- Information
- AI Chat
FABM1 WEEK 4 - ABM
Accounting
University of Manila
Recommended for you
Preview text
Republic of the Philippines Department of Education Region 02 Division of Isabela
Infant Jesus de Providencia Learning
& Development Center, Inc.
#16 Vallejo Street, Barangay 01, Jones, Isabela CP#: 0939-9026-258/0956-994-3232E-mail add.: ijpldci@gmail
Learning Module for
Fundamentals of
Accountancy, Business
and Management 1
ABM 11
First Quarter
Week 4
__________________
MODULE 3
Books of Accounts
__________________________________________
Name of Learner
Prepared and Submitted by:
Ms. Lovely Hope M. Ramos Facebook/Messenger Account: Lovely Ramos Contact number: 09458041784
Checked and approved by:
Principal: Janet Ciencia-Colobong FB/Messenger Account: Janet Colobong Contact Number: 09569943232
DURATION: 1 WEEK
DATE GIVEN: ______________________________________________________________________
DATE SUBMITTED:
______________________________________________________________________
I. INTRODUCTION
Welcome to another meaningful and knowledge-full learning session. I am here once again; I am your learning pal. How are you doing so far? I hope you are COVID-free and ready for another learning session.
In your previous lessons in Fundamentals of ABM1, you have learned the basic concepts and principles of accounting and solved problems using the accounting equation. Now, let’s move on to our next topic and I hope you enjoy learning and answering your activities.
Be ready! This time, you are about to begin another journey of meaningful and fun- filled learning academic session.
II. LESSON
Types of Major Accounts 1. Assets 2. Liabilities 3. Capital 4. Income 5. Expenses
III. LEARNING COMPETENCIES/LESSON OBJECTIVES
At the end of this module, you are expected to :
discuss the five major accounts
prepare chart of accounts
IV. BACKGROUND INFORMATION FOR THE LEARNER
Five Major Accounts
- ASSETS These are resources owned by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise. In short, they are properties and rights owned by the firm. There are two major classifications of assets:
- Current Assets Current assets are those assets which can be reasonably converted into cash within a short period of time, usually within one accounting period or within the regular operation of the business or the normal operating cycle of the business.
- Non- current assets Non- current assets are those assets which include, among others, Property, Plant and Equipment. Other Non-current assets include tangible, intangible, operating and financial assets of a long term nature. Actually, any asset that cannot be classified as current should be classified as non-current.
- Notes Receivable 12. Cash in Bank
- Advertising Expense 13. Weasley, Capital
- Accounts Payable 14. Salaries Payable
- Building 15. Interest Income
- Notes Payable 16. Utilities Expense
- Weasley, Drawing 17. Interest Receivable
- Interest Expense 18. Von, Capital
- Prepaid Insurance 19. Service Revenue
- Supply Expense 20. Accrued Expense
Congratulations! For accomplishing your first task. You are now all set to proceed to your next activity. Good luck.
Activity 2 Fill in the blanks. Arrange the letters (given after the sentence) to form a correct word/s to answer the following incomplete sentences. This activity may contain some questions related from your past lessons to recall and refresh your knowledge in accounting. Do your best!
- The financial statement that is described as a “snapshot” of a company’s financial position is the __________________ sheet. AELBCNA
- Assets = Liabilities + Capital is known as the basic accounting ___________. UETOIANQ
- _____________ will cause a corporation’s Stockholders’ Equity to increase. EEERSUVN
- A listing of the general ledger accounts that does not include the account balances is the __________ of accounts. TRCAH
- The double- entry system means that each transaction will affect a minimum of two accounts and that debits must equal___________. RCDTSIE
- ___________is the residual interest in the assets of the enterprise after deducting all its liabilities. TCALPIA
- The resources owned by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise are called _______. SSSAET
- ___________are present obligations of an enterprise arising from past transactions or events, the settlement of which is expected to result in an outflow from the enterprise or resources embodying economic benefits. SBLIIITIALE
- ___________are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incidences of liabilities that result in decreases in equity. PXNSSEEE
- ____________ is the process of identifying, measuring, and communicating economic information to make decisions. CCTAINNOGU
Activity 3 Problem Solving- Elements of Financial Statements Do you still remember your accounting equation? I hope you do. For this activity, you have to fill in the amount of the missing element of financial position. This will serve as a review from your prior lesson.
ASSETS LIABILITIES OWNER’S EQUITY a. 760,000 360,000? b. 860,000? 592, c.? 108,000 760, d. 626,600 376,240? e.? 800,000 (100,000) Total:
FABM1 WEEK 4 - ABM
Course: Accounting
University: University of Manila
- More from:AccountingUniversity of Manila999+ Documents
