L-NU AA 30-00-01-20

LYCEUM-NORTHWSTERN UNIVERSITY
Dagupan City

COLLEGE OF BUSINESS EDUCATION

LEARNING PACKET

Course Title/Code : FABM 1 | Fundamentals of Accountancy, Business, & Management Part1 Academic Year : 2020 – 2021
Name of Faculty : Judy Anne T. Ramirez, CPA Semester : First
Instructor’s Email : ramirez.judyanne.t@lyceum.edu.ph Class Schedule : MWF 10:00AM – 12:00 PM
Course Credit : Lecture = 6 units Contact Number : 0966-466-7513
Prerequisite : Online Consultation Hours : TTh 10:30AM-11:30AM
Google Classroom Code: hqqltim

Course Description:

This course is the fundamental principles on accounting, business, and management. It augments the analytical and logical comprehension to better understand basic
accounting, financial accounting, and auditing. This course deals with the essential elements of the definition of accounting and the use of accounting as a managerial tool. It
discusses the types of accounting information classified as to users’ needs and the decision making as to the type of information used.

This course deals with the different forms and types of business organizations, their advantages and disadvantages. Also, the students are given knowledge on the
Philippine Financial Reporting Standards (PFRSs) and relevant regulatory bodies. The course also provides an understanding as to the types of major accounts, to wit: balance
sheet accounts such as assets, liabilities, and equity; income statement accounts such as income and expenses. It also discusses the types of journals and kinds of journals
under the books of accounts and double-entry system. The students are given working knowledge on the types of events and journal entries such as simple and compound.

This course also deals with the accounting cycle of a service and merchandising business. It discusses the types of trial balance; the errors revealed and errors not
revealed. It also discusses adjusting entries on accruals, depreciation, and bad debts. It explains the concepts of systematic & rational allocation and immediate recognition. It
also explains the inventory systems and the statement of cost of goods sold and gross profit. The students will be given a working knowledge on the worksheet, financial
statements, closing entries, post-closing trial balance, and reversing entries. Also, the students will be introduced to recording in the general and special journals as well as
posting to the general and subsidiary ledgers.

Program Outcomes:
1. Recognize accountable events of a business and their impact on the financial viability of the business. Define the function of a management and the use of accounting as
a tool in decision making.
2. Identify the similarities of service, merchandising, and manufacturing business. Sort and characterize their differences, significance, and complexity as to the nature of
transactions these forms of business recognize.
3. Analyze the double-entry system of a business. Demonstrate an understanding as to the accrual basis of accounting.
4. Apply knowledge and skills that will provide financial statements that are chronologically processed and processed.
5. Communicate to users of financial information as to their need and the decision they can formulate based on the provided output.
L-NU AA 30-00-01-20

Course Outcomes:
1. Understand the definition, nature, and function of accounting.
2. Know the business organizations, accounting concepts and principles.
3. Understand the accounting equation, types of major accounts, books of accounts and double-entry system.
4. Analyze the accounting cycle of a service and merchandising business.

Introduction:

This learning packet for Fundamentals of Accountancy and Business Accountancy Part 1 is designed to help you understand the application of the accounting equation, use of
the major accounts such as the balance sheet and income statement. In addition, this is designed to assist you analyze the double-entry system, normal balances of accounts,
rules of debits and credits, contra and adjunct accounts, and simple & compound journal entries. Finally, this is designed to help you comprehend the financial statements, their
preparation, and importance to business owners, creditors, investors, and regulatory agencies in the commerce viability.

General Guidelines:

This section tells you the general guidelines for completing this learning packet. For specific guidelines and information, kindly review your student manual or your module guide
(if applicable).

