Bicol University

College of Business, Economics, and Management

Daraga, Albay 4501

DEPARTMENT OF ACCOUNTANCY

STANDARDIZED SYLLABUS FOR

FUNDAMENTALS OF ACCOUNTING, PART I
(for 6 academic credit units)

Course Title Fundamentals of Accounting, Part I

Course Code Accounting 11
Number of Hours 108
Number of Credits 6
Legal Basis Commission on Higher Education (CHED) Memorandum No. 3 Series of 2007
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.

VISION
A World-Class University Producing Leaders and Change Agents for Societal Transformation and Development

MISSION
The aforecited vision is rooted in Bicol University's mandate as provided in RA 5521 which is "to give professional and technical training and provide advanced and specialized
instruction in literature, philosophy, the sciences and arts, besides providing for the promotion of scientific and technological researches, (Sec. 3)."

BU QUALITY POLICY
Bicol University commits to continually strive for excellence in instruction, research and extension, by meeting the highest level of clientele satisfaction and adhering to quality
standards.

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

INSTITUTIONAL LEARNING OUTCOMES

Every BU graduate should:
1. Demonstrate critical thinking and integrative skills to solve problems and to support lifelong learning;
2. Communicate effectively and appropriately in oral and in writing for various purposes with the responsible use Information Communication Technology (ICT) tools;
3. Collaborate with diverse people ethically and with mastery of knowledge and skills in given disciplines; and
4. Create knowledge and innovation to promote inclusive development as well as globalization.

GOALS OF THE COLLEGE

1. To provide the highest quality of education in the field of business, economics, and management that is responsive to regional and national development;
2. To pursue relevant research and extension activities through linkages with business organizations, and government and non-government agencies;
3. To initiate vigorously income-generating activities for improving tehe financial capability of the college; and
4. To establish the highest degree of efficiency, effectiveness, collegiality in making decisions and transparency in the administrative system.

COLLEGE LEARNING OUTCOMES

Every BU CBEM graduate should:
1. Demonstrate a high level of mastery and competence in business, economics, and management and contribute to organizational performance and regional and national
development for societal transformation;
2. Demonstrate effective, efficient and ethical practice of profession in public, private, academe, or government sector;
3. Manifest transformative research skills towards the identification of innovative solutions to existing and new problems and the discovery and creation of new knowledge for
effective decision-making.
4. Initiate extension programs that will address issues on sustainable livelihood and community development;
5. Create centers that will showcase and commercialize research-based technologies and products to improve the financial capability of the college for self-sustainability.

COURSE LEARNING OUTCOMES

The students are likely to:

1. Define and describe the nature of accounting and state its importance to business taking into consideration how it evolved into the present globalization stature;
2. Identify the different branches of accounting and describe the career opportunities in Accounting;
3. Identify the users of accounting information and state the importance of accounting information to each user;
4. Distinguish the different forms of business organizations;
5. Distinguish the different types of business;
6. Understand and apply the different accounting concepts and principles;
7. Apply the accounting equations in various business transactions;
8. Distinguish the elements of financial statement;
9. Describe and differentiate the types of books of accounts;
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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

10. Understand and apply the steps in the accounting cycle during the accounting period of a service business;
11. Understand and apply the steps in the accounting cycle at the end of the accounting period of a service business;
12. Understand and apply the steps in the accounting cycle of a merchandising business;
13. Analyze financial statements and apply its interpretation to decision-making;
14. Understand the basics for accounting for cash, accounts receivable and property, plant and equipment.

COURSE OUTLINE

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

The learners shall… The learners shall be able to…

INTRODUCTION TO
ACCOUNTING

 Define accounting Definition of Accounting Cite specific examples in which Lecture Textbook Answer the end-of-the- 2 hours
accounting is used in making chapter exercises.
 Describe the nature of Nature of Accounting business decisions Handouts
accounting Graded recitation;
 Explain the functions of Functions of Accounting Presentation
accounting in business End-of-topic quiz.
 Narrate the history/origin of History of Accounting
accounting

BRANCHES OF ACCOUNTING

 Differentiate the branches of Varied branches and areas of  Solve exercises from Lecture Textbook Answer the end-of-the- 2 hours
accounting accounting, particularly the textbook in the chapter exercises.
1. financial accounting identification of the Handouts
2. management accounting branches of Graded recitation;
3. government accounting accounting described Presentation
4. auditing through the types of End-of-topic quiz.
5. tax accounting services rendered
6. cost accounting

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

7. accounting education
8. accounting research
 Explain the kind/type of Professional rendered by CPAs  Make a list of business
services rendered in each of 1. Financial Reporting within the community
these branches 2. Auditing on the types of
3. Tax accounting services
4. Consultancy they require

