I.

ACCOUNTING
a. Sole Proprietorship
b. Partnership and Corporation
c. Financial Accounting 1
d. Financial Accounting 2
e. Financial Accounting 3
f. Cost Accounting
g. Advanced Accounting 1
h. Advanced Accounting 2
i. Financial Management 1
j. Financial Management 2
k. Management Accounting 1
l. Management Accounting 2
m. Accounting for Government
n. Management Advisory and Services
o. Applied Auditing

II. TAXATION
a. Income Taxation (TRAIN Law)
b. Business Taxation (TRAIN Law)

III. LAW
a. Obligation and Contracts
b. Partnership and Corporation
c. Negotiable Instruments
d. Sales, Agency, Labor and Other Commercial Laws
 ACCOUNTING
I. Partnership and Corporation
Partnership-- when two or more persons bind themselves to contribute resource to a common fund in their co-
owned business for a profit
A. ESSENTIAL ELEMENTS
1. An agreement to contribute money, property or industry to a common fund
2. Intent to divide the profits among contracting parties
Note: Once a partnership is formed, it becomes a separate legal person with separate and distinct
personality from its owners
B. MAJOR CHARACTERISTICS
1. Based on contract
2. Association of individuals
3. Ease of formation
4. Co-ownership of partnership property
5. Assignment of partner’s interest
6. Mutual agency
7. Income participation
8. Unlimited liability
9. Limited life
C. REQUISITES OF A PARTNERSHIP
1. A voluntary and valid agreement among the parties
2. A lawful purpose for which the partnership is organized
3. Contribution of money, property or industry
4. An association for a profit to be divided among the partners
5. Mutual agency among the partners
6. A practice of transparency on the records and transactions of the partnership
D. KINDS OF PARTNERSHIP
1. As the nature of business
a. Trading – buys and sells finished merchandise or manufactures goods as its primary operational
activity
b. Non-trading – renders service only for a fee
2. As a purpose
a. Commercial – engages trading, merchandising or manufacturing of goods or rendering services for
a good profit
b. General professional – organized for the exercise of a common profession
3. As to object
a. Universal --