FUNACC-Fundamentals

of Accounting

This is a property of
PRESIDENT RAMON MAGSAYSAY STATE UNIVERSITY
COLLEGE OF ACCOUNTANCY AND BUSINESS ADMINISTRATION
NOT FOR SALE

FUNACC – Fundamentals of Accounting

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First Edition, 2021

Copyright. Republic Act 8293 Section 176 provides that “No copyright shall subsist in any work of the
Government of the Philippines. However, prior approval of the government agency or office wherein
the work is created shall be necessary for exploitation of such work for profit. Such agency or office
may, among other things, impose as a condition the payment of royalties.

Borrowed materials included in this module are owned by their respective copyright holders. Every
effort has been exerted to reach and seek permission to use these materials from their respective
copyright owners. The University and authors do not claim ownership over them.

Learning Module Development Team

Assigned Chapter/Lesson Title Author/s

Chapter 1: Accounting and Its Environment Sofphia Lou D. Ferolino
Chapter 2: The Accounting Equation and the Sofphia Lou D. Ferolino
Double-Entry System
Chapter 3: Accounting for a Service Sofphia Lou D. Ferolino
Business – Recording Business
Transactions
Chapter 4: Adjusting the Accounts Sofphia Lou D. Ferolino
Chapter 5: Worksheet and Financial Sofphia Lou D. Ferolino
Statements
Chapter 6: Completing the Accounting Cycle Sofphia Lou D. Ferolino
for Service Business
Chapter 7: Merchandising Operation Marilou Encinares
Chapter 8: Accounting Cycle of a Marilou Encinares
Merchandising Business
Chapter 9: Special and Combination Marilou Encinares
Journals, and Voucher System
Chapter 10: Financial Ratio Analysis Marilou Encinares

Evaluators:

(First Name, Middle Initial, Last Name), Position

(First Name, Middle Initial, Last Name), Position
(First Name, Middle Initial, Last Name), Position

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Course Overview
Introduction
This course is designed to provide a basic understanding of financial accounting and covers
various financial accounting topics, including basic accounting theory, accounting principles,
procedures to record business transactions, measurements of assets and liabilities and
preparations for financial statements. More importantly, students will learn how accounting
information assists financial statement users in facilitating their decision making.

The main objective of the course Fundamentals of Accounting is to help students understand
fundamental accounting concepts and principles, as well as to develop the capability to perform
the basic accounting functions: the recognition, valuation, measurement and recording of the
most common business transactions and the preparation of accounting statements.

Course General Objectives

At the end of the semester, 75% of the students have attained 80 % proficiency level for being
aware of their purpose for communication and their audience locally and globally.

1. Explain the field of the fundamentals of accounting and its applications;

2. Solve exercises and problems on the identification of users of information, type of
decisions to be made, and type of information needed by the users;
3. Prepare journal entries, post to the ledger, prepare the trial balance, worksheet,
adjusting entries and complete the accounting cycle of a service and merchandising
business.; and
4. Prepare basic business forms and documents, such as official receipts, vouchers, sales
invoice, purchase invoice, delivery receipts, purchase order, and withdrawal and
deposits slips; and complete and submit the accounting practice set for a merchandising
business.

Course Details:

 Course Code : FUNACC

 Course Title : Fundamentals of Accounting
 No. of Units :3
 Classification : Lecture-based
 Pre-requisite / Co-Requisite : None
 Semester and Academic Year : 1st Semester, AY 2021-2022
 Schedule : ______________________
 Name of Faculty : ____________________________
 Contact Details
Email : ____________________
Mobile Number : ____________________
FB Account : ____________________
 Consultation
Day: ___________
Time: __________

Learning Management System

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The University LMS will be used for asynchronous learning and assessment. The link and class
code for LMS will be provided at the start of class through the class’ official Facebook Group.

 Edmodo
 Google Classroom
 University LMS

Assessment with Rubrics

Students will be assessed in a regular basis thru quizzes, long/unit/chapter tests,
individual/group outputs using synchronous and/or asynchronous modalities or submission of
SLM exercises. Rubrics are also provided for evaluation of individual/group outputs.

