Saint Joseph College

COLLEGE OF BUSINESS ADMINISTRATION

Maasin City, Southern Leyte

Module I
ABM 1 – Fundamentals of
Accounting, Business and
Management
2nd Semester, AY 2020-2021

Prepared by:
Instructor Name: Carmelita M. Reyes/ Marvi Maturan
I. Vision: Saint Joseph College, a Catholic school, envisions an evangelized and
evangelizing community providing excellent integral education and involvement in social
transformation.

II. Mission: We commit to build the Saint Joseph College Educative Family (SJCEF)
centered on Christ; to form every member into an integral human person imbued with the
gospel values, and equipped with excellent quality education; and to be an active agent in
making a humane society.

III. Core Values: God-centeredness, Excellence, Integrity, Service

Course of Curriculum: Fundamentals of Accountancy, Business and Management 1

Course Description: An underlying course in Accounting. A linguistic that will help

students understand and analyze business transactions. Thus,
exhibit and understanding of the definition, nature, function
and history of accounting.

Grading System

Each student shall be assessed on the following:

Pre-Midterm/Pre-Final Examination 25%

Midterm/Final Examination 25%
Activities/Oral and Class participation 25%
Quizzes and Assignments 25%
TOTAL =100%
Learning Outcomes

At the end of the semester, the students must be able to:

1. Define; demonstrate the function, nature and history of accounting.

2. Give examples necessitating the need of accounting into the business.
3. Identify the types of accounting services that businesses required.
4. Explain the functions of accounting in business.
5. Solve exercises and problems for the accounting equation.

Module 1 Introduction to Accounting

Topics:

A. Definition of Accounting
B. Branches of Accounting

Lesson 1

I. Objectives

At the end of the lesson, you should be able to:

1. Define Accounting.
2. Expedite the concept of accounting.
3. Learn the branches of accounting and its uses.

II. Introduction

The drive in Accounting is to give information on business, a fundamental study in

business and management in which analyzes record, reports and summarizes financial
transactions. To develop your awareness in this field of study is very favorable to your
everyday life especially in the field of business.
Engage

“What is the importance in Accounting?”

Explore

a. Do you think accounting is applied in your everyday life? How?

b. In what aspect of your daily activity do you apply accounting? Cite and an example.

Explain

Define Accounting

The Philippine Institute of Certified Public Accountants (PICPA), Accounting is

a system that measures business activities, process given information into reports, and
communicates findings to decision makers. In the business context, accounting is a science
that follows systematic and organized methods in understanding the financial
undertakings of a business establishment.

For American Institute of Certified Public Accountants (AICPA), Accounting is

an Art, an art in recording, classifying and summarizing significant transactions in terms of
money.

Accounting Measures Business Activities

In accounting, business transactions are express in terms of money.

Nature of Accounting

Accounting is considered as an art and a science. It is also describe as the language

of business and used to communicate financial information to various parties of financial
status of an economic entity.

Economic entity- an organization that uses resources to achieve its goals and
objectives. This is also called, business entity.
Types of Economic Entity

a. for-profit entity- operates to generate income or profit.

b. non-profit entity- carries out charitable operations that do not necessarily

generate income. The difference between revenue and disbursements is normally termed
as net surplus.

Accounting provides assistance to decision makers by providing them financial

reports that will guide them in coming up with sound decisions.