FABM 1 - Week 1

LA CONSOLACION COLLEGE BACOLOD
Galo Corner Gatuslao Streets, Bacolod City 6100, Philippines

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Distance Education
Instructional Module
LCCB Vision-Mission
We are a Christ-centered, Augustinian and Marian educational community dedicated
to create a more sustainable world.
LCCB is committed to provide the community with
 accessible, relevant and advanced curricular programs that promote life-long
learning towards fulfilling careers;
 empowering and enriching avenues to conduct responsive research to push the
frontiers of new knowledge; and
 meaningful experiences of the universal compassion of Christ through services
and programs with the last, the least, and the lost.
LCCB Graduate Attributes (IGA)

LCCians are…
 Christ-centered
 Restless searchers for truth
 Intellectually and universally competent
 Nationalistic
 Community and service-oriented
 Active ecological stewards
 Culturally-sensitive
LCCB Core Values

 Christ-centeredness
 Community of Friends
 Stewardship
 Excellence
 Diversity

Prayer to the Holy Spirit

Breathe in me O Holy Spirit, that my thoughts may all be holy.
Act in me O Holy Spirit, that my work, too, may be holy.
Draw my heart O Holy Spirit, that I love what is holy.
Strengthen me O Holy Spirit, to defend all that is holy.
Guard me, then, O Holy Spirit, that I always may be holy. Amen.
- St. Augustine
This instructional material is exclusively for LCCB only | Page 1

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Course Information
Course Title: Fundamentals of Accountancy, Business, and Management 1
Course Code: FABM 1
Credit: 3 units
Course Instructor: Ms. Cleth A. Dizon-Bulaong, CPA
Contact Details: clethbulaong@lccbonline.edu.ph | 09294767255
Consultation Schedule: Wednesday & Thursday, 7:30am- 8:30am; Friday, 10:00am-
12:00pm
Helplines: Guidance (4349661 local 212); CSF (4349661 local 112)
Introduction
This module aims to develop learner’s skills in analysing business transactions and
enhance their appreciation of accounting as the language of business. The course contains the
fundamentals of accounting which serves as the foundation for succeeding tertiary accounting
courses. It also helps the learners learn the principles of using accounting and ideal business
management to utilize financial resources intelligently and efficiently to accomplish business
goals.
This module starts with a brief introduction to accounting and ends with the detailed
accounting cycles of service and merchandising businesses. The terminology and
methodology used in this module are appropriate for the intended readers. End-of-lesson
exercises are provided to reinforce learning.
Unit 1 Introduction to Accounting

Unit 2 The Accounting Equation
Unit 3 Recording Business Transactions
Unit 4 Service and Merchandising Business - Completed Cycle
Competencies and Outcomes
Upon completion of this course, you will be able to:
1. Obtain understanding of the principles and concepts of accounting as well as their
applicability and relevance in the national context;
2. Use various types of accounting information found in financial statements and
annual reports in decision making;
3. Understand the reasons underlying basic accounting concepts; and
4. Apply adequately the background on the recording, classification, and
summarization functions of accounting enable them to appreciate the varied uses
of accounting data.
Grading, Requirements and Examinations

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In this course, you will be evaluated in the following way:
Written Work 25%

Performance Task 45%
Quarterly Assessment 30%
Total 100%
Attendance Policy
Considering the modality of instruction of this course (correspondence), actual
attendance of students may not be required as in the traditional residential or classroom
setting. However, you should make sure that you are present during the monitoring or follow-
up of your progress by your teacher, the Guidance Office or the Student Affairs Office. Your
attendance in any of these follow-up calls corresponds to your attendance in class.
Students with Disability

Students with disabilities and verifiable learning impediments who require
accommodations (academic adjustments, auxiliary aids or services) must disclose their cases
and register with the Guidance Services Center.
Academic Dishonesty
Academic dishonesty in any form (bribery, plagiarism, cheating and fabrication of
documents) will result in a failure on the academic task in question.

