This course constitutes the foundation and basic framework of financial accounting covering the conceptual framework of financial reporting, discussion of the Balance Sheet, Statement of Owner’s Equity, Income Statement, and Statement of Cash Flows.  It adopts the latest pronouncements in accounting as embodied in the Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS) drawn by the Accounting Standards Council (ASC).  Discussions also include the conceptual development of international accounting and harmonization of global accounting practices. Current asset measurement and their effect on income determination are taken up in the light of applicable generally accepted accounting principles, internal control and ethical issues.

Nature, functions, scope and limitations of the accounting discipline within the context of professional and ethical business practice; typical transactions affecting service and merchandising operations organized as a single proprietorship .

 6 hours/week (lect)

Credit: 6 units

This course is designed to provide the students with the knowledge and understanding of audit concepts, objectives, principles and procedures for the audit.