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Republic of the Philippines

Department of Education
REGION VIII
DIVISION OF SAMAR
DISTRICT OF WRIGHT I
WRIGHT NATIONAL HIGH SCHOOL
SENIOR HIGH SCHOOL DEPARTMENT
PARANAS, SAMAR

LEARNER ACTIVITY SHEET/WORKSHEETS in


FUNDAMENTALS OF ACCOUNTACY, BUSINESS AND MANAGEMENT 1

Name of Learner: ______________________________________________ Date: _________________


Grade Level: 12 Section: __________ Teacher: Ma. Ermie S. Gellena

INTRODUCTION TO ACCOUNTING
Title

I. Introduction
Accounting is the means by which business information is communicated to business
owners and stakeholders. The role of accounting in business is to provide information for
managers and owners to use in operating the business. In addition, accounting information
allows business owners to assess the efficiency and effectiveness of their business operations.
Prepared accounting reports can be compared with industry standards or to a leading competitor
to determine how the business is doing. Business owners may also use historical financial
accounting statements to create trends for analyzing and forecasting future sales.

II. MELC with code


Describe the nature of accounting. ABM_FABM11- IIIa-2

III. Strategy

A. Explore
Accounting helps the users of these financial reports to see the true picture of the
business in financial terms. In order for a business to survive, it is important that a business
owner or manager be well-informed.

Mr. Juan is a retired government employee who is good at baking. One day he decides to put up a
bakery shop in your barangay. He renovates a portion of his house to serve as the area for the
production of bread. He purchases baking equipment and raw materials to produce five different
types of bread. Mr. Juan also hires Jose to help him with the baking and, at the same time, to be
in-charge of sales. Mr. Juan pays Jose on a weekly basis. Every day, Mr. Juan’s wife deposits the

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0917-304-5347 / 0949-994-2133 Wright NHS Senior High Department
Republic of the Philippines
Department of Education
REGION VIII
DIVISION OF SAMAR
DISTRICT OF WRIGHT I
WRIGHT NATIONAL HIGH SCHOOL
SENIOR HIGH SCHOOL DEPARTMENT
PARANAS, SAMAR

daily cash sales in their bank account at XY Savings Bank.


With the help of accounting, what possible decisions or questions of Mr. Juan can accounting
provide an answer to?

Possible answer:

1. _______________________________

2. _______________________________

3. _______________________________

4. _______________________________

5. _______________________________

B. Learn
Let’s discuss the nature of accounting.
According to Accounting Theory (http://accountingtheory.weebly.com/nature-and-scope-
of-accounting.html): “Accounting is a systematic recording of financial transactions and the
presentation of the related information to appropriate persons.” Based on this definition we can
derive the following basic features of accounting:
• Accounting is a service activity. Accounting provides assistance to decision makers by
providing them financial reports that will guide them in coming up with sound decisions.
• Accounting is a process. A process refers to the method of performing any specific job
step by step according to the objectives or targets. Accounting is identified as a process, as it
performs the specific task of collecting, processing and communicating financial information. In
doing so, it follows some definite steps like the collection, recording, classification,
summarization, finalization, and reporting of financial data.
• Accounting is both an art and a discipline. Accounting is the art of recording, classifying,
summarizing and finalizing financial data. The word ‘art’ refers to the way something is
performed. It is behavioral knowledge involving a certain creativity and skill to help us attain
some specific objectives. Accounting is a systematic method consisting of definite techniques and
its proper application requires skill and expertise. So by nature, accounting is an art. And
because it follows certain standards and professional ethics, it is also a discipline.
• Accounting deals with financial information and transactions. Accounting records
financial transactions and data, classifies these and finalizes their results given for a specified
period of time, as needed by their users. At every stage, from start to finish, accounting deals

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0917-304-5347 / 0949-994-2133 Wright NHS Senior High Department
Republic of the Philippines
Department of Education
REGION VIII
DIVISION OF SAMAR
DISTRICT OF WRIGHT I
WRIGHT NATIONAL HIGH SCHOOL
SENIOR HIGH SCHOOL DEPARTMENT
PARANAS, SAMAR

with financial information and financial information only. It does not deal with non-monetary or
non-financial aspects of such information.
• Accounting is an information system. Accounting is recognized and characterized as a
storehouse of information. As a service function, it collects processes and communicates
financial information of any entity. This discipline of knowledge has evolved to meet the need for
financial information as required by various interested groups.
Questions.
1. Why is accounting often referred to as the “language of business”?
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________

