ST. PAUL UNIVERSITY SURIGAO

ST. PAUL UNIVERSITY SURIGAO

COLLEGE OF BUSINESS AND TECHNOLOGY

COURSE SYLLABUS

Course Code:ACCTG 305

Course Title:Advance Accounting Part2

Course Credits:3 units

Prerequisite:Advance Accounting Part1

Term:2nd Semester 2010 2011

Course Description:

This is a six-unit course which deals with special topics in accounting. This is one of the toughest subjects in CPA licensure examination. Comprehensive discussions of all major topics like home office and branch, foreign currency transactions, business combinations, consolidated statements, intercompany transactions, government accounting systems for government agencies, and accounting for nonprofit organizations will be undertaken.

Course Objectives:

At the end of the course, the students should be able to:

1. prepare home office and branch financial statements;

2. prepare financial statements of nonprofit organizations.

3. prepare consolidated and intercompany financial statements;

4. compute for foreign currency gain/loss;

5. explain the coding system national government agencies;

6. prepare financial statements of national government agencies

Course Requirements:

1. Major exams (pre-mid, midterm, pre-final, final);

2. Quizzes, oral recitations, seat works, transforms;

3. Critique papers on journal articles;

4. Oral and written report;

5. Attendance.

Paulinian Values Formation:

At the end of the course, the students should:

1. Cooperation- shows a deep sense of community and social commitment

2. Christ-centeredness- honest and truthful in his relationship, ethical, and moral in transactions

3. Charity-relates to all without bias

Course Content:

WeekUnitUnit ObjectivesLearning CompetenciesValue/sLearning StrategiesLearning Assessment

11HOME OFFICE AND BRANCH ACCOUNTING

Lessons

1. Home Office and Branch Transactions- Be able to record & determine intercompany transactions and preparation of financial statements.

-contrasting home office, branch, and agency operations-recording journal entry for home office, branch, and agency operations

Understanding; Sharing;

Tolerance;

Respect for persons;Refinement;

Charity

-Lecture-discussion;

-Brainstorming;

Oral recitation

Quiz

Short essay

Definition of branch and home office and agency

Differentiate home and branch transactions Record branch and home office transactions

2. Home Office and Branch Financial Statements

Accounting principles and conventions

Record the effects of home office and branch transactions Financial statements

3. Reconciliation of Reciprocal Accounts

Record merchandise shipped to branch

Prepare working paper for combined financial statements

2,32NONPROFIT ORGANIZATIONS

Lessons

1. Characteristics and Standards- Determine what are non-profit entities and recording of transactions & financial statements preparations

- understanding the nature of non-profit organization as distinguish from a business enterprise -making financial statements for non-profit organizationsPatience; Cooperation; Accuracy; Carefulness; Sharing;

Tolerance;

Commission-Lecture-discussion;

-Reporting;

-Brainstorming;

Oral recitation

Quiz

Short essay

Identify similar features of NPO and government agencies

Discuss similar features of NPO and business enterprise Discuss standards of NPO

2. Accounting Procedures

Definition of terms

Accounting procedures of NPO Recording transactions of NPO

3. Financial Statements

Definition of terms

Preparation of financial statements Preparation of notes to financial statements

PRE-MIDTERM EXAMINATION

4,53BUSINESS COMBINATIONS

Lessons

1. Acquiring Subsidiary Company at Book Value- Identify merger from consolidation and be able to record transactions of a parent and its subsidiary

-understanding business combination by acquisition -making journal entries for business combination by acquisition

Accuracy; Carefulness;

Sharing;

Interdepen dence;

Compassionate caring;

Responsible;

Parish involvement-Reporting;

-Lecture-discussion;

-BrainstormingSeatwork

Oral recitation

Quiz

Definition of terms

Cost of investment Prepare consolidated financial statements

2. Acquiring Subsidiary Company at More or Less Than Book Value

Differentiate parent from subsidiary company

Accounting procedures for acquisition Acquisition cost of investment

3. Acquiring Subsidiary Company at Less Than 100% Interest

Definition of terms

Procedures for acquisition at less than 100%

Recording transactions related to subsidiary

6,74CONSOLIDATED FINANCIAL STATEMENTS

Lessons

1. Consolidated FS On the Date of Acquisition- Know how to prepare consolidated financial statements using equity and cost method

-comparing cost and equity method in a business combination -making a consolidated financial statements for equity and cost method of business combination Honesty; Cooperation; Inquisitive ness;

Self-discipline;

Sharing; Respect for persons;

Courage-Reporting;

-Lecture-discussion;

Short essayOral recitation

Quiz

Define consolidated statements

Causes of goodwill Goodwill resulting from acquisition of subsidiary

2. Consolidated FS - Equity Method Equity method of accounting for investment account Dividend of parent as a result of the subsidiarys operation Prepare working paper for consolidation 3. Consolidated FS Cost Method

