Republic of the Philippines

UNIVERSITY OF NORTHERN PHILIPPINES

Tamag, Vigan City
2700 Ilocos Sur

College of Business Administration and Accountancy

I. Course Code AE 101

II. Descriptive Title FINANCIAL ACCOUNTING AND REPORTING
III. Course Description This course introduces students to the fundamental principles and concepts of accounting, providing a solid foundation for further study in accounting and related
disciplines. Students will learn to understand the accounting cycle and prepare financial statements under the Philippine Financial Reporting Standards (PFRS).
Topics include the principles of double-entry accounting, recording transactions, adjusting entries, and the basics of financial reporting. It also covers topics on
special and combination journals.
IV. Credits Units and Number of hours 6 Units/108 Hours
V. Prerequisite/s None
VI. Co-requisite/s (if applicable only)
VII. Vision of the University A global university anchored on excellence.
VIII. Mission of the University To produce globally competitive and pro-active professionals thru excellent instruction, research, extension, and production.
IX. Goal of the College To produce globally competitive and morally upright professionals in business and allied fields.
X. Objectives of the College
XI. Program Outcomes I. INSTRUCTION: After finishing the course, the graduates should be able to:
• Possess globally-accepted foundation of professional knowledge, skills and ethics in Accountancy that enable them to continue to learn and adapt to
changes throughout their professional lives;
• Pass the Licensure Examination for Certified Public Accountants;
• Pursue a career in the four major fields of Accountancy, namely: Public Practice, Commerce and Industry, government and Education and related
professions
• Protect the integrity of the profession by upholding the Code of professional Ethics for Accountants;
• Manifest the core values of a true UNPian and uphold the spirit of one heart, one soul, one family.
II. RESEARCH: After finishing the course, the graduates should be able to:
• Conduct accounting and/or business researches.
III. EXTENSION: After finishing the course, the graduates should be able to:
• Actively participate in the socio-economic programs/projects of their respective communities by playing the role as advisers, proponents, initiators,
planners, organizers and/or resource speakers.
IV. PRODUCTION: After finishing the course, the graduates should be able to:
• Employ technology as a business tool in capturing financial and non-financial information, generating reports and making decisions;
• Render consultancy services;
• Organize and manage their own accounting/auditing firm effectively and efficiently if they so decide to be self-employed.
 A graduate of Bachelor of Science in Accountancy should be able to:
1. Identify and describe the basic concepts and principles that underlie each of the different branches in accounting;
2. Apply knowledge and skills to respond successfully to various types of assessments including professional licensure and certifications;
3. Communicate effectively with the different stakeholders both in oral and written forms;
4. Recognize and solve business issues and problems in all fields of accounting with a global and strategic perspectives;
5. Employ technology in capturing financial and non-financial information, preparing reports, and making sound decisions;
6. Practice management consultancy services in multi-disciplinary and multi-cultural teams;
7. Conduct researches in accountancy and allied fields;
8. Continue to learn and adapt to changes throughout their professional lives;
9. Advocate national, regional, and local development plans;
10. Demonstrate good corporate citizenship, social responsibility, and ethical practice;
11. Preserve and promote Filipino historical and cultural heritage; and
12. Manifest the core values of a true UNPian.
XII. Course (Subject) Learning Outcomes 1. Explain the key accounting principles, concepts and standards that underpin financial reporting.
2. Show skills in recording various financial transactions accurately, including journal entries, ledger and posting adjustments.
3. Create financial statements, including balance sheets, income statements, and cash flow statements accurately.
4. Prepare special and combination journals.

COURSE OUTLINE
Learning Outcomes Course Content References Teaching and Assessment Resource Time Frame
Learning Activities Tasks (ATs) Materials
(TLAs)
Show awareness on the Vision, University Vision, Mission, Goals, Program University Student Handbook Lecture-discussion Student 1 hour
Mission, Goals and Objectives Objectives and College Policies Handbook

Define accounting and explain its Introduction to Accounting (SDG 4 and 8) Ballada, W. (2024). Basic Financial Flipped Classroom Reading Textbook 15 hours
role in business ▪ Definition of Accounting Accounting and Reporting (26th ed.). Assignment
▪ Forms of Business Organization DomDane Publishers. Brainstorming Internet
Differentiate the different forms ▪ Types of Business according to Recitation
and activities of business Activities Millan, Z. V. (2023). Financial Accounting and Interactive Lectures Power point
organization ▪ Fundamental Accounting Concepts and Reporting. Bandolin Enterprise. Real-Time presentation
Principles Exercises
Explain the fundamental accounting ▪ Accounting Equation Cabrera, M. E., & Ocampo, R. (2015). Worksheets
concepts and principles ▪ Elements of Financial Statements Financial Accounting and Reporting: Scenario-Based
▪ Double-entry System Standards and Applications (Vol. 1). GIC Exercises
Apply the accounting equation ▪ Rules on Debit and Credit Enterprises & Co., Inc.
▪ Typical Account Titles Used Chapter Test
Discuss the elements of financial Aliling, L. (n.d.). Fundamentals of Basic
statements Accounting. Rex Bookstore.

