APC 316 Accounting For Special Transactions Okay
APC 316 Accounting For Special Transactions Okay
APC 316 Accounting For Special Transactions Okay
City of Tacurong
Vision
The Notre Dame of Tacurong College, a Catholic school, envisions to be a leading institution in Central Mindanao in terms of quality education, development
programs and updated technology in consonance with its commitment to a dynamic and transformational leadership role in the society it serves.
Mission
The mission of Notre Dame of Tacurong College is to produce highly competent graduates imbued with Christian and desirable Filipino values, sense of social
responsibility and integrity; and to assume active leadership role in the locality and academic community through relevant and responsive programs, creative
organizational strategies and pastoral collaboration with the local church.
a. Articulate and discuss the latest developments in the specific field of practice.
b. Effectively communicate orally and in writing using both English and Filipino.
c. Work effectively and independently in multi-disciplinary and multi-cultural teams.
d. Act in recognition of professional, social and ethical responsibility
e. Preserve and promote "Filipino historical and cultural heritage".
a. Describe the basic functions of management such as planning, organizing, directing, leading and controlling.
b. Identify and describe the basic concepts that underlie each of the functional areas of business (marketing, accounting, finance, human resources
management, production and operations management, information technology, and strategic management) and apply these concepts to business
situations.
c. Select the proper decision-making tools to critically, analytically and creatively solve problems and drive results.
d. Express clearly and communicate effectively with stakeholders both in oral or written forms.
e. Apply information and communication technology (ICT) skills as required by the business environment.
f. Work effectively with other stakeholders and manage conflict in the workplace.
g. Organize and lead groups to plan and implement business related activities
h. Demonstrate corporate citizenship and social responsibility; and
i. Exercise high personal moral and ethical standards.
Specific to BS Accountancy
a. Resolve business issues and problems, with a global and strategic perspective using knowledge and technical proficiency in the areas of financial accounting
and reporting, cost accounting and management accounting and control, taxation, and accounting information systems;
b. Conduct accountancy research through independent studies of relevant literature and appropriate use of accounting theory and methodologies;
c. Employ technology as a business tool in capturing financial and non-financial information, generating reports and making decisions;
d. Apply knowledge and skills to successfully respond to various types of assessments (including professional licensure and certifications); and
e. Confidently maintain a commitment to good corporate citizenship, social responsibility and ethical practice in performing functions as an accountant.
V. COURSE NO. AND TITLE: APC 316 Accounting for Special Transactions
Credit: Three (3) units
Prerequisite: AFA 215
This course deals with specialized accounting problems likely to be encountered by accountants. It exposes the learners to accounting for transactions and
activities that relate to business organizations other than the corporate form. The study of the various topics in this course is based upon fundamental
valuation accounting and accounting theory as applied to special income and expenses recognition methods and expanded business operations. This course
includes specialized problems in partnership dissolution, partnership and corporate liquidation, revenue recognition principles, accounting for consignment,
accounting for installment sales, long-term construction contracts, franchise, foreign exchange transactions and translation, derivatives and insurance
contracts.
VII. COURSE REQUIREMENTS:
A. Attendance
The student should avoid absences beyond the allowable number of absences as per Student Handbook in order not to be dropped from this subject.
B. Grading System
Midterm Final Term Final Grade
Class work: Percentage Percentage
Quizzes 35% 35%
Project/Research/Assignments 15 15
Long Examinations:
Pre-Midterm/Pre-Final 20 20
Midterm/Final 20 40% 20 40%
TIME DESIRED LEARNING OUTCOMES COURSE CONTENT OUTCOMES- ASSESSMENT OF RESOURCE VALUES/SCOAIL
TABLE (DLO) BASED TEACHING LEARNING MATERIALS ISSUES
AND LEARNING OUTCOMES INTEGRATION
(OBTL) (ALO)
Week 1
Day Be oriented with the vision- A. Orientation Orientation Question & Student’s Obedience
1 mission of the school and Sharing of Answer Handbook Discipline
objectives of the BS 1. The NDTC Mission, Core Values Expectations Quiz: Knowing Syllabus in Adherence to
Accountancy program. and School Officials Your School APC 316 Policies
Be oriented with the subject 2. The College of Business and Officials Laptop Social Concern
description, general Technical-Vocational Courses LED Monitor
objectives, requirements, Outcomes
content and references. 3. The Course Outcomes
Be informed of classroom 4. Classroom Policies
policies and expectations.
Day Discuss the nature of B. Course Content Lecture- Recitation Whiteboard Discipline
2 partnership. Discussion Seatwork/Quiz Whiteboard Social
Identify and describe the 1. Partnership Recitation Assignments Pen Responsibility
characteristics of partnership. 1.1 Nature and Characteristics Assignments Laptop Fairness
Define different types of 1.2 Formation Drills and LED Monitor Accountability
partnership and partners. Exercises Strips of Integrity
Discuss the formation of Papers Accuracy
partnership.