1. The class code for Google Classroom specific for this course is to be given by your instructor during the class orientation.
2. Schedule properly your reading assignments and your activity accomplishments.
3. Make sure that you do things one at a time. Read the materials and watch the videos over and over until you are able to get the point of the lesson
4. You will be assessed through formative and summative methods. Kindly see requirements section at the end of this learning packet.
5. You are expected to submit your activities/exams on the dates indicated in this learning packet. Late submission of activities/exams will be dealt based on classroom
policies.
6. Your scores for assignments will be notified to you throughout your period of study.
7. You can learn a great deal from discussing aspects of your learning packet with others. Opinions and insights formed while discussing with other people are no less
valuable than those you form while reading books or listening to lectures. There’s nothing wrong in discussing with your classmates but it should be done before you begin your
individual activities. But when you sit down and do individual activities you are expected to work alone and not to use the work of others (in its entirety or in part) as if it is your
own.
8. The instructor checks your assignments against the work of other students and against internet sources and other published material. If you submit an assignment that
contains work that is not your own without proper referencing and claiming the work of other as your own, you are committing plagiarism. Plagiarism is a form of academic
dishonesty punishable by several guidelines (See student handbook).
9. If you have concerns, kindly communicate with your instructor using the contact information given in this learning packet.
10. If it is not possible to participate in an online discussion due to internet problems, just save your answers in a digitized format in a USB flash drive then send it thru courier
at Lyceum-Northwestern University College of Information and Computing Science, Tapuac District, Dagupan City, Pangasinan or drop it thru the designated drop-boxes at the
university.
L-NU AA 30-00-01-20

Summary of Course Content:

Unit 1 – Introduction to Accounting

Definition of Accounting
Nature of Accounting
Function of Accounting in Business

Unit 2 – Branches of Accounting and Users of Accounting Information

Common Branches of Accounting
Users of Accounting Information

Unit 3 – Business Organizations

Forms of Business Organizations
Advantages and Disadvantages of the Different Forms of Business Organizations
Sssss
Types of Business According to Activities
Advantages and Disadvantages of the Different Types of Business Organizations

Unit 4 – Accounting Concepts and Principles

Basic Accounting Concepts
Accounting Standards
The Conceptual Framework for Financial Reporting

Unit 5 – The Accounting Equation

The Basic Accounting Equation
The Expanded Accounting Equation
Applications of the Accounting Equation

Unit 6 – Types of Major Accounts

The Account
The Five Major Accounts
Chart of Accounts

Unit 7 – Books of Accounts and Double-Entry System

The Books of Accounts
Double-Entry System
L-NU AA 30-00-01-20

Unit 8 – Business Transactions and Their Analysis

The Accounting Cycle

Unit 9 – Accounting Cycle of a Service Business

Unadjusted Trial Balance
Adjusting Entries
The Worksheet
Financial Statements
Closing, Post-Closing, and Reversing Entries

Study Schedule (ASSURE Model)

