Fundamentals of Accountancy, Business,

and Management 1
Accountancy, Business, and Management

Name: Date:

4.1 Introduction to Accounting Concepts and Principles

A Guide for Accounting Concepts and Principles 30 minutes

Learning Competencies
This activity aims to target the following learning competencies:
● Explain the varied accounting concepts and principles (ABM_FABM11-IIIb-c-15).
● Solve exercises on accounting principles as applied in various cases
(ABM_FABM11-IIIb-c-16).

Instructions

A graphical presentation summarizing the accounting concepts and

principles and their definitions
Product

Provide an imperative sentence that provides instruction on how to adhere to each of the
following accounting principles and concepts. Write your answer in the corresponding box.
A sample answer was provided to guide you in your task.

1
Fundamentals of Accountancy, Business,
and Management 1
Accountancy, Business, and Management

A Guide to Accounting Concepts and Principles

Lesson 4.1: Introduction to Accounting Concepts and Principles 2

c
Fundamentals of Accountancy, Business,
and Management 1
Accountancy, Business, and Management

Suggested Rubric for Grading

The rubric below is a suggested one. Your teacher may modify the rubric based on your
needs. Consult your teacher for the final rubric.

Performance Levels

Criteria Suggested
1 2 3 Score
Weight
Beginning Proficient Advanced
Proficiency Proficiency

Correctness Less than 60% of the 60-80% of the 90-100% of the

answers provided answers provided are answers provided
need improvement to accurate and correct. are accurate and ×5
be accurate and correct.
correct.

Format The answers need to The answers The answers

be recast to follow the somewhat followed followed the correct ×1
correct format. the correct format. format.

Total Possible Score 18

Teacher’s Feedback
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Lesson 4.1: Introduction to Accounting Concepts and Principles 3

c
Fundamentals of Accountancy, Business,
and Management 1
Accountancy, Business, and Management

Name: Date:

4.1 Introduction to Accounting Concepts and Principles

Principles and Concepts in Practice 30 minutes

Learning Competencies
This activity aims to target the following learning competencies:
● Explain the varied accounting concepts and principles (ABM_FABM11-IIIb-c-15).
● Solve exercises on accounting principles as applied in various cases
(ABM_FABM11-IIIb-c-16).

Instructions

Solutions on business problems using accounting concepts and principles

Product
Examine the given situation and answer the questions that follow:

1. The owner instructs the business’s accountant to report its acquired asset on its
balance sheet based on its current market value. Which accounting concept or
principle was violated in this situation?
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Lesson 4.1: Introduction to Accounting Concepts and Principles 4

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Fundamentals of Accountancy, Business,
and Management 1
Accountancy, Business, and Management

2. A company requires the client to pay ₱20,000 as a deposit for services to be

rendered in the following year. At the end of the current accounting year, the
company reported the amount of ₱20,000 as a liability on its balance sheet. Which
accounting principle prevented the company from writing the amount as revenue
for the current year? Why?
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_________________________________________________________________________________________
_________________________________________________________________________________________

Suggested Rubric for Grading

The rubric below is a suggested one. Your teacher may modify the rubric based on your
needs. Consult your teacher for the final rubric.

Performance Levels

Criteria Suggested
1 2 3 Score
Weight
Beginning Proficient Advanced
Proficiency Proficiency

Content Answers are not Answers are The answer is very

informative and are somewhat informative and the
poorly organized. informative and thought is ×3
thought is somewhat well-organized.
organized.

Completeness The student was able The student was able The student was
to answer 1-2 to answer 3-4 able to answer all ×2
questions questions questions

Mechanics Many spelling, Some spelling, No spelling,

punctuation, and punctuation, and punctuation, and ×1
grammatical errors. grammatical errors. grammatical errors.

Total Possible Score 18

Lesson 4.1: Introduction to Accounting Concepts and Principles 5

c
Fundamentals of Accountancy, Business,
and Management 1
Accountancy, Business, and Management

Teacher’s Feedback
_________________________________________________________________________________________________

_________________________________________________________________________________________________

_________________________________________________________________________________________________

Lesson 4.1: Introduction to Accounting Concepts and Principles 6