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Manila Central University

EDSA, Caloocan City
College of Business and Technology
BACHELOR OF SCIENCE IN ACCOUNTANCY
Revised 2018
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MCU VISION

Sustain the leadership of MCU in health science professional programs through holistic education, technology-based instruction and research that is
responsive to the needs of the country, region and growing global village.
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MCU MISSION MCU CORE VALUES

Develop students to be well-rounded individuals who are more Prudence

human, more humane, equipped with adequate knowledge and Perseverance
skills, and imbued with desirable personal traits, love of country Resiliency
Integrity
and sense of public service and enable them to participate
Nurturing
intelligently and actively in community and national development Teamwork
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COLLEGE VISION COLLEGE MISSION

To establish a premier business and technology school in the To develop students to become globally competitive business and IT professionals
country through holistic education, innovative learning, equipped with appropriate knowledge, skills, and attitude to enable them to actively
technology-based instruction, and research that is responsive to participate in economic, social, and technological development efforts through technology-
the dynamic business and technology environment. based instruction, innovation, real-life immersion, and research
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PROGRAM EDUCATIONAL OBJECTIVES PROGRAM OUTCOMES

The program educational objectives include the following A graduate of MCU BS Accountancy program is expected to be:

 to develop and maintain attitude of learning to learn the 1. Problem solver and critical thinker- able to resolve business issues and problems,
necessary knowledge, skills and competencies to meet the with a global and strategic perspective using knowledge and technical proficiency
requirements of the dynamic workplace across borders; in the areas of financial accounting and reporting, cost accounting and
and management, accounting and control, taxation, and accounting information system;
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Course Code: Acctg. 302 Course Title: ADVANCED FINANCIAL ACCOUNTING AND REPORTING II

Contact Hours: 3 HOURS/WEEK (LECTURE) Pre-requisite: Advanced Financial Accounting and Reporting I (AAP 311)

Course Description:

This course is a continuation of Advanced Financial Accounting & Reporting, Part I. It deals mainly with consolidation and mergers, parent-subsidiary
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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. Also discussed are debt restructuring, accounting for financially distressed corporations, accounting for the
winding up of an enterprise and accounting variations among countries.

Course Intended Learning Outcomes

At the conclusion of the course, the student will be able to:

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1. Explore the importance of consolidation and mergers, parent-subsidiary relationships, and consolidated statements, including foreign subsidiaries.
2. To learn how to record business transactions and events in consolidation and mergers, parent-subsidiary relationships, and consolidated statements,
including foreign subsidiaries
3. Read, analyze and interpret the development standards and practices for accounting on the effects of changes in foreign exchange rates and other
similar current issues.
4. Evaluate the business transactions and events for consolidation and mergers, parent-subsidiary relationships, and consolidated statements, including
foreign subsidiaries.
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5. Describe the treatment and remedies for financially distressed corporations.

6. Develop communication skills in articulating every aspect of advanced accounting.

Values: Integrity, Collaboration, Circumspect, Adaptability, Commitment

References:
Textbooks:
 Dayag, A., Practical Accounting 2, 2016 c.
 Dayag, A., Advanced Financial Accounting 2, 2016 c.
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 Guerrero, P., Advanced Financial Accounting Volume 2, 2016 c.

 Guerrero, P., Advanced Financial Accounting Reviewer, 2016 c.
 Hoyle, Advanced Accounting, 2015 c.
 Punzalan, A., Advanced Financial Accounting & Reporting, 2016 c.
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Course Contents

Specific Learning Outcomes Topics Teaching Learning Activities Assessment

WEEK 1 Orientation
1. Discuss the philosophy, Sharing of thoughts
mission, vision, and core MCU Philosophy
values of Manila Central Discussion
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University in relation to the MCU Mission  Recitation of Mission, Vision

course; and Core Values
MCU Vision
2. Explain the essence and
relevance of the course MCU Core Values
with regard to specific
fields of specialization; Learning Outcomes
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3. Discuss the intended Grading System

learning outcomes, grading
system, and classroom Classroom Policies
policies.

WEEK 2-6 1. Accounting for Business

Combinations
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A. Discuss and illustrate the a. Definition of terms  Discussed the basic  Quizzes
accounting for business related to business combinations procedures and  Seatwork
combinations b. Reasons for business importance of business  Long Quiz
combinations combination.  Assignment
c. Stock  Recitation/Boardwork
distribution/allocation (single and
two classes of stock)
d. Method of accounting for
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business combination (purchase

method)
e. Preparation of financial
statements after business
combination
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PRELIM EXAMINATION
WEEK 7-12 2. Consolidated Financial
Statements
A. Illustrate and discuss the a. Definition of terms  Illustrated and process of  Quiz
Consolidated Financial related to acquisitions consolidated financial  Assignment
Statements b. Basic statements  Long quiz
concepts/approaches  Recitation/Boardwork
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/procedures in preparing
consolidated
financial statements
c. Consolidated balance
sheet at date of acquisition
(Purchase)
d. Consolidated financial
statements and equity methods;
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e. Determination of
investment balance, minority
interest,
minority interest net in
consolidated net income;
f. Elimination and
consolidation procedures applied
on
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working papers for

consolidate
g. Preparation of
consolidated statements

MIDTERM EXAMINATION

WEEK 13-15
A. Describe and illustrate
accounting for foreign currency
transactions and translation of
financial statements of foreign
entity – foreign subsidiaries
3. Accounting for foreign
currency transactions and
translation of financial
statements of foreign entity –
foreign subsidiaries
a. Definition, nature of
foreign currency
transactions and
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 Described and illustrated  Quiz
accounting for foreign  Assignment
currency transactions  Recitation/Boardwork
and translation of
financial statements of
foreign entity – foreign
subsidiaries
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foreign currency
financial statements
b. Journal entries
showing gain or loss
on exchange
difference
c. Translation methods -
temporal, monetary-
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non-monetary, and
current
d. Translation adjustment
treatment

WEEK 16-17
A. Illustrate the accounting for
financially distressed corporations
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 Illustrated the accounting  Seatwork
4. Accounting for financially for financially distressed  Recitation/Boardwork
distressed corporations
corporations  Long Quiz
a. Quasi-reorganization
b. Troubled debt
restructuring (Asset swap, Equity
swap,
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Modification of debt
terms)
c. Preparation of
statement of affairs with
deficiency
statement

FINAL EXAMINATION
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Grading System:
Major Exam = 40%
Class Performance= 60% ( 70% Quizzes + 30% other requirements)
Final Average Grade =

Course Requirements:
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Quizzes, Long Exams, Recitation, Assignments, Attendance, Major Exams

Prepared by: Recommended by: Approved by:

Aireen N. Iñigo, CPA, DBA Pilipino A. Ramos, CPA, MBA Dr. Ramon C. Cercado
Faculty, College of Business and Technology Dean – College of Business and Technology Vice President for Academic Affairs