Dasmariñas Integrated High School – Senior High School

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1

LEARNING ACTIVITY SHEET 1
LESSON 1 – WEEK 1 – INTRODUCTION TO ACCOUNTING

Name: Date:
Grade Level & Section: Teacher:

Activity 1 - TRUE OR FALSE.

Write the word “ACCOUNTING” if the statement is TRUE. And write the word
“BUSINESS” if the statement is FALSE.

_________________ 1) Accounting is an Art and discipline.

_________________ 2) Recording - sorting similar and related business transactions
into three categories: Assets, Liabilities & OE”
_________________ 3) A process refers to the method of performing any specific job
step by step according to the objectives, or target
_________________ 4) Accounting is often characterized as the “language of business”
_________________ 5) Double-entry bookkeeping is a discovery of science.

Activity 2 - ENGAGEMENT

Part 1
1. Define accounting. (5 POINTS)
2. Is accounting relevant in the new normal? Yes or No? Why? (5 POINTS)

Rubrics : 5 – Expert 4 – Accomplished 3 – Capable 2 – Beginner

Part 2
Write an essay on the role/s of accounting to combat the ill effects of covid-19 pandemic
in the Philippines. Choose from the following sectors: health, education, tourism or
infrastructure.

Rubric:
Features 5 4 3 2

Expert Accomplished Capable Beginner

Quality of Piece was Piece was written Piece had little Piece had no style or
Writing written in an in an interesting style or voice voice
extraordinary style and voice
style and voice Gives some Gives no new
Somewhat new information and very
Very informative and information poorly organized
informative and organized but poorly
well-organized organized
Grammar, Virtually no Few spelling and A number of So many spelling,
Usage & spelling, punctuation spelling, punctuation and
Mechanics punctuation or errors, minor punctuation or grammatical errors
grammatical grammatical grammatical that it interferes with
errors errors errors the meaning

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 Activity 3 - ASSESSMENT

Write the complete word on the line provided before each number. “Wrong spelling is
incorrect”

____________ 1. Who is considered as the father of Accounting?

____________ 2. Who is the person responsible for the process of identifying, recording and
communicating economic events of an organization?
____________ 3. A meeting to evaluate the performance of the company is what step of the
accounting process is being done?
____________ 4. This involves keeping a chronological diary of events that are measured in
pesos.
____________ 5. This is the process of identifying, measuring and communicating economic
information to permit informed judgments and decisions by users of
information.

6 – 10) Discuss the main function of “ACCOUNTING”. (5 points)

Rubrics : 5 – Expert 4 – Accomplished 3 – Capable 2 – Beginner

Activity 4 – Reflection

I learned that
__________________________________________________________________________

__________________________________________________________________________

I realized that
__________________________________________________________________________

_________________________________________________________________________

Prepared by:

RICHPHER G. GAGALAC
Subject Teacher

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 Dasmariñas Integrated High School – Senior High School
LEARNING ACTIVITY SHEET 2
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1
LESSON 2 – WEEK 1 – USERS OF ACCOUNTING INFORMATION

Name: Date:
Grade Level & Section: Teacher:

Activity 1 - CLASSIFICATION.
Classify each of the following as either (E) external or internal user (I).
_______1. Academe
_______ 2. Creditor
_______ 3. Customer
_______ 4. Employee
_______ 5. General Public

Activity 2 - ENGAGEMENT

Ask some help from your parents, friends or any relatives who are working
in a company within your community to supply the following requirements. (20 pts)
2 - Internal Users of Accounting Information, describe the needed information and identify
their decision.
2 – External Users of Accounting information describe the needed information and identify
their decision.

Example: Accountant is an internal user of accounting information, he needs all the financial
information for preparing the financial reports. These financial reports will help the company
to decide for budgeting, forecasting and financial planning.

Rubrics for each user: 5 – Expert 4 – Accomplished 3 – Capable 2 – Beginner

Activity 3 - ASSESSMENT

Multiple Choices: Write the letter of your choice on the space provided before each numbers.

____ 1. Which of the following is NOT considered an internal user of accounting information?
A. Owners of the business C. Suppliers
B. Senior partners of an audit firm D. Field Workers

____ 2. Which of the following is NOT considered an external user of accounting information?
A. BIR Officials C. Production Supervisor
B. Customers D. A student of Accountancy

____ 3. Which of the following information in a company’ financial statement concerns

creditors?
I. Amount of Profit
II. Borrowings of a company
III. Assets of a company

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 A. I only
B. I and II only
C. II and III only
D. All of the above

____ 4. These internal users of accounting information are viewed as the brains of the
company.
A. Management C. Owners or Stockholders
B. Employees D. Board of Directors

____ 5. Creditor differ from potential investors in what aspect.

A. Creditors are wary of the riskiness of a company.
B. Wealthy individuals can only invest not lend to a company.
C. Creditors receive fixed amount of fee in their loans to the business.
D. Creditors are exposed to more risks than investors.