Explain the double-entry system Lesser, A., & Lesser, G. (n.d.). Basic
Accounting Simplified. GSL Galactic
Employ the rules of debit and credit Publishing.
Analyse and state the effects of Fatepuria College. (n.d.). Introduction to
business transactions on an entity’s Accounting. Retrieved from
assets, liabilities, and owner’s equity http://srfatepuriacollege.in/doc/Introducti
on%20to%20Accounting.pdf
Describe the nature of the typical
account titles used in recording International Financial Reporting Standards
transactions (IFRS) Foundation. (2021). Conceptual
List and explain in brief the Accounting Process (SDG 4 and 9) Framework for Financial Reporting. Interactive Lectures Assignment Textbook 35 hours
sequential steps in the accounting ▪ Source Documents Retrieved from
cycle ▪ Identification of Events to be https://www.ifrs.org/content/dam/ifrs/pu Flipped Classroom Real-Time Internet
Recorded blications/pdf- Exercises
List the steps in analysing ▪ Transactions are Recorded in the standards/english/2021/issued/part- Interactive Lectures Power point
transactions and state the role of Journal a/conceptual-framework-for-financial- Transaction presentation
source documents ▪ Journal Entries are Posted to the reporting.pdf Collaborative Analysis Game
Ledger Learning
Prepare journal entries correctly ▪ Unadjusted Trial Balance SR Fatepuria College. (n.d.). Introduction to Real-World Worksheets
▪ Adjusting Journal Entries are accounting. Retrieved July 1, 2024, from Transaction
Describe a general ledger and Journalized and Posted http://srfatepuriacollege.in/doc/Introducti Simulation
explain what purpose it serves on%20to%20Accounting.pdf
Chapter Test
Prepare T-accounts accurately ACCA Global. (n.d.). Accounting equation.
Retrieved July 1, 2024, from
Prepare Unadjusted Trial Balance https://www.accaglobal.com/gb/en/stude
correctly nt/exam-support-resources/foundation-
level-study-resources/fa1/technical-
Discuss and apply the steps in articles/accounting-equation.html
locating and correcting errors
Coursera. (n.d.). Double entry accounting.
Discuss the types of adjustments Retrieved July 1, 2024, from
and their purposes https://www.coursera.org/articles/double
-entry-accounting
Illustrate how accounting
adjustments link to financial GeeksforGeeks. (n.d.). Journal entries.
statements Retrieved July 1, 2024, from
https://www.geeksforgeeks.org/journal-
Prepare adjusting entries correctly entries/

Interpret the effects of omitting FreshBooks. (n.d.). Journal entry. Retrieved

adjustments on the financial July 1, 2024, from
statements https://www.freshbooks.com/hub/accoun
ting/journal-entry
 Deskera. (n.d.). T account: Definition,
explanation, and example. Deskera.
Retrieved July 16, 2024, from
https://www.deskera.com/blog/t-
account/

HighRadius. (n.d.). Adjusting journal entries

in accounting. HighRadius. Retrieved July
16, 2024, from
https://www.highradius.com/resources/Bl
og/adjusting-journal-entries-in-
accounting/
MIDTERM EXAMINATION
Describe the flow of accounting Completing the Accounting Process (SDG Ballada, W. (2024). Basic Financial Flipped Classroom Reading Textbook 30 hours
information from the unadjusted 4, 8, and 9) Accounting and Reporting (26th ed.). Assignment
trial balance into the adjusted trial ▪ Preparation of the Worksheet DomDane Publishers. Interactive Lectures Laptop
balance and finally, into the income ▪ Preparation of the Financial Excel/Manual
statement and balance sheet Statements (PAS 1) Millan, Z. V. (2023). Financial Accounting and Collaborative Spreadsheet Worksheets
columns of the worksheet. ▪ Preparation of the Closing Entries Reporting. Bandolin Enterprise. Learning Exercises
▪ Preparation of the Post-Closing Trial
Prepare accurately and in good form Balance Cabrera, M. E., & Ocampo, R. (2015). Mock Company
a worksheet ▪ Preparation of the Reversing Entries Financial Accounting and Reporting: Simulation
Standards and Applications (Vol. 1). GIC
Prepare the financial statements Enterprises & Co., Inc. Chapter Test
appropriately
Aliling, L. (n.d.). Fundamentals of Basic
Explain how the financial Accounting. Rex Bookstore.
statements are interrelated
Lesser, A., & Lesser, G. (n.d.). Basic
Explain why temporary accounts are Accounting Simplified. GSL Galactic
closed each year. Publishing.

