Fundamentals of Accountancy, Business and Management 2: Quarter 1 - Module Week 8

12
Fundamentals of
Accountancy, Business
and Management 2
Quarter 1 - Module
Week 8
SCHOOLS DIVISION OF SURIGAO CITY

Page |2
FABM2 - WEEK 8
First Edition, 2020
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do not represent nor claim ownership over them.
Development Team of the Self Learning Module
Writer: Kurt-Airion H. Sumaylo

Editor:
Reviewers:
Layout Artist:
Management Team:
Printed in the Philippines by ______________________________
For the learner:

Welcome to the Fundamentals of Accountancy, Business and Management 2 – Grade 12 Modular
Distance Learning (MDL) Self-Learning Module on the Statement of Comprehensive Income (SCI) of a
Merchandising Business!
This module was designed to provide you with fun and meaningful opportunities for guided and
independent learning at your own pace and time. You will be enabled to process the contents of the
learning resource while being an active learner.
Writer: KURT-AIRION H. SUMAYLO

School/Station: CARAGA REGIONAL SCIENCE HIGH SCHOOL
Division: Surigao City
Email Address: kurtairionsumaylo1981@gmail.com
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WEEK Basic Documents and Transactions Related

8 to Bank Deposits
Name : ____________________________________________ Section : _______________
Objectives
1. Identify the types of bank accounts normally maintained by a business;
2. Distinguish the difference of the types of bank accounts;
3. Differentiate bank’s deposits and withdrawal slips; and
4. Prepare bank deposits and withdrawal slips
What I know?
Multiple Choice. Directions: Encircle the letter of the best answer.
1. 1 Which of the following does NOT pertain to a checking account?

a. Allows the depositor to issue bank checks
b. Intended to provide an incentive for the depositor to save money
c. Rarely earn interests because of the fast turnover
d. It is like savings account with added feature
2. Which of the following is NOT an example of bank account maintained by a

business?
a. Saving account c. Time deposit account
b. Checking account d. Bank check
3. Money held under this type of account can be withdrawn through issuance of
check.
a. Savings account c. Checking account
b. Time deposit account d. Unit investment trust funds
4. Which of the following best describes time deposit account?

a. It is an investment placement
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b. Allows the depositor to issue bank checks

c. The purpose of the account is for safekeeping
d. Investments in stocks and bonds without directly investing in those
securities
5. Which of the following does NOT describe the reason for the opening of bank
account of a business?
a. Cash is easily misappropriated if not properly safeguarded
b. Bank accounts are at the center of critical control policies for cash
c. Cash payments should be settled through bank checks
d. Investments in stocks and bonds without directly investing in those
securities
Lesson
Lesson 1: Different Kinds of Bank Accounts
Assets are resources owned by a company and in order to safeguard its assets and to ensure that
company resources are not misused or misappropriated, the company implements controls.
Cash is an important asset of a company and it is also one of the easily misappropriated assets if
not properly safeguarded. Bank accounts are at the center of critical control policies for cash. All
cash receipts should be deposited in the bank at the end of the day. Very minimal amounts
should be left in the company’s premises overnight. Also, cash payments should be settled
through bank check and processes through the voucher system. Given the company’s extensive
use of the banking system, we will discuss the different kinds of bank accounts usually
maintained by a business in this lesson.
In the previous lesson, you have learned about the preparation and analysis of financial
statements of a service and merchandising business using horizontal and vertical analyses,
and financial ratios. Your knowledge and skills in the analysis of financial statements will
aid the future entrepreneurs in you in making sound economic decisions.

Page |5
Below activity will help you familiarize yourself with our first lesson on this module.
Activity 1: LINK the Bank!

