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 Business Administration major in Human Resources and

Development Management

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

Grading Rubric:
The students’ performance will be tracked numerically throughout the semester with the grading system
provided by the college:
Final Term Grade = 50% Final Midterm Grade + 50% Initial Final Grade

Term Grades will be computed as follows:

Learning Outputs 10%
Quizzes 50%
Major Exam 30%
Character and Attendance 10%
Total 100%

Fundamentals of Accounting Part 1 - 1st Semester AY 2021-2022

NOT FOR SALE EXCLUSIVE FOR GORDON COLLEGE ONLY
Theoretical Problems
True or false, multiple choice and identification type of learning tasks will be graded 1 point for each
correct item.

Short Problems
Short problems will be graded 2 points each provided the final answer and the computation (as required)
is correct and can be clearly identified.

Straight/ Comprehensive Problems

Content 10 Pointing system may vary depending on the line items that need to
appear on the journal, ledger and financial statements.
Organization/Format 5 Follows the application as stated in the standard/framework.
15

Fundamentals of Accounting Part 1 - 1st Semester AY 2021-2022

NOT FOR SALE EXCLUSIVE FOR GORDON COLLEGE ONLY
 Republic of the Philippines
City of Olongapo
GORDON COLLEGE
Olongapo City Sports Complex, East Tapinac, Olongapo City
Tel. No. (047) 224-2089 loc. 314

Learning Module
Teaching and
Learning Objectives (most essential learning Topics and Key Learning
Schedule Module No. and Topic
competencies) Concepts Materials and
Learning Tasks
Resources
Module Introduction to Introductions and course outline discussion.
1 Accounting Basic Financial
Analysis of
6 and its Introduction to Accounting and
Week 1 environment
Discuss accounting, its evolution and role in business.
Accounting Reporting by
Fundamental
hrs Accounting Concepts
Explain the accounting concepts and principles and the Win Ballada
importance of purpose and phases of accounting.
Module Accounting Define the elements of financial statements and
2 for Service understand the concept of double entry system of Introduction to
6
Week 2 Business accounting accounting equation and Analysis of Transactions
hrs double - entry system
Analyze and state the effects of business transactions
List the steps in accounting cycle Basic Financial
6 Detail the standard contents of the general journal and Recording transactions Accounting and
Week 3 journalize the transactions properly. of a service company Reporting by Preparation of journal
hrs entries, posting of
Apply the rules of debits and credits Win Ballada
entries to general ledger,
Post entries from the general journal to the general ledger preparation of
6 Prepare and explain the trial balance Recording transactions unadjusted trial balance
Week 4 of a service company
hrs
Locate and correct errors.
Module Completing Discuss accrual accounting and its effects in improving
Week 5 6hrs 3 the the financial statements.
Preparation of adjusting
Accounting Differentiate accrual and deferral. Basic Financial
entries. Analysis of adjustments
Cycle Accounting and
Apply the revenue and expense recognition principle and preparation of
6 Reporting by
Week 6 Prepare the adjusting entries and adjusted trial balance adjusting entries
hrs Win Ballada
Posting adjustments to
Explain the alternative methods of recording deferrals the ledger and

Fundamentals of Accounting Part 1 - 1st Semester AY 2021-2022

NOT FOR SALE EXCLUSIVE FOR GORDON COLLEGE ONLY
 Republic of the Philippines
City of Olongapo
GORDON COLLEGE
Olongapo City Sports Complex, East Tapinac, Olongapo City
Tel. No. (047) 224-2089 loc. 314

preparation of adjusted
trial balance.
Prepare accurately and in good form a ten - column
Preparation of
6 worksheet Worksheet and financial
Week 7 statements
worksheet and financial
hrs Prepare the financial statements and explain how they are
statements
interrelated
Week 8 6hrs Academic Break
6 Midterm Examination
Week 9
hrs
Module Completing Explain the concept of temporary accounts Basic Financial Preparation of closing,
6 3 the Completing the Accounting and reversing entries and
Week 10 Accounting Post adjusting entries and prepare the closing entries,
accounting cycle Reporting by post-closing trial
hrs reversing entries and post - closing trial balance
Cycle Win Ballada balance
6 Module Accounting Discuss merchandising activities, its operating cycle, Preparation of journal
Week 11 4 for inventory system and identify its income components Merchandising entries involving
hrs
Merchandising Analyze and record transactions (sales and purchases) Operations merchandising
Business Basic Financial transactions
Week 12- 12
Prepare the adjusting entries, closing entries and reversing Accounting and
13 hrs Reporting by
Prepartion of worksheet,
entries Completing the cycle for financial statements,
Win Ballada
Prepare accurately and in good form the worksheet a merchandising closing entries, post-
6
Week 14 Prepare the income statement
business. closing trial balance and
hrs reversing entries
Module Accounting Identify the elements of manufacturing costs and list its Basic Financial
Week 15 5 for inventory accounts Preparation of Cost of
6 Manufacturing Accounting and
Manufacturing Prepare the statement of cost of goods sold and cost of Goods Manufactured
hrs operations Reporting by
Week 16 Business goods manufactured. Win Ballada
and Cost of Goods Sold

6 Academic Break
Week 17
hrs
6
Week 18 hrs Final Examination

Fundamentals of Accounting Part 1 - 1st Semester AY 2021-2022

NOT FOR SALE EXCLUSIVE FOR GORDON COLLEGE ONLY