WESTMEAD INTERNATIONAL SCHOOL
SCHOOL OF ECONOMICS, BUSINESS AND ACCOUNTANCY
BASIC ACCOUNTING
INSTRUCTOR: BRYAN BLAIR FALLARME, CPA, MBA
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Westmead International School
School of Economics, Business and Accountancy
First Semester, SY 2020-2021
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Course Title: Basic Accounting 1
Course Code: CMBE 1
Number of Units: 3 units
Time Allocation: 18 weeks/3 hours per week
Instructor: Bryan Blair Fallarme
E-mail: [email protected]
Period Online: Sat 12-3PM (BSREM); 3-6PM (BSCA) via Google Meet
Meeting ID: TBA
LMS: Google Classroom (xzjl4ef – BSREM) (ijskmyx – BSCA)
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Course Overview:
Basic Accounting 1 is an introduction to the accounting concepts, principles, and
techniques used in recording business transactions. The accounting cycle, the measurement of
income and valuation problems, reporting of financial position and results of operations for
business enterprise are explored.
Course Learning Outcomes
Define accounting terms related to accounting, business management and finance.
Identify how accounting serves as a basis for careers, and the tasks associated with
various accounting occupations.
Describe how communication skills are important in reporting accounting information.
Describe the importance of ethical business decisions in the workplace, and its’ impact
on consumers.
Compare and contrast a service business organized as a proprietorship and a
merchandising business.
Identify accounting concepts and practices related to a proprietorship and a
merchandising business.
Master the ability to apply the accounting cycle for different types of businesses.
Classify accounts as assets, liabilities or owner’s equity, revenue and expenses.
Analyze how transactions related to starting a proprietorship and merchandising
business affect accounts in an accounting equation.
Prepare financial statements for a proprietorship and merchandising business from
accounting information
STUDY TIPS: For you to successfully finish this course, you are required to :
❏ Read the lecture notes and explanations regarding the micro-topic in each unit module.
❏ Additional readings and references online must be downloaded and/or printed depending
on your preference.
❏ Lecture videos and audio files must be downloaded for offline learning or access them
through the links given in your learning packet and watch them online.
❏ Answer formative assessment and discussion points may be embedded in the videos to
check if you have finished watching and evaluating the materials.
❏ Each unit of the course contains self-assessment exercises and activities. The self-
assessment exercises are given to enhance your understanding of the course and will be
considered as formative exercises. These must be submitted but will not be graded.
❏ It is strongly recommended that you try to find a little time each week to engage in the
online conversations (at times that are convenient to you) as the forums are an integral,
and very rewarding, part of the course and the online learning experience.
In this course you are therefore expected to :
❏ 1. Complete four major exams online
❏ 2. Participate in the discussion threads using proper net etiquette.
❏ 3. Access and utilize the additional online component included with the textbook.
❏ 4. You will complete all quizzes and assignments by the due date.
❏ 5. View all recorded lectures on a timely basis. Check-up questions and major exam
tips are sometimes embedded in the videos.
❏ 6. Expected to logon to the online course at twice a month.
❏ 7. Complete and send assignments by due date and other activities as posted.
Course Outline and Schedule
1. Introducing Accounting and Financial Statements (Week 1)
What Is Accounting?
Who Uses Accounting Information?
Financial Statements
How Different Business Entities Present Accounting Information
2. Generally Accepted Accounting Principles (Week 2)
Who Are the SEC, AICPA, and the FASB?
Generally Accepted Accounting Principles (GAAP)
3. The Balance Sheet and Its Components (Week 3/4)
Understanding the Balance Sheet
The Accounting Equation
The Components of the Balance Sheet
The Transactions Behind the Balance Sheet
4. The Income Statement (Week 5/6)
Understanding the Income Statement
The Income Statement Illustrated
Transactions That Effect the Income Statement
5. Preparing and Using a Statement of Cash Flows (Week 7)
What Is a Statement of Cash Flows?
Cash and Cash Equivalents
The Statement of Cash Flows Illustrated
6. Double-Entry Accounting (Week 8/9/10)
The General Journal
The General Ledger
Adjusting Journal Entries
Closing Journal Entries
7. The Corporation (Week 10/11/12)
The Corporation Defined
What Is Capital Stock?
Dividends and Splits
What Is Treasury Stock?
8. Using Financial Statements for Short-Term Analysis (Week 13)
Using Short-Term Ratios
Current and Quick Ratios
Working Capital
Composition of Assets
9. Using Financial Statements for Long-Term Analysis (Week 14/15)
Quality of Earnings
Rate of Return on Investment
Sales-Based Ratios or Percentages
Earnings Data
Long-Term Debt Position
Dividend Data
Footnotes
10. Budgeting for Your Business (Week 16)
What Is a Budget?