Prepare entries to record the
formation of a partnership.
Week Calculate the profit or loss of 1.3 Operations Lecture- Recitation Whiteboard Social
2 partnership operations. 1.4 Financial Statements Discussion Seatwork/Quiz Whiteboard Responsibility
Enumerate the different Preparation Recitation Assignments Pen Fairness
methods of dividing the profits Assignments Laptop Accountability
or loss. Drills and LED Integrity
Compute the share of each Exercises Monitor Accuracy
partner in the profit (loss) of Strips of
the partnership. Papers
Prepare schedule to show
profit (loss) distribution.
Prepare entries to record the
distribution of partnership
profit (loss).
Prepare the statement of
changes in partners’ equity,
partnership statement of
financial position and income
statement with the schedule
of profit (loss) distribution
shown below the income
statement.
Solve problems related to the
topics.
Week Describe partnership 2. Partnership Dissolution Lecture- Recitation Whiteboard Social
3 dissolution. 2.1 Description Discussion Seatwork/Quiz Whiteboard Responsibility
Identify and describe each 2.2 Causes of Dissolution Recitation Assignments Pen Fairness
cause of partnership 2.2.1 Admission of New Partner Assignments Laptop Accountability
dissolution. 2.2.2 Retirement or Withdrawal of Drills and LED Integrity
Prepare entries to record a Partner Exercises Monitor Accuracy
partnership dissolution under 2.2.3 Death, Incapacity, Strips of
each cause of dissolution. Bankruptcy of a Partner Papers
Journalize incorporation of 2.2.4 Incorporation of a
partnership. Partnership
Compare the total partners’
equity and partners’ division
of profit(loss) ratio before and
after the partnership
dissolution.
Prepare statement of financial
position immediately after
Incorporation.
Solve problems related to the
topics.
Week Describe partnership 3. Partnership Liquidation Lecture- Recitation Whiteboard Discipline
4 liquidation. 3.1 Description Discussion Seatwork/Quiz Whiteboard Social
Contrast dissolution and 3.2 Reasons for Liquidation Recitation Assignments Pen Responsibility
liquidation of a partnership. 3.3 Types of Liquidation Assignments Laptop Fairness
State the reasons for Lump-Sum and Installment Drills and LED Accountability
liquidation. 3.4 Procedures in Lump-Sum Exercises Monitor Integrity
Compare and contrast the Liquidation Strips of Professional
types of liquidation. 3.5 Preparation of Statement of Papers Judgment
Follow the procedures for Liquidation: Lump-Sum Accuracy
lump-sum partnership Liquidation
liquidation. 3.6 Preparation of Journal Entries
Prepare the statement of 3.7 Procedures in Installment
liquidation for lump-sum Liquidation
liquidation. 3.8 Preparation of Statement of
Record the partnership Liquidation: Installment
liquidation transactions under Liquidation
lump-sum method. 3.8.1 Safe Payment Schedule
Describe safe payment 3.8.2 Cash Priority Program
schedule and cash priority 3.9 Preparation of Journal Entries
program.
Prepare the statement of
liquidation for installment
liquidation with supporting
schedules
Journalize installment
liquidation. Solve problems
related to the topics.
Week • Differentiate corporate 4. Corporate Liquidation Lecture- Recitation Whiteboard Social
5 dissolution from liquidation. 4.1 Corporate Dissolution vs. Discussion Seatwork/Quiz Whiteboard Responsibility
Describe a statement of Corporate Liquidation Recitation Assignments Pen Fairness
affairs. 4.2 Reasons for Liquidation Assignments Laptop Accountability
Identify and describe the 4.3 Statement of Affairs Drills and LED Integrity
information included in the 4.4 Statement of Deficiency Exercises Monitor Accuracy
statement of affairs. 4.5 Statement of Realization and Strips of
Describe a statement of Liquidation Papers
deficiency. 4.6 Determination of the Order of
Identify balances recorded in Priority of Claimants of
the statement of deficiency. Company Assets Subject to
Describe a statement of Liquidation
realization and liquidation.
Identify the information
included in the statement of
realization and liquidation.
Prepare a statement of affairs,
deficiency and realization and
liquidation.
State the order of priority of
claimants of company assets
subject to liquidation.
Solve problems related to the
topics.
PRE-MIDTERM EXAM
Week Discuss the nature of revenue 5. Revenue Recognition Principles Lecture- Recitation Whiteboard Social
6 from contracts with 5.1 Revenue from Contracts with Discussion Seatwork/Quiz Whiteboard Responsibility
customers. Customers (PFRS 15) Recitation Assignments Pen Fairness
State the five steps in the 5.1.1 Five-Steps Model Assignments Laptop Accountability
recognition of revenue. Framework Drills and LED Integrity
Describe how performance 5.1.2 Financial Statement Exercises Monitor Accuracy
obligations are identified in a Presentation Strips of
contract. Papers
Describe how the transaction
price is determined and how it
is allocated to the
performance obligations.
