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Fundamentals of Accountancy, Business and Management 1
Fundamentals of Accountancy, Business and Management 1
SENIOR
ACCOUNTANCY, BUSINESS HIGH
AND MANAGEMENT 1 (FABM 1) SCHOOL
Self-Learning
1
Quarter 3
FABM1 – Grade 11
Quarter 1 – Module 1: Definition of Accounting
First Edition, 2020
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Self-Learning
Module
1
Quarter 3
Definition of Accounting
Introductory Message
This learning material hopes to engage the learners in guided and independent
learning activities at their own pace and time. Further, this also aims to help learners
acquire the needed 21st century skills especially the 5 Cs, namely: Communication,
Collaboration, Creativity, Critical Thinking, and Character while taking into
consideration their needs and circumstances.
In addition to the material in the main text, you will also see this box in the
body of the module:
As a facilitator you are expected to orient the learners on how to use this
module. You also need to keep track of the learners' progress while allowing them to
manage their own learning. Moreover, you are expected to encourage and assist the
learners as they do the tasks included in the module.
For the learner:
This module was designed to provide you with fun and meaningful
opportunities for guided and independent learning at your own pace and time. You
will be enabled to process the contents of the learning material while being an active
learner.
Posttest - This measures how much you have learned from the
entire module.
EXPECTATIONS
1. define accounting;
2. understand why accounting is called the language of the business; and
3. explain the essential role of accounting in the business.
PRETEST
Directions: Choose the letter of the best answer. Write the letter of your choice on a
separate sheet of paper.
RECAP
LESSON
Definition of Accounting
Identifying
Classifying
Measuring
Summarizing
Analyzing
Interpreting
Communicating
The process of accounting underscores the following functions:
STATEMENTS A B
1. Accounting is an information system that measures,
processes, and communicates financial information about a
non-economic entity.
2. Accounting is a service activity.
3. Accounting is an art because it requires knowledge and
experience.
4. Accountable is as old as barter that gradually evolved with
civilization.
5. Identifying is about the recognition of non-accountable
events.
6. The accounting term for identifying is journalizing.
7. ASC defines accounting as the process of identifying,
measuring, and communicating economic information.
8. Classified information are presented in a form that is
understandable to both internal and external users.
9. Interpreting as a function of accounting cannot tell whether
profitability is good or bad.
10. Summarizing includes the preparation of a worksheet.
WRAP–UP
To summarize what you have learned in the lesson, complete the statements below:
– by Warren Buffet
POSTTEST
Directions: Read the statements from Column A, then identify the best answer
from Column B. Write the letter of your choice on a separate sheet of paper.
A B
10. A H 10.
9. B J 9.
8. A D 8.
5.YES D 5. 7. B B 7.
4.NO D 4. 6. B A 6.
3.NO C 3. 5. B C 5.
2.YES A 2. 4. A I 4.
1.YES A 1. 3. A G 3.
2. A F 2.
1. B E 1.
RECAP PRE-TEST ACTIVITY 1
POST-TEST
References
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2017.
Banggawan, RB. Asuncion, DJ. Fundamentals of Accountancy, Business, and Management 1. Real
Excellence Publishing. 2017.
Feme, PM. Cabuñag, HP. Fundamentals of Accountancy, Business and Management 1. Fastbooks
Educational Supply, Inc. 2017.
Ferrer, RC. Millan, CV. Fundamentals of Accountancy, Business, and Management 1. Bandolin
Enterprise. San Juan, DA. 2018. Fundamentals of Accounting. Elmoer Publishing. 2017.
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October 22, 2019. Accessed on June 20, 2020.
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Stice, Jim, and Kay Stice. "The Importance of Accounting." Lynda.com - from LinkedIn. January 28,
2019. Accessed on June 20, 2020.
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"Why Is Accounting Important." Wealth How. July 07, 2010. Accessed on June 20, 2020
https://wealthhow.com/why-is-accounting-important.