Lesson 002 Branches of Accounting

CAMARINES NORTE INTERNATIONAL SCHOOL INC.
Maharlika Highway, P-1, Masalong, Labo, Camarines Norte

Email: cninternationalschool@gmail.com / Contact No. 09282791992
Website: www.cninternationalschool.com
DepEd School ID: 409757/SEC REG.NO. CN201802293
FUNDAMENTALS OF ABM 1
1st Semester, Academic Year 2023-2024
WEEK 2 – MODULE 2
Name: Grade Level & Section:

Guardian’s Signature: Date of Submission:
Quarter: Time Allotment: ____________________
BRANCHES OF ACCOUNTING
Content Standard: The learners demonstrate an understanding of the varied branches and areas of accounting,
particularly: financial accounting, management accounting, government accounting, auditing, tax accounting, cost
accounting, accounting education, and accounting research
Learning Competencies: The learners shall be able to
i. make a list of business within the community on the types of accounting services they require
ii. solve exercises in the identification of the branches of accounting described through the types of services
rendered
I. Objectives: At the end of the lesson, you should be able to:
1. differentiate the branches of accounting
2. explain the kind/type of services rendered in each of these branches
NOTE: All the answers to written works must be written on separate sheets of paper. Don’t forget to write your full name
and date of submission.
II. Pre-Test: Branches of Accounting

Instructions: Please answer the following questions to assess your knowledge before starting the module on
Branches of Accounting.
1. What is the primary focus of Financial c. Determining the cost of company

Accounting? sacrifices
a. Detailed reports for management d. Auditing financial records
b. Record transactions and classify them
c. Managing company resources 4. What is the main area of concern in Government
d. Performing audits Accounting?
a. Auditing internal operations
2. Which branch of accounting is primarily used by b. Managing company finances
management for decision-making? c. Handling public funds
a. Cost Accounting d. Preparing financial statements
b. Financial Accounting
c. Government Accounting 5. What does Auditing primarily involve?
d. Management Accounting a. Collecting information for management
b. Verifying the accuracy of financial
3. Cost Accounting primarily deals with: records
a. Managing government funds c. Teaching accounting and finance
b. Recording financial transactions d. Conducting academic research
b. Conducting academic research

6. Tax Accounting focuses on which aspect of c. Studying business and accounting-
accounting? related topics
a. Managing company resources d. Preparing financial statements
b. The entire taxation processes
c. Cost determination 9. Which branch of accounting deals with verifying
d. Auditing government finances the accuracy and consistency of financial
records?
7. What is the primary scope of Accounting a. Financial Accounting
Education? b. Management Accounting
a. Conducting academic research c. Cost Accounting
b. Teaching accounting and finance-related d. Auditing
subjects
c. Managing company finances 10. What is the key output of Financial Accounting?
d. Auditing financial records a. Detailed reports for management
b. Record transactions and classify them
8. What is the main purpose of Accounting c. Financial Statements
Research in the "Economic/Industrial" category? d. Communication of financial results
a. Verifying financial records
III. Discussion
8 Branches of Accounting
1. Financial Accounting – is a branch of accounting that deals with the recording of business transactions and those
transaction will be summarize and we will have a final output so called Financial Statement.
 Accounting Process
 Record transactions, classified, summarized
 Financial Statements (output)
 Communicate the financial results of an organization
 Report financial status of a company as a whole
2. Management Accounting – is a branch of accounting in which we collect information to be use by the

management. It is primarily used by management for decision-making.
 Collect information to be used by the management primarily used for a managerial decision-
making
 Detailed report
Financial Accounting Management Accounting
A B C
Revenue 200,000 100,000 40,000 60,000
Expenses (80,000) (20,000) (40,000) (20,000)
Net Income 120,000 80,000 - 40,000
Totality of the business Product Line
FA- because we report the operations of the company. MA- because we can go further into details so that the
owner/manager can be able to do decisions regarding the
operations
3. Cost Accounting – is a branch of accounting which literally talks about anything that the company has sacrifices
to buy. “COST”
 Talks about a company has sacrificed to pay
 The overlap of FA and MA
4. Government Accounting – is a branch of accounting which deals with the receipt and disposition of public
funds.
 Receipt and disposition of public funds (funds of the government from tax)
5. Auditing – is a branch of accounting which examines and verifies the company's financial records to determine
whether or not they are accurate and consistent.
 Check and verify if what we are doing is correct
 Internal – verification of the operation of companies if in line with the policies of the
management
 External – verify if financial statements are correct for users. Third-party accountant (auditor)will
check if financial statements are accurate
AUDIT FA USERS
6. Tax Accounting – is a branch of accounting which focuses on the totality of the process of taxation.
7. Accounting Education
 Teaching of accounting and finance related subjects
 CPA, Master’s Degree
8. Accounting Research
 Academic Research – academe
 Economic/Industrial – business field, firms, accounting related
IV. Post-Test: Branches of Accounting
Instructions: Please answer the following questions to assess your understanding of the Branches of Accounting
module.
1. What is the primary focus of Financial d) Auditors

Accounting?
a) Budgeting 3. Cost Accounting primarily deals with:
b) Taxation a) Calculating sales revenue
c) Recording business transactions b) Examining financial statements
d) Auditing c) Determining the cost of
producing goods or services
2. Who primarily uses the information d) Managing investments
collected in Management Accounting?
a) Government agencies 4. What is the main area of concern in
b) Shareholders Government Accounting?
c) Management for decision- a) Managing a company's budget
making b) Handling employee salaries
c) Receipt and disposition of 8. Which branch of Accounting Research

public funds is primarily associated with academic
d) Managing company assets institutions?
a) Economic/Industrial Research
5. What is the primary purpose of b) Government Research
Auditing? c) Accounting Education Research
a) Calculating taxes d) Academic Research
b) Determining company profits
c) Verifying the accuracy and 9. Which branch of accounting deals with
consistency of financial records verifying if a company's operations
d) Preparing financial statements align with management policies?
a) Cost Accounting
6. Tax Accounting focuses on: b) Government Accounting
a) Teaching tax laws to students c) Auditing (Internal)
b) Calculating personal income d) Tax Accounting
taxes
c) The entire taxation processes 10. What is the central output of Financial
d) Auditing tax returns Accounting?
a) Detailed reports for
7. What is the primary function of management
Accounting Education? b) The totality of the taxation
a) Conducting financial audits process
b) Teaching accounting and c) Financial statements
finance-related subjects d) Teaching accounting principles
c) Managing company investments to students
d) Preparing government financial
reports
V. Assignment
Study: Users of Accounting Information
Identify and differentiate two kinds of users.
Prepared by: Noted: Approved:
JOMALYN G. DASCO FRANCIA R. SANCHEZ PERLITA S. VILLAFUERTE, LPT, Ed.D., CHP

FABM 1 Teacher Head Teacher/ Officer-in-Charge School Principal

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CAMARINES NORTE INTERNATIONAL SCHOOL INC.

Maharlika Highway, P-1, Masalong, Labo, Camarines Norte

Name: Grade Level & Section:

II. Pre-Test: Branches of Accounting

1. What is the primary focus of Financial c. Determining the cost of company

b. Conducting academic research

2. Management Accounting – is a branch of accounting in which we collect information to be use by the

Financial Accounting Management Accounting

IV. Post-Test: Branches of Accounting

1. What is the primary focus of Financial d) Auditors

c) Receipt and disposition of 8. Which branch of Accounting Research

Prepared by: Noted: Approved:

JOMALYN G. DASCO FRANCIA R. SANCHEZ PERLITA S. VILLAFUERTE, LPT, Ed.D., CHP

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