Prepare closing entries correctly HighRadius. (n.d.). Accounting cycle: Process

steps. Retrieved July 16, 2024, from
Complete the worksheet until the https://www.highradius.com/resources/Bl
post-closing trial balance og/accounting-cycle-process-steps/

Prepare reversing entries correctly Finance Strategists. (n.d.). Steps in preparing

Distinguish between the income Merchandising Operations (SDG 4 and 9) a worksheet. Retrieved July 16, 2024, from Flipped Classroom Reading Textbook 5 hours
statements of service and ▪ Comparison between service and https://www.financestrategists.com/acco Assignment
merchandising entities merchandising entities unting/worksheet/steps-in-preparing-a- Brainstorming Internet
▪ Inventory Systems worksheet/ Recitation
Explain the operating cycle of a Interactive Lectures Power point
merchandising entity presentation
 ▪ Preparation of Journal Entries, T- International Financial Reporting Standards. Collaborative Transaction Worksheets
Recognize the different source Accounts and Unadjusted Trial (2022). IAS 1 presentation of financial Learning Analysis Game
documents being used by Balance statements.
merchandising entities https://www.ifrs.org/content/dam/ifrs/pu Chapter Test
blications/pdf-
Compare cash discounts and trade standards/english/2022/issued/part-a/ias-
discounts 1-presentation-of-financial-
statements.pdf?bypass=on
Explain the treatment of
transportation costs Carbon Collective. (n.d.). Preparing financial
statements. Retrieved July 16, 2024, from
Explain the inventory systems of https://www.carboncollective.co/sustaina
merchandising business ble-investing/preparing-financial-
statements
Prepare journal entries under
periodic and perpetual inventory Corporate Finance Institute. (n.d.). Closing
systems entry. Corporate Finance Institute.
Retrieved July 16, 2024, from
Prepare T-Accounts correctly https://corporatefinanceinstitute.com/res
ources/accounting/closing-entry/
Prepare Unadjusted Trial Balance
correctly CliffsNotes. (n.d.). Reversing entries.
Recognize the need for a physical Completing the Cycle for a Merchandising CliffsNotes. Retrieved July 16, 2024, from Flipped Classroom Reading Textbook 7 hours
count Business (SDG 4, 8 and 9) https://www.cliffsnotes.com/study- Assignment
▪ Preparation of Worksheet guides/accounting/accounting-principles- Brainstorming Internet
Determine the entries for ▪ Preparation of Financial Statements i/completion-of-the-accounting- Recitation
merchandising inventory using ▪ Preparation of Closing and Reversing cycle/reversing-entries Interactive Lectures Power point
either the adjusting entry method or Entries Real-World presentation
the closing entry method Harper College. (n.d.). Chapter 5 review Collaborative Transaction
11th edition. Harper College. Retrieved Learning Simulation Worksheets
Prepare adjusting entries for a July 16, 2024, from
merchandising business https://www.harpercollege.edu/academic Chapter Test
-
Prepare accurately and in good form support/tutoring/subjects/Chapter%205%
a worksheet 20Review%2011th%20edition.pdf

Compare income statements Lumen Learning. (n.d.). Sales journal. Lumen

prepared under the nature of Learning. Retrieved July 16, 2024, from
expense and function of expense https://courses.lumenlearning.com/suny-
method finaccounting/chapter/sales-journal/

Prepare financial statements JuanTax. (n.d.). Formats of books of account

accurately explained. JuanTax. Retrieved July 16,
Prepare closing entries correctly 2024, from https://juan.tax/blog/formats-
books-account-explained/
Prepare reversing entries correctly
FilipiKnow. (n.d.). Books of accounts: A
Explain how the worksheet under a guide to BIR requirements. FilipiKnow.
perpetual inventory system differs Retrieved July 16, 2024, from
from that prepared under the https://filipiknow.net/books-of-accounts-
periodic inventory system bir/
Determine the limitations of using Special and Combination Journals (SDG 4, Flipped Classroom Reading Textbook 9 hours
the general journal and the general and 9) Assignment
ledger ▪ Special Journals Brainstorming Internet
▪ Special Ledgers Recitation
Describe the use of controlling Interactive Lectures Power point
accounts and subsidiary ledgers Real-World presentation
Collaborative Transaction
Explain the goals and uses of special Learning Simulation Worksheets
journals
Chapter Test
Record transactions using special
journals

Post transactions to the general and

subsidiary ledgers
FINAL EXAMINATION
Suggested/Additional Readings - - - - - -

Course Requirements 1. Chapter Test

2. Class Participation/Assignments/Exercises
3. Practice Set
4. Midterm/Final Examination

Grading System FACTORS MIDTERM GRADE TENTATIVE FINAL GRADE FINAL GRADE
Chapter Test 35% 35%
Examination (Midterm/Final) 30% 30% MID TERM GRADE – 50%
Practice Set 20% 20% TENTATIVE FINAL GRADE - 50%
Class Participation/Exercises 10% 10% FINAL GRADE 100%
Assignments 5% 5%
TOTAL 100% 100%

Updated on: JULY 2024

Prepared by:

KATHLEEN S. ARCONADO, CPA, MBA

Instructor

Reviewed by:

MARY ANN R. DELA CRUZ, CPA, MBA

Program Head, BS Accountancy Program

Recommending Approval:

ERWIN T. TOLBE, DBA LUZVIMINDA P. RELON, EdD

OIC-Dean Director for Instruction

Approved:

ROLANDO B. NAVARRO, Ed.D

Vice President for Academic Affairs