2. Comment on the statement, “Information technology is it, you either breathe it or perish”?
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________

C. Engage
I. True or False. Write TRUE if the statement is correct and FALSE if the statement is
wrong.
1. There is only one acceptable definition of accounting.
2. Accounting is only acceptable to business rendering services because accounting is a
service activity.
3. Because accounting is a systematic, definite techniques and their application require
particular skill and expertise.
4. Business transactions are limited to interactions being engaged by businesses with
customers and suppliers.
5. Accounting is often characterized as the “language of business”.
II. Fill in the blanks. Write the term (word or phrase) that is being described or completes
the thought of each statement.
1. ___________ define as information system that measures, processes and communicates
information, which are primarily financial in nature

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0917-304-5347 / 0949-994-2133 Wright NHS Senior High Department
Republic of the Philippines
Department of Education
REGION VIII
DIVISION OF SAMAR
DISTRICT OF WRIGHT I
WRIGHT NATIONAL HIGH SCHOOL
SENIOR HIGH SCHOOL DEPARTMENT
PARANAS, SAMAR

2. Unlike accounting, __________ is confined with the recording of monetary transaction.


3. The interactions between business and other stakeholders like customers and suppliers is
called __________.
4. It is behavioral knowledge involving a certain creativity and skill to help us attain
some specific objectives. Therefore, accounting is a/an ________.
5. __________ provide information about a business assets, liabilities, equity, income
and expenses.`

D. Apply
Multiple Choice. Choose the letter of the best answer.
1. Accounting is a service activity. Its function is to provide
a. quantitative information. c. quantitative and qualitative information.
b. qualitative information. d. none of the above
2. The basic purpose of accounting is
a. To provide that the managers of an economic entity need to control its operations
b. To provide information that the creditors of an entity can use in deciding whether to
make additional loans to the entity.
c. To measure the periodic income of the economic entity.
d. To provide quantitative financial information about a business enterprise that is useful
in making rational economic decision.
3. Which of the following activities undertaken did not result in a business transaction that
is financial nature?
a. purchase of school supplies c. borrowing money from your friend
b. receipt of electric bill d. hiring of staff
4. Which of the following is not an output of the accounting process?
a. Statement of Financial Position c. Income Statement
b. Notes to Financial Statement d. None of the above
5. Because accounting is an art, _________.
a. it refers to something that can be performed
b. it refers to a skill that can be enhanced

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0917-304-5347 / 0949-994-2133 Wright NHS Senior High Department
Republic of the Philippines
Department of Education
REGION VIII
DIVISION OF SAMAR
DISTRICT OF WRIGHT I
WRIGHT NATIONAL HIGH SCHOOL
SENIOR HIGH SCHOOL DEPARTMENT
PARANAS, SAMAR

c. it refers to a behavioral knowledge


d. all of the above
IV. Guide Questions
 What are the objectives of financial statement?

V. Rubrics
CRITERIA DESCRIPTION POINTS POINTS
OBTAINED
Content The content was well-thought of; guide 4
questions were thoroughly answered
Organization The paper was well-written with ideas easily 3
conveyed to readers.
Development Points are thoroughly developed 3
TOTAL 10
*C. Learn

VI. References
Rabo, Joy S., et. al., Fundamentals of Accountancy, Business and Management 1, Vibal
Group Inc.
Teachers Guide, Fundamentals of Accountancy, Business and Management 1

VII. Key to Correct Answers

A. Explore C. Engage D. Apply


• Is my business earning? I. 1. a
• How much daily or 1. FALSE 2. d
monthly sales do I need in
2. FALSE 3. d
order to recover my fixed
cost? 3. TRUE 4. d
• Do I need to hire 4. FALSE 5. d
additional workers to help
me with my production? 5. TRUE

• Can I afford to set up a II.


new store in another 1. Accounting
place? Where do I get the
funds? 2. Bookkeeping

• Can I afford to pay a 3. Business transactions


bank loan? 4. Art
5. Financial statement

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0917-304-5347 / 0949-994-2133 Wright NHS Senior High Department
Republic of the Philippines
Department of Education
REGION VIII
DIVISION OF SAMAR
DISTRICT OF WRIGHT I
WRIGHT NATIONAL HIGH SCHOOL
SENIOR HIGH SCHOOL DEPARTMENT
PARANAS, SAMAR

Prepared by

MA. ERMIE S. GELLENA


Subject Teacher

Noted:

MIGUEL P. DABUET
Secondary School Principal IV

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0917-304-5347 / 0949-994-2133 Wright NHS Senior High Department