Week Topic Learning Outcomes Activities

August 17, 2020 Class Orientation Join the online session using Google Meet
Unit 1: Introduction to Accounting
Week 2: Topic: Introduction to Accounting
August 28, 2020 1. Define accounting A – Analyze the Learners
2. Describe the nature of accounting 1. Google classroom activity: Partake in the online discussion on your background and
Week 3: 3. Explain the functions of accounting in expectations about Introduction to Accounting. Due date: August 28, 2020, 12:00PM.
September 2 & 4, 2020 business
S – State Standards or Objectives
Please see topic learning outcomes
S – Select Strategies
The following teaching strategies will be used in this topic:
1. Synchronous online learning – joining the online class thru Google Meet
2. Offline learning – reading and self-study of printed resources
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C.Ferrer and Zeus Vernon B. Millan) from pages 1 to 12.
2. After reading your book you should be able to answer the following guide questions:
a. What is accounting?
b. What are the essential elements of the definition of accounting?
c. What is the nature of accounting?
d. How does accounting differ from bookkeeping?
e. What is the function of accounting in business?
f. What are the functions of a manager? Give examples where accounting information is used
as aid in performing the management functions.
L-NU AA 30-00-01-20
Unit 2: Branches of Accounting and Users of Accounting Information
Week 4: Topic: Branches of Accounting and Users of Accounting Information
September 7, 9 & 11, 2020
3. Attend the online class lecture on this topic on August 28, 2020 at 10:00AM-12:00PM using
Google Meet.
R – Require Learner Participation
1. Individual activity
a. Answer the online recitation to be posted on the Google Classroom via Forms.
b. Discussion of the answers will be presented on September 2, 2020, 10:00AM-12:00 PM
using Google Meet.
E – Evaluate
1. Answer a quiz on this topic which will be posted in Google classroom on September 2, 2020 at
10:00AM-12:00PM.
2. Discussion of the answers will be explained on September 4, 2020, 10:00AM-12:00PM using
Google Meet.
Optional Task:
1. Review the resources provided on Introduction to Accounting.
1. Differentiate the branches of accounting. A – Analyze the Learners
2. Explain the kind or type of services rendered 1. Google classroom activity: Partake in the online discussion on your background and
in each of the branches of accounting. expectations about Branches of Accounting and Users of Information. Due date: September 7,
3. Define external and internal users. 2020, 12:00PM.
S – State Standards or Objectives
Please see topic learning outcomes
S – Select Strategies
The following teaching strategies will be used in this topic:
1. Synchronous online learning – joining the online class thru Google Meet
2. Offline learning – reading and self-study of printed resources
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C.Ferrer and Zeus Vernon B. Millan) from pages 19 to 28.
2. After reading your book you should be able to answer the following guide questions:
a. What are the common branches of accounting?
b. What is the difference between financial accounting and management accounting?
c. What are the two broad classifications of users of accounting information? Explain briefly
each classification.
d. What are the types of accounting information classified as to users’ needs?
3. Attend the online class lecture on this topic on September 7, 2020 at 10:00AM-12:00PM using
Google Meet.
L-NU AA 30-00-01-20
Unit 3: Business Organizations
Week 5: Topic: Business Organizations
September 14 & 16, 2020
1. Differentiate the forms of business
organization.
2. Identify the advantages and disadvantages
of each form of business organization.
3. Compare and contrast the types of business
according to activities.
4. Identify the advantages, disadvantages, and
business requirements of each type of
business organization.
R – Require Learner Participation
1. Individual activity
a. Answer the online recitation to be posted on the Google Classroom via Forms.
b. Discussion of the answers will be presented on September 7, 2020, 10:00AM-12:00 PM
using Google Meet.
E – Evaluate
1. Answer a quiz on this topic which will be posted in Google classroom on September 9, 2020 at
10:00AM-12:00PM.
2. Discussion of the answers will be explained on September 11, 2020, 10:00AM-12:00PM using
Google Meet.
Optional Task:
1. Review the resources provided on Branches of Accounting and Users of Accounting
Information.
A – Analyze the Learners
1. Google classroom activity: Partake in the online discussion on your background and
expectations about Business Organizations. Due date: September 14, 2020, 12:00PM.
S – State Standards or Objectives
Please see topic learning outcomes
S – Select Strategies
The following teaching strategies will be used in this topic:
1. Synchronous online learning – joining the online class thru Google Meet
2.
3.
Offline learning – reading and self-study of printed resources
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C.Ferrer and Zeus Vernon B. Millan) from pages 37 to 54.
2. After reading your book you should be able to answer the following guide questions:
a. What are the common forms of business organizations? Explain briefly each form.
b. What are the types of business according to the activities they undertake? Explain briefly
each form.
3. Attend the online class lecture on this topic on September 14, 2020 at 10:00AM-12:00PM using
Google Meet.
R – Require Learner Participation
1. Individual activity
a. Answer the online recitation to be posted on the Google Classroom via Forms.
b. Discussion of the answers will be presented on September 16, 2020, 10:00AM-12:00PM
using Google Meet.
L-NU AA 30-00-01-20

E – Evaluate
1. Answer a quiz on this topic which will be posted in Google classroom on September 16, 2020
at 10:00AM-12:00PM.
2. Discussion of the answers will be posted on Google Classroom on September 16, 2020 at
12:00PM.
Optional Task:
1. Review the resources provided on Business Organizations.

