ABM 1

FUNDAMENTALS OF ACCOUNTING

Name:DOMINGO, Paula Bianca Course/ Year & Section: BSHM 1-D

Instructor: Jerry P. Manzano Date: October 19, 2021

CHAPTER 1

BASIC ACCOUNTING ENVIRONMENT

Part 3- Intended Learning Activities/ Assessment

Assessment No.1
I. Discuss the following:

1. Why are Financial Statements necessary in business?

The financial statement is necessary in business because it shows on how to run the
company, how much total is the revenue, where the revenue is used, its assets, liabilities and
how to handle the entire cash flow in a company.

II. Identify the word/s that describe the following statement.

1. Business Owners
2. Service
3. Partnership
4. Potential Investors
5. Historical Cost Concept
6. Journal
7. General Ledger
8. Matching Principle
9. Business Transaction
10. Financial Institutions

III. Write T if the statement is true and F if the statement is false.

 1. F
2. F
3. T
4. T
5. T
6. T
7. T
8. T
9. F
10. T

IV. Enumeration

1-3. Forms of Business Organization

1. Sole/ Single Proprietorship

2. Partnership
3. Corporation
4-10. Accounting Concepts and Principles
4. Realization Concept
5. Matching Concept
6. Full Disclosure Concept
7. Duality Concept
8. Objective Concept
9. Historical Cost Concept
10. Balance Sheet Equation Concept
11-17. User of Financial Statement
11. Business Owners
12. Business Managers
13. Government
14. Potential Investors
15. Creditors
16. Labor Union ( workers)
17. Budget Office/ Accountants/ Auditors
18-20. Types of Business Organization
18. Service
19. Trading/ Merchandising
20. Manufacturing
Part 4- Reinforcement/ Enrichment/ Assignment

Assignment No. 1
 1. Identify and discuss 1 business entity in your city/ municipality. Take a
picture of the business.

Jollibee Candon City Ilocos Sur

Jollibee Candon City Ilocos Sur is a Corporation business form. Jollibee is by far the
most dominant quick service restaurant brand. The founder was Mr. Tony Tan Cakitong along
with his wife, Grace. They have the best burgers, fries, spaghetti, Filipino dishes and most of all
their Jollibee chicken joy, which is popular for its tasty and crunchy skin. Jollibee provides a
wide variety of food affordable, delicious, satisfying customers at any age.

Output No. 1
A . Identify 5 business establishments in your locality ( barangay/city/ municipality)
classifying them according to the form and type of business organization. Attach a picture of
each business establishment.
No Name of Business Form of Business Type of Business

Fill in Gas
Sole Trading/Merchandising

Jans Salon

Partnership Service

Palawan Pawnshop/ Express

Partnership Service

Sole Manufacturing

Apollo Molo

Mcdo Corporation Service

 ABM 1

FUNDAMENTALS OF ACCOUNTING

Name:DOMINGO, Paula Bianca Course/ Year & Section: BSHM 1-D

Instructor: Jerry P. Manzano Date: October 19, 2021

CHAPTER 2

ACCOUNTING CYCLE

Part 3 – Intended Learning Activities/ Assessment

Assessment No. 2

Discussion
1. Why does business consider the accounting process necessary in the
profitable operation of the business?

Businesses consider the accounting process necessary in the profitable operation of the
business , to see the status or trend of a company and how much profit you earn money in or
out. Also in its way with the help of financial reports to communicate financial information,
regarding the economic entities of users to make decisions about business.

Part 4 – Reinforcement/ Enrichment/ Assignment

Output No. 2
 Present at least 3 business forms being used by business( refer to the succeeding
chapter). Paste in a bond paper.

Western Union Form

Four Brothers Form

Savemore Form