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University of San Carlos

School of Business and Economics


Department of Accountancy
SYLLABUS
Course No. : AC 511
Course itle : Advanced !inancial Accountin" and #eportin" $art %
Credit : & units 'lecture(
$rere)uisite Courses : AC 5*+: !inancial Accountin" and #eportin" $art %%
#evised : ,y -arvic .ohn -. /eyson #evised 0nd semester1 A2: 0*11 3 0*10
Overview of the Course
This course deals with special contemporary accounting issues in the practice of accountancy. It includes the proper application of contemporary accounting techniques and
methodology to advanced accounting problems and situations like branch and home office relationship. This course also discusses the principles and procedures in
accounting for installment and consignment sales, construction contracts, corporate liquidation, joint ventures and insurance contracts.
This course is designed to provide the student with conceptual knowledge of financial accounting for business enterprises. It covers discussions on financial reporting, and
disclosures in conformity with Philippine Accounting tandards !PA", Philippine #inancial $eporting tandards !P#$", and International #inancial $eporting tandards
!I#$".
Course Description
This course is the first part of advanced accounting. It discusses advanced accounting principles applicable to special problems encountered by business entities and
accounting practitioners as well. It also covers the basic principles and concepts underlying income recognition and measurement. %reater in&depth understanding and higher
level of analytical and critical thinking are required compared to the fundamental and intermediate accounting courses.
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4eneral 5,6ectives
'uring the semester, the students are e(pected to)
*. understand the fundamental principles, concepts, and theories associated with business operations involving home office and branch, installment sales, franchise, and
long&term construction contracts+
,. familiari-e with the basic concepts and underlying principles involved in accounting for joint ventures, fire insurance and build&operate&transfer scheme+
.. demonstrate the competencies required in the practice of the accountancy as a competent and socially responsible professionals+ and
/. recogni-e the issues and developments in the practice of accountancy relevant to the needs of the local, national, and global communities in a rapidly changing world.
Classroom Management
*. Attendance is a -US. Attendance in all classes is required. 0eing present in class means that you attend each class, and come prepared having read the chapters and
the e(ercises or cases that are assigned for that class. There are 1/ sessions2hours in this course and you may incur only seven!3" absences for 45 schedules or seven
!3" absences for TT6 schedules. 7therwise, you will automatically be dropped from class and receive a grade of either 89 !8o 9redit" or a failing grade of 1.: whichever is
applicable.
,. #eadmission. tudents who incur three consecutive !." absences will be asked by the instructor to see the 'epartment 9hair to secure permission to be re&admitted to
class. A re&admission slip should be properly accomplished for this purpose.
.. ardiness is discoura"ed. 4ake sure that you come on time, as it becomes a source of irritation for the members of the class and the professor when students come late.
As a policy for this class, you will be considered late if you come to class after *1 minutes of the time, three instances of tardiness whether incurred consecutive or not is
considered one absence. ;earn to be professionals+ respect for other people<s time is a principle that should be valued.
/. Seat $lan. A permanent seat plan will be made at the start of the semester. =ou are advised to keep to your assigned seating arrangement+ otherwise, you will be marked
absent for that day.
1. $rayer. 9lasses should always start and end with a short prayer. The instructor can opt to lead the prayer or assign students to do this alternatively.
>. Classroom -ana"ement. tudents should assist in maintaining the orderliness and cleanliness of the classrooms. %raffiti writing is strictly prohibited. Any student found
violating this rule will be punished with the appropriate sanction. 0efore leaving the classroom, the instructor with the help of the students, should ensure that no
litter2garbage is left behind and that chairs are in their proper order. hould the class be the last schedule for the day, the instructor should arrange that the lights and air
conditioning units are switched off.
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3. -o,ile $hones. ?se of mobile phones inside the classroom is strictly prohibited. witch them off or place them under silent mode before entering your classes. The
instructor has the right to confiscate mobile phones that rings and2or is used during class hours. The confiscated unit can only be claimed in the 'ean<s office at the end of
the semester.
@. Eatin" and Drin7in". #ood and drinks are not allowed inside the classroom and in the corridors. It is your responsibility to properly schedule your classes so that meals
and snacks can be taken at its proper time.
A. Consultation 8ours. tudents are encouraged to see the instructor during consultation hours for any concerns, questions and assistance with regards to the course.
Instructors should ensure that they are available on these hours and at the agreed location.
*:. Su,missions. Timely submission of written requirements will be strictly followed. Bust like when you submit a report to the 0ureau of Internal $evenue !0I$", 0I$ would
charge you Cpenalty.D The penalty is collected not for the purpose of making money+ it is meant to discourage late submission of reports. It is also the same in this class.
The penalty for late submission of reports is Cnon&acceptanceD<
**. /i,rary 8ours. 4a(imi-e the use of the library resources. The library hours are) 4onday to aturday 3).: a.m. to @):: p.m.
*,. En6oy every moment of the class. ;astly, learning should be fun and e(citing. Enjoy your classesF It will be such a tragedy if you will be miserable in the class.
Participate so you get the most of this course.

