Bachelor of Science in Accountancy

This course introduces the nature, functions, scope, and limitations of the broad field of accounting theory. It deals with the study of the theoretical accounting framework objectives of financial statements, the standard-setting process for accounting practice, national and international accounting standards relating to the preparation and presentation of financial statements, the conditions under which they may be appropriately applied, their impact or effect on the financial statements; and the criticisms commonly leveled against them.

This course is designed to orient the students to a business’s cost accounting and management framework. Topics discussed include the overview of cost accounting; manufacturing cost accounting cycle; job order cost system; accounting, planning, and control for materials, labor, and factory overhead; and environmental cost management.

This course is designed to acquaint students with the role of the accountant in the management team by providing and assisting in the analysis, interpretation, and forecasting of business organizations. It covers the discussion of the foundation of management accounting; its expanding role, organizational structure, and professional ethics for management accountants; design of management accounting systems (e.g. responsibility accounting system), evaluating the impact of changes in business structure, functions, and appropriateness of management accounting techniques and methods, basic interpretation and use of financial statements; performance measurement for planning and control such as: marginal, absorption, and opportunity costing; cost behavior; cost-volume-profit relationship; advanced analysis and appraisal of financial and related information; business planning and budgetary systems; standard costing and variance analysis; quantitative techniques; and methods for planning and control.

This course mainly deals with consolidation and mergers, parent-subsidiary relationships, and consolidated statements, including foreign subsidiaries. The other topics deal with accounting for the effects of changes in foreign exchange rates and other similar current issues. Debt restructuring, accounting for financially distressed corporations, accounting for the winding up of an enterprise, and accounting variations among countries are also discussed.

This course is designed to expose students both to the demand for and the supply of the profession’s flagship service – financial statement audits – and to the nature of the value-added assurance services which decision-makers demand in the information age. It also covers assurance standards and attestation and auditing standards; public sector regulation of accounting practice and legal liability; the framework of financial statements auditing: risk-based approach as audit methodology; audit evaluation and planning, including the concept of risk and materiality; assessing internal controls, and tests of controls including internal controls in computer-based business systems; performance of an audit; evidence collection, analysis, and substantive tests; reporting: reports on assurance services, attestation services, and financial statement audits; and completing the audit including communications with board of directors and management concerning internal control weaknesses. Also discussed in detail are the basic professional values and, the Code of Ethics for Professional Accountants and SEC’s Code of Corporate Governance.

This course is designed to expose students both to the demand for and the supply of the profession’s flagship service – financial statement audits – and to the nature of the value added assurance services which decision-makers demand in the information age. It also cover assurance standards and attestation and auditing standards; public sector regulation of accounting practice and legal liability; the framework of financial statements auditing: risk-based approach as audit methodology; audit evaluation and planning, including the concept of risk and materiality; assessing internal controls, and tests of controls including internal controls in computer-based business systems; performance of an audit; evidence collection, analysis, and substantive tests; reporting: reports on assurance services, attestation services, and financial statement audits; and completing the audit including communications with board of directors and management concerning internal control weaknesses. Also discussed in detail are the basic professional values and the Code of Ethics for Professional Accountants and SEC’s Code of Corporate Governance.

This course is a continuation of Assurance Principles, Professional Ethics and Good Governance, focusing on financial statements audit. It covers detailed approaches to problems and situations normally encountered in the independent examination of cash, receivables, inventories, investments, prepaid expenses, deferred charges, property, plant and equipment, intangibles, liabilities, owners’ equity, and revenue and expenses. It deals specifically with the application of auditing standards, techniques, and procedures; internal control evaluation; preparation of audit working papers; introduction of computer application in auditing; audit adjustments; and audit reports pertaining to a medium-sized manufacturing or trading concern. The determination of audit objectives and audit programs, evaluation of internal control, and determination of substantive procedures as applied to various accounts are better appreciated as the transaction cycle approach is employed in the course. Audit working papers and audited financial statements are the natural outputs of this course leading to the preparation of audit reports.

This course enhances the students’ knowledge of the laws relating to obligations and contracts, business associations, and and other special laws relevant in the practice of accounting and auditing. The students should know and understand the pertinent legal provisions, general principles, concepts, and underlying philosophy of the law.

This course provides the students conceptual knowledge and proficiency in the practical application of the basic principles of taxation as they relate to accounting practice. Emphasis is given on the application of the theory and principles in solving tax problems. The students are expected to know, understand and be able to apply the laws on income tax, business taxes (value-added and percentage taxes), estate tax, donors tax, as well as Revenue Regulations and Court of Tax Appeals and Supreme Court decisions.

This course provides a conceptual framework within key financial decisions and risks relating to corporations are analyzed. This analysis considers shareholder wealth maximization, long term financing, capital budgeting, risk management (the nature of risk, risk concepts, benefits of risk management, risk management processes, enterprise-wide risk management, managing operating risk and financial risk, credit risk models including Base 2) capital acquisition analysis, capital structure decision, valuation of financial instruments, and the dividend decision. It also examines the main types of derivate contracts: forward contracts, futures, swaps and options, and how these instruments are used in managing and modifying financial risks.

This course examines the design, operation, and control of accounting information systems. Emphasis is placed on transaction cycles and business processes, with a focus on the flow of financial transactions through the accounting information system. Internal control concepts and their application to the information systems are also considered.

This also exposes students to using accounting systems being used by businesses and corporations globally.

This course is designed to inform and stimulate thinking on issues of ethics and social responsibility encountered in business. The material covered is intended to prepare students to recognize and manage ethical and social responsibility issues as they arise, and to help them formulate their own standards of integrity and professionalism. The overall course objectives are to increase awareness of the ethical dimension of business conduct, to contribute insight into the professional standards and responsibilities of students in their future careers; to develop analytical skills for identifying and resolving ethical and social responsibility issues in business; and to practice decision making about ethical and social responsibility issues. (Key topics are: the nature of corporate governance, the framework of regulations, role of external and internal audit, the board of directors, appraising and rewarding directors, reporting of corporate governance issues and corporate social responsibility and ethical behavior in the enterprise.)