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    Accounting Concepts and Principles

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    claire juarez
    The document outlines a lesson plan for a Fundamentals of Accountancy, Business and Management course that covers accounting concepts and principles such as the accounting entity, accrual basis, going concern principle, and time period concept. The lesson plan includes objectives, procedures such as a review, discussion, activities, and an evaluation through a multiple choice quiz and case analysis.

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    Accounting Concepts and Principles

    Uploaded by

    claire juarez
    2K views5 pages
    The document outlines a lesson plan for a Fundamentals of Accountancy, Business and Management course that covers accounting concepts and principles such as the accounting entity, accrual basis, going concern principle, and time period concept. The lesson plan includes objectives, procedures such as a review, discussion, activities, and an evaluation through a multiple choice quiz and case analysis.

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    The document outlines a lesson plan for a Fundamentals of Accountancy, Business and Management course that covers accounting concepts and principles such as the accounting entity, accrual basis, going concern principle, and time period concept. The lesson plan includes objectives, procedures such as a review, discussion, activities, and an evaluation through a multiple choice quiz and case analysis.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2K views5 pages

    Accounting Concepts and Principles

    Uploaded by

    claire juarez
    The document outlines a lesson plan for a Fundamentals of Accountancy, Business and Management course that covers accounting concepts and principles such as the accounting entity, accrual basis, going concern principle, and time period concept. The lesson plan includes objectives, procedures such as a review, discussion, activities, and an evaluation through a multiple choice quiz and case analysis.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    The key takeaways from the lesson are the concepts of accounting entity, accrual basis, going concern, time period, and monetary unit.

    The accounting concepts and principles discussed are accounting entity, accrual basis, going concern, time period, and monetary unit. These concepts form the foundation of the accounting system.

    The accounting concept of accounting entity is violated when an owner mixes personal expenses with business expenses as the business is considered a separate entity from its owners.

    Republic of the Philippines

    DEPARTMENT OF EDUCATION
    Region XII
    Carpenter Hills, City of Koronadal

    Lesson Plan in Fundamentals of Accountancy, Business & Management I (ABM)


    Code : ABM_FABM11-IIIb-14

    Subject : Fundamentals of Accountancy, Business, and Management 1


    Grade & Section : Grade 11 - FABM1
    Date covered : _____________________

    Content Standard : Accounting Concepts and Principles

    Performance Standard : Identify generally accepted accounting principles

    Learning Competencies : Code : ABM_FABM11-IIIb-14


    1. explain the varied accounting concepts and principles
    2. solve exercises on accounting principles as applied in various cases

    I. Objectives:
    At the end of the lesson, the students will be able to:

    a. Identify and explain the concept and principles of accounting.


    b. Map the concept and principles of accounting, and
    c. Value the system of accounting.

    II. Subject Matter:


    Topic : Concept and Principles of Accounting
    Lesson : Accounting Concepts and Principles
    Materials : LCD projector, laptop, module, manila paper and pentel pen
    Reference : Basic Accounting, Edwin Valencia

    III. Procedures:

    A. Preparatory Activities
    Prayers, Greetings
    Checking of Attendance
    Setting of Classroom Standards

    Review
    The teacher will review the previous lesson about the overview of the basic accounting
    and conduct a pre-assessment.
    Pre-Assessment:

    MATCH ME UP! MATCH ME NAE NAE!


    Match the word in box A with the same meaning in Box B.

    SET A SET B

    PESO 1. CONTINOUS
    ACCUMULATE 2. MONETARY UNIT
    INDEPENDENT 3. GATHER
    4. YEARLY
    INDEFINITE
    5. SEPARATE
    ANNUAL

    Motivation: RE TWEET, TWEET, TWEETER


    Instruct students to study the speech balloon. Ask some related questions.

    1. What does the speech balloon imply?

    Unlocking of Difficulties:
    Concept _ a plan or intention, a conception or idea
    Principle – a fundamental truth, source or basis of something.

    DISCUSSION: Accounting Concepts and Principles

    1. Accounting Entity – implies that business enterprise is separate


    (independent) from the person or people who own and run it.
    2. Accrual Basis- recognizing income earned regardless when received
    and expense incurred whether paid or unpaid.
    3. Going Concern – that the business will operate indefinitely.
    4. Time Period - financial statements shall be reported on a timely basis.
    5. Monetary Unit - all financial and business transactions should be
    expressed as measurable and quantifiable . e.g. peso

    B. Activities: FB ACCOUNT (FACING BOSS ACCOUNT)

    1. Manager: What’s up?


    1. Bookkeeper: Sir our annual financial reporting 2. What’s the problem?
    is fast approaching but there is a problem in our 3. Continue recognize
    shipment to America.
    revenue and inform the
    secretary of Mr.
    2. We already recognized a revenue from this
    customer but they erroneously transfer the
    Gokongwei to transfer it
    money to the owner’s personal account. to the company’s
    separate account.
    3. Yes, we have to make the transfer for proper
    recording and to cover the company’s cash deficit
    otherwise the negative cash balance might affect
    the continuity of company’s existence.

    Accounting Concepts and Principles

    C. Analysis: Concept Mapping:

    (Time –Period)

    ACCOUNTING
    _____________ CONCEPTS AND _____________
    (Accrual Basis) (Going
    PRINCIPLES
    Concern)

    _____________
    (Monetary _____________
    Unit) (Accounting Entity)
    D. Abstraction:

    The concept and principle of accounting is the foundation of the accounting


    system. It enables the students to perform activities and guide them in the
    application of the accounting theories and principles.

    E. Application: INSTA PIC

    1. Call a student.
    2. Look at the activities in the pictures presented.
    Identify the Accounting Principles and Concepts related to the picture.

    Accounting Principles and Concepts

    Going Time Period Accrual Monetary


    Accounting
    Concern basis Unit
    Entity
    IV. Evaluation:
    Multiple Choice: Write the letter of the correct answer.

    1. Which of the following is not a concept and principle of accounting?


    a. Time-period
    b. Accrual basis
    c. Going Concern
    d. Personal interest
    2. The financial statements should be stated in terms of a common financial denominator.
    a. monetary
    b. volume
    c. moral values
    d. standard valuation

    3. Identify the concept defined or described; An Accounting entity is viewed as a continuing


    in operation.
    a. Accounting Entity
    b. Going Concern
    c. Time Period
    d. Monetary Unit
    4. Identify the concept that is violated in the situation; The owner of Angel Enterprise
    mixed up his personal expenses with the operating expenses of the corporation.
    a. Monetary Unit
    b. Going Concern
    c. Accounting Entity
    d. Time Period
    5. Financial Statements of a company is prepared at a regular interval.
    a. Going Concern
    b. Time Period
    c. Monetary Unit
    d. Accounting Entity

    V. Assignment: Case Analysis: Study and solve the caselet.

    1. The owner of the business is questioning why the electricity and water bills consumed
    by his family which was paid from cash of the business was charged as his personal
    withdrawal. He is claiming that since he is the owner of the business, he has the
    discretion to the use of business cash.

    How would you explain your accounting system for such payment based on the
    accounting principles and concept?

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