UNIVERSITY OF SAN CARLOS College of Commerce Department of Accountancy

UNIVERSITY OF SAN CARLOS College of Commerce Department of Accountancy

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UNIVERSITY OF SAN CARLOS College of Commerce Department of Accountancy Course No. : AC 502 Course Title : Fundamentals of Accounting Part 2 Credit : 6 units Pre-requisite Courses : AC 501 Fundamentals of Accounting Part 1 Class Schedule : Venue : Instructor : Consultation Hours and Location : Overview of the Course AC 502 will provide a thorough discussion and application of the basic accounting concepts and procedures relating to partnership and corporations. Mastery of this course will facilitate the comprehension and appreciation of advanced accounting courses. This course also aims to develop competent and socially responsible professionals. Course Description This is a continuation of the first course in accounting. It deals with transactions, financial statements, and problems peculiar to the operations of partnerships and corporations as distinguished from sole proprietorships. Topics include: partnership formation and operations including accounting for the admission of partners, changes in capital, and profit- and loss-sharing ratios; the conversion of an unincorporated enterprise into a corporation; accounting for incorporated enterprises, including corporate organizations, paid-in capital, accumulated earnings (loss), dividends and treasury shares. It will also cover the preparation of financial statements for internal and external purposes. Course Objectives During the semester, the students are expected to: 1. Know the procedures involved in organizing a business partnership and/or a corporation pursuant to pertinent Philippine laws. 2. Understand the inherent advantages and disadvantages of a partnership and/or a corporation, as compared with each other, and with other forms of business organization. 3. Develop in the students the skills in accounting for the organization, operation, and such other transactions peculiar to a business partnership and/or a corporation. 4. Apply accounting applications of pertinent laws which affect business partnerships and/or corporation responsive to the needs of the local, national and global communities in a rapidly changing world. 5. Develop in the students an awareness of national goals with respect to the subject under study. Classroom Management 1. Attendance is a MUST. You may incur only ten (10) absences for MWF schedules or seven (7) absences for TTh schedules. Otherwise, you will automatically be dropped from class and receive a grade of either NC (No Credit) or a failing grade of 5.0 whichever is applicable. 2. Students who incur three (3) absences will be asked by the instructor to see the Department Chair to secure permission to be re-admitted to class. A re-admission slip should be properly accomplished for this. 3. Tardiness is discouraged. Make sure that you come to class on time. It is a source of irritation and class
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This note was uploaded on 12/16/2011 for the course ACCOUNTANC 506 taught by Professor Mr.reyes during the Spring '11 term at University of the Philippines Diliman.

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UNIVERSITY OF SAN CARLOS College of Commerce Department of Accountancy

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