Suggested Learning Experiences Course Requirements Grading Sstem
*. ;ecture&'iscussion *. $egular Attendance 4idterms)
,. Practice Tests Tests2Gui--es & *2.
.. Individual Assignments ,. Active 9lass Participation 7ther $equirements & *2.
/. Problem olving E(ercises 4idterm E(amination & *2.
1. Pretests .. Passing %rades
>. ?nit Tests and Gui--es #inals)
3. eatworks /. 9ompletion H ubmission 4idterm %rade & *2.
@. 0oardwork of eatworks and Assignments 9lass tanding after
4idterm & *2.
1. $ight attitude toward course #inal E(amination & *2.
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#or purposes of transmutation, the course will use the following grade equivalent !at 1:I passing")

$aw core
%rade
Equivalent $aw core
%rade
Equivalent
*:: *.: 3. 3/ ,.*
A@ AA *.* 3: 3, ,.,
A1 A3 *., >@ >A ,..
A. A/ *.. >1 >3 ,./
A: A, *./ >. >/ ,.1
@@ @A *.1 >: >, ,.>
@1 @3 *.> 1> 1A ,.3
@. @/ *.3 11 13 ,.@
@: @, *.@ 1. 1/ ,.A
3@ 3A *.A 1: 1, ..:
31 33 ,.: 0elow 1: 1.:

Specific Objectives Contents Mode of Delivery / Learning
Activities and Resorces
Assess!ent Sc"e!e
9EE: 1 ; & hours
5rientation
*. Introduction of the members of the class
,. etting of e(pectations
.. 'iscussion of classroom rules and policies
/. $evisit Jision and 4ission tatements of the
?niversity of an 9arlos
1. 9hecking of admission slips
>. etting of seat plan
3. %rouping of students
@. 9ourse Introduction)
'istribution and presentation of the course
A. Introduction
0. ?9 Jision&4ission
9. 9ourse 'escription
'. 9ourse 7bjectives
E. 9ourse $equirements
#. Alternative Activities
%. %rading ystem
6. 6ouse $ules
%
roup dynamics
I
nteraction
;
eveling e(pectations
6
and&outs, notes

Participation

5ritten summary

Guestion H answer

;earning statements
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syllabus.
'iscussion of the content of the syllabus for
the purpose of clarification.
E(plore course structure, sequencing of
subject matter.
'iscussion on the course requirements and
grading.
Unit % Accountin" for A"ency ransactions

At the end of the chapter, students should be able
to)
*. 9ontrast between a sales agency and a
branch.
,. Account for sales agency when agency net
income is)
determined separately
not determined separately
A. ales Agencies
Introduction of 9oncepts
Accounting Process
Bournal Entries
'etermination of Agency 8et
Income
;ecture&discussion
0oardworks
Problem olving E(ercises