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Unit 1: Introduction to Accounting

Week 1: The Definition, Nature, Function and History of Accounting
MY JOURNEY
Accounting is a subject founded on logic and sense. This lesson will guide you to
understand the logic of accounting. It will provide you the frameworks and tools to help you
learn accounting from conceptual perspective. You are challenged to learn beyond blindly
memorizing formulas and to be able to apply the concepts in real business transactions.
MY TARGETS
Upon completion of this lesson, you will be able to:

a) Define accounting;
b) Describe the nature of accounting;
c) Narrate the history/origin of accounting;
d) Define external, and internal and give examples.
Day 1
1. Warm-up Case: Jose’s photocopying business
2. Short Essay: Introduction to Accounting
Day 2
1. Essay: Users of Accounting Information
2. Test Yourself: Short Business Case about Accounting Information Users
3. Connecting What You’ve Learned: How can learning Accounting help your
community?

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MY WARM-UP
Opening a Case
After graduating from high school, Jose Mercado decided to put up a photocopying
business because there was none near the vicinity of the school. Students had to walk far just
to go to the nearest photocopying center. Jose knew that the demand for photocopying service
among high school students was high because teachers often assigned readings and lecture
notes that should be photocopied.
Jose opened his photocopying business on July 1, 2020. He rented a commercial space
located in front of the high school gate for ₱5,000 per month. He also borrowed ₱50,000
(without interest) from his father to buy a brand new photocopying machine costing ₱30,000
and to pay for start-up expenses. He planned to pay this ₱50,000 in four years. From his
personal savings, Jose spent ₱10,000 for supplies like bond papers, staplers, paper clips, and
other supplies that he would need in his business. He also paid ₱2,000 for business permits
and licences. And because Jose had attend to his classes in a nearby university, he hired a staff
with a weekly salary of ₱1,000 to operate the business. Jose planned to visit his photocopying
shop after his class every day to check on it.
During the first month of operations, Jose’s photocopying business generated revenue
of ₱10,000. He paid ₱4,000 for the salary of the staff, ₱10,000 (good for two months) for the
rent, and ₱2,500 for the electricity consumed (which was payable on the fifth day of the
following month).
In order to determine if he gained profit or not, Jose subtracted all his cash
disbursement from his cash receipts. He computed a net profit of ₱14,000. To arrive at this
figure, he added all the cash that he paid during the first month.
₱3
0,000.00 photocopying machine
10,000.00 supplies
10,000.00 rent
4,000.00 salary
2,000.00 business permit and licenses
₱56,000.00 Total
He, then, deducted this amount from the total cash he received during the month
which amounts to:

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₱50,000.00 borrowed from his father

10,000.00 personal savings
10,000.00 photocopying revenue
₱70,000.00 Total
He was very happy to know that for the first month, he was able to make ₱14,000
profit. He thought that he could repay his father earlier, if business would be like this every
month.
Question: Was Jose Mercado correct in computing the net profit for the first
month? Why or why not?
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READ TO DISCOVER
Lesson 1 (Day 1)
I. Nature of Accounting
Accounting as the Language of Business
Accounting is the process of gathering financial information about a business and
reporting this information to its end users. Accounting is also called the language of
business. (Cabrera, 2016)
The following are the three (3) widely-accepted definitions of accounting (Rabo,
Tugas, & Salendrez, 2016):
 According to American Accounting Association (AAA), accounting is the process
of identifying, measuring, and communicating economic information to permit
informed judgment and decisions by users of the information.
 American Institute of Certified Public Accountants (AICPA) defines accounting
as the art of recording, classifying, and summarizing in a significant manner and

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in terms of money, transactions, and events, which are in part at least of financial
character, and interpreting the results thereof.
 The Accounting Standards Council (ASC) see accounting as a service activity. Its
function is to provide quantitative information, primarily financial in nature, about
economic entities, intended to be useful in making economic decisions.
Nature
Based on the definitions above, there are unifying themes that describe the nature of
accounting (Rabo, Tugas, & Salendrez, 2016):
 Accounting is an art. The word ‘art’ refers to the design of how something can be
performed. It is a behavioral knowledge involving creativity and skill. By the very
nature that accounting activity is systematic, it has definite techniques and its
proper application requires a particular skill and expertise.
 Accounting deals with transactions that are financial in nature. The definition of
ASC requires that business transactions have to be measured in terms of money.
All other transactions that are non-monetary are not within the scope of
accounting.
 It can also be assumed that accounting is a process. A ‘process’ is a systematic
series of the actions directed towards a particular outcome. As a process,
accounting performs specific actions such as identifying, measuring, and
communicating financial information. It has to follow logical steps in the
accounting cycle like recording, classifying, and summarizing financial
transactions, and communicating the results after.
 In effect, accounting is also an ‘information system’. This is a set of interrelated
components that work together to achieve a common purpose. It also serves as a
repository of collected financial data, proposed financial information, and
communicated financial statements.
 Moreover, accounting is a means and not an end. Although this has a tangible
output in the form of financial statements, it still underscores that users have the
liberty to make economic decisions based on the management assertions in the
financial statements. Using this logic, accounting indeed paves the way to an end
and it is not the end itself.
Function
An information system in itself, accounting performs the following tasks (Rabo,
Tugas, & Salendrez, 2016):
To fulfill the stewardship function of the management (or owners);
To help interested users come up with informed decisions; and
To support daily operations of the business.