State the timing of revenue
recognition and its
measurement.
State the presentation of
contracts with customers in
the statement of financial
position.
Week Define and discuss the nature 6. Consignment Sales Lecture- Recitation Whiteboard Fairness
7 and characteristics of 6.1 Definition, Nature, Discussion Seatwork/Quiz Whiteboard Accountability
consignment sales. Characteristics Recitation Assignments Pen Integrity
Distinguish consignment sales 6.2 Accounting for Consignment Assignments Laptop Accuracy
from regular sales. Sales Drills and LED
Prepare journal entries to 6.2.1 Journal Entries Exercises Monitor
record sale of merchandise by 6.2.2 Computation of Cost of Strips of
the consignee to third parties Goods Sold and Profit or Papers
and its remittance to the Loss by the Consignor
consignor and other 6.3 Financial Statement
consignment transactions. Presentation
Calculate the amount of profit
or loss under consignment
sales by the consignor.
Illustrate how profit is
reflected on the income
statement.
Solve problems related to the
topics.
Week Discuss the concept of 7. Installment Sales Lecture- Recitation Whiteboard Social
8 installment sales. 7.1 Definition, Nature and Discussion Seatwork/Quiz Whiteboard Responsibility
Identify and describe the Characteristics Recitation Assignments Pen Fairness
methods of accounting for 7.2 Installment Sales Method – Assignments Laptop Accountability
installment sales. Merchandising Firms Drills and LED Integrity
Journalize installment sales for 7.3 Procedures of Calculating Exercises Monitor Accuracy
merchandising firms. Realized Gross Profit Strips of
Compute realized gross profit 7.4 Financial Statements papers
using installment receivable Preparation with Allocation of
balances and deferred gross Cost of Goods Sold
profit balances.
Prepare financial statements
using installment method with
cost of goods sold allocation.
Week Compute the gain or loss of 7.5 Special Problems in Installment Lecture- Recitation Whiteboard Social
9 repossession to be recorded Sales (Defaults and Discussion Seatwork/Quiz Whiteboard Responsibility
or recognized. Repossession, Trade-Ins, Recitation Assignments Pen Fairness
Prepare journal entries to Interest on Unpaid Balance) Assignments Laptop Accountability
record defaults, repossessions, Drills and LED Integrity
trade-ins and interest on Exercises Monitor Accuracy
unpaid balance. Strips of Decisiveness
Solve problems related to the Papers Professional
topics. Judgment
MIDTERM EXAM
Week Describe the nature of real 7.6 Installment Sales of Real Estate Lecture- Recitation Whiteboard Social
10 estate business. Dealers Discussion Seatwork/Quiz Whiteboard Responsibility
Compute realized gross profit 7.6.1 Definition, Nature and Recitation Assignments Pen Fairness
using installment sales for real Characteristics Assignments Laptop Accountability
estate dealers. 7.6.2 Computation of Realized Drills and LED Integrity
Journalize installment sales for Gross Profit and Deferred Exercises Monitor Accuracy
real estate. Gross Account Balance at Strips of Decisiveness
Solve problems related to the the End of the Year Papers Professional
topics. 7.6.3 Financial Statement Judgment
Presentation
Week Explain the nature of 8. Accounting for Long-Term Lecture- Recitation Whiteboard Social
11 construction business. Construction Contracts Discussion Seatwork/Quiz Whiteboard Responsibility
Define different 8.1 Nature of Construction Business Recitation Assignments Pen Fairness
terms/accounts used in 8.2 Definition of Terms and Assignments Laptop Accountability
construction contracts. Accounts Used Drills and LED Integrity
Identify and describe the 8.3 Methods of Computing Exercises Monitor Accuracy
different methods of Revenue, Costs and Realized Strips of Decisiveness
computing realized gross Gross Profit Papers Professional
profit. 8.3.1 Percentage of Completion Judgment
Compute for the revenue, 8.3.2 Cost Recovery
costs and realized gross profit 8.4 Preparation of Journal Entries
under the percentage of 8.5 Financial Statement
completion and cost recovery. Preparation and Presentation
Prepare entries for long-term
construction contracts
transactions.
Apply the pertinent PFRS
Standards (IAS 11/PFRS 15) to
ensure proper financial
statement presentation.
Prepare financial statements
for construction firms.