Week 5: Answer the 40-item exam that will be posted in the Google Classroom (Exam.net)
Preliminary Exam
September 18, 2020 Start Time: 10:00AM | Due Time: 12:00PM
Unit 4 – Accounting Concepts and Principles
Week 6: Topic: Accounting Concepts and Principles
September 21 & 23, 2020 1. Explain the varied accounting concepts and A – Analyze the Learners
principles. 1. Google classroom activity: Partake in the online discussion on your background and
2. Solve exercises on accounting principles as expectations about Accounting Concepts and Principles. Due date: September 21, 2020,
applied in various cases. 12:00PM.
S – State Standards or Objectives
Please see topic learning outcomes
S – Select Strategies
The following teaching strategies will be used in this topic:
1. Synchronous online learning – joining the online class thru Google Meet
2. Offline learning – reading and self-study of printed resources
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C.Ferrer and Zeus Vernon B. Millan) from pages 64 to 80.
2. After reading your book you should be able to answer the following guide questions:
a. What are accounting concepts and principles?
b. What are the basic accounting concepts? Explain briefly each concept.
c. What are the Philippine Financial Reporting Standards (PFRSs) and how do these
standards differ from the basic accounting concepts?
d. What are the organizations or agencies that affect the accounting policies used by
businesses?
e. How does these Conceptual Framework for Financial Reporting differ from the Philippine
Financial Reporting Standards (PFRSs)?
f. What are the qualitative characteristics? Explain briefly the classifications, sub-
classifications and ingredients of the qualitative characteristics.
3. Attend the online class lecture on this topic on September 21, 2020 at 10:00AM-12:00PM using
Google Meet.

R – Require Learner Participation

L-NU AA 30-00-01-20
Unit 5: The Accounting Equation
Week 6: Topic: The Accounting Equation
September 25, 2020
Week 7:
September 28, 2020
Week 9:
October 12, 14, & 16, 2020
1. Illustrate the accounting equation.
2. Perform operations involving simple cases
with the use of accounting equation.
1. Individual activity
a. Answer the online recitation to be posted on the Google Classroom via Forms.
b. Discussion of the answers will be presented on September 23, 2020, 10:00AM-12:00PM
using Google Meet.
E – Evaluate
1. Answer a quiz on this topic which will be posted in Google classroom on September 23, 2020
at 10:00AM-12:00PM.
2. Discussion of the answers will be posted on Google Classroom on September 23, 2020 at
12:00PM.
Optional Task:
1. Review the resources provided on Accounting Concepts and Principles.
A – Analyze the Learners
1. Google classroom activity: Partake in the online discussion on your background and
expectations about The Accounting Equation. Due date: September 28, 2020, 12:00PM.
S – State Standards or Objectives
Please see topic learning outcomes
S – Select Strategies
The following teaching strategies will be used in this topic:
1. Synchronous online learning – joining the online class thru Google Meet
2. Offline learning – reading and self-study of printed resources
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C.Ferrer and Zeus Vernon B. Millan) from pages 87 to 104.
2. After reading your book you should be able to answer the following guide questions:
a. What is the basic accounting equation?
b. What is the expanded accounting equation?
c. Define briefly the following: assets, liabilities, equity, income, and expenses.
d. What are the essential elements in the definitions of asset and liability, respectively?
3. Attend the online class lecture on this topic on September 25 & 28, 2020 at 10:00AM-12:00PM
using Google Meet.
R – Require Learner Participation
1. Individual activity
a. Answer the online recitation to be posted on the Google Classroom via Forms.
b. Discussion of the answers will be presented on October 12, 2020, 10:00AM-12:00PM using
Google Meet.
c.
E – Evaluate
L-NU AA 30-00-01-20