For Questions 6 to 10:

What type of user of accounting information are you? Identify and describe the information
you need and the decision you will make.

Rubrics : 5 – Expert 4 – Accomplished 3 – Capable 2 – Beginner

Activity 4 – Reflection

I learned that
__________________________________________________________________________

__________________________________________________________________________

I realized that
__________________________________________________________________________

_________________________________________________________________________

Prepared by:

RICHPHER G. GAGALAC
Subject Teacher

4
 Dasmariñas Integrated High School – Senior High School
LEARNING ACTIVITY SHEET 3
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1
LESSON 3 – WEEK 2 – ACCOUNTING CONCEPTS AND PRINCIPLES

Name: Date:
Grade Level & Section: Teacher:

Activity 1 -
Matching. Match the following words with their definition. Write the letter of your
choice at the line provided before each number.

a. Going concern principle d. Materiality principle g. Disclosure principle

b. Objectivity principle e. Time period principle h. Monetary unit principle
c. Matching principle f. Cost principle i. Accrual accounting principle
j. Conservatism principle

_________ 1. All relevant information should be included in the financial reports

_________ 2. In case of doubt, assets and income should not be overstated.
_________ 3. Assume that the company will continue indefinitely.
_________ 4. All transactions should be supported by unbiased evidence.
_________ 5. Expenses should be recorded in the period when the revenue is generated.
_________ 6. Minimal costs incurred should be recorded as an expense.
_________ 7. A Philippine company should report financial statements in pesos.
_________ 8. A barber who performs services for a client should record revenue.
_________ 9. Statement of Financial position should be recorded as of December 31,2015.
_________ 10. A company that purchases furniture should record it at its acquisition price.

Activity 2 - ENGAGEMENT

Case Study. – Ask some help from your parents, relatives or friends who are currently
working.

You are required to do the following:

1. Write or state a problem or issue of a company or a business related to accounting that
have encountered.
2. Violations committed by the company based on the accounting concepts or principles.
3. What accounting principle is being violated.
4. Suggested solution.

Example:
I – Problem: Family business.

II – Violations committed: Members of the family’s assets are mixed in their company’s
assets.

III – Violated accounting principle: Business Entity concept – accounting transactions must
be distinct and separate from the business owners, managers or employees operating the
business.

IV – Suggested Solution: Personal assets must not be mixed or included in the report of the
company’s financial statement.

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Rubrics
10 9 8 6
Shows excellent Shows verygood Shows good
understanding of the understanding of the understanding of the Misses key
Understandability
accounting concepts accounting concepts and accounting concepts points
and principles principles and principles
Only few
Complete necessary More necessary Some necessary necessary
Completeness information have been information have been information have information
provided provided but not complete been provided. have been
provided.

Activity 3 – ASSESSMENT
Identify the following statements or transactions of what
accounting principles or concepts it describes.

______________________ 1. Income and assets are not overstated and liabilities and
expenses are not overstated.
______________________ 2. The business is separate from the owners, managers, and
employees operating the business.
______________________ 3. Expenses are recognized in the same period as the related
revenue.
______________________ 4. It is assumed that the operations of the business will continue
indefinitely into the future.
______________________ 5. An accounting basis wherein income is recognized when
earned and expenses are recognize when incurred.
______________________ 6. A company prepared financial reports every year for the
benefits of its owners.
______________________ 7. A company records warranty expense even though it is not
entirely sure when warranties will be performed.
______________________ 8. Joe, a business owner, incurs expenses for the repair of his
house. This expense should not reflect in the financial
statements of his business.
______________________ 9. These are pronouncements issued by the International
Accounting Standards Board (IASB).
_____________________ 10. Credit sales are recorded by a company as revenues even
though no cash is received.