Direction: On a separate answer sheet, give what are being asked in each item.
1. Enumerate the bank that are existing within your municipalities.
2. Do you have any bank account? How about your family or anyone in your family?
3. What is the purpose of your bank account?
4. Why did you choose that certain bank where you maintain your account?
In Activity 1, you were able to familiarize and linked yourself with banking and
bank accounts. In this part of the module, you will further find out the
definition and examples of the different kinds of bank accounts usually
maintained by a business or by an individual.
SAVINGS ACCOUNT
 The simplest bank account is the savings account. The business deposits money
in the bank for safekeeping.
 The account earns minimal interest and may have a minimum balance requirement

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 Some savings accounts are linked with passbook.

o Passbook – is a booklet used to record bank transactions on a savings
account. It contains a chronological record of deposits, withdrawals and
interest earnings.
 Some savings account come with an ATM card
o ATM Card – are used for making transactions in Automated Teller
Machines (ATM). Some ATM cards also functions as debit cards.
o Debit Cards – are linked with the VISA or Mastercard networks that allow
depositors to use their cards to make payments in various
establishments.
 Some banks give their depositors internet banking privileges. This allows them to
access their statement of accounts and make payments online
 Withdrawals from savings account maybe made over-the-counter, ATMs, online
payments and debit card transactions.
CHECKING or CURRENT ACCOUNT

 A checking account is like a savings account with an added feature – the
depositor can issue bank checks
o Bank checks – is an acceptable form of payments. It allows depositors to
pay large sums using one sheet of paper instead of carrying currencies. It can
also provide additional control feature that prevent misappropriation of
cash. A payee can be specifically named such that no other person or entity
can use it. Moreover, a check can be “crossed” or “restricted for payee’s
account only”. This means that the check will only be accepted for
deposit to the payee’s bank account and cannot be encashed over the
counter.
 Checking accounts rarely earn interest because of the fast turnover of
transactions. To cater their customers’ demand for better interest rates,
most banks offer hybrid accounts. These are combinations of savings and
checking account. There are ATM-passbook checking accounts. There are
also hybrid accounts that earn higher interest rates but limits check
withdrawal to a few checks a month such as premium deposit account.
TIME DEPOSITS AND OTHER INVESTMENT ACCOUNTS

Time Deposit
 Time deposit accounts are investment placements.
 The depositor agrees not to withdraw the funds over the contracted period in
exchange for fixed interest rates that are higher than deposit rates.
 Time deposits are evidenced by certificates of time deposits (CTD)

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Unit Investment Trust Fund (UITF)

 UITF allows investors to gain the benefit and suffer the losses of investments
in stocks and bonds without directly investing in those securities.
 Investors purchase units of the pooled funds
 The investor earns income not through interest but on the increase in fair
market value of the pooled fund.
Remember!
 Savings and checking accounts are the two accounts

usually maintained by business
 Depending on its banking license, the bank can offer other
forms of investment vehicles to their clients. There are
mutual funds, variable insurance, government securities
and corporate notes, among others. We limit our discussion
to time deposits and UITF.
Activity 2: NAME the Accounts!