$ecitation
Pre&tests
9lass Participation
Assignments
eatworks
Practice Tests
9EE: 0 and & ; + hours
Unit %% Accountin" for Branch 5perations
At the end of the chapter, students should be able
to)
*. $ecord transactions between the home office
and the branch.
,. Prepare separate financial statements of the
branch and home office.
.. Prepare combined financial statements for
0. 0ranches
Introduction of 9oncepts
Accounting Process
Bournal Entries
eparate #inancial tatements
9ombined #inancial tatements
$econciliation of $eciprocal
;ecture&discussion
0oardworks
Problem olving E(ercises
Accounting 9ase) 5hy 9ompa&
Pre&tests
9lass Participation
Assignments
eatworks
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home office and branch.
/. $econcile home office and branch accounts
!reciprocal accounts".
Accounts nies 6ave Agencies and 0ran&
ches
Practice Tests
?nit Tests
9EE: <1 5 and + ; = hours
Unit %%% Special $ro,lems in 8ome 5ffice and
Branch Accountin"
At the end of the chapter, students should be able
to)
*. $ecord the transactions involving shipments of
merchandise billed above costs from the home
office to branch.
,. Prepare entries to record the inter branch
transfer of cash and merchandise
.. 'etermine the branch true net income or loss
/. 'evelop a working paper for consolidation of
accounts of the home office and branch.
1. To prepare the combined income statement
and statement of financial position for home
office and branch
A. pecial Problems
Interbranch transactions
involving
transfer of cash and merchandise
0ranch billing at amounts other
than cost
#reight costs on shipments
0ranch e(pense allocation
0ranch true income
9ombined income statement
;ecture&discussion
0oardworks
Problem olving E(ercises
Accounting 9ase) 6ow the 6ome
7ffice and 0ranches 5ork
Together
Pre&tests
9lass Participation
Assignments
eatworks
Practice Tests
?nit Tests
9EE: >1 ? and = ; = hours
Unit %@ Accountin" for %nstallment Sales
At the end of the chapter, the students will be able
to)
*. 'iscuss and e(plain the nature, characteristics
and operations of installment sales.
,. E(plain and apply the methods of recogni-ing
gross profit on installment sales.
.. Apply the accounting procedures governing
A. 8ature and 9haracteristics
Introduction of 9oncepts
Accounting Process
Bournal Entries
0. %ross Profit 9omputation
9. Accounting Procedures
;ecture&discussion
0oardworks
Problem olving E(ercises
Pre&tests
9lass Participation
Assignments
eatworks
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installment sales for)
ale of personal property
ale of real estate property
Trade&ins
$epossessions
Interest computation using annuity
method
/. Prepare the financial statements of entities
whose activities involved in selling items on
installment
ale of personal property
ale of real estate property
Trade&ins
$epossessions
Interest computation using
annuity
4ethod
'. #inancial tatement Preparation
Accounting 9ase) 9ompanies
using Installment ales 4ethod
!e.g. Appliance tores"
Practice Tests
?nit Tests
9EE: 1* -%DE#- EAA-%NA%5NS
9EE: 11 ; & hours
Unit @ Accountin" for Consi"nment Sales
At the end of the chapter, the student will be able
to)
*. 'iscuss and e(plain the nature, characteristics
and operation of consignment sales.
,. Identify and calculate for consigned goods in
the books of the)
9onsignor
9onsignee
.. 'etermine consignment income under)
9ompleted consignment
?ncompleted consignment
/. Prepare financial statements from the viewpoint
of the consignor.
A. 8ature and 9haracteristics
Introduction of 9oncepts
9onsignor and 9onsignee
Accounting Process under both
9onsignee and 9onsignor<s books
Bournal Entries under both
9onsignee and 9onsignor<s books
0. 'etermination of 9onsignment Income
9ompleted consignment
?ncompleted consignment
9. #inancial tatement Preparation under
viewpoint of 9onsignor
;ecture&discussion
0oardworks
Problem olving E(ercises
Accounting 9ase) 6ow 9onsign&
ment 5orks
Pre&tests
9lass Participation
Assignments
eatworks
Practice Tests
?nit Tests
9ee7 10 and 1& ; + hours
Unit @% Accountin" for /on" erm Construction
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Contracts
At the end of the chapter, the student will be able
to)
*. 'iscuss and e(plain the nature, characteristics
and operation of long term construction
contracts.
,. 'etermine the gross profit on long term
construction contracts using)
Percentage of completion method
9ost recovery or -ero&profit method
.. Account for long term construction contracts for
revision of estimate and change order
A. 8ature and 9haracteristics
Introduction of 9oncepts
Accounting Process
Bournal Entries
0. Accounting 4ethods
Percentage of completion
method
9ost recovery or -ero&profit
method
%ross Profit 4ethod
9. Accounting Procedures
$evision of estimates
9hange order
;ecture&discussion
0oardworks
Problem olving E(ercises
Accounting 9ase) 5hat 4ethod
'o 9onstruction 9ompanies
9ommonly ?seK
Pre&tests
9lass Participation
Assignments
eatworks
Practice Tests
?nit Tests
9EE: 1< and 15 ; + hours
