ANGELES UNIVERSITY FOUNDATION

Angeles City

College of Business and Accountancy

ESSENTIALS OF ACCOUNTING
MODULE 1 
PART 1 - INTRODUCTION TO ACCOUNTING &
PART 2 - ACCOUNTING PRINCIPLES & REPORTING STANDARDS

I. Module Overview:
Topics in this module will include the following:
1. Accounting definition
2. History of accounting
3. Accountancy in the Philippines.
4. Accounting scope of practice and fundamental principles.
5. Branches of accounting.
6. Users of Accounting Information
7. Types of Accounting Reports
8. Qualitative Characteristics of Useful Information
9. Fundamental Concepts of Accounting
10. Basic Accounting Principles
11. Common Forms of Businesses
12. Basic Phases of Accounting
You will spend six hours in this module. Below are the details of the content and the
estimated tie of completion.
Part of the module Estimated time of
Completion
Pre-discussion Activity 20 minutes
Discussion
Discussion of topics 90 minutes
Seatwork 100 minutes
Discussion of seatwork 90 minutes
Assessment 60 minutes
II. Module Learning Outcomes:

1. Define Accounting and explain its role in business.

2. Have a fair knowledge of the evolution of accounting and find how it affected
accounting pedagogy, policy and practice.
3. Narrate briefly the development of accountancy in the Philippines.
4. Describe the scope of practice and fundamental principle of accounting.
5. Identify the branches of accounting.
6. Identify the users of accounting information.
7. Distinguish the types of financial reports.
8. Identify the characteristics of a useful information
9. Explain the fundamental concepts of accounting
10. Identify & explain the basic accounting principles
11. Differentiate and describe the common forms of businesses.
12. Outline and define the basic phases of accounting.

III. Pre-Discussion Activity (ungraded):

1. Essay questions

ESSAC - M1 -
Pre-discussion Activity.docx

IV. Discussion:

1. Power Point Presentation

ESSAC - M1 -
Discussion - Part 1.pptx

2. Seatwork – Part 1

ESSAC - M1 -
Seatwork - Part 1.docx

3. Power Point Presentation

ESSAC - M1 -
Discussion - Part 2.pptx
 4. Seat work – Part 2

ESSAC - M1 -
Seatwork - Part 2.docx

V. Summary and Conclusion:

Accounting started thousands of years ago, even before they realized they’re doing it. It
has evolved over the years into how it is today. Standards have been developing from
time to time to keep up with the changing needs of information users. However, the
basic principles of Accounting will always stay. It is important that the accounting
reports are relevant, faithfully represented, comparable, verifiable, and understandable to
its users in order to be useful in making decisions. There are generally accepted
accounting principles that need to be followed by all preparers in order to adhere to
standards in the company’s financial statements, such as Objectivity, Historical cost,
Revenue & Expense recognition principle, Adequate disclosure, Materiality,
Consistency.

VI. Assessment Activity

1. Quiz about the topics discussed.

VII. Recommended Readings/Viewings:

1. Accounting profession in the 20th Century

Link https://www.questia.com/magazine/1P3-43172639/the-accounting-profession-in-the-
20th-century
2. Accountancy in the Philippines Then and Now.
Link https://businessmirror.com.ph/2018/03/18/accountancy-then-and-now/
3. Accounting Principles
link https://www.iedunote.com/accounting-principles
4. What is Financial Reporting
link https://www.freshbooks.com/hub/reports/financial-reporting
5. The Timeliness of Financial Reporting
6. link https://link.springer.com/chapter/10.1007/978-0-387-84831-0_17

VIII. Evaluation:

IX. References:
1. Financial Accounting & Reporting for Services and Merchandisers – by Zenaida Vera
Cruz
2. Accounting Fundamentals Made Easy – by Win Ballada