40)

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5. Property, Plant and equipment (PAS 16) and related standards borrowing cost (PAS 23), government grant (PAS 20), assets held-forsale (PFRS 5) and Impairment (PAS 36)

Apply the concepts related to Inventories and Biological Assets on problems and cases Reflect on the Bible verse/Gospel reading Differentiate financial asset and financial liability Describe the nature and composition and classification of Investments Determine how Investments are measured and recognized in the accounting records (Recognition, initial and subsequent measurement, impairment and derecognition) Present and disclose Investments in the financial statements Apply the concepts related to Investments to problems and cases

• Lecture • Discussion of how concepts are applied in actual practice • Accounting activity simulation • Presentation of sample problems and solutions

Main Task: Comprehensive Midterm Examination • Reflect on the Bible verse/Gospel reading • Describe the nature and • Lecture composition and • Discussion classification of of how Property, plant and concepts are equipment (PPE) applied in • Determine how PPE are actual 18 measured and practice recognized in the • Accounting accounting records activity (Recognition, initial and simulation subsequent • Presentation measurement, of sample depreciation, problems and impairment and solutions derecognition) • Relate the concepts of the other financial reporting standards in

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Short Quiz Recitation Assignment Seatwork Long Test Major Exam

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Short Quiz Recitation Assignment Seatwork Long Test Final Output

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6. Intangibles (PAS 38)

relation to PPE (Borrowing costs, government grants, assets-held-for-sale) Identify approaches in the management and control of PPE Present and disclose PPE in the financial statements Apply the concepts related to PPE to problems and cases

Reflect on the Bible verse/Gospel reading • Describe the nature and composition and classification of Intangibles • Determine how Intangibles are measured and recognized in the accounting records (Recognition, initial and subsequent measurement, amortization, impairment and derecognition) • Identify approaches in the management and control of Intangibles • Present and disclose Intangibles in the financial statements • Apply the concepts related to intangibles to problems and cases Main Task: Comprehensive Final Examination •

GRADING SYSTEM CRITERIA

Prelim/Midterm Percentages 30%

Final Percentage 30%

Major Exam Class Performance (Includes Activities done inside and outside the classroom as it relates to this course: Recitation 70% 70% and board work (10%), Short Quizzes (30%) and Long quizzes (40%), Seatwork (15%). Assignment (5%) TOTAL 100% 100% Semestral grade = [(Prelim grade) + (Midterm grade) + (Final term grade)/ 3 *Final Exam includes the final output

COURSE POLICIES Class Attendance: A significant portion of your learning is dependent on your participation in, and contribution to the classroom community. You are expected to be in class, turn in all work on time, and significantly contribute to the classroom discussion. You may be absent only (due to sickness or extremely unavoidable circumstances), for a maximum of 22 hours, inclusive of tardiness. All absences after that shall mean excessive absences, which merits a grade of 0.00. Assignments: Assignments will be due at the beginning of class unless otherwise indicated. Assignments turned in after the due date will not be accepted. There is no provision for make up for any missed assignment. Seatwork: No book, no seatwork policy is to be followed for the whole semester. There is no provision for makeup for any missed seatwork. Quizzes and Examinations: Make up quizzes are given for approved absences only. If you missed any quiz, you should see me during my consultation hours on the day you report to our class to schedule the makeup quiz. You will lose the chance to take the special quiz if you fail to take such as scheduled. Short Quizzes: Short quizzes are to be administered at the start of classes (immediately after the Gospel reading). It will usually be in the following format: True or False, Multiple Choice (Theory/Problem Solving), Enumeration or Identification for a minimum of 10 points and a maximum of 20 points, covering immediate past or the next lesson. There is no provision for missed short quiz. This requirement intends to discipline you in two ways: one, ensuring that you come prepared for the class and two, practicing punctuality in attendance. Major Exams: There will be three Major Examinations which include a comprehensive Midterm and Final Exams. You may take a special examination only if your failure to take such is due to an approved absence, sickness, or extremely unavoidable circumstances. You are responsible for arranging the schedule with your subject teacher. Special major examination is given only within one week after the examination schedule. Policy on Scholastic Dishonesty: Students must be honest at all times; cheating and plagiarism in any form will merit a grade of 0.00. Textbook: The textbook is an essential reference and learning tool. In order to succeed in this course, you will need to spend time understanding this text in preparation for class. You should bring with you this book every class meeting as most of the class activities will require its use. Proper Decorum inside the Class: Cellular/Mobile phones should always be in silent mode during class hours; the use of cellular phones is prohibited in class unless a special permission is sought. Cellular phones cannot also be used as calculator during examination. The use of translators is strictly prohibited during quizzes and major examinations. Civility in the classroom is expected from all members of the class. General Concerns: All written requirements should be completed on appropriate working papers with your name, course/section code, date and type of course requirement. Documents should have a neat, professional appearance and be stapled in correct sequential order. All written answers/solutions must be prepared using correct format, grammar, punctuation and spelling. You must provide your own supplies, including a nonprogrammable calculator, for use whenever necessary. Only black inked-pen is allowed. Other Concerns Relative to the Class: Any concern that is relevant to the class should be brought to the attention of the subject teacher before it is elevated to a higher authority or an outside party. This would cover, for instance, complaints directed to the subject teacher (manner of teaching, grades, etc.) or to your classmates.