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History of Accounting
Accounting is as old as civilization

itself. It has evolved in response to various
social and economic needs of men.
Accounting started as a simple recording of
repetitive exchanges. The history of
accounting is often seen as
indistinguishable from the history of
finance and business.
Branches of Accounting
The main areas of accounting are:
 Financial Accounting – The gathering,
classifying, analyzing, recording of
financial data in the books of accounts,
and preparation of reports to
management on the financial data. It
involves bookkeeping – the procedural
aspect of recording financial data and
preparing of reports (Reyes, 2016).
 Management Accounting – The

gathering and reporting to management
of data necessary for management
decisions (e.g. controlling cost,
planning for future operations,
discontinuing losing operations, and
distribution of income to stockholders)
(Reyes, 2016).
 Auditing
 Internal Auditing – Reviews the
business operations to check if they
comply with management policies. It
also evaluates the efficiency of business
operations. Normally, an internal
auditor is a hired employee of a
company (Rabo, Tugas, & Salendrez,

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2016).
 External Auditing – The work of Certified Public Accountants (CPA) outside the
business organization, in ascertaining the correctness of data in the financial statements,
for the statements’ acceptability to the public and to government regulatory agencies
(Reyes, 2016).
 Tax Accounting – Deals with the preparation of various tax returns and doing tax
planning for the business. The data prepared is to be reported to the revenue collection
agencies of the government (e.g. Bureau of Internal Revenue) (Rabo, Tugas, &
Salendrez, 2016).
 Government Accounting – Used by all branches of the government and by those who
receive government funds to oversee the complicated business of providing government
services or to report to the government on the use of government funding in compliance
with the imposed regulations (Cabrera, 2016).
 Cost Accounting – Analyzes the costs incurred by the business to help managers control
expenses. Good cost accounting records guide managers in pricing their products and
services to achieve greater profits. Also, cost accounting information shows management
when a product is not profitable and should be dropped (Cabrera, 2016).
 Accounting Education – Responsible for training future accountants. It engages in

teaching accounting, financial management, taxation, and other related business course.
Per CHED Memorandum Order (CMO) No. 3, Series 2007, a CPA in accounting
education should possess the educational qualifications, professional experience,
classroom teaching ability, computer literacy, scholarly research productivity, and other
attributes that are essential for the successful conduct of a professional accounting
program. CPAs are encouraged to be part of the academe and become an integral force in
inspiring students to pursue a career in accounting. Accounting educators could be
professors, deans, or researchers (Rabo, Tugas, & Salendrez, 2016).
 Accounting Research - Plays an essential part in creating new knowledge. The hard
sciences have produced models of research and testing that can be used and applied over
many disciplines including accounting research. Using these models along with evidence
such as financial statements, stock prices, surveys, experiments, computer simulations,
and mathematical proofs, we can gain a scientific perspective and basis for: (1) deciding
and implementing new accounting or auditing standards; (2) presenting unusual
economic transactions in the financial statements; (3) learning how new tax laws impact
clients and employers; and (4) discerning how the accounting profession affects the
capital markets through academic accounting research (Brigham Young University,

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2015).

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Name: _______________________________ Contact Number: ___________________

Grade & Section: ______________________ FB/Messenger: _____________________
Task 1 (Day 1)
In no more than five sentences, answer the following questions as concise as possible.
Write your answers on the space provided after each number. Please refer to rubrics for
scoring.
1. Define accounting according to AAA, AICPA, & ASC.