Major examinations will be given as scheduled. The scope and coverage of the examination
will be based on the lessons/topics as plotted in the course syllabus.

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Module Overview
Introduction
This module will mainly discuss accounting as a language of business and understanding the
basic accounting concepts and principles that will help you analyze business transactions. It
defines accounting and describe its nature, explain the functions of accounting in business
transactions and decisions requiring the need for accounting. The module also identifies the
forms of business organization by nature of ownership and reviewing the types of business
according to activities with example. In addition, this module includes questions, activities and
exercises to test your understanding.

Table of Contents

Chapter 1: Accounting and Its Environment

Chapter 2: The Accounting Equation and the Double-Entry System
Chapter 3: Accounting for a Service Business – Recording Business Transactions
Chapter 4: Adjusting the Accounts
Chapter 5: Worksheet and Financial Statements
Chapter 6: Completing the Accounting Cycle for Service Business
Chapter 7: Merchandising Operation
Chapter 8: Accounting Cycle of a Merchandising Business
Chapter 9: Special and Combination Journals, and Voucher System
Chapter 10: Financial Ratio Analysis

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Fundamentals of Accounting

Chapter 1

Accounting and Its

Environment

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Chapter 1
Accounting and Its Environment
Introduction

Accounting has evolved, as in the case of medicine and law, in response to the social and
economic needs of society. As business and society become and more complex, accounting
develops new concepts and techniques to meet the ever-increasing needs to financial
information. Without such information, many complex economic developments and social
programs may never have been undertaken.

Accounting is relevant in all walks of life, and it is absolutely essential in the world of business.
Accounting is the system that measures business activities, processes that information into
reports and communicates the results to decision-makers. Accounting quantifies business
communication. For this reason, accounting is called the language of business.

No business could operate very long without knowing how much it was earning and how much
it was spending. Accounting provides the business with this information and more. So,
accountants can be called the scorekeepers of business. Without accounting, a business
couldn’t function optimally; it wouldn’t know its financial situation. Also, a sound
understanding of this language will bring about a better management of the financial aspects of
living. Personal financial planning, education expenses, car amortization, business loans,
income taxes and investments are based on the information system that we call Accounting.

Specific Objectives

At the end of the lesson, the students should be able to:

1. Define accounting and explain its role in business.

2. Differentiate the branches of accounting.
3. Identifies the different users of accounting information.
4. Have a fair knowledge of the evolution of accounting and recognize how it affected
accounting pedagogy, policy and practice.
5. Outline the output of the accounting cycle and pinpoint the embedded relationships
among the major accounts and the financial statements.

Duration

Chapter 1: Accounting and Its Environment = 3 hours

(2 hours discussion; 1hour
assessment)

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Lesson Proper

I. INTRODUCTION
1.1 DEFINITION AND NATURE OF ACCOUNTING
Accounting is …
 A service activity. Its function is to provide quantitative information, primarily
financial in nature, about economic entities that is intended to be useful in making
economic decisions. (Statement of Financial Accounting Standards No. 1, “Basic
Concepts and Accounting Principles Underlying Financial Statements of Business
Enterprises” (Manila: Accounting Standard Council, 1983), par.1)

 An information system that measures, processes and communicates financial

information about an economic entity. (Statement of Financial Accounting Concepts
No. 1, “Objectives of Financial Reporting by Business Enterprises” (Norwalk, Conn.:
Financial Accounting Standards Board, 1978), par. 9)

 The process of identify, measuring and communicating economic information to

permit informed judgments and decisions by users of the information.

 The art of recording, classifying and summarizing in a significant manner and in terms
of money, transactions and events which are, in part at least, of a financial character,
and interpreting the results thereof.

1.2 FUNDAMENTAL BUSINESS MODEL

For a business to be successful, it needs to develop a product or service that customers will pay
for and thus create a revenue stream. It can be a new product or service that meets specific
needs. It can also be a better product or service. Or, it can a product or service that offers a
better value proposition. A business requires investments to enable it to pay for the
infrastructure, equipment and personnel. Only after a skillful combination of these elements
can a business generate a revenue stream.