Special arrangements requested due to certain situations (e.g. student’s disabling condition) may be decided or acted on a case to case basis. Other matters not provided in the preceding policies concerning this class may be resolved within the bound of University policy.

REFERENCES Call Number or e-provider HF 5637.M611 2019 Part 1A HF 5637.M611 2019 Part 1B HF 5636.R571 2019 v.1 HF 5636.R571 2019 v.2 HF 5626 .In8 2018 pt.a HF 5636 .F962 2016 eBook

HF 5635 .V238 2016 v.3 HF 5626 .In85 2015 pt.1

HF 5626 .In85 2015 pt.1

HF 5626 .B953 2015

HF 5626 .In85 2015 v.1

HF 5635 .In81 2015 v.2 HF 5626 .G941 2014 (PART 1)

Reference Material Millan, Z.B. Intermediate accounting 1a (2019 ed.). Baguio City: Bandolin Enterprise Millan, Z.B. Intermediate accounting 1b (2019 ed.). Baguio City: Bandolin Enterprise Robles, N. (2019) The intermediate accounting series (2019 ed.). Mandaluyong City : Millennium Books, Inc. Robles, N. (2019) The intermediate accounting series (2019 ed.). Mandaluyong City : Millennium Books, Inc. IFRS standards: issued at 1 January 2018. London. IFRS Foundation. Edmonds, T. P. Fundamental financial accounting concept. (2016). New York, NY: McGraw-Hill/Irwin Chaudhry, A. et al. Wiley IFRS 2016: interpretation and application of international financial reporting standards. (2016). Hoboken, NJ: John Wiley & Sons Valix, C. T. Financial Accounting. (2016). Manila: GIC Enterprises & Co. International Financial Reporting Standards: required for annual reporting periods beginning on 1 January 2016. (2015). London: IFRS Foundation International Financial Reporting Standards: required for annual reporting periods beginning on 1 January 2016. (2015). London: IFRS Foundation Burton, F.G. et al. International financial reporting standards: a framework-based perspective. (2015). New York: Routledge, Taylor & Francis Beyersdorff, M. International GAAP 2015: generally accepted accounting practice under International Financial Reporting Standards. (2015). Chichester, UK: John Wiley & Sons Intermediate Accounting. (2015). New York, NY: McGraw-Hill A guide through international financial reporting standards as issued at. (2014). London: IFRS Foundation

De La Salle University - Dasmariñas COLLEGE OF BUSINESS ADMINISTRATION AND ACCOUNTANCY ACCOUNTANCY DEPARTMENT PROGRAM LEARNING OUTCOME - COURSE LEARNING OUTCOME MAPPING TABLE FOR BSM PROGRAM COURSE CODE COURSE TITLE COURSE TYPE COURSE CREDIT

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Course Learning Outcome

B-ACTG143 Intermediate Accounting 1 Lecture 6

1

2

CLO 1 Apply critical thinking, communication skills and computer literacy by preparing and presenting solutions in class

