1253 Jose Abad Santos Ave.

, Tondo, Manila, Philippines

Tel. Nos, 252-0501 ● 252-0502 ●252-0503

FilSocMATLE Department
SY 2020 – 2021

PRODUCT TASK

Subject: Organization and Management (ORGMAN); Fundamentals of Accountancy,

Business and Management 1 (FABM1)
Date: October 23, 2020 Teacher: Mr. Catubay and Mr. Ocampo

Most Essential Learning Competency/ies:

ORGMAN
a. Apply the concept and nature of different control methods and techniques in
accounting and marketing
b. Explain the nature and role in the firm of financial management

FABM1
a. Record trading transactions in both journals
b. Appreciate the steps involved in the accounting cycle or process of merchandising
businesses

Objectives:
At the end of the Product Task, the students will be able to:
ORGMAN
1. Apply and explain the fundamentals of the controlling function in business
organizations.
2. Identify, assemble, analyze, calculate, classify, record, summarize and report
transactions.
3. Identify and record valid transactions.
4. List all transactions in sufficient detail, to permit proper classification for financial
transactions.
5. Observe proper monetary value in the financial statements.
 6. Present the transactions and related disclosures properly in the financial
statements.
FABM1
1. Determine financial transactions of merchandising businesses
2. Prepare journal entries under the periodic inventory system (value-added tax
included)
3. Appreciate the use of special journals in recording trade-specific transactions
4. Recall the posting procedure and the preparation of the unadjusted trial balance

Title: Behind Every Good Business is a Great Accountant

Background: ABM students should be familiar with internal control. The accounting
system or the series of tasks and records of an entity by which transactions are processed
as a means of maintaining financial records. Knowledge on the accounting cycle,
specifically on journalizing, posting and trial balance, advances the accounting system used.

Procedures:
ORGMAN
First Part
1. Create transactions and activities.
2. Design and use adequate documents and records to help ensure the paper recording
of transactions.
3. Independent checks on performance and proper valuation of recorded amounts.
FABM1
Second Part: Individual Activity
1. Finalize at least 15 financial transactions of a hypothetical, VAT-registered,
merchandising business.
2. Prepare journal entries in the special journals (sales journal, purchases journal, cash
receipts journal and cash payments journal) and general journal using the periodic
inventory system.
3. Post journal inputs in the general ledger and prepare the unadjusted trial balance.

Rubrics:
ORGMAN
Effective use of financial terminologies 10
Application of key accounting principles 20
Calculations 15
Breadth and Depth of Written Analysis 30
Explanation of prepared financial 25
statements

FABM
Financial transactions 20
Entries in the special journals 25
Entries in the general journal 20
General ledger / t-accounts 20
Trial balance 15

Approved by:

Mr. Daryl B. Teves

(Oct. 15, 2020)