1.3 TYPES OF BUSINESS

Although the fundamental business model does not vary, there are infinite ways of applying it
to provide the range of products and services that make up the business world. However, the
range of products and services can be summarized in seven broad categories, they are as
follows:

Services - Selling people’s time

Hiring skilled staff and selling their time
Examples: Accounting, Legal and Software Development

Trader - Buying and selling products

Buying a range of raw materials and manufactured goods and consolidating them, making
them available for sale in locations near to their customers or online for delivery
Examples: Wholesaler and Retailer

Manufacture - Designing products, aggregating components and assembling finishes

products
Taking raw materials and using equipment and staff to convert them into finished goods

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Examples: Vehicle Assembly, Construction, Engineering, Electricity, Food and Drink,

Chemicals, Media, Pharmaceuticals and Water

Raw Materials - Growing or extracting raw materials

Buying blocks of land and using them to provide raw materials
Examples: Farming, Mining, Oil and Fisheries

Infrastructure - Selling the utilization of infrastructure

Buying and operating assets (typically large assets); selling occupancy often in combination
with services
Examples: Transport (airport operator, airlines, trains, ferries, buses), Hotels, Telecoms,
Sports facilities and Property Management

Financial - Receiving deposits, lending an investing money

Accepting cash from depositors and paying them interest; using the money to provide loans to
borrowers, charging them fees and a high rate of interest than the depositors receive
Examples: Bank and Investment House

Insurance - Pooling premiums of many to meet claims of a few

Collecting cash from many customers; investing the money to pay the losses experienced by a
few customers. By understanding the risk accepted and the likelihood of a claim, more
premium income can be earned than claims paid
Example: Insurance

1.4 FORMS OF BUSINESS ORGANIZATION

A business generally assumes one of the three forms of organization. The accounting
procedures depend on which form the organization takes.

 Sole Proprietorship. This business organization has a single owner called proprietor
who generally is also the manger. Sole proprietorships tend to be small service-type
(e.g. physicians, lawyers and accountants0 business and retail establishments. The
owner receives all profits, absorbs all losses and is solely responsible for all debts of
the business. From the accounting viewpoint, the sole proprietorship is distinct from its
proprietor. Thus, the accounting records of the sole proprietorship do not include the
proprietor’s personal financial records.

 Partnership. A partnership is a business owned and operated by two or more persons

who bind themselves to contribute money, property, or industry to a common fund,
with the intention of dividing the profits among themselves. Each partner is personally
liable for any debt incurred by the partnership. Accounting considers the partnership as
a separate organization, distinct from the personal affairs of each partner.

 Corporation. A corporation is a business owned by its stockholders. It is an artificial

being created by operation of law, having the rights of succession and the powers,
attributes and properties expressly authorized by law or incident to its incident to its
existence. The stockholders are not personally liable for the corporation’s debts. The
corporation separate legal entity.

II. BRANCHES OF ACCOUNTING

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The main branches of accounting and their brief descriptions are discussed as follows:

 Bookkeeping. A mechanical task involving the collection of basic financial data.

 Financial Accounting. Focused on the recording of business transactions and the
periodic preparation of reports on financial position and results of operations.
 Management Accounting. A profession that involves partnering in management
decision-making, devising planning and performance management systems, and
providing expertise in financial reporting and control to assist management in the
formulation and implementation of an organization’s strategy (Institute of
Management Accountant (IMA)).
 Cost Accounting. The collection, allocation and control of the costs to produce or
supply a product or services.
 Financial Management. The management of the finances of an organization to
achieve the financial objectives of the entity.
 Taxation. The preparation of the relevant tax returns and the consideration of tax
consequences of proposed business transaction or alternative courses of action.
 Auditing. A systematic process of objectively obtaining and evaluating evidence
regarding assertions about economic actions and events to ascertain the degree of
correspondence between those assertions and established criteria and communicating
the results to interested users. (Auditing Concepts Committee, “Report of the
Committee on Basic Auditing Concepts,” The Accounting Review 47, Supp. (1972),
18.)
 Accounting Education. The continued development of the profession by endeavoring
to clarify and address emerging issues through research and sharing the results
obtained with their colleagues.
 Accounting Research. The systematic process of collecting and analyzing
information to increase one’s understanding of the functions of a professional
accountant and contribute to the solution of problems besetting the practice of the
profession.
 International Accounting. The study of standards, guidelines and rules of accounting,
auditing and taxation that exist within each country as well as comparison of those
items across countries. (Prof. Konrab Kubin. Preface to International Accounting
Bibliography 1982-1994, distributed by the International Accounting Section of the
American Accounting Association (Sarasota, FL: AAA, 1997)
 Government Accounting. Definition and Objectives. According to Sec. 109 of
Presidential Decree 1445, government encompasses the process of analyzing,
recording, classifying, summarizing and communicating all transactions involving the
receipt and disposition of government funds and property, and interpreting the results
thereof.

