Cavite School of Life

E.V.Y. Comp., P.F. Espiritu St., Panapaan III, City of Bacoor, Cavite
(046) 502-5826 / Telefax 417-7738
Email address: caviteschooloflife@yahoo.com
A.Y. 2016-2017
BACOOR CAMPUS
Senior High School Department
Second Semester
ACTIVITY MODULE

SUBJECT: FUNDAMENTALS OF ACCOUNTING AND BUSINESS MANAGEMENT

TITLE OF LESSON: INTRODUCTION TO ACCOUNTING
MODULE NO. 1
CHAPTER: BACOOR CAMPUS
DURATION: FOUR (4) HOURS A WEEK

1. OBJECTIVES- At the end of this lesson, the students should be able to:
1.1. Define accounting;
1.2. Describe the nature of accounting;
1.3. Explain the functions of accounting in business;
1.4. Narrate the history or origin of accounting; and
1.5. Cite specific examples in which accounting is used in making business decisions.

2. MATERIALS
2.1. Powerpoint presentation
2.2. Fundamental of Accountancy, Business, and Management 1 by Joselito G. Florendo

3. ACTIVITY PROPER: (DETAILED PARTS OF THE ACTIVITIES. USE THE BACK PAGE FOR
ADDITIONAL ACTIVITIES)
3.1. Lecture and discussions
3.2. Recitations
3.3. Pre-Assessment
3.4. Exercises
3.5. Assignment

4. CONTENT: BODY OF THE LESSON IN CONNECTION TO THE GIVEN ACTIVITY)

4.1. Accounting Definition
4.1.1. Accounting- a system that helps business track events that affect them;
4.1.2. Accounting- “the process of identifying, measuring, and communicating economic
information to permit informed judgements and decisions by the users of information.”-
American Accounting Association (AAA)
4.1.3. Accounting- “the art of recording, classifying, and summarizing in a significant manner
and in terms of money, transactions and events which are in part at least of financial
character and interpreting the results thereof.”- American Institute of Certified Public
Accountants (AICPA)
4.2. Nature of Accounting
4.2.1. Accounting is a process.
4.2.2. Accounting is an art.
4.2.3. Accounting deals with financial information and transactions.
4.2.4. Accounting is a means and not an end.
 4.2.5. Accounting is an information system.
4.3. Functions of Accounting
4.3.1. Keeping systematic record of business transactions
4.3.2. Protecting properties of the business
4.3.3. Communicating results to various parties in or connected with the business
4.3.4. Meeting legal requirements
4.4. History of accounting
4.4.1. Early Development in Mesopotamia
4.4.2. Development in the Roman Empire
4.4.3. Dissemination of double-entry bookkeeping in the 14 th century Italy
4.4.4. Signing of Charter by Queen Victoria
4.4.5. Formation of accounting standards such as Philippine Accounting Standards (PAS) and
Philippine Financial Reporting Standard (PFRS)

5. ASSESSMENT/ EVALUATION: SET OF QUESTIONS TO MEASURE UNDERSTANDING OF

THE LESSON)
5.1. Discussion Questions
5.1.1. Do you agree: “Accounting is vital to the success of a business? Explain.
5.1.2. Give five examples in which accounting is used in making business decisions. Explain
the role of accounting plays in these decisions.
5.1.3. Give a concrete example on how you can use accounting in your daily life.

5.2. Summative Assessment

5.2.1. Which is the most important step in the accounting process?
5.2.1.1. Identification
5.2.1.2. Recording
5.2.1.3. Communication
5.2.1.4. All steps are equally important
5.2.2. Who is considered as the father of modern accounting?
5.2.2.1. Queen Victoria
5.2.2.2. Luca Paciolo
5.2.2.3. Augustus
5.2.2.4. Suetonius
5.2.3. Which nature of accounting best emphasizes that accounting is not the
objective?
5.2.3.1. Accounting is an art.
5.2.3.2. Accounting deals with financial information and transactions.
5.2.3.3. Accounting is a means and not an end.
5.2.3.4. Accounting is a process.
5.2.4. What profession does not use accounting information at all?
5.2.4.1. Entrepreneurs
5.2.4.2. Economists
5.2.4.3. Government officials
5.2.4.4. None of the above
5.2.5. Which of the following is false?
5.2.5.1. The accounting process consists of identifying economic events, recording these
events and communicating these events to external users only.
5.2.5.2. The accounting process consists of identifying economic events, recording these
events and communicating these events to external and internal users.
5.2.5.3. The accounting process consists of identifying economic events, recording these
events and communicating these events to internal users only.
5.2.5.4. 5.2.5.1 and 5.2.5.3 only