Directions: Name the bank accounts maintained by the following individuals.
Write you answer on a separate answer sheet.
1. Alex has a bank account at Landbank of the Philippines that enable him to
issue bank checks.
2. The account maintained by Bobby at BDO is known to be the simplest bank
account and is linked with a passbook.
3. Teddy agrees with Metrobank not to withdraw the funds in his account over a
contracted period in exchange for fixed interest rates.
4. Gabby has an account in BPI that allows him to gain the benefit and suffer the
losses of investments in stocks and bonds without directly investing in those
securities.
5. The account of CJ in Allied Bank is also known as current account.
6. Joliber has an account at PNB that earns income not through interest but on
the increase in fair market value of the pooled fund.
7. As a result of the fast turnover of transactions, this account of Alyza at Union
Bank rarely earns interest.
8. Your friend, Freny show you her certificate of time deposit (CTD) as evidence of her
account in DBP.
9. Zaldy’s account at FCB earns minimal interest and have minimum balance
requirement of P2,000.00
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10. The account of Jhun Rey at WestBank allows him to pay large sums using one
sheet of paper instead of carrying currencies.
Lesson 2: Bank Deposits and Withdrawal Slips
There is a corresponding bank form for almost every transaction with the bank. Take for example
the opening of bank account. The forms to be filled and signed are numerous. There are
account opening forms, signature cards, investor suitability forms and indemnity forms. Do not
worry, we will not discuss all of these forms here. We will limit ourselves with the deposit slip and
withdrawal slip. Moreover, we will only look at the basic format of these forms. Most banks have
their own formats which are tailored to their needs.
In the previous lesson, you have learned the different types of bank account usually maintained by a business.
It can have deposit accounts such as savings and checking account which are transactional in nature.
Companies maintain savings account as an incentive to save money; and checking account in order to use bank
checks. Also, companies can also maintain investment accounts such as time deposit, unit investment trust
funds (IUTF) and other investments that offer higher interest rates.
In this lesson, we will proceed with the different bank forms used by banks for every transaction with
them; however we will focus only with the deposit slip and withdrawal slip.
Below activity will help you acquaint yourself with our second lesson on this module.
Activity 3: Let’s FORM It!

Directions: Accomplish only 1 of the 2 tasks, whichever is applicable for you.
However, if the circumstances permit, it is highly recommended to do Task 1.
Task 1: Visit a bank within your vicinity. Get a blank copy of their deposit slip and
withdrawal slip. If you are not allowed to get one, at least take a picture of it.
Task 2: If Task 1 is not applicable for you or is hard to accomplish, just download
from internet a copy of deposit slip and withdrawal slip of any bank. If you do
not have access to the internet, you can look from any accounting books
available. If it is still not possible, you can ask from friends, schoolmates or
acquaintances who may help you. Even a filled-up slip or scratch one will do.
Requirements:
1. Post here or in a separate activity sheet the deposit slip and withdrawal slip
obtained with picture or evidence of you during your visit or research.

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2. Briefly describe the content of the deposit slip and withdrawal slip.
Deposit Slip
Withdrawal Slip
Rubrics in Rating Activity 3: Let’s FORM It!
Score Criteria
5 All needed forms and/or evidence is present
(1) Deposit slip, (2) withdrawal slip, (3) picture during
visit/research, (4) Description of deposit slip and (5)
Description of the withdrawal slip
4 Only 4 of the needed forms, evidence and or description
is present
is present
is present
is present
In Activity 3, you were able to familiarize yourself with the format of a deposit slip
and withdrawal slip used by banks for its transactions. In this part of the module,
you will find out further about the description of this forms and how to fill-it out.
DEPOSIT SLIP
 The bank provides deposit slip that the depositor will fill-out every time the
depositor will put in money to his account. The usually required information
in a deposit slip are:
o Account Name – this is the complete name of the depositor that is
reflected in the records of the bank. If it has a pass book, the account
name is indicated on first page inside the passbook.
o Account Number – this is a unique identifier of the account
maintained by the depositor.
o Date of Deposit
o Type of Account
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o Currency
o Amount in words and in figures – the amount that the depositor
wishes to put into his account. The amount to be deposited maybe in
form of cash or check.
 There are two kinds of deposit slip, namely cash deposit slip and check deposit
slip. Some banks merge these two into one.
o For check deposit, the depositor will indicate the amount of the check,
check number and issuing bank.
o For cash deposits, the depositor is required to indicate the
denomination of the cash
 The depositor may or may not be the account holder
 A bank deposit is validated by the teller that accepts the deposit. A validation
is a receipt printed on the deposit slip to signify that the deposit was received
by the bank.
Example:
Eybicee Company made two deposits on May 18, 2020 in its Co-Vac Bank Checking or Current Account with
account number 000123455589. One was a cash deposit for P55,000 composed of 35 pieces of P1,000 bill and
40 pieces of P500 bill. The second deposit was for P580,761.82 composed of two checks issued by BDO and
Metrobank
Figure 1 shows the deposit slips for these transactions.
CASH DEPOSIT SLIP CHECK DEPOSIT

