Accounting policies and

procedures
+ 1. Always remember the accounting concepts and
principles.
+ 2. Always observe the proper writing of the
amount/s. (Peso signs rule)
+ 3. Always observe the rules and double rules
+ 4. Have time to read in advance and practice to
solve problems.

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Accounting policies and
procedures
+ 5. Balance your work and time.
+ 6. Be prepare for adjustments.
+ 7. Maintain your work simple and clean.
+ 8. Observe the proper presentation of your reports.

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 Hello!
Kumusta ka na? (How are you?)

Have you learned a lot from the past lesson?

What are the topics you have difficulty dealing

with?

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Learning Objectives
The learners are expected to demonstrate the following skills as
your learning outcomes:
✓ 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)

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Getting Started – TASK 1
Before we start with our new lesson, define the forms of business
organization and the types of business operations using your own
words.
Forms of Business Organizations
📌 Sole Proprietorship
📌 Partnership
📌 Corporation
📌 Cooperative

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TASK 1
Before we start with our new lesson, define the forms
of business organization and the types of business
operations using your own words.

Types of Business Operations

📌 Service
📌 Merchandising

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Lesson 3: Accounting
Concepts and Principles
Prepared by:
Richpher Gagalac
PRINCIPLES OF ACCOUNTING
📌Business entity principle
📌 Going concern principle
📌 Time period principle
📌 Monetary unit principle
📌 Objectivity principle
📌 Cost principle / Historical Cost

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PRINCIPLES OF ACCOUNTING
📌 Accrual Accounting Principle
📌 Matching principle
📌 Disclosure principle
📌 Conservatism principle
📌 Materiality principle

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OTHER PRINCIPLES OF
ACCOUNTING
📌 Generally Accepted Accounting Principles (GAAP)
📌 International Financial Reporting Standards (IFRS)
📌 Philippine Financial Reporting Standards (PFRS)
📌 Use of Judgment and Estimates

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Any questions?

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Task 2
Give the accounting principle of each of the following
statements.
1. Any personal expenses should not be included as part of the
company’s expenses.
2. The salary expenses from the current year should be reported
on that same year.
3. Any company should report financial statements in pesos even
if they have a store in the United States.

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Task 2
4. A copy of the receipt should be given to represent evidence.
5. Any purchase should be recorded at its price when bought.
6. When an owner finished performing his services should be
recorded as revenue and any expense should be record as expense
even if it is unpaid.
7. A clear statement of all related costs incurred in the performance
of a service.

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THANK YOU! GOD
BLESS 😉

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