1. Answer a quiz on this topic which will be posted in Google classroom on October 14, 2020 at
10:00AM-12:00PM.
2. Discussion of the answers will be explained on October 16, 2020 at 10:00AM-12:00PM using
Google Meet.
Optional Task:
1. Review the resources provided on The Accounting Equation.
Unit 6: Types of Major Accounts
Week 8 Topic: Types of Major Accounts
October 5, 7, & 9, 2020 1. Discuss the five major accounts. A – Analyze the Learners
2. Cite examples of each type of account. 1. Google classroom activity: Partake in the online discussion on your background and
Week 9 3. Prepare a Chart of Accounts. expectations about Types of Major Accounts. Due date: October 9, 2020, 12:00PM.
October 12, 14, & 16, 2020 S – State Standards or Objectives
Please see topic learning outcomes
S – Select Strategies
The following teaching strategies will be used in this topic:
1. Synchronous online learning – joining the online class thru Google Meet
2. Offline learning – reading and self-study of printed resources
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C.Ferrer and Zeus Vernon B. Millan) from pages 116 to 138.
2. After reading your book you should be able to answer the following guide questions:
a. What is an account? What are the five major accounts?
b. What is a chart of accounts?
c. Give examples of asset, liability, equity, income and expense account titles.
3. Attend the online class lecture on this topic on October 5, 7, & 9, 2020 at 10:00AM-12:00PM
using Google Meet.
R – Require Learner Participation
1. Individual activity
a. Answer the online recitation to be posted on the Google Classroom via Forms.
b. Discussion of the answers will be presented on October 12, 2020, 10:00AM-12:00PM using
Google Meet.
E – Evaluate
1. Answer a quiz on this topic which will be posted in Google classroom on October 14, 2020 at
10:00AM-12:00PM.
2. Discussion of the answers will be explained on October 16, 2020 at 10:00AM-12:00PM using
Google Meet.
Optional Task:
1. Review the resources provided on Types of Major Accounts.
Week 10: Answer the 60-item exam that will be posted in the Google Classroom
L-NU AA 30-00-01-20

Mid-Term Exam
October 19, 2020 Start Time: 10:00AM | Due Time: 12:00PM

Unit 7: Books of Accounts and Double-Entry System

Week 10: Topic: Books of Accounts and Double-Entry System
October 21 & 23, 2020 1. Identify the uses of the two books of A – Analyze the Learners
accounts. 1. Google classroom activity: Partake in the online discussion on your background and
Week 11: 2. Illustrate the format of general and special expectations about Books of Accounts and Double Entry System. Due date: October 23, 2020,
October 26 & 28, 2020 journals. 12:00PM.
3. Illustrate the format of general and
subsidiary ledgers. S – State Standards or Objectives
Please see topic learning outcomes
S – Select Strategies
The following teaching strategies will be used in this topic:
1. Synchronous online learning – joining the online class thru Google Meet
2. Offline learning – reading and self-study of printed resources
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C.Ferrer and Zeus Vernon B. Millan) from pages 145 to 162.
2. After reading your book you should be able to answer the following guide questions:
a. What are the two books of accounts? Explain each briefly.
b. What are the four commonly used special journals? Identify the transactions recorded in
each type of special journal.
c. What is the double-entry system of recording?
d. What are the normal balances of the five major accounts? Explain how each of these major
accounts is increased or decreased.
e. How is the ending balance of an account computed?
f. What is the difference between a contra and an adjunct account?
3. Attend the online class lecture on this topic on October 21 & 23, 2020 at 10:00AM-12:00PM
using Google Meet.
R – Require Learner Participation
1. Individual activity
a. Answer the online recitation to be posted on the Google Classroom via Forms.
b. Discussion of the answers will be presented on October 23, 2020, 10:00AM-12:00 PM
using Google Meet.
E – Evaluate
1. Answer a quiz on this topic which will be posted in Google classroom on October 26, 2020 at
10:00AM-12:00PM.
2. Discussion of the answers will be explained on October 28, 2020 at 10:00AM-12:00PM using
Google Meet.
Optional Task:
L-NU AA 30-00-01-20