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2. Explain briefly why accounting is an art and a process.

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3. Narrate how accounting started.

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Rubrics for Scoring:

EXCELLENT OUTSTANDING VERY SATISFACTORY NEEDS
CRITERIA /
Weight
SATISFACTORY IMPROVEMENT
5 4 3 2 1
Presents
Present ideas/concept Present Ideas/concept are
ideas/concept in Ideas/concept are
Ideas/Concept in an original and ideas/concept in a unclear or not
slightly relevant too general
substantial manner consistent manner substantial
manner
Writing shows depth Writing shows a Writing shows Writing shows
Writing shows little or
Understanding and clear clear & sound moderate adequate
no understanding
understanding understanding understanding understanding
Word choice Word choice is Have several Word choice is
Word choice and
Word Usage makes piece simple but mistakes in word inadequate or
usage are professional
interesting acceptable choice and usage inappropriate.

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Day 2
Users of Accounting Information
The progress and reputation of any business firm is built upon the sound financial
footing. There are number of parties who are interested in the accounting information relating
to the business. Accounting is the language employed to communicate financial information
of a concern to such parties.
Who uses accounting data or information? There are two broad categories of users of
financial information: internal and external users.
Internal Users
Internal users of accounting information are those individuals inside a company who
plan, organize, and run the business. These users are directly involved in managing and
operating the business. These include marketing managers, production supervisors, finance
directors, company officers and owners.
Management Employees Owners
Accounting
Information Income/earnings for the Profit for the period, Profit or income for the
Needed period, sales, available salaries paid to employees period, resources or assets
cash, production cost of the business, liabilities
of the business
Decision
Supported Analyze the organization's Job security, consider Considerations regarding
performance and position staying in the employ of additional investment,
and take appropriate the company or look for expanding the business,
measures to improve the other employment borrowing funds to support
company results. opportunities any expansion plans.
sufficiency of cash to pay
dividends to stockholders;
pricing decisions

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External Users
External users are individuals and organizations outside a company who want
financial information about the company. These users are not directly involved in managing
and operating the business. The two most common types of external users are potential
investors and creditors. Potential Investors use accounting information to make decisions to
buy shares of a company. Creditors (such as suppliers and bankers) use accounting
information to evaluate the risks of granting credit or lending money. Also included as
external users are government regulatory agencies such as Securities and Exchange
Commission (SEC), Bureau of Internal Revenue (BIR), Department of Labor and
Employment (DOLE), Social Security System (SSS), and Local Government Units (LGUs).
External users (secondary users) of accounting information include the following:

Secondary Users Accounting Information Needed
Creditors Determines the credit worthiness of an organization.
Terms of credit are set by creditors according to the
assessment of their customers' financial health.
Creditors include suppliers as well as lenders of
finance such as banks.
Tax Authorities (BIR) Determines the credibility of the tax returns filed on
behalf of a company
Investors Analyze the feasibility of investing in a company.

Investors want to make sure they can earn a reasonable
return on their investment before they commit any
financial resources to a company.
Customers Assess the financial position of its suppliers which is
necessary for them to maintain a stable source of
supply in the long term.
Regulatory Authorities (SEC, Ensure that a company's disclosure of accounting
DOLE) information is in accordance with the rules and
regulations set in order to protect the interests of the
stakeholders who rely on such information in forming
their decisions.
II. Forms of Business Organizations

 Sole Proprietorship – This is the simplest form of business organization where
only one (1) individual owns the business (Frias, 2016).
 Partnership – This is formed by two (2) or more individuals to carry
on as owners of the business. Article 1767 of the New Civil Code of
the Philippines defined partnership as ‘contracts whereby two (2) or

