FINANCIAL ACCOUNTING AND REPORTING 1
Topics Subtopics
Introduction to Accounting
Analyzing Business Transactions
Accounting Process - Service
Accounting Process –
Merchandising
Special Journals
 Definition of Accounting
 The Generally Accounting Accepted Principles
 Elements of Financial Statement
 Users of Accounting Information
 Manual and Computerized System
 Definition of Business Transactions
 Effects of Business Transactions on Accounts
 Journalizing Business Transactions
 Posting to Ledger
 Preparing Trial Balance
 Journalizing Adjusting Entries
- Cash Basis vs. Accrual Basis
- Types of Adjusting Entries
- Effects of Failure to Record
 Preparing Worksheet and Financial Statements
 Journalizing and Posting Closing Entries
 Post- Closing Trial Balances
 Income Statement of Merchandising Business
 Inventory System
 Sales and Related Accounts
 Purchase and Related Accounts
 Types of Special Journals
- Sales Journal
- Purchase Journal
- Cash Receipts Journal
- Cash Disbursement Journal
 Subsidiary Ledgers
 Schedule of Accounts Receivable
 Schedule of Accounts Payable
 INTERMEDIATE ACCOUNTING 1

Topics Subtopics

Cash and Cash Equivalents  Nature of Financial Assets

 Cash as Financial Assets
 Nature and Composition of Cash Equivalents
 Presentation and Measurement of Cash in the
Statement of Financial Position
 Petty Cash Fund
 Cash Short and Over
 Bank Reconciliation
 Proof of Cash
Receivables  Nature of Receivables
 Accounting for Account Receivable and Related
Revenues
 Initial Recognition
 Measuring Impairment Loss
 Impairment of Accounts Receivable
 Accounting for Notes Receivable
 Pledging
 Discounting of Notes Receivable
 Factoring
 Disclosure Requirements