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Fundamentals of Accountancy Business and Management - Module 3
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This is a k-12 Curriculum-Based learning contents. This will guide and help the learners to understand acounting in an easy way.
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Second Semester S.Y. 2022-2023MODULE 3
FUNDAMENTALS OF
ACCOUNTANCY, BUSINESS &
MANAGEMENT 1
, INTRODUCTION
Businesses are organizations commonly made to earn to profit. Through its life, a
company deals with multiple groups of individuals to achieve its end goal of profit generation.
Nonetheless, there are organizations established not for the pursuit of profit. These are not-for-
profit organizations which include charitable institutions, public hospitals, public schools, etc.
A business is an organization that converts inputs or resources such as material, labor,
and overhead into outputs which are usually either goods or services.
Accounting concepts, principles and assumptions are essential in the practice of
accountancy. This serves as the foundation of accounting in order to avoid misunderstanding
and usefulness of the financial statements. (Valix et al.2013)
The learners demonstrate understanding of the forms and
CONTENT types of business organization and accounting concepts and
STANDARD: principles.
The learners shall be able to explain the forms and type of
PERFORMANCE
business organization and identify generally accepted
STANDARD:
accounting principles.
At the end of the lesson, the learners are expected to:
1. explain the forms and types of business organization;
2. identify generally concepts and principles;
OBJECTIVES 3. compare and contrast the varied accounting concepts and
principles; and
4. solve exercises on accounting principles as applied in
various cases.
PRELIMINARY ACTIVITY
Why is there a need to divide the life of the business? Explain your answer.
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