PILGRIM CHRISTIAN COLLEGE
United Church of Christ in the Philippines
Capistrano – Akut Sts., Cagayan de Oro City
COURSE OUTLINE
Course
Title/
Number
Course
Description
Week
1-2
2
Acctg. 12 A ( ESSENTIALS OF ACCOUNTING 2)
- 2nd Sem 2022 - 2023
This is a continuation of the first course in accounting. It deals with
transactions, financial statements, and problems peculiar to the
operations of partnership 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 the preparation of financial statements for internal and
external purposes; and sample financial statements of companies in
the service, manufacturing and trading industries.
Course Rationale: To contribute to the full appreciation of the
course, a student should be exposed to the formation, operations,
dissolution, and liquidation of partnerships, basic considerations in
forming a corporation and stock transactions.
Topic
PCC Vision, Mission and Goals, Vision, Mission and Objectives of the
School of Business and Accountancy
Nature and Scope of the Course and Course Requirements
Grading System, Class Policies and Other Guidelines
Partnership (Definition, Nature and Formation
Definition of Terms
Partnership Contract and Characteristics of Partnership
Classification of Partners
Feb. 1
2
Assignment/ Quiz
Partnership Operations
Division of Profits and Losses
Use of Worksheet for a Partnership operations
Adjusting Entry for income tax expenses
Closing Entries
Statement of Changes in Partner’s Equity
Pre – Lim Exams (Feb. 8 – 11)
3rd week of Feb.
Changes in Partnership Ownership
Changes in Partnership Ownership
Admission of a New Partner
Purchase of Interest
Investment of assets into the Partnership
Retirement or Death of a Partner
4th week
Partnership Liquidation
Dissolution vs. liquidation
Steps in partnership liquidation
Liquidation Process
Illustrative problems on different cases of liquidation
Journal entries for liquidation
Statement of liquidation
Quiz 2
Partnership Liquidation by Installment
Nature of installment Liquidation
Procedure for Installment liquidation
Schedule of Safe payments
Cash priority program
Journal Entries for installment liquidation
Mid Term Exam (Mar. 9 -11)
March 2nd wk
Corporation: Formation and Share Capital Transactions
Nature of a Corporation
Similarities and distinctions between a corporation and a partnership
Advantages and disadvantages of a corporation
Classes of a corporation
One person corporation
Components of a corporation
Articles of Incorporation
By-Laws of a Corporation
Corporate Capital Structure
Accounting for Share Capital transactions
Delinquent Subscription
Incorporation of a sole proprietorship or a partnership
Semi-Final Exam (April 15 - 18)
Corporation: Transactions after Formation
Accounting Cycle of a Corporation
Components of shareholders’ equity
Dividends – Cash dividends, Property dividends, Share dividends or
Bonus issue, Scrip dividends
Allocation of Cash dividends between preference share and ordinary
share
Appropriation of retained earnings
Treasury Shares
Retirement of Share Capital
Book Value per share
Final Exam (May 16 -20)
III. Methods of Instruction/ Assessment:
A. Lectures
B. Problem Solving
C. Answer Chapter exercises
E. Graded recitation
F. Online Learning
B. Quizzes
C. Examinations
D. Assignment
D. Class discussion and participation
V. Recommended Textbook:
Fundamentals of Accounting, Vol. 2, Partnership and Corporation by Patricia Empleo, et al.
Grading System
Midterm Grade
Enabling Outcome Activities
(quizzes/assignments, oral recitations and
other student engagements)-----------30%
Prelim and Midterm Exams
----------30%
Culminating Outcome (Partial)
------- 40%
Partial Final Grade
Enabling Outcome Activities
(quizzes/assignments, oral recitations and
other student engagements)----30%
Pre final and Final Exams -----------30%
Culminating Outcome (Final)---------- 40%
Total
100%
Total 100%
A. Get 30%
B. Get 70%
Final Grade: 100%
Passing Grade: 75% with Equivalent Grade of 3.0
Prepared by:
OLIVIA C. FLORES, CPA, MM