1. Review the resources provided on Books of Accounts and Double-Entry System.

Unit 8: Business Transactions and Their Analysis
Week 11: Topic: Business Transactions and Their Analysis
October 30, 2020 1. Describe the nature and give examples of A – Analyze the Learners
business transactions. 1. Google classroom activity: Partake in the online discussion on your background and
Week 12: 2. Identify the different types of business expectations about Business Transactions and Their Analysis. Due date: November 2, 2020,
November 2, 4, & 6, 2020 documents. 12:00PM.
3. Analyze the common business transactions
S – State Standards or Objectives
using the rules of debit and credit.
Please see topic learning outcomes
S – Select Strategies
The following teaching strategies will be used in this topic:
1. Synchronous online learning – joining the online class thru Google Meet
2. Offline learning – reading and self-study of printed resources
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C.Ferrer and Zeus Vernon B. Millan) from pages 170 to 206.
2. After reading your book you should be able to answer the following guide questions:
a. What is the accounting cycle? Enumerate the steps in the accounting cycle.
b. When is a business transaction becomes eligible for recording in the accounting books?
c. How are business transactions identified for recording purposes? Give examples of source
documents.
d. What are the two types of events? Explain briefly each type.
e. What is a journal entry? Identify the parts of a journal entry.
f. What is the difference between a simple journal entry and a compound journal entry?
3. Attend the online class lecture on this topic on October 30 & November 2, 2020 at 10:00AM-
12:00PM using Google Meet.
R – Require Learner Participation
1. Individual activity
a. Answer the online recitation to be posted on the Google Classroom via Forms.
b. Discussion of the answers will be presented on November 2, 2020, 10:00AM-12:00PM
using Google Meet.
E – Evaluate
1. Answer a quiz on this topic which will be posted in Google classroom on November 4, 2020 at
10:00AM-12:00PM.
2. Discussion of the answers will be explained on November 6, 2020 at 10:00AM-12:00PM using
Google Meet.
Optional Task:
1. Review the resources provided on Business Transactions and their Analysis.
Week 13: Answer the 60-item exam that will be posted in the Google Classroom
L-NU AA 30-00-01-20

Semi-Finals Exam
November 13, 2020 Start Time: 10:00AM | Due Time: 12:00PM

Unit 9: Accounting Cycle of a Service Business

Week 14: Topic: Accounting Cycle of a Service Business
November 16, 18, & 20, 1. Describe the nature of transactions in a A – Analyze the Learners
2020 service business. 1. Google classroom activity: Partake in the online discussion on your background and
2. Record transactions of a service business in expectations about Accounting Cycle of a Service Business. Due date: November 20, 2020,
Week 15: the general journal. 12:00PM.
November 23, 25, & 27, 3. Post transactions in the ledger.
S – State Standards or Objectives
4. Prepare a trial balance.
2020 Please see topic learning outcomes
5. Prepare adjusting entries.
6. Complete the accounting cycle. S – Select Strategies
Week 16: The following teaching strategies will be used in this topic:
November 30, 2020 1. Synchronous online learning – joining the online class thru Google Meet
2. Offline learning – reading and self-study of printed resources
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C. Ferrer and Zeus Vernon B. Millan) from pages 218 to 296.
2. After reading your book you should be able to answer the following guide questions:
a. What is the nature of a service business? What is posting? State the purpose of posting.
b. What is a trial balance? Enumerate the types of trial balance.
c. Can a trial balance reveal all types of recording errors? Explain briefly your answer.
d. What are adjusting entries?
e. What are the three common types of adjustments?
f. What is the difference between accruals and deferrals?
g. What are the three expense recognition principles? Explain briefly each principle.
h. What are the differences between real, nominal and mixed accounts?
i. What are two methods of initial recording of income and expenses, respectively? Explain
the difference in the adjusting entries for each method.
j. What is a worksheet? Enumerate the columns in the worksheet and state the information
included in each column? What are financial statements?
k. What are closing entries? Why are closing entries prepared?
l. What are reversing entries? What are the types of adjusting entries that can be reversed?
3. Attend the online class lecture on this topic on November 16, 18, & 20, 2020 at 10:00AM-
12:00PM using Google Meet.
R – Require Learner Participation
1. Individual activity
a. Answer the online recitation to be conducted on November 23 & 25 through the Google
Classroom via Forms.

