MABALACAT CITY COLLEGE

INSTITUTE OF BUSINESS EDUCATION

FIRST SEMESTER, A.Y. 2020-2021 (CYCLE 1)
Module Guide for BEACCTG 1: Fundamentals of Accounting Part 1

VISION: Mabalacat City College envisions being the equalizer of educational opportunities to MISSION: The College aims to provide experiential, innovative modes and values-enriched
produce professionals and leaders in building economically progressive and morally learning, which hone the multiple abilities of individuals to fully prepare them to be
responsive communities competent and socially responsible professionals and leaders.

COURSE DESCRIPTION:
This course provides an introduction to accounting, within the context of business and business decisions. Students obtain basic understanding of the principles
and concept of accounting as well as their applicability and relevance in the national context and learn how to use various types of accounting information found in the
financial statements and annual reports. Emphasis is placed on understanding the reasons underlying basic accounting concepts and providing students with an adequate
background on the recording, classification and summarization functions of accounting to enable them to appreciate the varied uses of accounting data. Flexible Learning
Scheme will be implemented with different parts of the learning module as provided.

PRE-REQUISITE: None

NUMBER OF UNITS: 6 Units Lecture

LEARNING OUTCOMES
1. Discuss the role of accounting in business.
2. Explain the importance of the purpose and phases of accounting, the fundamental accounting concepts and principles.
3. Summarize the salient features of the Accountancy Act of 2004, the Core Competencies Framework and the Code of Ethics for Professional Accountants and
harness them to attain professional advancement.
4. Summarize the rules of debit and credit as applied to balance sheet and income statement accounts.
5. Describe the nature of the typical account titles used in recording transactions
6. Analyze and state the effects of business transactions on an entity’s assets, liabilities and owner’s equity and record theses effects in accounting equation form
using the financial transaction worksheet and the T-accounts
7. Apply the generally accepted accounting principles in recording the business transactions of service and merchandising business.
8. Prepare the basic financial statements of service and merchandising business, understand and appreciate the usefulness of financial statements.
9. Distinguish between income statements of service and merchandising entities.
10. Illustrate the operating cycle of a merchandising entity and be familiar with the different source documents being used by merchandising business.
11. Summarize the treatment of transportation costs considering the freight terms FOB Destination, FOB Shipping point, Freight Prepaid, and Freight Collect.
12. Explain the inventory systems of merchandising entities.
13. Analyze and record transactions for merchandise sales and purchases under a periodic inventory system.
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 14. Compare and contrast the entries needed for the periodic and perpetual inventory system.
15. Explain how the financial statements are interrelated
16. Recognize the need for a post – closing trial balance and reversing entries in particular instances.
17. Prepare and post adjusting entries, closing entries, reversing entries and post – closing trial balance.
18. Explain how the worksheet under a perpetual inventory system differs from that prepared under a periodic inventory system
19. Discuss the limitations of using the general journal and the general ledger.
20. Explain the goals and uses of special journals
21. Records transactions using special journals and explain the distinguishing features of the voucher system.
22. Describe the Imprest cash system and explain the importance of reconciling cash account balance
23. Identify and journalize bank reconciling items and prepare the basic bank reconciliation statement.

COURSE OUTLINE:

Faculty Assigned Learning Materials Assessment Tasks

Week Topic (for Team (with references following OER (Requirements with schedule or time
Teaching) plagiarism and IPR policies) allotment)
1 Module 1
I. Accounting and its Environment BOOKS/REFERENCES:
- Definition of Accounting
- Evolution of Accounting 1.Financial Accounting and Reporting for Worksheet 1 – Essay (Guide Questions
- Fundamental Business Model Services and Merchandisers – International provided in the module)
- Types of Business Edition 2019 by Zenaida Vera Cruz-Manuel
- Forms of Business Organizations
- Micro, Small and Medium Enterprises (RA9501,
definitions of MSMEs) 2. Basic Accounting – 2019 issue – by Win Worksheet 2 – Objective Type (questions will
- Activities if Business Organizations Ballada, and Susan Ballada, DomDane be answered utilizing the EDMODO – with time
- Purpose and Phases of Accounting Publishers and Made Easy Books. limit questions)
- Fundamental concepts
- Criteria for Generally Accepted Accounting None
Principles 3. Fundamentals of Accounting – Part 1, Due Date: September 18, 2020
- Basic Principles By:Tulio, VillaBlanca, Abon, Abdon, Albay
- Accountancy in the Philippines and Inigo
- Accountancy Act of 2004
- Professional Organization
- Accounting Standards in the Philippines 4. Worktext in Basic Accounting (Service
- Core Competencies Framework for Accountants and Merchandising) by:Cecilia Hugo –
- Code of Ethics for Professional Accountants in the Macapilit
Philippines
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 - The Accountancy Profession
- Branches of Accounting 5.Fundamentals of Basic Accounting, By:
Module 2 Leonardo E. Aliling
II. Accounting Equation and the Double Entry Worksheet 3 - Objective Type (Exercises
System provided in the module)
- The Account 6. Fundamentals of Accounting – Voume 1,
- The Accounting Equation By: Patricia M. Empleo
- Debit and Credits – The double Entry System Worksheet 4 – Problem solving/exercises
2 - Normal Balance of an Account (questions are included in the module)
None
- Accounting Events and Transactions Online Resources:
- Types and Effects of Transactions Open Education Resources – Accounting Due Date: September 25, 2020
- Typical Account Titles Used and Finance /Principles of Accounting
- Accounting for Business Transactions (Textbook, Modules, Tests and Video
- Distinction Between Revenue and Receipts presentation of lectures)
Module 3 https://guides.library.sc.edu/OER
III. Recording Business Transactions Worksheets 5 & 6
- Transaction Analysis Corporate Financia Institute -Free Multiple choices theories and concepts,
- Source Documents Accounting Course – Introduction to applications, problem solving exercises
- Accounting Cycle Accounting
- The Journal None https://course.corporatefinanceinstitute.co (Questions are provided in the module)
3 - Transactions are Journalized m
- The ledger Due Date: October 2, 2020
- Chart of Accounts
- Posting/Ledger Account after posting
- Trial Balance YouTube Channels:
- Locating the errors - Filipino Accounting Tutorial
- CPA Strength
4 Module 4 - Executive Finance
IV. Adjusting the Accounts, Worksheet and - Corporate Finance Institute
Financial Statements Preparation, Completing Worksheets 7 & 8
the accounting cycle
- Adjustments for deferrals Multiple choices theories and concepts,
- Adjustments for Accruals None Note: We are currently selecting applications, problem solving exercises
- Preparing the worksheet additional online materials. Online
- Complete Set of Financial Statements materials may include video, film, news (Questions are provided in the module)
- Preparing the Financial Statements link, journal, etc
- Relationships among the Financial Statements Due Date: October 9, 2020
- journalizing and posting of adjustments and closing
entries
- preparation of a Post – Closing Trial Balance
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 - Reversing Entries
Module 5
V. Accounting for merchandising business Worksheets 9 & 10
- Merchandising Operation Multiple choices theories and concepts,
- Comparison of Income Statement applications, problem solving exercises
5 - Operating cycle of a Merchandising Business
- Steps in Purchase Transactions None (Questions are provided in the module)
- Terms of transactions
- Inventory system Due Date: October 16, 2020
- Net sales
Module 6
VI. Completing the Cycle of Merchandising Worksheets 11 & 12
Business
1 Need of Physical count
None Multiple choices theories and concepts,
2 Merchandise Inventory at the end of the period applications, problem solving exercises
6 3. Preparing the worksheet
4. Preparing the financial statement (Questions are provided in the module)
5. Adjusting and closing entries
6, Post – closing trial balance Due Date: October 23, 2020

7 Module 7
VII Special Journals Worksheets 13 & 14
- The Special Journals
- Relationship of special journals and general journal None Multiple choices theories and concepts,
- Voucher system applications, problem solving exercises
- Purchases journal
- Cash payments journal (Questions are provided in the module)
- Sales journal
- Cash receipts journal Due Date: October 30, 2020
- Control accounts and the subsidiary ledger

Module 8
VIII. Imprest Cash System
- The nature of imprest cash system
- Imprest petty cash
- Fluctuating balance
- Cash short or over
- Petty cash voucher
- Basic bank reconciliation
- Classification of reconciling items
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 - Adjusting entries for bank reconciliation
Online Multiple-Choice Questions
examinations for theories and problems using
EDMODO – (with time limit examination)
FINAL EXAMINATION
Important Instructions on the examination is
included in Module 8.

Examination periods: October 30 – 31, 2020

BASIC INFORMATION AND POLICIES:

Grading System:
Formative & Summative Assessments (Theories and Applications/Worksheets) 60%
Final Examination 40%
100%
Online Course Policies:
1. Success in this course is dependent on your active participation and engagement throughout the course. As such, students are required to complete all worksheets
by the due date.
2. Log on at least three times a week – on different days in order to complete weekly assignments, assessments, discussions and/or other weekly
deliverables/Worksheets as directed by the instructor and outlined in the OBTL/Modules;
3. Participate in the weekly threaded discussions, this means that, in addition to posting a response to the thread topic presented, students are expected to respond
to each other and comment and questions from the instructor and/or other students through utilizing the Messenger Chat Group of the Class, and Learning
Management System powered by EDMODO.
4. If you find that you cannot meet the class' minimum discussion requirements due to such a circumstance, please contact your instructor as soon as possible thru
Messenger Account, Email or Cellphone Number.

Instructor’s Contact Details:

Myrna C. Calma, CPA, Ph.D.
Tel. No. 09175106128
Email Add: [email protected] / [email protected]
Messenger Account: Myra Cuento Calma
Online Office Days/Hours: Mon – Sat/ 9am – 12noon, 1pm – 6pm

Prepared by: Reviewed by: Approved by:

Myrna C. Calma, CPA, Ph.D. Myrna C. Calma, CPA, Ph.D. Renato Dan A. Pablo II, DIT, CSPE
Instructor Dean, IBE Vice – President for Academic Affairs

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