Planning and Control
Advantages of Budgeting
The Master Budget
Sales Budget
Capital Budget
Budgeted Income Statement
The Cash Budget
11. Audits and Auditors (Week 17/18)
What Is an Audit?
Types of Auditors
The Standard Audit Opinion Illustrated
The Parts of the Report
Other Types of Audit Reports
Why Audits Are Useful to You
ASSESSMENT STRATEGY
You will be evaluated based on the following areas. Note that timely submission of the
assignments and problem sets determine whether you get points for them or not. Failure to take
the online exams on the date specified including inability to submit due to poor internet
connection would mean a grade of Fail. Special exams will only be given ONCE to students
who were able to take at least 2 major exams successfully and with complete compilation of
assignments and problem sets submitted on time.
❏ 3 major exams online - 60%
❏ Series of assignments and problem sets - 20%
❏ Participation in the discussion boards - 20%
ADDITIONAL INFORMATION FOR STUDENTS ON THE CONDUCT OF REMOTE CLASSES
1. I WILL BE ONLINE DURING THE REGULAR 3-HOUR SCHEDULE OF THE CLASS
EVERY WEEK. ACTIVITIES CAN RUN FROM ONLINE LECTURES (RECORDED),
POSTING OF DISCUSSION BOARD TOPICS, CLARIFICATIONS OF THE CONCEPTS
AND ISSUES IN CLASS, GRADED RECITATIONS, GROUP ACTIVITIES AND GROUP
DISCUSSIONS. YOU ARE EXPECTED TO PARTICIPATE IN THESE ACTIVITIES AT
LEAST TWICE EVERY MONTH.
2. I WILL BE POSTING IN OUR GOOGLE CLASSROOM ON A REGULAR BASIS AND
GIVE FEEDBACK ON STUDENTS WHO ARE NOT SUBMITTING MATERIALS ON
TIME. THREE (3) CONSECUTIVE LATE SUBMISSION OF ANY
ACTIVITY/ASSESSMENT/PROBLEM SET WOULD MEAN A GRADE OF 5.0.
3. FAILURE TO SUCCESSFULLY FINISH 3 MAJOR EXAMS WOULD MEAN A GRADE
OF 5.0. REMOVAL EXAMS WILL ONLY BE GIVEN TO STUDENTS WITH A GOOD
RECORD OF SUBMITTING REQUIREMENTS AND HAS FAILED TO SUCCESSFULLY
FINISH 2 MAJOR EXAMS.
4. THERE WOULD BE NO FACE TO FACE INTERACTION DURING THE SEMESTER
AND NO FACE TO FACE MAJOR EXAMS AS WELL.
5. ALL WORKS MUST BE POSTED IN THE GOOGLE CLASSROOM. SUBMISSION
DATES WILL ONLY BE OPEN FOR ONE DAY. NO WORKS WILL BE ACCEPTED
AFTER DEADLINE.
6. DROPPING OF SUBJECT WILL BE PRIOR TO MIDTERM EXAMS TO AVOID
GETTING A GRADE OF 5.
7. INQUIRIES AND CLARIFICATIONS OR ANY ATTEMPT TO COMMUNICATE MUST
BE DONE DURING OFFICE HOURS FROM MONDAY TO FRIDAY. QUESTIONS
POSTED AFTER HOURS WOULD BE ANSWERED ON THE NEXT WORKING DAY.
8. PLAGIARISM IS A BIG MISTAKE. MAKE SURE TO PASS YOUR WORK ONLY AFTER
RUNNING IT IN AN ONLINE PLAGIARISM CHECKER. ANY WORK PROVEN TO BE
PLAGIARIZED WOULD BE CONSIDERED.
9. GUIDELINES FOR ONLINE ETIQUETTE AND BEHAVIOR MUST BE STRICTLY
FOLLOWED.
10. PRESENCE IN ONLINE CLASSES WILL ONLY BE CONSIDERED IF YOU ARE
ONLINE FOR MORE THAN 60% OF THE MEETING HOURS. YOUR PRESENCE WILL
BE CHECKED VIA THE CHAT BOX DURING CLASSROOM CHECKS DONE IN
RANDOM DURING THE DURATION OF THE CLASS.
11. CLASS RECORDINGS WILL BE DONE BY THE INSTRUCTOR AND WILL BE MADE
AVAILABLE TO THE CLASS VIA GOOGLE CLASSROOM.
THANK YOU AND LET US ALL HAVE A PRODUCTIVE SEMESTER!