E – Evaluate
L-NU AA 30-00-01-20

1. Answer a quiz on this topic which will be posted in Google classroom on November 27, 2020 at
10:00AM-12:00PM.
2. Discussion of the answers will be explained on November 30, 2020 at 10:00AM-12:00PM using
Google Meet.
Optional Task:
1. Review the resources provided on Accounting Cycle of a Service Business.
Unit 10: Accounting Cycle of a Merchandising Business
Week 16: Topic: Accounting Cycle of a Merchandising Business
December 2 & 4, 2020 1. Describe the nature of transactions in a A – Analyze the Learners
merchandising business. 1. Google classroom activity: Partake in the online discussion on your background and
Week 17: 2. Record transactions of a merchandising expectations about Accounting Cycle of a Merchandising Business. Due date: December 7,
December 7, 9, & 11, 2020 business in the general and special journals. 2020, 12:00PM.
3. Post transactions in the general and
S – State Standards or Objectives
subsidiary ledgers.
Week 18: Please see topic learning outcomes
4. Prepare a trial balance.
December 14 & 16, 2020 5. Prepare adjusting entries. S – Select Strategies
6. Complete the accounting cycle of a The following teaching strategies will be used in this topic:
merchandising business. 1. Synchronous online learning – joining the online class thru Google Meet
7. Prepare the Statement of Cost of Goods 2. Offline learning – reading and self-study of printed resources
Sold and Gross Profit.
U – Utilize Technology, Media and Materials
1. Read your main reference book (Fundamentals of Accountancy, Business & Management Part
1 by Rodiel C. Ferrer and Zeus Vernon B. Millan) from pages 321 to 375.
2. After reading your book you should be able to answer the following guide questions:
a. What is the nature of a merchandising business and how does it differ from a service
business? What is inventory?
b. What are two inventory systems? Explain each briefly and note their differences.
c. How are ending inventory and cost of goods sold determined under each of the inventory
systems? How is gross profit computed?
3. Attend the online class lecture on this topic on December 2, 4, & 7, 2020 at 10:00AM-12:00PM
using Google Meet.
R – Require Learner Participation
1. Individual activity
a. Answer the online recitation to be conducted on December 9 & 11 through the Google
Classroom via Forms.
E – Evaluate
1. Answer a quiz on this topic which will be posted in Google classroom on December 14, 2020 at
10:00AM-12:00PM.
2. Discussion of the answers will be explained on December 16, 2020 at 10:00AM-12:00PM using
Google Meet.
Optional Task:
L-NU AA 30-00-01-20

1. Review the resources provided on Accounting Cycle of a Merchandising Business.

Week 18: Answer the 60-item exam that will be posted in the Google Classroom
Finals Exam
December 18, 2020 Start Time: 10:00AM | Due Time: 12:00PM

COURSE REQUIREMENTS:
Formative Assessment Methods:
Activities indicated in the “Analysis” part of the module
Informal class recitations

Summative Assessment Methods:

Quizzes, Unit Test, Recitation, Online Synchronous and Asynchronous Activities, Periodic Examinations
Note: Rubrics for each class work will be given by your instructor during the briefing before the activity.
GRADING SYSTEM:
Semestral Grade = (Prelim Grade*25%) + (Midterm Grade*25%) + (Semi-Final Grade*25%) + (Final Grade*25%)
For every grading period:
Periodic Exam – 40%
Student Course Work – 60% (Recitation 25%, Quizzes 25%, Requirements 20%, Attendance 10%, Assignment 20%)
In order to earn a passing grade, the student should get a transmuted grade of 75%

BIBLIOGRAPHY:
Main Reference:
Fundamentals of Accountancy, Business & Management Part 1 by Rodiel C. Ferrer and Zeus Vernon B. Millan

Additional References:

Prepared by: Recommended by: Approved by:

JUDY ANNE T. RAMIREZ, CPA DR. GENOVEVA Y. REYES, CPA, FRIAcc DR. MARINA O. ABELLA
Instructor Dean Vice-President, Academic Affairs