Tuesday, April 15, 2008

Course Outline / Syllabus for Class Under Mr. Edgardo R. Rilloraza

COURSE SYLLABUS
AY: 2007-2008, 2nd Semester

Course Title: BOOKKEEPING
Course Code: SA_Pro1
Pre-Requisite: none
Credit: 3
Total Hours: 54 hours

Course Description:

Course Objectives:

At the end of the semester, the students should be able to:
1. tell the function of accounting and the nature and purpose of the information it provides
2. list the main fields of accounting and tell the kinds of work carried on in each field
3. list the accounting concepts and principles introduced and tell the effect of each accounting records and statements
4. describe the purpose of a balance sheet and of income statement and tell the kinds of information presented in each
5. recognize and be able to indicate the effects of transactions on the elements of an accounting equation
6. prepare simple financial statements
7. Tell in each case the extent of the responsibility of a business owner for the debts of a business organized as a single proprietorship, partnership, or as a corporation
8. explain the mechanics of double-entry accounting and tell why transactions are recorded with equal debits and credits
9. state the rules of debit and credit and apply the rules in recording transactions
10. tell the normal balance of any asset, liability, or owner’s equity account
11. explain why the life of a business is divided into accounting periods of equal length and why the accounts of a business must be adjusted at the end of each accounting period
12. explain why a work sheet is prepared and be able to prepare a work sheet for a service-type business
13. explain why it is necessary to close the revenue and expense accounts at the end of each accounting period
14. prepare entries to close the temporary accounts of a service-type business
15. explain the retained earnings item on corporation balance sheet.
16. list the steps in the accounting cycle in the order in which they are completed

Course Outline:

I. ACCOUNTING, AN INTRODUCTION TO ITS CONCEPTS
1.1 Keeping of Records
1.2 Transactions
1.3 What is accounting
1.4 Why study Accounting?
1.5 Accounting as a profession
1.6 The work of an accountant
1.7 Accounting and Bookkeeping
1.8 Accounting and Computers
1.9 Accounting Statements
1.10 Assets, liabilities, and Owner’s equity
1.11 Generally accepted accounting principles
1.12 Source of accounting principles
1.13 Understanding accounting principles
1.14 Business organizations
1.15 Business and accounting entity
1.16 Accounting elements or values
1.17 The balance sheet
1.18 Effects of transactions on the accounting equations
1.19 Realization Principle
1.20 Important transaction effects
1.21 Bases of revenue recognition

II. RECORDING
2.1 Business Papers
2.2 Accounts
2.3 Accounts commonly used
2.4 The ledger
2.5 Debit and Credit
2.6 Mechanics of Double-entry accounting
2.7 Transactions illustrating the rules of debit and credit
2.8 The accounts and the equation
2.9 Preparing the trial balance
2.10 The Proof offered by a trial balance
2.11 Balance Column accounts
2.12 Need for a journal
2.13 The general journal
2.14 Recording transactions in a general journal
2.15 Posting transactions information
2.16 Account numbers
2.17 Locating errors
2.18 Correcting errors
2.19 Bookkeeping techniques

III. ADJUSTING THE ACCOUNTS AND PREPARING THE STATEMENTS
3.1Need for adjustment at the end of an accounting period
3.2 Adjusting the accounts
3.3 The adjusted trial balance
3.4 Preparing statements from the adjusted trial balance
3.5 The adjustment process
3.6 Arrangement of the accounts in the ledger
3.7 Disposing of accrued items
3.8 Cash and Accrual Bases of accounting
3.9 Classification of balance sheet items
3.10 Owner’s equity in the balance sheet
3.11 Arrangement of balance sheet items
3.12 Account numbers

IV. THE WORK SHEET AND CLOSING THE ACCOUNTS OF PROPRIETORSHIPS, PARTNERSHIPS, AND CORPORATIONS
4.1 Work sheet in the accounting process
4.2 Preparing a work sheet
4.3 Work sheet and the financial statement
4.4 Work sheet and adjusting entries
4.5 closing entries
4.6 Why closing entries are made
4.7 Closing entries illustrated
4.8 Sources of closing entry information
4.9 The accounts after closing
4.10 The post closing trial balance
4.11 Accounting for partnerships and corporations
4.12 The accounting cycle

Course Requirements:

a. Class Standing (60%): assignments, quizzes, problem sets, recitation/board works, seat works, attendance
b. Periodical Examinations (40%)

Textbook: Fundamental Accounting Principles

References:
1. Introductory Accounting Part One
2. Accounting Principles

Prepared by:

Mr. Edgardo R. Rilloraza
Instructor

Course Outline / Syllabus

Course Title: BOOKKEEPING
Course Code: SA_Pro1
Pre-Requisite: none
Credit: 3
Total Hours: 54 hours

Course Description:

Course Objectives:

At the end of the semester, the students should be able to:
1. tell the function of accounting and the nature and purpose of the information it provides
2. list the main fields of accounting and tell the kinds of work carried on in each field
3. list the accounting concepts and principles introduced and tell the effect of each accounting records and statements
4. describe the purpose of a balance sheet and of income statement and tell the kinds of information presented in each
5. recognize and be able to indicate the effects of transactions on the elements of an accounting equation
6. prepare simple financial statements
7. Tell in each case the extent of the responsibility of a business owner for the debts of a business organized as a single proprietorship, partnership, or as a corporation
8. explain the mechanics of double-entry accounting and tell why transactions are recorded with equal debits and credits
9. state the rules of debit and credit and apply the rules in recording transactions
10. tell the normal balance of any asset, liability, or owner’s equity account
11. explain why the life of a business is divided into accounting periods of equal length and why the accounts of a business must be adjusted at the end of each accounting period
12. explain why a work sheet is prepared and be able to prepare a work sheet for a service-type business
13. explain why it is necessary to close the revenue and expense accounts at the end of each accounting period
14. prepare entries to close the temporary accounts of a service-type business
15. explain the retained earnings item on corporation balance sheet.
16. list the steps in the accounting cycle in the order in which they are completed

Course Outline:

I. ACCOUNTING, AN INTRODUCTION TO ITS CONCEPTS
1.1 Keeping of Records
1.2 Transactions
1.3 What is accounting
1.4 Why study Accounting?
1.5 Accounting as a profession
1.6 The work of an accountant
1.7 Accounting and Bookkeeping
1.8 Accounting and Computers
1.9 Accounting Statements
1.10 Assets, liabilities, and Owner’s equity
1.11 Generally accepted accounting principles
1.12 Source of accounting principles
1.13 Understanding accounting principles
1.14 Business organizations
1.15 Business and accounting entity
1.16 Accounting elements or values
1.17 The balance sheet
1.18 Effects of transactions on the accounting equations
1.19 Realization Principle
1.20 Important transaction effects
1.21 Bases of revenue recognition

II. RECORDING
2.1 Business Papers
2.2 Accounts
2.3 Accounts commonly used
2.4 The ledger
2.5 Debit and Credit
2.6 Mechanics of Double-entry accounting
2.7 Transactions illustrating the rules of debit and credit
2.8 The accounts and the equation
2.9 Preparing the trial balance
2.10 The Proof offered by a trial balance
2.11 Balance Column accounts
2.12 Need for a journal
2.13 The general journal
2.14 Recording transactions in a general journal
2.15 Posting transactions information
2.16 Account numbers
2.17 Locating errors
2.18 Correcting errors
2.19 Bookkeeping techniques

III. ADJUSTING THE ACCOUNTS AND PREPARING THE STATEMENTS
3.1Need for adjustment at the end of an accounting period
3.2 Adjusting the accounts
3.3 The adjusted trial balance
3.4 Preparing statements from the adjusted trial balance
3.5 The adjustment process
3.6 Arrangement of the accounts in the ledger
3.7 Disposing of accrued items
3.8 Cash and Accrual Bases of accounting
3.9 Classification of balance sheet items
3.10 Owner’s equity in the balance sheet
3.11 Arrangement of balance sheet items
3.12 Account numbers

IV. THE WORK SHEET AND CLOSING THE ACCOUNTS OF PROPRIETORSHIPS, PARTNERSHIPS, AND CORPORATIONS
4.1 Work sheet in the accounting process
4.2 Preparing a work sheet
4.3 Work sheet and the financial statement
4.4 Work sheet and adjusting entries
4.5 closing entries
4.6 Why closing entries are made
4.7 Closing entries illustrated
4.8 Sources of closing entry information
4.9 The accounts after closing
4.10 The post closing trial balance
4.11 Accounting for partnerships and corporations
4.12 The accounting cycle

Course Requirements:

a. Class Standing (60%): assignments, quizzes, problem sets, recitation/board works, seat works, attendance
b. Periodical Examinations (40%)

Textbook: Fundamental Accounting Principles

References:
1. Introductory Accounting Part One
2. Accounting Principles

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