College of St. John - Roxas: Member: Association of LASSSAI Accredited Superschools (ALAS)
College of St. John - Roxas: Member: Association of LASSSAI Accredited Superschools (ALAS)
John – Roxas
Member: Association of LASSSAI Accredited Superschools (ALAS)
Course Syllabus in
ACCT201: Accounting for Special Transactions
IV. Prerequisites:
V. Course Description:
This course provides the learners comprehensive discussion and application of appropriate revenue
recognition principles based on their product lines and special revenue-producing transactions. The
course explores the requirements of the financial reporting standards relating to long-term
construction contracts, commercial franchise operations, consignment arrangements, provisions of
product warranties and guarantees, special customer-financing transactions, service contracts and
subscriptions and other ancillary transactions relating to revenue generation as well as transactions
involving foreign currencies. Transactions between home office and branch are likewise recorded
and reflected in the financial statements.
Learners are expected to prepare the necessary journal entries to recognize the above special
transactions and present their effects in the entity’s financial statements.
A. Cognitive
1. State the peculiar accounts used in a partnership and identify the transactions that affect
these accounts;
2. Understand the effects in partner’s capital in four special events, namely – formation,
division of profits and losses, dissolution and liquidation
3. Describe the accounting for non-going concern entities
4. Prepare statement of affairs and statement of realization and liquidation;
5. Define joint arrangement and state its characteristics;
6. Differentiate between a joint operation and a joint venture
7. Understand the core principles embodied in PFRS 15 Revenue from Contracts with
Customers
8. Assess the conditions relating to the revenue recognition in franchise contracts;
9. State the applicability of the installment sales method of recognizing revenue
10. Distinguish branch from agency and reconcile interoffice accounts;
11. Prepare individual and combined financial statements of the home office and its
branches;
12. State the scope and applicability of PFRS 17 Insurance Contracts;
13. Define a “build-operate transfer” (BOT) arrangement that is within the scope of IFRIC
Interpretation 12 and SIC Interpretation 29
B. Psychomotor
C. Affective
1. Develop high analytical skills in evaluating and assessing the conditions in specialized
business transactions;
2. Comply with the Philippine Financial Reporting Standards and similar generally-accepted
accounting principles in dealing with revenue recognition; and
3. Display a character of acting in sufficient expertise to resolve accounting issues relating
to the earlier mentioned specialized transactions.
Periodicals* 40%
Quizzes/ Recitations 30%
Assignments 20%
Attendance 10%
100%
Millan, Zeus Vernon B., Accounting for Special Transactions, 2020 Edition, Bandolin
Enterprise
References:
Dayag, Antonio J., Advanced Financial Accounting and Reporting (CPA Examination
Review), 2019, GIC Enterprises & Co.
Punzalan, A.R., Laco, R.L, Ferrer, R.C., Advanced Financial Accounting and Reporting
(A Comprehensive and Procedural Approach), 2020 Edition, GIC Enterprises & Co.