Introductory Accounting

for a Merchandising Business ACTBAS2 Orientation

DOMINGUEZ, CPA

Objective Setting

Every student should earn their desired grade

Everyone should learn everything

Be someone someday

Course Essentials

DISC examination (Exercise I) http://123test.com/disc-personality-test/index.php

Accounting package (Exercise II) 12” ruler

Calculator

Correction fluid

1 pad 10-column worksheet

10 examination booklets (with ledger columns)

Green compilation folder (covered)

Workbook

Business Cases Individual Business Case (Midterms)

Practice Set/Group Business Case (Finals)

Text and References (Exercise III) Principles of Financial Accounting, 2ndedition by Weygandt, Chalmers, Mitrione

Fundamentals of Accounting, 2ndedition by Mercedes Kimwell

Fundamentals of Accounting, Volume 1 by Elenita Cabrera

Email Account icanpassactbas@yahoo.com; Grade8370

Course Essentials

House Rules

Rule of Thumb

Always pray

Come in prepared

Classroom Management

All non accounting materials including gadgets should be set aside

zipped and safe during class hours

Attendance policy - failure due to excessive absences

Late submission of exercises will not be entertained

No compilation folder, no exam

Examination policy – lowest score minus two (2) would be given to

absentees

DO cheat – failure due to cheating

DO Cheat

Do’s and Don’ts

Do’s and Don’ts

Do’s and Don’ts

Grading System

Rule of Thumb

Grades are based on performance and nothing else

Required grade: BSAs 83; Non BSAs 70

Incentives may be given but the final grade would be as-is

Grade Computation

40% average quizzes;

40% formal examinations;

10% exercises;

5% class standing

5% Business case/Practice sets

Final grade composition –40% midterm grade; 60% final grade

Course Overview

Midterms

Review of the accounting cycle

Quiz I (no compilation folder, no exam)

Introduction to Merchandising Business

Recording the purchase and sale of merchandise in general journal

using periodic and perpetual inventory systems (gross method)

Preparing functional-form Income Statement , Changes in Equity and

accompanying notes

*should you miss this exam, your grade would be the lowest

score of the class minus two (2)

Quiz II (no compilation folder, no exam)

Recording the purchase and sale of merchandise in general journal

using periodic and perpetual inventory system with freight terms

Recording the purchase and sale of merchandise in general journal

using periodic and perpetual inventory system with value-added tax

Preparing functional-form Income Statement, Changes in Equity ,

Financial Position and accompanying notes

*should you miss this exam, your grade would be the lowest

score of the class minus two (2)

Course Overview

Midterms

Quiz III (no compilation folder, no exam)

Recording the purchase (net method) and disposal of property, plant

and equipment

Recording the disposal of property, plant and equipment

Revenue vs. Capital Expenditure

Preparing functional-form Income Statement, Changes in Equity and

Financial Position, Direct-method Cash Flows and accompanying

notes

*should you miss this exam, your grade would be the lowest

score of the class minus two (2)

Individual Business Case

Additional Topics

Recording business transactions using special and general journals

Posting from special and general journals to the general and

subsidiary ledgers

Preparing Accounts Receivable and Payable Schedule

Course Overview

Midterms

Midterm Examinations

Parts I and II, covering all topics

Grade computation and consultation

(no compilation folder, no exam)

Course Overview

Finals

Quiz IV Journalizing and posting adjustments

Accrued expenses; accrued revenues

Preparing functional-form Income Statement, Changes in Equity and

Financial Position, Direct-method Cash Flows and accompanying

notes

Quiz V Journalizing and posting adjustments

Prepaid expenses; unearned income; amortization of discount

Preparing functional-form Income Statement, Changes in Equity and

Financial Position, Direct-method Cash Flows and accompanying

notes

Quiz VI Journalizing and posting adjustments

Depreciation; doubtful accounts; merchandise inventory

Preparing functional-form Income Statement, Changes in Equity and

Financial Position, Direct-method Cash Flows and accompanying

notes

(no compilation folder, no exam)

Course Overview

Finals

Additional Topics

Preparing a simple bank reconciliation statement (adjusted balances

method)

10-column worksheet preparation

Completing the accounting cycle

Introduction to Voucher System

Establishment of petty cash fund (imprest system)

Quiz VII

Final exam simulation covering all topics

Treated as exercise

Final Examinations

Pre-final grade computation

Final exam covers all topics

Final Grade Consultation