III. USERS OF ACCOUNTING INFORMATION

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.

Internal users (Primary Users) of accounting information include the following:

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 Management
Information need: income/earnings for the period, sales, available cash, production cost
Decisions supported: analyze the organization's performance and position and take
appropriate measures to improve the company results. Sufficiency of cash to pay dividends
to stockholders; pricing decisions

 Employees
Information need: profit for the period, salaries paid to employees
Decisions supported: job security, consider staying in the employ of the company or look
for other employment opportunities

 Owners
Information need: profit or income for the period, resources or assets of the business,
liabilities of the business
Decisions supported: considerations regarding additional investment, expanding the
business, borrowing funds to support any expansion plans.

TAKE NOTE!
Accounting information is presented to internal users usually in the form of management
accounts, budgets, forecasts and financial statements. This information will support
whatever decision of the internal users.

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:

 Creditors: for determining 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): for determining the credibility of the tax returns filed on
behalf of a company.

 Investors: for analyzing 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.

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 Customers: for assessing 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, DOLE): for ensuring that a company's disclosure of

accounting 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.

TAKE NOTE!
 Internal users of accounting information are those who are involved in planning,
organizing and running the business. They need more detailed information on a timely
basis in order to support their decisions. Examples of these internal users are managers,
employees and owners.
 The external users of accounting information are those individuals or organizations
outside a company who are interested in its financial information. Examples of these
external users are potential investors, suppliers and government agencies.

IV. EVOLUTION 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.

Following is the evolution of accounting:

The Cradle of Civilization

Around 3600 B.C., record-keeping was already common from Mesopotamia, China and India
to Central and South America. The oldest evidence of this practice was the “clay tablet” of
Mesopotamia which dealt with commercial transactions at the time such as listing of accounts
receivable and accounts payable.

14th Century - Double-Entry Bookkeeping

The most important event in accounting history is generally considered to be the dissemination
of double entry bookkeeping by Luca Pacioli (‘The Father of Accounting’) in 14th century
Italy. Pacioli was much revered in his day, and was a friend and contemporary of Leonardo da
Vinci. The Italians of the 14th to 16th centuries are widely acknowledged as the fathers of
modern accounting and were the first to commonly use Arabic numerals, rather than Roman,
for tracking business accounts. Luca Pacioli wrote Summa de Arithmetica, the first book
published that contained a detailed chapter on double-entry bookkeeping.
French Revolution (1700s)
The thorough study of accounting and development of accounting theory began during this
period. Social upheavals affecting government, finances, laws, customs and business had
greatly influenced the development of accounting.

The Industrial Revolution (1760-1830)

Mass production and the great importance of fixed assets were given attention during this
period.

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19th Century – The Beginnings of Modern Accounting in Europe and America

The modern, formal accounting profession emerged in Scotland in 1854 when Queen Victoria
granted a Royal Charter to the Institute of Accountants in Glasgow, creating the profession of
the Chartered Accountant (CA).

In the late 1800s, chartered accountants from Scotland and Britain came to the U.S. to audit
British investments. Some of these accountants stayed in the U.S., setting up accounting
practices and becoming the origins of several U.S. accounting firms. The first national U.S.
accounting society was set up in 1887. The American Association of Public Accountants was
the forerunner to the current American Institute of Certified Public Accountants (AICPA).

In this period rapid changes in accounting practice and reports were made. Accounting
standards to be observed by accounting professionals were promulgated. Notable practices
such as mergers, acquisitions and growth of multinational corporations were developed.

