LEARNING AS ONE NATION FABM2_PT1

Expanded Project
SHS LEARNING ACTIVITY
Name: Score/Mark:
Grade and Section: Date:
Strand:  STEM  ABM  HUMSS  ICT (TVL Track)
Subject: Fundamentals of ABM 2
Type of Activity  Concept Notes  Skills: Exercise / Drill  Illustration
 Laboratory Report  Essay/Task Report  Others: ________
Activity Title: Performance Task 1: Chart of Accounts
Learning Target: To prepare a Chart of Accounts
References: 1) Hinayon, et al., Fundamentals of Accounting Vol. 1, p. 164
(Author, Title, Pages) 2) Q. J. Abcede, CVIF Learning Activities

In the previous Learning Activities, you have learned about the five major
types of account that an enterprise keeps records of, namely: Asset, Liability,
Equity, Income, and Expense. You have also been introduced to specific examples
under each account. Now, to further familiarize yourself with them and for more
examples, in this activity, you will be making your own list of these accounts
which, in the accounting process, is called the Chart of Accounts.
Basically, the Chart of Accounts contains all the accounts of the enterprise
together with their account numbers. In the recording process, this is used to
maintain the uniformity of recording business transactions, especially those that
are used on a daily basis. Also, accountants use this as a reference when tracking
the recording entries made under certain accounts by simply looking at the account
numbers.

Instructions:
1. Think of a name for a service business which you will write on your Chart of
Accounts. You can refer to the Sample Chart of Accounts for a sample
business name format. (If you want, you can also design your own company
logo.)
2. On a clean, short or long bond paper, design your own Chart of Accounts
following the format of the Sample.
3. Include in your chart all the accounts listed on the table Account Titles and
Numbers. Also, make sure that specific accounts are arranged in an
ascending order; for example, 101 Cash, 102 Accounts Receivable, 103
Supplies, and so on.
4. Make your Chart of Accounts simple, neat, and corporate.
5. Your output will be graded based on the following criteria:

Organization - 30 points
(correct order of major and specific accounts)
Design and overall neatness - 10 points
On-time submission - 10 points
TOTAL - 50 POINTS
6. Submit your Chart of Accounts together with this Learning Activity on the
next distribution (8 October 2022).
1
 LEARNING AS ONE NATION FABM2_PT1

Expanded Project
Sample Chart of Accounts:

Vroom’s Auto Repair Shop

CHART OF ACCOUNTS

Asset Accounts
101 Cash 105 Land
102 Accounts Receivable 106 Building

Liability Accounts
201 Accounts Payable 205 Salaries and Wages Payable
202 Notes Payable

Equity Accounts
301 Owner’s Capital 302 Owner’s Drawings

Income Accounts
401 Service Revenue 402 Interest Revenue

Expense Accounts
501 Salaries and Wages Expense 503 Utilities Expense
502 Insurance Expense

Prepared by: Mr. Ernesto Cruz

(Head Accountant)

Account Titles and Numbers:

ASSETS
101 Cash 106 Building
102 Accounts Receivable 106A Accumulated Depreciation - Building
103 Supplies 105 Land
107 Equipment 104 Prepaid Insurance
107A Accumulated Depreciation - Equipment
LIABILITIES
206 Interest Payable 203 Unearned Revenue
205 Salaries and Wages Payable 202 Notes Payable
204 Utilities Payable 201 Accounts Payable
EQUITY
301 Owner’s Capital 303 Income Summary
302 Owner’s Drawings
INCOME
401 Service Revenue 403 Rent Revenue
402 Interest Revenue
EXPENSES
501 Salaries and Wages Expense 503 Repairs and Maintenance Expense
502 Insurance Expense 504 Utilities Expense
508 Depreciation Expense - Building 506 Supplies Expense
509 Depreciation Expense - Equipment 507 Rent Expense
505 Interest Expense