SLIP
This serves as your receipt when machine validated This serves as your receipt when machine validated
Machine Validation
Current Account Others Peso Others
Machine Validation Savings Account US Dollar
Writer:
̸ Current Account KURT-AIRION
Others H.Peso
SUMAYLO Others Account Number: Date:
School/Station: CARAGA REGIONAL SCIENCE HIGH SCHOOL 000123455589 May 18, 2020
Division:
Savings Account Surigao City US Dollar
Email Number:
Account Address: kurtairionsumaylo1981@gmail.com Account Name:
Date:
Eybicee Company
000123455589 May 18, 2020
Account Name: Please use separate slip/s for each type of check
Eybicee Company Type of Local Out of Town Others Bank's MC
Cash Deposit Breakdown Check Regional On Us Manager's Check (MC)
Denomination Pieces Amount Check Deposit Breakdown ( please endorse each check properly)
P 1,000 35 35,000 Bank/Branch Check Number Amount
P a g e | 11
Figure 1: Filled-out Deposit Slip
WITHDRAWAL SLIP
 Withdrawal slip documents the withdrawal from a passbook account. It is a
bank form filled up by the account holder. The required information in the
withdrawal slip are:
o Account Name – the name of the depositor
o Account Number – the unique identifier given by the bank for every
account maintained
o Date of the withdrawal
o Type of account – savings or current
o Currency
o Amount to be withdrawn – the amount that the depositor wishes to withdraw
from his account. The amounts in words and in figures are indicated.
o Signature of the Depositor
 Only the account holder may withdraw from his account. Therefore, the
signature of the account holder is required in the withdrawal slip. The bank
will only release the funds after verifying the authenticity of the account
holder’s signature by comparing it against the signature in the bank records
submitted during the opening of the account
 Upon release of the funds, the teller will again require the account holder to
sign the “received by” portion to signify that the account holder has received the
correct amount
 Withdrawal slip is used only for passbook account. A checking account holder is
not allowed to make withdrawals through a withdrawal slip. A purely ATM
account holder is required to use the machine and cannot withdraw over the
counter.

P a g e | 12
Example:
Eybicee Company made a withdrawal of P105,055 from his savings account

(SA#000123455592) at Co-Vac Bank. The withdrawal slip or this transaction is
shown in Figure 2 below.
WITHDRAWAL SLIP
Currency Peso US Dollar Others
Account Number: Date:
000123455592 May 18, 2020
Account Name:
Eybicee Company
Amount (in words)
One hundred five thousand fifty-five pesos
(In figures)
P 105,055
Filled up by
Withdrawal Thru Representative
the account
(Please cross-out if this portion is not applicable) holder
I/We hereby autho rize who se
signature appears belo w to efect this withdrawal for and in my behalf.
Signature of Representative
I / We declare under the penalties of perj ury that my/ our co-
depositor/ s is/ are liv ing.
PReyes MSantos
Signature of Depo sito r/s
Verified by:
jde Approved by:
jjdb
Cash Breakdown
Denomination Pieces Amount Filled up by the bank teller
P 1,000 105 105,000 and officer
P 50 1 50
Coins P 1 5 5
TOTAL CASH 105,055

Payment Received By:
PReyes MSantos Signed by signatories of

account holder
Machine Validation
P a g e | 13
Figure 2: Filled-out Withdrawal
Activity 4: One, Two, Three, FILL!

Directions: Use the deposit slips and withdrawal slip on the next page to
answer the following problems.
 You work for Exwayzey Company. You were tasked to prepare the deposit
slips and withdrawal slip for today, June 28, 2020. You will use the company’s
Co-Vac Bank accounts.
 Deposit to checking account number 000123456789. The deposits are composed

of the following:
o Cash deposit of P145,670 – composed of 100 pieces of P1,000 bills, 80

pieces of P500 bills, 25 pieces of P200 bills, 6 pieces of P100 bills, 1 piece
each of P50 bill and P20 bill
o Check deposit of P567,890 – composed of 3 checks.

