ICT 141: Principles of Accounting First Semester 2021 -2022

Course Title: Principles of Accounting

I. Module 2: Branches of Accounting

Estimated Time: 3 hours (Week 3)

II. Module Introduction/Rationale:

This module introduces you to the branches of accounting.

III. Module Outcomes:

At the end of the topic the students must have:
1) Differentiate the branches of accounting.
2) Describe the kind/type of services rendered in each of these branches.

IV. Lesson One: Branches of Accounting

V. Lesson Outcomes:
1) Differentiate the branches of accounting.

Engage
What are the branches of accounting? Can you share your idea? Go to www.menti.com and use the
designated code.

Explore
Click the link https://www.youtube.com/watch?v=a27Zj9K53pE.

Explain

BRANCHES OF ACCOUNTING

Branches of accounting mean that the types associate with accounting, we say that fields of accounting
are the branches of accounting.

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 ICT 141: Principles of Accounting First Semester 2021 -2022

1) Financial Accounting
This accounting field concerns with general accounting system. It is engaged in recording the
business transaction in books and preparation of periodical reports for managers and general
public.
2) Management Accounting
This accounting field mainly concerns with the selection of best among various alternative. It is
the gathering and reporting of financial data to management. It uses the techniques of historical,
estimated and actual data as a device toward positive change.
3) Government Accounting:
It is the method of recording the financial transaction of the central and provincial government. It
keeps the record of expenditures, taxes, revenues and budget of various government
department.
4) Auditing
Auditing is also included in accounting field. It is the examination of the accounting record. The
purpose of examination is to check the fairness and accuracy of the accounting records and its
reconciliation with the prescribed policies and procedure.
Internal Auditing is the activity within the business entity to in which employees of the auditing
department reviews the recording by the employees in the accounting department, so that errors
in the treatment of data in the books of accounts may be immediately discovered and corrected
before a report on it is made to the management.
External Auditing is the work of Certified Public Accountants outside the business organization to
ascertain the correctness of data in the financial statements for the acceptability to the public and
to government regulatory agencies.
5) Tax Accounting
Tax Accounting is the preparation of data to be reported to the revenue collection agencies of the
government, then correct reporting in tax returns filed with government tax collection agencies
and the meeting in conference with government revenue examiners. It deals with the planning of
tax savings devices.
6) Education Accounting
Education Accounting involves the academe. It is the teaching of accounting to students who will
become accounting clerks, bookkeepers, accountants, auditors, management advisers or tax
consultants.

Elaborate
What branch if accounting can be of help to you as a student?

Evaluate
Worksheet No. 3

Name: ____________________________________________________________
Course, Year and Section:_______________________________ Date: __________
Answer as directed. Write your answer on the space provided.
1) Define the branches of accounting.

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 ICT 141: Principles of Accounting First Semester 2021 -2022

Lesson Two: Type of Services of Branches of Accounting

V. Lesson Outcomes:
1) Describe the kind/type of services rendered in each of these branches.

Engage

Can you describe the kind/type of services rendered in each of these branches? Go to
www.menti.com and use the designated code.

Explore

Click the link https://www.youtube.com/watch?v=fmREc9vBAoQ .

Explain

TYPE OF SERVICES OF BRANCHES OF ACCOUNTING

BRANCHES OF ACCOUNTING TYPE OF SERVICES

1) Financial Accounting Recording the business transaction in books and

preparation of periodical reports for managers and
general public.
2) Management Accounting The gathering and reporting of financial data to
management for decision makers.

3) Government Accounting The method of recording the financial

transaction of the central and provincial
government.

4) Auditing The examination of the accounting record.

5) Tax Accounting The preparation of data to be reported to the

revenue collection agencies of the government.

6) Education Accounting The teaching of accounting to students.

Elaborate

Where will you apply accounting in your life as a student?

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 ICT 141: Principles of Accounting First Semester 2021 -2022

Evaluate

Worksheet No. 4

Name: ____________________________________________________________

Course, Year and Section: _______________________________ Date: __________

Answer as directed. Write your answer on the space provided.

1) Describe the kind/type of services rendered in each of these branches.

References:
 Rabot, Bernabe Donato Jr. and Malco, Ma. Theresa De Francesca. Accounting Skills and
Bookkeeping Principles Workbook for K-12 Senior High School. (2019) Great Books Trading.
 Reyes, Virgilio D. The Fundamentals In Accounting 2018 th Edition (2018). GIC Enterprises Co, Inc

Online References:
https://www.youtube.com/watch?v=a27Zj9K53pE
https://www.youtube.com/watch?v=fmREc9vBAoQ .

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