Professional Documents
Culture Documents
Fabm1 q3 Mod1 Introductiontoaccounting Final
Fabm1 q3 Mod1 Introductiontoaccounting Final
Fabm1 q3 Mod1 Introductiontoaccounting Final
Fundamentals of
Accountancy, Business
and Management 1
Quarter 3 – Module 1:
Introduction to Accounting
Republic Act 8293, section 176 states 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 (i.e., songs, stories, poems, pictures, photos, brand names,
trademarks, etc.) included in this module are owned by their respective copyright holders.
Every effort has been exerted to locate and seek permission to use these materials from their
respective copyright owners. The publisher and authors do not represent nor claim ownership
over them.
Team Leaders:
School Head : Marijoy B. Mendoza, EdD
LRMDS Coordinator : Karl Angelo R. Tabernero
Fundamentals of
Accountancy, Business
and Management 1
Quarter 3 – Module 1:
Introduction to Accounting
Introductory Message
This Self-Learning Module (SLM) is prepared so that you, our dear
learners, can continue your studies and learn while at home. Activities,
questions, directions, exercises, and discussions are carefully stated for you to
understand each lesson.
Each SLM is composed of different parts. Each part shall guide you step-
by-step as you discover and understand the lesson prepared for you.
In addition to the material in the main text, Notes to the Teacher are also
provided to our facilitators and parents for strategies and reminders on how they
can best help you on your home-based learning.
Please use this module with care. Do not put unnecessary marks on any
part of this SLM. Use a separate sheet of paper in answering the exercises and
tests. And read the instructions carefully before performing each task.
If you have any questions in using this SLM or any difficulty in answering
the tasks in this module, do not hesitate to consult your teacher or facilitator.
Thank you.
This module was designed and written to introduce accounting to help you
understand which accounting is used in making business decisions by citing
specific examples. It helps you 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. This module was created so that you will be able to cite
users of financial information and identify whether they are external or internal
users (ABM_FABM11-IIIa-1-8).
a. define accounting;
b. describe the nature of accounting;
c. narrate the history/origin of accounting; and
d. define internal and external users and give examples.
What I Know
History of Accounting
2 3
4 5 6
Lesson
1 Introduction to Accounting
What’s In
3. HAIRS TO RIM
What’s New
What is It
Do you know that accounting is one of the oldest professions in the world? It
has evolved throughout time addressing the needs of society. In all walks of life,
its relevance can be seen. It has system and process that help business owners
to understand the flow of their transaction. It truly plays a necessary role in the
business.
Let us first define accounting, its nature, history, and users of the accounting
information. Being an ABM student, you wanted to deepen your knowledge and
skill in accounting.
Nature of Accounting
History of Accounting
Evolution of Accounting
• The Industrial Revolution (1760-1830) – The focus on this era are fixed
assets and mass production.
• The Present (20th Century) – In the present time, accounting standards were
established and practitioners follow the rules of international organizations
or groups like AICPA. Modern accounting standards were given more
attention and time.
History of Accounting
External Users –are the individuals or organizations outside the company who
are not involved in operating the business.
Internal Users – individuals inside the organization who plan, organize, and run
the business. They are directly involved in managing and
operating the business. Internal users are also called as
“primary users” of accounting information and some of these
users are the marketing managers, supervisors, finance
directors, company officers, and owners.
3. Owners – they use financial information to know the profit or income for
the period, resources, or assets of the business. Liabilities of the
business are needed by the owners. They also use financial
information in considerations regarding additional investment,
expanding the business, and borrowing funds to support any
expansion plans.
What’s More
5. Accounting is a process.
Directions: Read each statement below and choose your answers from the box.
Write your answers on a separate sheet of paper.
What I Can Do
Rubric
Excellent: Average: 3pts. Needs
5pts. Improvement:
2pts.
Ideas The answer The answer The answer
contains the provides three provides one to
complete details of the two details of the
history of history of history of
accounting. accounting. accounting.
10
Assessment
Direction. Choose the letter that corresponds to the correct answer. Write your
answers on a separate sheet of paper.
A. Stepehen Zeff
B. Barry Melancon
C. Leonardo De Vinci
D. Luca Pacioli
A. Accounting is a process.
B. Accounting is a service activity.
C. Identifying the events
D. Recording the events
A. creditors
B. employees
C. owners
D. suppliers
A. creditors
B. employees
C. investors
D. suppliers
5. Mass production and the great importance of fixed assets were given
attention during this period. What part of evolution of accounting history
is this?
A. Cradle Civilization
B. French Revolution
C. Industrial Revolution
D. The Present
11
A. finance
B. recognition
C. recording
D. service
A. evaluating
B. recognizing
C. recording
D. summarizing
A. external users
B. keepers
C. internal users
D. recorders
A. external users
B. keepers
C. internal users
D. Recorders
12
Additional Activities
Directions: Compose and record a song with two to three stanzas with four
lines in every stanza. Write the song in separate sheet of paper
and submit the recorded audio via email.
Needs
Excellent: Average: Improvement:
Rubric
Rhythm The song uses The song uses The song does not
rhythm minimal rhythm have any rhythm at
throughout, which and there is an all and total
contributes to the occasional distraction that
poetic tone. distraction that affects the tone.
affects the tone.
13
References
Anastacio, Ma. Flordeliza. 2011. Financial Management (With Industry Based Perspective).
Manila: Rex Book Store.
Gilbertson, Claudia. 2010. Fundamentals Of Accounting. 8th ed. Australia: Cengage Learning.
Teaching Guide For Senior High School, Fundamentals Of Accountancy, Business And
Management 1. 2016. Quezon City: Commission on Higher Education.
Pefianco, Erlinda C. 1996. The Accounting Process: Principles And Problems. Makati: Goodwill
Trading.
Padillo, Nicanor, Jr. 2011. Financial Statements Preparation, Analysis And Interpretation.
Manila: GIC Enterprises.
15