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FUNDAMENTALS OF ACCOUNTING
CHAPTER 1
Assessment No.1
I. Discuss the following:
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.
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
IV. Enumeration
Assignment No. 1
1. Identify and discuss 1 business entity in your city/ municipality. Take a
picture of the business.
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
Partnership Service
Sole Manufacturing
Apollo Molo
FUNDAMENTALS OF ACCOUNTING
CHAPTER 2
ACCOUNTING CYCLE
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.
Output No. 2
Present at least 3 business forms being used by business( refer to the succeeding
chapter). Paste in a bond paper.
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