√

√

CLO 2 Demonstrate acquired skills by recognizing, measuring, and presenting transactions related to assets in the financial statements CLO 3 Construct disclosures by identifying the relevant information required by the accounting standards to be presented as part of the financial statements CLO 4 Exhibit faith by interpreting, judging, and evaluating classroom realities in the light of the Gospel

√

√

√

√

CLO 5 Demonstrate the importance of ethics and Christianlike actions in accounting for assets

3

4

Program Learning Outcome 1 1 5 6 7 8 9 0 1

1 2

1 3 √

1 4

1 5

√

√

√

and emphasize the need for relevance, truthfulness, timeliness, integrity, objectivity, and neutrality in the preparation of assets section of the statement of financial position CLO 6 Recognize and √ realize the social responsibility of an accounting professional in the computation and presentation of a fairly stated current assets section of the statement of financial statement. NOTE: Provide a check mark on the areas in which the program learning outcome (PLO) is hit by the course learning outcome (CLO) Program Learning Outcome 1. PLO 1 Record financial transactions in compliance with generally accepted accounting standards for sole proprietorships, partnerships, corporations, government and not-for-profit organizations. 2. PLO 2 Prepare general-purpose financial reports in accordance with generally accepted accounting standards. 3. PLO 3 Prepare individual and corporate income tax returns and basic tax planning in compliance with relevant legislations and regulations. 4. PLO 4 Analyze the components of an organization's governance structure and internal control. 5. PLO 5 Analyze an organization's risks and opportunities within a risk management framework. 6. PLO 6 Construct an appropriate investment policy statement and asset allocation. 7. PLO 7 Formulate strategies for managing, monitoring, and rebalancing the investment portfolio. 8. PLO 8 Interpret performance relative to benchmarks and present investment returns in a manner consistent with Global Investment Performance Standards. 9. PLO 9 Analyze and integrate financial and nonfinancial data to provide relevant information for managerial decision making. 10. PLO 10 Apply techniques that will help evaluate and improve the performance of an organization. 11. PLO 11 Apply different analytics modeling concepts on enterprise data. 12. PLO 12 Conduct accounting research through independent studies of relevant literature and appropriate use of accounting theory and methodologies. 13. PLO13 Employ technology as a business tool in capturing and processing financial and nonfinancial information, generating reports and making decisions. Employ technology as a business tool in capturing and processing financial and non-financial information, generating reports and making decisions. 14. PLO 14 Apply knowledge and skills that will enable them to successfully respond to various types of assessments such as professional licensure examinations and certifications. 15. PLO 15 Adhere to legitimate and acceptable ethical objectives of an organization and the profession anchored on Lasallian values.

De La Salle University - Dasmariñas COLLEGE OF BUSINESS ADMINISTRATION AND ACCOUNTANCY ACCOUNTANCY DEPARTMENT PROGRAM LEARNING OUTCOME - COURSE LEARNING OUTCOME MAPPING TABLE FOR BSA PROGRAM COURSE CODE COURSE TITLE COURSE TYPE COURSE CREDIT

: : : :

Course Learning Outcome CLO 1 Apply critical thinking, communication skills and computer literacy by preparing and presenting solutions in class CLO 2 Demonstrate acquired skills by recognizing, measuring, and presenting transactions related to assets in the financial statements CLO 3 Construct disclosures by identifying the relevant information required by the accounting standards to be presented as part of the financial statements CLO 4 Exhibit faith by interpreting, judging, and evaluating classroom realities in the light of the Gospel CLO 5 Demonstrate the importance of ethics and Christian-like actions in accounting for assets and emphasize the need for relevance, truthfulness, timeliness, integrity, objectivity, and neutrality

B-ACTG143 Intermediate Accounting 1 Lecture 6 1

2

3

4

5

6

7

8

9

10

11

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√

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12

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in the preparation of assets section of the statement of financial position CLO 6 Recognize and realize the social responsibility of an accounting professional in the computation and presentation of a fairly stated current assets section of the statement of financial statement.

√

NOTE: Provide a check mark on the areas in which the program learning outcome (PLO) is hit by the course learning out...