USERS OF ACCOUNTING
INFORMATION

 Define external users and External and internal users of  Solve exercises and Lecture Textbook Answer the end-of-the- 2 hours
gives examples financial information problems on the chapter exercises.
 Define internal users and identification of users Handouts
give examples of information, type of Graded recitation;
 Identify the type of decisions decisions to be made, Presentation
made by each group of and type of information End-of-topic quiz.
users needed by the users
 Describe the type of  Cite users of financial
information needed by each information and
group of users identify whether they
are external or internal
users
FORMS OF BUSINESS
ORGANIZATIONS
 Differentiate the forms of Various forms of business  Differentiate the forms Lecture Textbook Answer the end-of-the- 2 hours
business organization organization, as follows: of business chapter exercises.
 Identify the advantages and 1. sole / single organization in terms Handouts
disadvantages of each form proprietorship of nature of ownership Graded recitation;
2. partnership  Make a list of existing Presentation
3. corporation business entities in End-of-topic quiz.
4. cooperatives their community and

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

identify the form of

business organization
TYPES OF BUSINESS
ACCORDING TO ACTIVITIES
 Compare and contrast the Types of business according to  Differentiate the types Lecture Textbook Answer the end-of-the- 2 hours
types of business according activities, particularly: of business according chapter exercises.
to activities 1. service business to activities Handouts
 Identify the advantages, 2. merchandising business  Make a list of Graded recitation;
disadvantages, and 3. manufacturing business businesses in their Presentation
business requirements of community according End-of-topic quiz.
each type to their activities
ACCOUNTING CONCEPTS
AND PRINCIPLES
 Explain the varied Accounting concepts and Identify generally accepted Lecture Textbook Answer the end-of-the- 2 hour
accounting concepts and principles accounting principles chapter exercises.
principles 1. Entity Concept Problem- Handouts
 Solve exercises on 2. Accrual Basis vs. Cash Solving Graded recitation;
accounting principles as Basis Presentation
applied in various cases 3. Going Concern End-of-topic quiz.
Assumption
4. Periodicity Concept
5. Materiality
6. Adequate Disclosure
7. Qualitative
Characteristics
THE ACCOUNTING EQUATION
 Illustrate the accounting The Accounting Equation Solve problems applying the Lecture Textbook Answer the end-of-the- 4 hours
equation accounting equation chapter exercises.
 Perform operations involving Problem- Handouts
simple cases with the use of Solving Graded recitation;
accounting equation Presentation
End-of-topic quiz.

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

TYPES OF MAJOR ACCOUNTS

 Discuss the five major The five major accounts, namely, Define, identify, and classify Lecture Textbook Answer the end-of-the- 3 hours
accounts 1. Assets accounts according to the five chapter exercises.
 Cite examples of each type 2. Liabilities major types Problem- Handouts
of account 3. Capital Solving Graded recitation;
 Prepare a Chart of Accounts 4. Income Presentation
5. Expenses End-of-topic quiz.
BOOKS OF ACCOUNTS
 Identify the uses of the two The two major types of books of  Differentiate a journal Lecture Textbook Answer the end-of-the- 2 hours
books of accounts accounts, namely, journal and from a ledger chapter exercises.
 Illustrate the format of a ledger  Identify the types of Problem- Handouts
general and special journals journals and ledgers Solving Graded recitation;
 Illustrate the format of a Presentation
general and subsidiary End-of-topic quiz.
ledger
 Differentiate the journal from
the general ledger
THE ACCOUNTING CYCLE OF
A SERVICE BUSINESS
 Describe the nature and Types of business transactions Identify business and Lecture Textbook Answer the end-of-the- 19 hours
gives examples of business nonbusiness transactions chapter exercises.
transactions Problem- Handouts
 Identify the different types of Types of business documents  Enumerate the types Solving Graded recitation;
business documents of business documents Presentation
 Properly accomplish End-of-topic quiz.
business documents
such as deposit slips,
withdrawal slips,
official receipts, sales
invoices, receiving
report, purchase order,
etc.

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

 Analyze common business  Business Transactions  Recite the rules of

transactions using the rules and their Analysis debit and credit, and
of debit and credit  Rules of debits and apply these rules to
 Determine the normal credits business transactions
balance of an account  Solve simple problems
 Determine balances of and exercises in the
accounts using the t- analyses of business
account transaction
 Record transactions of a Recording business transactions Prepare journal entries for
service business in the basic business transactions
general journal
 Post transactions in the Posting business transactions  Post transactions in
ledger the ledger
 Solve exercises and
problems that require
using the t-account
 Prepare a trial balance The trial balance Prepare an accurate trial
balance
 Prepare adjusting entries  Recording adjusting  Prepare adjusting
 Prepare worksheet entries journal entries
 Preparation of a  Prepare a worksheet
worksheet
COMPLETING THE
ACCOUNTING CYCLE AND
PREPARATION OF BASIC
FINANCIAL STATEMENTS
 Identify the elements of the Statement of Financial Position Solve exercises and problems Lecture Textbook Answer the end-of-the- 16 hours
SFP and describe each of (SFP) that require preparation of an chapter exercises.
them SFP for a single proprietorship Problem- Handouts
 Classify the elements of the with proper classification of Solving Graded recitation;
SFP into current and accounts as current and Presentation
noncurrent items noncurrent using the report End-of-topic quiz.