Unit @%% Accountin" for !inancially Distressed
Corporations
At the end of the chapter, the students would be
able to)
*. 'iscuss and e(plain the terms, nature and
characteristics of insolvency.
,. Enumerate and e(plain the remedies available
for relief of debtor.
.. ?nderstand the concepts behind and compute
for the rates of estimated payment and
deficiency to unsecured creditors.
/. Prepare the statement of affairs.
1. Prepare the statement of reali-ation and
liquidation.
>. E(plain the nature and importance of the
statement of affairs.
3. #amiliari-e the nature and content of the
A. Insolvency20ankruptcy
'efined and 'ifferentiated
Joluntary vs. Involuntary
ecured vs. ?nsecured 9reditors
Assignee, Trustee, $eceiver
Proceedings
0. $emedies Available for $elief of 'ebtor
Equity Insolvency
0ankruptcy Insolvency
9. tatement of Affairs
8ature, Purpose and Importance
#orm and 9ontent
9omputation of Amount
Available,
$ate of Estimated Payment and
;ecture&discussion
0oardworks
Problem olving E(ercises
Accounting 9ase) 9orporate
$ehabilitation in the Philippines
9lass Participation
Assignments
eatworks
Practice Tests
?nit Tests
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statement of affairs
@. Prepare the statement of affair using the
conventional and the alternative forms and the
deficiency statement
'eficiency to unsecured 9reditors
Preparation of the tatement of
Affairs and the upporting
'eficiency tatement
'. tatement of $eali-ation and
;iquidation
8ature, Purpose and Importance
#orm and 9ontent
Analysis of Transactions and its
Effect on the tatement
Preparation of the statement of
reali-ation and liquidation
9EE: 1+ ; & hours
Unit @%%% Commercial !ranchise 5perations
'$oint of @ieB of !ranchisor(
At the end of the chapter, the students would be
able to)
*. 'iscuss and e(plain the nature, characteristics
and operation of franchises.
,. E(plain and apply the methods of recogni-ing
franchise revenue under)
Accrual basis
Installment basis
.. 'etermine the initial franchise fees and
continuing franchise fees.
/. 9ompute net income earned by the franchisor.
A. 8ature and 9haracteristics
Introduction of 9oncepts
Accounting Process
Bournal Entries
0. 4ethods of $ecogni-ing #ranchise
$evenue
Accrual basis
Installment basis
9. Accounting Procedures
Initial #ranchise #ees
9ontinuing #ranchise #ees
'. 'etermination of #ranchisor 8et
Income
;ecture&discussion
0oardworks
Problem olving E(ercises
Accounting 9ase) 9ommon
Philippine #ranchises
Accounting 9ase) 6ow #ran&
chises 5ork
9lass Participation
Assignments
eatworks
Practice Tests
?nit Tests
9EE: 1> and 1? ; + hours
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Unit %A .oint @enture and Associated
Enterprises and !ire %nsurance
At the end of the chapter, the students would be
able to)
*. 'iscuss and e(plain the nature, characteristics
and operation of joint venture and associated
enterprises.
,. $ecord the different transactions under joint
ventures.
.. E(plain the financial reporting of interests in
joint venture.
/. 'iscuss and e(plain the nature, characteristics
and operation of insurance contracts.
1. Account for fire insurance !point of view of
insurer" and record the transactions under
insurance contracts.
>. 9ompute income under insurance contracts.
A. Boint Jentures
Introduction of 9oncepts
Accounting Process
Bournal Entries
#inancial $eporting of Interests
0. #ire Insurance 9ontracts !Point of Jiew
of Insurer"
Introduction of 9oncepts
Accounting Process
Bournal Entries
4easurement of Income
;ecture&discussion
0oardworks
Problem olving E(ercises
Accounting 9ase) Boint Jentures
in the Philippines
Accounting 9ase) 6ow #ire
Insurance 9ompanies 5ork
9lass Participation
Assignments
eatworks
Practice Tests
?nit Tests
9EE: 1= !%NA/ EAA-%NA%5NS
5A/ ; 5< 85U#S
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#E!E#ENCES
A. B55:S
Te(tbook) %uerero, P., Peralta, B., Advanced Accounting. Jolume 7ne. ,::@ edition, %I9 Enterprises and 9o., Inc, 9,::@
%uerero, P., Peralta, B., Advanced Accounting. Jolume Two. ,::@ edition, %I9 Enterprises and 9o., Inc, 9,::@
$eferences) kousen, L. #., tice E. L. tice, B. '., Intermediate Accounting. *1th edition, outh&5estern 9ollege Publishing, 9,::/.
tatement of #inancial Accounting tandard. 9ompiled by the Accounting tandards 9ouncil, PI9PA.
Linnel, Lieso H 5eygandt, #inancial Accounting. .rd edition, Bohn 5iley and ons, Inc., 9,::/.
Jali( H Peralta, #inancial Accounting. ,::: edition.
Epstein 0. B., 4ir-a., International Accounting tandards. 9,::*.
B. 9EBS%ES
http)22skousen.swcollege.com
0ank for International ettlements
http)22skousen.swcollege.com
Intermediate Accounting, kousen)
http)22www.wiley.com2college2kieso
Intermediate Accounting, Lieso H 5eygandt)
http)22www.wiley.com2gaap
International Accounting tandard, Bohn 5iley H ons)
http)22www.booksites.net2benedict
Practical Accounting)
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http)22www.rutgers2edu2accounting2raw2fasb
#inancial Accounting tandards 0oard
http)22www.ifac.org
International #ederation of Accountants