A merger is when one company takes over all the operations of another business entity
resulting in the dissolution of another business. Businesses expanded by acquiring other
companies. These types of transactions have challenged accounting professionals to develop
new standards that will address accounting issues related to these business combinations.

The Present - The Development of Modern Accounting Standards and Commerce

The accounting profession in the 20th century developed around state requirements for
financial statement audits. Beyond the industry's self-regulation, the government also sets
accounting standards, through laws and agencies such as the Securities and Exchange
Commission (SEC). As economies worldwide continued to globalize, accounting regulatory
bodies required accounting practitioners to observe International Accounting Standards. This
is to assure transparency and reliability, and to obtain greater confidence on accounting
information used by global investors.

Nowadays, investors seek investment opportunities all over the world. To remain competitive,
businesses everywhere feel the need to operate globally. The trend now for accounting
professionals is to observe one single set of global accounting standards in order to have
greater transparency and comparability of financial data across borders.

4. 1 ACCOUNTING CONCEPTS AND PRINCIPLES

 Business entity principle – a business enterprise is separate and distinct from its
owner or investor.
Examples:
If the owner has a barber shop, the cash of the barber shop should be reported
separately from personal cash.

The owner had a business meeting with a prospective client. The expenses that come
with that meeting should be part of the company’s expenses. If the owner paid for gas
for his personal use, it should not be included as part of the company’s expenses.

 Going concern principle – business is expected to continue indefinitely.

Example:

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When preparing financial statements, you should assume that the entity will continue
indefinitely

 Time period principle – financial statements are to be divided into specific time
intervals.
Examples:
Philippine companies are required to report financial statements annually.

The salary expenses from January to December 2015 should only be reported in 2015.

 Monetary unit principle – amounts are stated into a single monetary unit
Examples:
Jollibee should report financial statements in pesos even if they have a store in the
United States.

IHOP should report financial statements in dollars even if they have a branch here in
the Philippines

 Objectivity principle – financial statements must be presented with supporting

evidence.
Examples:
When the customer paid Jollibee for their order, Jollibee should have a copy of the
receipt to represent as evidence.

When a company incurred a transportation expense, a voucher should be prepared as

evidence.

 Cost principle – accounts should be recorded initially at cost.

Examples:
When Jollibee buys a cash register, it should record the cash register at its price when
they bought it.

When a company purchases a laptop, it should be recorded at the price it was

purchased.

 Accrual Accounting Principle – revenue should be recognized when earned

regardless of collection and expenses should be recognized when incurred regardless
of payment. On the other hand, the cash basis principle in which revenue is recorded
when collected and expenses should be recorded when paid. Cash basis is not the
generally accepted principle today.
Example:
When a barber finishes performing his services, he should record it as revenue. When
the barber shop receives an electricity bill, it should record it as an expense even if it is
unpaid.

 Matching principle – cost should be matched with the revenue generated.

Example:
When you provide tutorial services to a customer and there is a transportation cost
incurred related to the tutorial services, it should be recorded as an expense for that

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period.

 Disclosure principle – all relevant and material information should be reported.

Example:
The company should report all relevant information.

 Conservatism principle – also known as prudence. In case of doubt, assets and

income should not be overstated while liabilities and expenses should not be
understated.
Example:
In case of doubt, expenses should be recorded at a higher amount. Revenue should be
recorded at a lower amount.

 Materiality principle – in case of assets that are immaterial to make a difference in the
financial statements, the company should instead record it as an expense.
Example:
A school purchased an eraser with an estimated useful life of three years. Since an
eraser is immaterial relative to assets, it should be recorded as an expense.

V. OUTPUT OF THE ACCOUNTING CYCLE

Financial Statements
Objective of Financial Statement: The objective of financial statement is to provide
information about the financial position, performance, and changes in financial position of
an enterprise that is useful to a wide range of users in making economic decisions.

TAKE NOTE!
Financial statements should meet the common needs of most users. However, financial
statements do not provide all the information that users may need to make economic
decisions, since they largely portray the financial effects of past events and do not
necessarily provide non-financial information.