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

 Prepare the SFP of a single form and the account form

proprietorship
 Prepare an SFP using the
report form and the account
form with proper
classification of items as
current and noncurrent

 Identify the elements of the Statement of Comprehensive Solve exercises and problems
SCI and describe each of Income (SCI) that require preparation of SCI
these items for a service
business and a
merchandising business
 Prepare an SCI for a service
business
 Prepare an SCE for a single Statement of Changes in Equity Solve exercises and problems
proprietorship (SCE) that require preparation of an
SCE for a single proprietorship
 Discuss the components Cash Flow Statement (CFS) Solve exercises and problems
and structures of a CFS that require preparation of a
 Prepare a CFS CFS
THE ACCOUNTING CYCLE OF
A MERCHANDISING BUSINESS
 Describe the nature of Journalizing of transactions using  Prepare journal entries Lecture Textbook Answer the end-of-the- 24 hours
transactions in a the general and special journals,  Post to the ledger chapter exercises.
merchandising business namely: sales journal, purchase  Prepare the trial Problem- Handouts
 Record transactions of a journal, cash receipts journal and balance, worksheet, Solving Graded recitation;
merchandising business in cash payments journal adjusting entries Presentation
the general and special  Complete the End-of-topic quiz.
journals accounting cycle of a
 Posts transactions in the Posting to the ledger, namely: merchandising
general and subsidiary general and subsidiary ledgers business

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

ledgers
 Prepare a trial balance Preparation of trial balance
 Prepare adjusting entries Preparation of trial balance
 Prepare adjusting entries Adjusting entries to include pre
payments, accrual and deferral
 Complete the accounting  Worksheet preparation
cycle of a merchandising  Completing the
business accounting cycle of a
 Prepare the Statement of merchandising business
Cost of Goods Sold and
Gross Profit
ANALYSIS AND
INTERPRETATION OF
FINANCIAL STATEMENTS
 Define the measurement  Financial ratios to test  Solve exercises and Lecture Textbook Answer the end-of-the- 10 hours
levels, namely, liquidity, the level of liquidity, problems that require chapter exercises.
solvency, stability, and solvency, profitability, computation and Problem- Handouts
profitability and stability of the interpretation using Solving Graded recitation;
 Perform vertical and business horizontal analysis, Presentation
horizontal analyses of  Methods or tools of vertical analysis, and End-of-topic quiz.
financial statements of a analysis of financial various financial ratios
single proprietorship statements to include  Using downloaded
 Compute and interpret horizontal analysis, sample financial
financial ratios such as vertical analysis statements, perform
current ratio, working horizontal and vertical
capital, gross profit ratio, net analysis, compute
profit ratio, receivable various financial ratios,
turnover, inventory turnover, and interpret the level
debt-to-equity ratio, and the of liquidity, solvency,
like stability, and
profitability of the
business

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Specific Learning Outcomes Learning Content Performance Standard Instructional Instructional Assessment Tasks Time
Delivery Resources Allotment

INTRODUCTORY TOPICS TO
FINANCIAL ACCOUNTING
 Identify items to be included Introduction to Accounting for Compute correct balance of Lecture Textbook Answer the end-of-the- 18 hours
in cash Cash cash and cash equivalents to chapter exercises.
 Differentiate between cash be presented in the Statement Problem- Handouts
and cash equivalents of Financial Position Solving
 Describe the nature of a Introduction to Bank Solve exercises and problems Presentation Graded recitation;
bank reconciliation Reconciliation involving the following:
statement  Nature and Structure 1. Identification of the End-of-topic quiz.
 Identify common reconciling  Reconciling Items proper treatment of
 items and describe each of  Methods of Preparation reconciling items in the
them bank reconciliation
 Analyze the effects of the statement
identified reconciling items 2. Preparation of a bank
reconciliation
statement
 Classify receivables as Introduction to Accounting for Compute correct balance of
trade or non-trade Accounts Receivables accounts receivable to be
 Compute the net realizable presented in the Statement of
value of accounts receivable Financial Position
 Compute allowance for
doubtful accounts
 Compute depreciation Introduction to Accounting for Compute correct balance of
expense Property, Plant, and Equipment PPE to be presented in the
 Compute book value of PPE Statement of Financial Position

MINIMUM COURSE REQUIREMENTS:

 Required Textbook/s
 Journal Notebook
 Accounting Practice Set
The members of the Faculty of Department of Accountancy discuss, formulate and prepare this syllabus.

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BU CBEM DEPARTMENT OF ACCOUNTANCY | STANDARDIZED SYLLABUS FOR FUNDAMENTALS OF ACCOUNTING, PART I

Effectivity: June 2, 2015

Revisions: 0
If revised, date of last revision: not applicable

In behalf of the members of the Faculty: Approved:

MARK FRANCIS G. NG, CPA, MBA EDDIE S. SEE, Ed. D., M. B. A., R. P. A. E.
Chairperson, Department of Accountancy Dean, BU College of Business, Economics, and Management

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