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#UB#%C
C#%E#%A :N59/ED4E S:%//S A%UDES and @A/UES
Individual Performance .: pts shares readings, e(plains, e(pounds reasoning, justifying, demonstrating, responding diligence, patience, perseverance
%roup Involvement ,: pts contributes ideas, communicates, listens relating, agreeing, sharing, deciding, collating tolerance, consideration, kindness
9lass 9ommitment ,: pts consults, discusses, decides, relates listening, conferring, associating, synthesi-ing openness, dedication, objectivity
Practical Implications .: pts plans, implements, evaluates, improves forecasting, articulating, applying, modifying persistence, determination, optimism
$resentation #u,ric
Attri,utes A,ove Standard At Standard Attri,ute Still a 4oal
Attri,ute
$oints
Earned
'5C<.5( '<.5C&.5( '&.5C*(
#esource
UtiliDation
?tili-ed all resources described on Information
heet to acquire info+ incorporated info
information presentation and 5eb page.
?tili-ed some resources described on Information
heet to acquire info+ incorporated information into
presentation and 5eb page.
?tili-ed few or no resources described on
Information heet to acquire information
into presentation and 5eb page.
E5
'1*C=( '=C>( '>C*(
opic
Discussion
Informed when speaking !without reference to
notes" about the material.
Informed when speaking about the material while
referencing notes.
?nable to accurately discuss information
related to topic or simply read information
from paper.
E1*
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'1*C=( '=C>( '>C*(
@isuals F
Supplementary
-aterials
7ral report included computer&generated and2or
hand made visuals !clip&art, graphs, tables,
charts, and GuickTime movies", and was
presented with multimedia software that
enhanced presentation.
7ral report included computer&generated and2or hand
made visuals !clip&art, graphs, tables, charts, and
GuickTime movies" that enhanced presentation, but
was not presented with multimedia software.
7ral report did not include visuals or
supplementary materials or materials used
did not enhance presentation.
E1*
'15C1&.5( '1&.5C1*.5( '1*.5C*(
8yper Studio or
9e, $a"e
UtiliDation
9reated pages accurately reflect the groups
data, results and rationale. It is organi-ed in a
way that enhances the readerMs ability to
understand the information, data and results.
9reated pages accurately reflect the groups data,
results and rationale. It is organi-ed in a way that
allows the reader to understand the information, data
and results.
9reated pages are incomplete, missing or
do not get across the groupMs information,
data and results.
E15
otal $resentation $oints Earned
http)22ed.fnal.gov2help2A32sightsound2litscrub.html
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