 BPI-Katipunan branch with check number 00056743 for
P235,670
 Union Bank-Ortigas branch with check number 00087654 for
P125,688
 BDO-Greenhills branch with check number 00056799 for
P206,532
 You were also tasked to prepare withdrawal slip to be signed by the company
president and treasurer.
o Prepare a withdrawal slip from bank account #000123456792 for the

amount of P543,900. This will be used to pay the employee payroll for
June 30.

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CASH DEPOSIT SLIP CHECK DEPOSIT SLIP
This serves as your receipt when machine validated

This serves as your receipt when machine validated
Machine Validation
Current Account Others Peso Others
Savings Account US Dollar
Machine Validation Account Number: Date:
̸ Current Account Others Peso Others
Savings Account US Dollar Account Name:
Account Number: Date:

Please use separate slip/s for each type of check
Account Name: Type of Local Out of Town Others Bank's MC
Check Regional On Us Manager's Check (MC)
Cash Deposit Breakdown Check Deposit Breakdown ( please endorse each check properly)
Denomination Pieces Amount Bank/Branch Check Number Amount
TOTAL CASH DEPOSIT TOTAL CHECK DEPOSIT

P a g e | 15
What I Have Learned
At this point, let us see how much you have gained from the discussions and
activities you have undergone.
Activity 5: FILL-ing the MISS-ing!

Directions: Fill in the missing information, accounts or description to complete the
thought of each paragraph or sentence.
1. Cash is an important asset of a company that can be easily misappropriated. To
safeguard the cash, a company usually maintains deposit accounts such as ,
a simplest form of bank account. It can also open a , so that it can
issue bank checks instead of carrying large sum.
2. A company can also maintain investment account so that there will be no idle
cash. A bank offers wherein a company agrees
not to withdraw the funds over a contracted period in exchange for fixed interest
rates. A company can also indirectly invest in stocks and bonds through offered
by banks.
3. There is a corresponding bank form for every transaction with the bank.
is used to document a deposit transaction while
documents withdrawal from a passbook
account.
4. The following are the usually required information in a deposit slip: Account
Name, , Date of Deposit, ,
Currency, and .
5. In a withdrawal slip, is the most important part for

without it, the fund will not be released by the bank.

P a g e | 16
This activity will help you transfer into real-life situations the knowledge and skills
you have gained or learned from this module.
Activity 6: The Future BANKER!

Directions: Suppose you are a bank manager or owner. Accomplish the following
independent questions and tasks. Write your responses on a separate sheet of
paper or activity sheet that may be provided for you.
1. What are the primary deposit accounts and investment accounts you are going
to offer? Why?
2. How are you going to market your bank offerings?
3. Make your own format of deposit slip and withdrawal slip. It can be handwritten or
computerized. You will be graded based on the rubric below.
Rubrics in Rating Activity 6: The Future Banker
Score
Case Facts 3 2 1
Deposit and Offerings are Offerings are No explanation
Investment properly identified identified but not given
account offerings and explained. explained properly
Marketing Marketing strategy Marketing strategy is No explanation
Strategy is properly identified not properly given
and explained explained
All needed There are 1 to 2 There are more
Deposit Slip
information is missing information than 2 missing
Format
present information
The format/design is The format/design is Difficult to
unique and can be common but can be understand
easily understood easily understood
All needed There are 1 to 2 There are more
Withdrawal Slip
information is missing information than 2 missing
Format present information
The format/design is The format/design is Difficult to
unique and can be common but can be understand
easily understood easily understood