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more persons bind themselves to contribute money, property or industry to a

common fund with the intention of dividing the profits among themselves’
(Frias, 2016).
 General Partnership – Each partner has unlimited liability for the debts
incurred by the business. Usually manage the firm and may enter into
contractual obligations on the firm’s behalf. Profits and asset
ownership may be divided in any way agreed upon by the partners
(Cabrera, 2010).
 Limited Partnership – Contains one (1) or more general partners and
one (1) or more limited partners. The personal liability of a general
partner for the firm’s debt is unlimited while the personal liability of
limited partners is limited to their investment. Limited partners cannot
be active in management (Cabrera, 2010).
 Corporation – A separate body consisting of at least five (5) to 15 individuals
treated by law as a unit. According to Section 2 of the Corporation Code of the
Philippines, a corporation is ‘an artificial being created by operation of law,
having the right of succession and the powers, attributes and properties
expressly authorized by law or incident to its existence’ (Rabo, Tugas, &
Salendrez, 2016).
The articles of incorporation includes among others the following:

 Incorporators  Capital Stock
 Name of the Corporation  Authorized Shares
 Purpose of the Corporation
After the corporation is legally formed, it will then issue its capital stock.
Ownership of this stock is evidenced by a stock certificate (Cabrera, 2010).
 Cooperative – A business that is owned by a group of individuals who also
serve as benefactors to the business effort (Rabo, Tugas, & Salendrez, 2016).
Types of Business According to Activities
Merchandising Business Manufacturing Business Service Business

Commonly known as the “buy and The process of converting raw Focuses on providing intangible
sell” business. Products are bought materials into finished products. The products such as offering professional
from manufacturers or other manufacturer buys the raw materials, skills, proposals, and expertise.
merchandisers and are sold as is at an applies direct labor and factory Examples are accounting firms, law
amount higher than the purchase price. overhead to create finished products firms, schools, medical clinics, banks,
Examples are grocery stores, hardware, (Frias, 2016). Examples are food hair salons and spas, and repair shops.
department stores, and drug stores factories, garment factories, and car
(Rabo, Tugas, & Salendrez, 2016). manufacturing companies.

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Name: _______________________________ Contact Number: ___________________

Grade & Section: ______________________ FB/Messenger: _____________________
Task 2 (Day 2)
Directions: Answer the question below as concise as possible. Write your answers on the
space provided. Discuss your answers in no more than 10 sentences.
Who are the users of accounting information? Distinguish the type of information
needed by each group of users.
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Rubrics for scoring:

CRITERIA /
Weight
SATISFACTORY IMRPOVEMENT
20 15 10 5 1
Presents
manner
no understanding
Word choice Word choice is Have sevral Word choice is
Word Choice and

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TEST YOURSELF
Instruction: Read and understand the business case below. After reading the case, discuss the
given questions.
Colleen Fernandez, president of Rhino Enterprises, applied for a ₱175,000 loan from
BDO. The bank requested financial statements from Rhino Enterprises as a basis for granting
the loan. Colleen has told her accountant to provide the bank with a balance sheet. Colleen
has decided to omit the other financial statements because there was a net loss during the past
year.
1. What type of information about her business would Colleen be willing to provide to
the bank? What type/s of information wouldn’t she be willing to provide?
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2. What types of information about a business would the bank want before extending a
loan?
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3. What common interests are shared by bankers and business owners?

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Rubrics for scoring:

CRITERIA /
Weight
SATISFACTORY IMRPOVEMENT
20 15 10 5 1
Presents
manner
no understanding
Word choice Word choice is Have sevral Word choice is
Word Choice and
CONNECTING WHAT I LEARNED
Running your own business is not a simple task, and perhaps one of the most difficult
parts is dealing with the finances—money coming in, money going out, and that is why we
need to appreciate accounting.
As an LCCian student living the Augustinian values and someday be given the
opportunity to enter the corporate world (intellectually and universally), you ought to know
that you are responsible for your organization and in a large sense accountable to God (Christ-
centered), the creator of all things (assets).
In the midst of the COVID-19 pandemic, as an Augustinian Student learning the

fundamentals of Accounting, how can you help your family and community in your own
way?