Cost method of accounting for investment

Compute for the dividend of a parent as a result of the subsidiarys operation

Prepare working paper for consolidation

MIDTERM EXAMINATION

8,95INTERCOMPANY PROFIT TRANSACTIONS - INVENTORIES

Lessons

1. Down-stream Sale- determine intercompany profit on sale of inventories using down-stream and up-stream approach and preparation of consolidated financial statements

-computing enter-company profit and loss for inventories under up-stream and down-stream sale -making consolidated financial statements considering sale of inventories Accuracy; Self-reliance;

Honesty;

Cooperation;

Respect for persons;

Understan-

ding-Reporting;

-Lecture-discussion;

Oral recitation

Quiz

Rationale for down-stream sale

Identify down-stream transactions Compute for unrealized/realized gross profit

2. Up-stream Sale Rationale for up-stream sale Identify up-stream transactions Compute for unrealized/realized gross profit 3. Consolidated Financial Statements

Definition of terms

Effects of unrealized/realized profit

Working paper for consolidated statements

106INTERCOMPANY GAIN TRANSACTIONS PLANT ASSETS

Lessons

1. Down-stream Sale- Be able to determine intercompany gain on the sale of plant assets using down-stream and up-stream approach - computing enter-company profit and loss for plant assets under up-stream and down-stream sale- making consolidated financial statements considering sale of plant assets

Self-discipline; Sharing; Cooperation;

Accuracy; Responsible-Reporting;

-Lecture-discussion;

-Brainstorming;

Oral recitation

Quiz

Short essay

Rationale Down-stream transactions Unrealized gross profit

2. Up-stream Sale

Rationale

Up-stream transactions

Unrealized gross profit

3. Consolidated Financial Statements

Definition of terms

Effects of unrealized/realized gross profit to the equity in subsidiary net income Working paper for consolidated statements

PRE-FINAL EXAMINATION

117FOREIGN CURRENCY TRANSACTIONS

Lessons

1. Foreign Currency Denominated Transactions- Understand foreign currency transactions, current rate and temporal method, and preparation of financial statements

-compute for foreign exchange gain or loss-making consolidate financial statements considering foreign currency transactions

Environmen tal care;

Cooperation;

Honesty;

Self-discipline; Integrity;

Accuracy-Reporting;

-Lecture-discussion;

Oral recitation

QuizShort essay.

Identify foreign transaction

Foreign transaction gain

Foreign transactions loss

2. Foreign Exchange Gain or Loss

Normal gain or losses Foreign transactions gains and losses Compute for gains and losses

3. Consolidated Financial Statements

Definition of terms

Prepare working paper for consolidated financial statement

12,138GOVERNMENT ACCOUNTING SYSTEM

Lessons

1. Chart of Accounts Definition of terms Items in the chart of accounts Standard chart of accounts - Understand government transactions and its chart of accounts and the preparation of its financial statements

-understanding the nature of government accounting system in contrast with a business enterprise-preparing a financial statements in accordance with the standard government chart of accounts Freedom;

Responsibility;

Self-discipline;

Carefulness;

Cooperation;

Refinement-Reporting;

-Lecture-discussion;

-Brainstorming;

Oral recitation

Quiz

2. Accounting Procedures

Accounting steps

Recording of transactions Trial balance

3. Financial Statements

Prepare worksheet of NGA

Prepare financial statements Prepare notes to financial statements

FINAL EXAMINATION

Textbook: Guerrero, P. & Peralta, J. (2010). Advanced Accounting: A Procedural Approach Volume 2. Manila: GIC Enterprises & Co., Inc.

Manual:

References:

Printed: Larsen, John (2000). Modern Advance Accounting. Boston. Irwin?McGrawhill

Electronic: www.iasplus.com ; www.ifrs.com

Course Policies:

1. Grading System

Summative Assessment

50%

Pre-Midterm, Midterm, Pre-Final

and Final Examinations

Formative Assessment

30%

Quizzes, Assignments, Seatwork

and Hands-on Exercises

Creative Assessment

20%

Projects/Transforms

TOTAL 100%

Final Average = Midterm Grade + 2 (Final Grade) 3

2. Quizzes/Finals

2.1 No make-up examinations will be given. All missed quizzes and hands-on exercises will be equivalent to zero.

2.2 All major examinations will be conducted as scheduled by the University Registrars Office.

3. Cheating

Anyone caught cheating or trying to cheat in any manner will be given a final grade of 70.

4. Absences

The maximum allowable absences is 6 hours. Anyone who exceeds this limit will be given a final grade of FA (Failed due to absences.

Prepared by:Reviewed by:Approved:

JEFFREY GALIDOKENNETH CLAMORDR ESTER GUARIN

InstructorProgram ChairDean

ST PAUL UNIVERSITY SURIGAO

8400 Surigao City, Philippines

Course Syllabus: Advance Accounting Part2

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