Week Define and explain the nature 9. Accounting for Franchise Lecture- Recitation Whiteboard Social
12 of franchise. Operations - Franchisor’s Point of Discussion Seatwork/Quiz Whiteboard Responsibility
Explain the different types of View (IAS 18/IFRS 15) Recitation Assignments Pen Fairness
franchise agreement. 9.1 Definition and Nature Assignments Laptop Accountability
Describe the sources of 9.2 Methods of Accounting for Drills and LED Integrity
income of franchise Initial Franchise Fee and Exercises Monitor Accuracy
companies. Related Cost of Franchise Strips of Decisiveness
Discuss the accounting for the Revenue Papers Professional
initial franchise fee and the 9.2.1 Prior to Substantial Judgment
related cost of franchise Performance of Services
revenues – prior to substantial 9.2.2 Upon Substantial
performance Performance of Services
and upon substantial (Accrual and Installment
performance of service. Sales Method)
Record pertinent franchise 9.3 Journal Entries and
transactions. Determination of Revenue,
Solve problems related to the Costs and Gross Profit
topics. 9.3.1 Initial Franchise Fee
9.3.2 Continuing Franchise Fee,
Bargain Purchase Option,
and Commingled
Revenue
9.3.3 Repossessed Franchise
9.3.4 Option to Purchase the
Franchise Outlet
9.4 Financial Statement
Presentation
9.5 Accounting for SME
Week Define and discuss the terms 10. Accounting for Foreign Currency Lecture- Recitation Whiteboard Social
13 related to foreign currency Transactions and Translation of Discussion Seatwork/Quiz Whiteboard Responsibility
transactions and translation of Financial Statements of Foreign Recitation Assignments Pen Fairness
foreign currency denominated Entity – Foreign Subsidiaries Assignments Laptop Accountability
financial statements. 10.1 Definition, Nature of Drills and LED Integrity
Explain the nature and Foreign Currency Exercises Monitor Accuracy
implications of foreign Transactions and Strips of Decisiveness
currency transactions in Translation Papers Professional
financial statements. 10.2 Journal Entries Showing Judgment
Journalize foreign currency Gain or Loss on Exchange
transactions of purchases and Difference
sales of assets and
merchandise on the books of
buyer and seller, reflecting
foreign exchange difference as
gain or loss on foreign
exchange.
Solve problems related to the
topics.
PRE-FINAL EXAM
Week Name the requirements for 10.3 Translation Methods - Lecture- Recitation Whiteboard Fairness
14 capitalization of foreign Temporal, Monetary-Non- Discussion Seatwork/Quiz Whiteboard Accountability
exchange difference under the Monetary, and Current Recitation Assignments Pen Accuracy
Alternative Treatment 10.4 Translation Adjustment Assignments Laptop Decisiveness
method. Treatment Drills and LED Professional
• Apply the translation 10.5 Problems Related to Exercises Monitor Judgment
procedures to foreign Translation Adjustment Strips of
denominated financial Treatment Papers
statements submitted by a
subsidiary.
Prepare consolidated financial
statements using the parent’s
currency as reporting
currency, showing how
translation adjustment is
treated.
• Solve problems related to
translation methods and
translation adjustment
treatment.
Week Compute the amount 10.5 Determination of Amount Lecture- Recitation Whiteboard Social
18 recoverable from insurance Recoverable from Insurance Discussion Seatwork/Quiz Whiteboard Responsibility
company. Company Recitation Assignments Pen Fairness
Record transactions 10.6 Journal Entries to Record Fire Assignments Laptop Accountability
pertaining to loss fire. Loss Drills and LED Integrity
Prepare income statement 10.7 Presentation of Fire Loss in Exercises Monitor Accuracy
showing fire loss account. Income Statement Strips of Decisiveness
Papers Professional
Judgment
FINAL EXAM
X. REFERENCES:
Millan, Z. V. B. (2019). Financial Accounting & Reporting (Fundamentals) 3 rd Edition. Manila, Philippines: Bandolin Enterprise
Ballada, W. (2020). Partnership and Corporation Accounting Made Easy 2020 Issue - 22 nd Edition. Manila, Philippines: DomDane Publishers
Dayag, A. (2021). Advanced Financial Accounting (A Comprehensive – Conceptual & Procedural Approach). Manila, Philippines: Conanan Bookstore
Dayag, A. (2019). Advanced Financial Accounting (Theories and Problems) CPA Examination Review Manual 2019 Edition. Manila, Philippines: Conanan
Bookstore
PRC-BOA Resolution No. 30 s.2022 – Revised LECPA Syllabi and TOS Effective October 2022
https://www.cliffsnotes.com/study-guides/accounting/accounting-principles-ii/partnerships/partnership-accounting
https://slideplayer.com/slide/7102285/
https://www.google.com/search?source=hp&ei=cFaZXuG_JMjn-QaM26egDg&q=statement+of+affairs+corporate+liquidation&oq=statement+of+
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