Activity 4 – Reflection

I learned that
__________________________________________________________________________

__________________________________________________________________________

I realized that
__________________________________________________________________________

__________________________________________________________________________

Prepared by:

RICHPHER G. GAGALAC
Subject Teacher

6
 Dasmariñas Integrated High School – Senior High School
LEARNING ACTIVITY SHEET 4
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1
LESSON 4 – WEEK 3 – THE ACCOUNTING EQUATION

Name: Date:
Grade Level & Section: Teacher:

Activity 1 -
CLASSIFY THE FOLLOWING ACCOUNTS OF WHICH ACCOUNTING
EQUATION ELEMENTS: (ASSETS, LIABILITIES & EQUITY)

__________ 1. Cash ___________ 6. Capital

__________ 2. Accounts Receivable ___________ 7. Inventories
__________ 3. Accounts Payable ___________ 8. Revenues
__________ 4. PPE ___________ 9. Expenses
__________ 5. Intangible Assets ___________ 10. Unearned Revenue

Activity 2 - ENGAGEMENT

Miss Janelle owns a restaurant in Laguna called Miss Janelle’s Restaurant. The restaurant
has been operating for several months now. Currently, is has the following accounts recorded
in her books: (1) Cash P10,000 (2) Accounts payable P20,000 (3) Equipment P50,000, (4)
Receivables P2,000, (5) Owner’s Equity (unknown), (6) Inventory P30,000. During the month
of April, the following transactions occurred:

1. Purchase inventory on credit for P20,000

2. Borrowed additional P3,000 from a local bank.
3. Purchased kitchen equipment for P1,000.
4. Paid the inventory purchased in credit.
5. Celebrated their 10th anniversary. Mister Ramirez incurred the party expenses P5,000.
6. Disposed P5,000 worth of equipment and replaced it by purchasing P10,000 new
equipment through cash.
7. Miss Janelle hired her sister, Joy, to help with the work in her restaurant. Joy signed a
contract of employment with P5,000 as the starting salary.
8. Paid the bank P3,000 for the loan plus interest expense of P500
9. Paid income taxes of P1,000
10. A break-in occurred in the restaurant. Inventory worth P2,000 was stolen.
11. A famous blogger discovered the restaurant of Miss. Janell. Miss Janell expects that this
would boost the restaurant’s sale by P10,000.
12. For the month of July, total sales amounted to P50,000 in cash and P10,000 in credit.
13. Cost of sales incurred for the month is 50% of the total sales.
14. Miss Janelle withdrew P4,000 from her capital.

Determine the effect of each day’s transaction to the accounting equation. Please see the
attached template as a guide and use it for your answers.

***This problem from FABM 1 – Florendo – Page 142

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 Activity 3 – ASSESSMENT

Activity 4 – Reflection

I learned that
__________________________________________________________________________

__________________________________________________________________________

I realized that
__________________________________________________________________________

_________________________________________________________________________

Prepared by:

RICHPHER G. GAGALAC
Subject Teacher

8
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 Dasmariñas Integrated High School – Senior High School
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1
LEARNING ACTIVITY SHEET 5
LESSON 5 – WEEK 4 – TYPES OF MAJOR ACCOUNTS
Name: Date:
Grade Level & Section: Teacher:

Activity 1 -
I. Classify the following as Current Account ( C ) or Non current Account (NC). Write your
answer on the space before each item.

______ 1. Short Term Investments ______ 6. Fixed Assets

______ 2. Inventories ______ 7. Prepayments
______ 3. Accounts Receivable ______ 8. Accounts Payable
______ 4. Intangible Assets ______ 9. Cash
______ 5. Bonds Payable ______ 10. Long Term Notes Payable

Activity 2 - ENGAGEMENT
Draw things, or symbols on each type of major accounts in a
company within your community that define, identifies, and
classifies accounts according to the five major types.

Example: Type of Major Accounts

Cash – is a bill that is being
Cash – Current Account – used in our daily money-
Asset related transactions. (1pt.)

(1 pt.) (1pt) It is a current asset account

because it can be used less
than a year. (1pt.)

1. Asset

2. Liability

3. Equity

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 4. Revenue

5. Expense

Activity 3 - ASSESSMENT
I. Classify each of the following either as asset (A), liability (L),
Equity (E), revenue ( R), or (EX) expense. Write your answer on
the space before each item.

______ 1. Land ______ 6. Bad Debts

______ 2. Depreciation ______ 7. Accounts Payable
______ 3. Unearned Revenue ______ 8. Dividend Revenue
______ 4. Sales ______ 9. Common Stock
______ 5. Prepaid Expense ______ 10. Retained Earnings

Activity 4 – Reflection

I learned that
__________________________________________________________________________

__________________________________________________________________________

I realized that
__________________________________________________________________________

_________________________________________________________________________

Prepared by:

RICHPHER G. GAGALAC
Subject Teacher

11