Elements of Financial Statements: The financial statements portray the financial effects of
transactions and other events by grouping them into broad classes according to their
economic characteristics. These broad classes are termed the elements of financial
statements.

The elements directly related to the measurement of financial position in the balance sheet
are assets, liabilities and equity. The elements directly related to the measurement of
performance in the income statement are income and expenses. Detailed discussion of the
elements of financial statement can be found in Chapter 2.

References/Additional Resources/Readings

Ballada, Win (2019): Basic Financial Accounting and Reporting 2019 Issue – 22nd Edition
Ballada, Win (2017): Fundamentals of Accountancy Business & Management 1 & 2, 20th
Edition
Website: accountingtoday@newsletters.sourcemedia.com
Online Journals: Accounting Horizons and Journal of Emerging Technologies in Accounting
(American Accounting Association)

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Activity Sheet
ACTIVITY NO. 1

Name: ______________________Course/Year/Section: ___________ Score: _________

I. Essay
Instruction: Discuss the following questions.

1. Why is accounting often referred to as the language of business?

2. What are the three forms of business organization? Define each briefly.
3. What are the types of business? Distinguish them.
4. Give the three definitions of accounting.
5. Enumerate and distinguish the four phases of accounting.
6. Discuss the criteria for general acceptance of an accounting principle.
7. What does the term generally accepted accounting principles mean?
8. What is meant by the concept of stable monetary unit? Is this assumption realistic?
Why is it used in accounting?
9. What is periodicity concept? Why is it important for business entities to provide
periodic information?
10. What is materiality?

II. Matching
Instruction: Match the following words with their definition.

a. Going concern principle e. Time period principle h. monetary unit principle

b. Objectivity principle f. Cost principle i. Accrual accounting principle
c. Matching principle g. Disclosure principle j. Conservatism principle
d. Materiality principle

___________________ 1. All relevant information should be included in the financial

reports
___________________ 2. In case of doubt, assets and income should not be overstated.
___________________ 3. Assume that the company will continue indefinitely.
___________________ 4. All transactions should be supported by unbiased evidence.
___________________ 5. Expenses should be recorded in the period when the revenue is
generated.
___________________ 6. Minimal costs incurred should be recorded as an expense.
___________________ 7. A Philippine company should report financial statements in
pesos.
___________________ 8. A barber who performs services for a client should record
revenue.
___________________ 9. Statement of Financial position should be recorded as of
December 31, 2019.
___________________ 10. A company that purchases furniture should record it at its
acquisition price.

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Assessment
Each question will be graded based on this five (5) point rubric.

LEVEL DESCRIPTION

Well written and very organized.

Excellent grammar mechanics.
5 - Outstanding Clear and concise statements.
Excellent effort and presentation with detail.
Demonstrates a thorough understanding of the topic.

Writes fairly clear.

Good grammar mechanics.
4 - Good
Good presentation and organization.
Sufficient effort and detail.

Minimal effort.
Minimal grammar mechanics.
3 - Fair
Fair presentation.
Few supporting details

Somewhat unclear.
Shows little effort.
2 - Poor Poor grammar mechanics.
Confusing and choppy, incomplete sentences.
No organization of thoughts.

Very poor grammar mechanics.

Very unclear.
1 - Very Poor
Does not address topic.
Limited attempt.

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Learner’s Feedback Form

Name of Student: ___________________________________________________
Program : ___________________________________________________
Year Level : ___________ Section : ___________
Faculty : ___________________________________________________
Schedule : ___________________________________________________

Learning Module : Number: _________ Title : ______________________

How do you feel about the topic or concept presented?

□ I completely get it. □ I’m struggling.
□ I’ve almost got it. □ I’m lost.

In what particular portion of this learning packet, you feel that you are struggling or lost?
___________________________________________________________________________
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Did you raise your concern to you instructor? □ Yes □ No

If Yes, what did he/she do to help you?

___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

If No, state your reason?

___________________________________________________________________________
___________________________________________________________________________
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To further improve this learning packet, what part do you think should be enhanced?
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How do you want it to be enhanced?

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NOTE: This is an essential part of course module. This must be submitted to the subject
teacher (within the 1st week of the class).

Course Learning Module in Fundamentals of Accounting (FUNACC)