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REFERENCES
Accounting Basics: Branches of Accounting Retrieved from

http://www.investopedia.com/university/accounting/ accounting2.asp
Accounting Theory. Retrieved from http:// accountingtheory.weebly.com/nature-and-scope-
of-accounting.
Haddock, M., Price, J., & Farina, M. (2012). College Accounting: A Contemporary Approach
2nd Ed., New York: McGraw-Hill/Irwin
Horngen, C.T, Harrison Jr., W.T, & Oliver, M. (2012). Accounting (9th edition). Prentice Hall
Partnerships (Title IX). Civil Code of the Philippines. Articles 1767 to 1867
Rabo, Tugas, Salendrez (2016). Fundamentals of Accountancy, Business and Management.
Quezon City, Philippines: Vibal Group Inc.
Valencia, E. and Roxas, G. (2009). Basic Accounting, 3rd ed. Valencia Education Supply
Valencia, E.G. &Roxas, G.F. (2010). Basic Accounting 3rd ed. Mandaluyong City,
Philippines: Valencia Educational Supply.
Valix, Conrado T. et.al. (2015). Financial Accounting, Vol. 1, First part. GIC Enterprises &
Co. Inc.
Weygandt, J. et. al. (2012) Accounting Principles 10th ed. John Wiley & Sons (Asia) Pte. Ltd.
Wild, J. (2009). Principles of Accounting 19th ed. McGraw Hill Publishing
Icons and graphics attributed from the artists of , , and .
PRAYER FOR THE BEATIFICATION OF

VENERABLE MOTHER CONSUELO BARCELO
(Co-foundress of the Augustinian Sisters of Our Lady of Consolation in the Philippines)
God of Love and Compassion, You endowed Venerable Mother Consuelo with great love and
zeal for Your honor and glory. We commend to You her life and example of love of
God and neighbor. With faith and trust in Your gracious providence, we pray for her
beatification specially that she may continue to inspire us in seeking Your will and
living a holy life. God of mercy, we also humbly present to You our need, united with
the confirmation of the holiness of life of Venerable Mother Consuelo.
(Silently mention your intentions)
In gratitude for your boundless blessings, we praise and thank you,
Our God, Father, Son and Holy Spirit. Amen.
Our Lady of Consolation, pray for us.

Our great father, St. Augustine, pray for us.
Mother Rita, Venerable Mother Consuelo, and
all deceased Sisters, Priests and Brothers, intercede for us.

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MY HEART IS RESTLESS, UNTIL IT RESTS IN YOU, O LORD.

FABM 1 - Week 1

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LA CONSOLACION COLLEGE BACOLOD

Galo Corner Gatuslao Streets, Bacolod City 6100, Philippines

LCCB Graduate Attributes (IGA)

LCCB Core Values

Prayer to the Holy Spirit

This instructional material is exclusively for LCCB only | Page 1

Unit 1 Introduction to Accounting

Grading, Requirements and Examinations

This instructional material is exclusively for LCCB only | Page 2

In this course, you will be evaluated in the following way:

Written Work 25%

Students with Disability

This instructional material is exclusively for LCCB only | Page 3

Unit 1: Introduction to Accounting

Upon completion of this lesson, you will be able to:

This instructional material is exclusively for LCCB only | Page 4

This instructional material is exclusively for LCCB only | Page 5

₱50,000.00 borrowed from his father

This instructional material is exclusively for LCCB only | Page 6

This instructional material is exclusively for LCCB only | Page 7

Accounting is as old as civilization

 Management Accounting – The

This instructional material is exclusively for LCCB only | Page 8

 Accounting Education – Responsible for training future accountants. It engages in

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Name: _______________________________ Contact Number: ___________________

1. Define accounting according to AAA, AICPA, & ASC.

2. Explain briefly why accounting is an art and a process.

3. Narrate how accounting started.

Rubrics for Scoring:

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Management Employees Owners

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External users (secondary users) of accounting information include the following:

Investors Analyze the feasibility of investing in a company.

II. Forms of Business Organizations

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more persons bind themselves to contribute money, property or industry to a

The articles of incorporation includes among others the following:

Merchandising Business Manufacturing Business Service Business

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Name: _______________________________ Contact Number: ___________________

Rubrics for scoring:

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3. What common interests are shared by bankers and business owners?

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Rubrics for scoring:

CONNECTING WHAT I LEARNED

In the midst of the COVID-19 pandemic, as an Augustinian Student learning the

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Accounting Basics: Branches of Accounting Retrieved from

Icons and graphics attributed from the artists of , , and .

PRAYER FOR THE BEATIFICATION OF

Our Lady of Consolation, pray for us.

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MY HEART IS RESTLESS, UNTIL IT RESTS IN YOU, O LORD.

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Name: _____________ Contact Number: _

Name: _____________ Contact Number: _