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BSA 103: Financial Accounting & Reporting 1


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About

The course is designed for BSA students who have completed their fundamentals of accounting (BSA 101 and BSA 102) and who have passed the Qualifying Examination. It introduces the nature, functions, scope, and limitations of the broad field of accounting theory. It deals with the study of the theoretical accounting framework – objectives of financial statements, accounting conventions, and generally accepted accounting principles (national concepts and principles as well as international accounting standards), the conditions under which they may be appropriately applied, their impact or effect on the financial statements; and the criticisms commonly leveled against them. The course covers the detailed discussion, appreciation, and application of accounting principles covering the asset accounts, except short-term and long-term investments. Emphasis is given on the interpretation and application of theories of accounting in relation to cash, receivables, inventories, prepayments, property, plant and equipment, intangibles, and other assets, including financial statement presentation and disclosure requirements. The related internal control, ethical issues, and management of assets are also covered.

Course Objectives    :  

  1. To understand the scope and authority of the standards issued by the Philippine Financial Reporting Standards Committee (PFRSC) / Accounting Standards Council (ASC).
  2. To have a sound knowledge and understanding of selected pronouncements of the ASC / PFRSC as embodied in the Statements of Financial Accounting Standards (SFAS), Philippine Accounting Standards (PAS), and Philippine Financial Reporting Standards (PFRS).
  3. To acquire a comprehensive knowledge and understanding of the principles underlying the recognition, measurement, financial statement presentation, disclosures, and disposals of major assets in the balance sheet.
  4. To integrate and apply the acquired knowledge to problem situations that is likely encountered in practice.
  5. To apply the skills in systematic problem solving

Requirements    :    

  1. Each student is required to submit for each chapter

            a.   Answers to discussion questions
            b.   Answers to multiple choice questions

      2.   Compilation of assignments, quizzes and seat works
      3.   Compilation of basic standards on assets covered by the subject
               a.    Definition
               b.    Recognition
               c.    Measurement
               d.    Classification and balance sheet presentation
               e.    Derecognition
                f.    Disclosure requirements
     4.   2008 annual report of publicly listed companies
     5.   Quizzes, prelim examination and final examination

Grading system:

 
1st Half
2nd Half
Final Grade
Quizzes
   20%
   25%
 
Attendance, seatwork,
    Assignment
           
     5%
     5%
Departmental examination
   20%
   25%
 
   45%
   55%
 100%

References:   

  • Kieso, D. E. & Weygandt, J. J. (2005).  Intermediate Accounting, 11th edition.  John Viley & Sons, Inc. Reprinted in the Phils. By Philippine Graphic Arts, Inc.
  • Skousen, K. F., Stice, E. K., & Stice, J. D. (2007).   Intermediate Accounting, 16th edition.  Mutual Books Co., South Western College Publishing:  Ohio.
  • Cabrera, E. B. (2006), Intermediate Financial Accounting, 2006 edition. GIC Enterprises & Co., Inc.: Manila 
  • Valix, C. T. & Peralta, J. (2008 ).  Financial Accounting Vol. 1, 2008   edition.  GIC Enterprises & Co., Inc.: Manila  

        
Expectations from each student :    

The student’s responsibility is to come to each class prepared.   She is also expected to take all examinations on the dates scheduled.   She should read the assigned materials and solve assigned problem materials prior to class.   She is expected to attend each class and participate actively in the discussions.
        
Academic dishonesty:    

All BSA students are expected to be academically honest.   Cheating, lying and other forms of immoral and unethical behavior will not be tolerated.   Any student found guilty of cheating in examinations or plagiarism in submitted course requirements will (at a minimum) receive an F (or 0.00) or failure in the course.    Plagiarism and cheating refer to the use of unauthorized books, notes or otherwise securing help in a test, copying tests, assignments, reports or term papers; representing the work of another person as one’s own, collaborating, without authority, with another student during an examination or in preparing academic work; signing another student’s name on attendance sheet; or otherwise practicing scholastic dishonesty.