Post-test
Directions: Choose the letter of the best answer. Write the chosen
letter on a separate sheet of paper.
1. Which of the following is NOT an example of bank account
maintained by a business?
a. Saving account c. Time deposit account
b. Checking account d. Bank check
2. Which of the following best describes time deposit account?
a. It is an investment placement
b. Allows the depositor to issue bank checks
c. The purpose of the account is for safekeeping
d. Investments in stocks and bonds without directly investing in
those securities
3. Which of the following does NOT pertains to checking account?
a. Allows the depositor to issue bank checks
b. Intended to provide an incentive for the depositor to save money
c. Rarely earn interests because of the fast turnover
d. It is like savings account with added feature
4. Which of the following bank accounts earns lower interest rate than the
other?
5. Money held under this type of account can be withdrawn through
issuance of check –
References:
Licuanan P. (2016). Teaching Guide for Senior High School

Fundamentals of Accountancy, Business and
Management 1
Specialized Subject I ACADEMIC – ABM
Published by the Commission on Higher Education,
Accountingtheory(n.d) Retrieved from http://accountingtheory.weebly.com/nature-

and-scope-of-accounting

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12

SCHOOLS DIVISION OF SURIGAO CITY

Development Team of the Self Learning Module

Writer: Kurt-Airion H. Sumaylo

Printed in the Philippines by ______________________________

For the learner:

Writer: KURT-AIRION H. SUMAYLO

WEEK Basic Documents and Transactions Related

Name : ____________________________________________ Section : _______________

Multiple Choice. Directions: Encircle the letter of the best answer.

1. 1 Which of the following does NOT pertain to a checking account?

2. Which of the following is NOT an example of bank account maintained by a

4. Which of the following best describes time deposit account?

b. Allows the depositor to issue bank checks

Writer: KURT-AIRION H. SUMAYLO

Activity 1: LINK the Bank!

1. Enumerate the bank that are existing within your municipalities.

3. What is the purpose of your bank account?

Writer: KURT-AIRION H. SUMAYLO

 Some savings accounts are linked with passbook.

CHECKING or CURRENT ACCOUNT

TIME DEPOSITS AND OTHER INVESTMENT ACCOUNTS

Writer: KURT-AIRION H. SUMAYLO

Unit Investment Trust Fund (UITF)

 Savings and checking accounts are the two accounts

Activity 2: NAME the Accounts!

Activity 3: Let’s FORM It!

Writer: KURT-AIRION H. SUMAYLO

Rubrics in Rating Activity 3: Let’s FORM It!

Figure 1 shows the deposit slips for these transactions.

CASH DEPOSIT SLIP CHECK DEPOSIT

Cash Deposit Breakdown Check Regional On Us Manager's Check (MC)

Figure 1: Filled-out Deposit Slip

Writer: KURT-AIRION H. SUMAYLO

Eybicee Company made a withdrawal of P105,055 from his savings account

TOTAL CASH 105,055

PReyes MSantos Signed by signatories of

Figure 2: Filled-out Withdrawal

Activity 4: One, Two, Three, FILL!

 Deposit to checking account number 000123456789. The deposits are composed

o Cash deposit of P145,670 – composed of 100 pieces of P1,000 bills, 80

o Check deposit of P567,890 – composed of 3 checks.

o Prepare a withdrawal slip from bank account #000123456792 for the

Writer: KURT-AIRION H. SUMAYLO

CASH DEPOSIT SLIP CHECK DEPOSIT SLIP

This serves as your receipt when machine validated

Savings Account US Dollar Account Name:

Account Number: Date:

TOTAL CASH DEPOSIT TOTAL CHECK DEPOSIT

Writer: KURT-AIRION H. SUMAYLO

What I Have Learned

Activity 5: FILL-ing the MISS-ing!

5. In a withdrawal slip, is the most important part for

Writer: KURT-AIRION H. SUMAYLO

Activity 6: The Future BANKER!

2. How are you going to market your bank offerings?

Rubrics in Rating Activity 6: The Future Banker

Writer: KURT-AIRION H. SUMAYLO

Name : ______________________________ Section : _