UNIVERSITY OF MAKATI

J. P. Rizal Ext., West Rembo, Makati City

COLLEGE OF BUSINESS AND FINANCIAL SCIENCE
Department of Accountancy
Course Title Title
Module
The Accounting Profession and the Conceptual
CONCEPTUAL No. 1
Framework
FRAMEWORK AND
ACCOUNTING
Module Leader Mary Jane L. Estores
STANDARDS 1 /
INTERMEDIATE
Module
ACCOUNTING 1 Not Applicable
Contributors

Timeframe: You are expected to finish all the activities, assignments, and
assessments of this module on September 2, 2020, 11:59 PM.

How to Complete this 1. View video lecture on The Accounting Profession and The
module? Conceptual Framework.
2. Complete the reading assignment on chapter 1,2,3 and 4 of the
book prescribed.
3. Complete the Module puzzle words game in the google classroom.
4. Complete the problem set questions from the prescribed book.

Teaching Strategies Video PowerPoint presentation, Prescribing a book, Gamification and

Problem Solving.

Introduction/Overview.
INTRODUCTION

This module aims to develop knowledge, skills, and attitude of the student in learning the
basic Objectives of Financial Statements. This includes qualities and elements of Financial
Statements; and financial capital and physical capital. This module is designed to educate the
minds of students on the accounting profession and its conceptual framework.
LEARNING OUTCOMES

Module Learning Outcomes

By the end of this module, you should be able to:

1. Outline the basic Objectives of Financial Statements
2. Understand the Qualitative Characteristics of Financial Statements
3. Highlight the Elements of Financial Statements
4. Contrast Financial Capital and Physical Capital.
 The Accounting Profession and The Conceptual Framework

 Basic Objectives of Financial Statements

The provision of financial information about an entity to external users that is useful in
making economic decisions and for assessing the effectiveness of the entity’s
CONTENT

management.

 Qualitative Characteristics of Financial Statements

The qualities and attributes that make financial accounting information useful to the
users.

RELEVANCE
The capacity of the information to make a difference in a decision made by users.
1. Watching The Accounting Profession and the Conceptual Framework
https://youtu.be/ptF33rg4Xoc
ASSIGNMENT

2. Reading Chapter 1, 2, 3 and 4 of C. Valix Book Conceptual Framework and Accounting

Standards.
3. Searching and matching Elements of Financial Statements words in a prepared word
puzzle posted in the google classroom.

1. Recite the Objectives of Financial Statements and the qualities of a good Financial
ASSESSMENT

Statements.
2. Answer multiple choice question on chapters 1,2,3 and 4 of the book prescribed.
3. Gamification enhancing healthy competition between student in the puzzle words for
the Elements of Financial Statements.
4. Recite the difference between Financial Capital and Physical Capital.

The student must have at least 75% correct answer to multiple choice question on pages
RUBRICS

19-31, 54-66, 87-96 and 114-117 of the book prescribed.

In the online game, the student should have at least 4 correct words searched in the puzzle
word game.
ESREFERENC

Valix, Valix and Peralta.(2019) Intermediate Accounting 1

Valix, Valix and Peralta.(2020) Intermediate Accounting 1

Valix, Valix and Peralta(2019) Conceptual Framework and Accounting Standards