FIRST SEMESTER

Fundamentals of Accountancy, Business and Management 2

Content Standard

The learners demonstrate an understanding of…

● Account titles under the assets, liabilities, and capital accounts of the Statement of Financial Position (SFP) that
will equip him/her in the preparation of the SFP using the report form and account form
● The elements of income and expenses that will equip him/her in the preparation of the Statement of
Comprehensive Income (SCI) for both service and merchandising businesses
● The forms of business organization, and the structure of an Statement of Changes in Equity (SCE) of a single
proprietorship that will equip him/her in the preparation of the said financial report
● The components and the structure of a Cash Flow Statement (CFS) that will equip him/her in the preparation of
the said financial report
Performance Standard

The learners shall be able to…

● Solve exercises and problems that require preparation of an SFP, SCI, SCE, and CFS for a single proprietorship with
proper classification using the report form and the account form
LEARNING COMPETENCIES:

● Identify the elements of the SFP and describe each of them (ABM_FABM12-Ia-b1)
● Prepare an SFP using the report form and the account form with proper classification of items as current and
noncurrent (ABM_FABM12-Ia-b-4)
● Identify the elements of the SCI and describe each of these items for a service business and a merchandising
business (ABM_FABM12-Ic-d-5)
● Prepare an SCI for a service business using the single-step approach (ABM_FABM12-Ic-d-6) ●
Prepare an SCI for a merchandising business using the multistep approach (ABM_FABM12-Ic-d-7) ●
Prepare an SCE for a single proprietorship (ABM_FABM12-Ie-9)
● Prepare a CFS (ABM_FABM12-If-1)

PERFORMANCE TASK: REVERSE and ADJUST: A Typical Accounting Busy Season

SCENARIO:

You are the accountants of a company based in Banawe, Quezon City. It’s about the end of the quarter of the year, and
part of your goal is to prepare the interim financial statements of the company based on the existing data that you
journalized and posted during the period in accordance with the generally accepted accounting principles, Philippine
Accounting Standard (PAS), and Philippine Financial Reporting Standard (PFRS). The report and recommendation that you
will be generating and crafting are highly needed by the internal users such as the owner, manager and other directors of
the company for them to create sound decisions for the company for the next quarter.

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Rubric for Grading:
 CRITERIA ADVANCED PROFICIENT BECOMING NOVICE
PROFICIENT

MAJOR TASK

Recording Phase Recording Phase Recording Phase One to Two Three or more
Procedures elements of elements are Recording Phase Recording Phase
journalizing, done with elements are not elements are not
positing and accuracy, done with done with
preparation of un equipped with accuracy. accuracy.
adjusted trial correct Explanation and Explanation and
balance are done explanation and Presentation is Presentation is
with accuracy, presentation correct correct
excellent use of
accounting
jargons for
explanation,
Accounts used is
in accordance
with the chart of
accounts
provided and
observes the
proper way of
Journal
entries

Preparation of Financial Financial One to two Three or more

Financial Statements Statements are Statements are Financial Financial
prepared in prepared in Statement Statement
accordance with accordance with elements are not elements are not
the Philippine the Philippine done with done with
Financial Financial accuracy and in accuracy and in
Reporting Reporting accordance with accordance with
Standards. Standards. Figures the standard. the standard.
Financial data presented are
presented is accurate with
accurate and acceptable
follows the explanation and
qualitative Financial
characteristic of Statement
being verifiable presentation
and comparable.
Financial
statements are
also free from
material errors

MINI TASK
 Organization of The The There is a basic The report
the report Recommendatio Recommendation organization in appears to have
n report is report is the report but no
organized and organized. some organization,
presented in a Sources and bases sources are not with minimal
very are verifiable in well integrated integration in the
professional the financial and financial
manner. Sources statements verifiable in the statements
and bases are generated from financial generated
verifiable in the the business statements
financial generated from
statements the business
generated from the
business. The
opinion and
recommendation
are flawless as to

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spelling and
grammatical errors.

Appropriateness The content is well The content is well The content is The content fails
of the content developed, developed, generally sufficient, to address the
providing the providing the with some specific internal user
internal users with internal users findings, data, needs the
specific findings, with specific claims, or terms, content may be
claims, data, or findings, claims, but is superficial,
terms, with data, or sometimes lacking lacking specific
thorough terms, with in specificity. findings,
explanations. thorough Some of the basis data, and basis
The content explanations. is not
reflects the The content verifiable
stakeholders reflects the
needs and stakeholders
presented in a very need
professional
manner. The
opinion and
recommendation
are flawless as to
spelling and
grammatical errors.
 Recommendation The group is able The group was The group was There are no
to make a able to make a able to provide clear
logical, logical, recommendation recommendatio
critical and and critical for the internal ns provided
detailed recommendation based on the based on the
recommendation for the company financial financial
for the company based on the statements statements
and is presented financial generated from generated from
in a very statements the business but the business
professional generated from lacks logical and
manner the business critical basis
containing clear
bases on
verifiable
financial data.
The
recommendatio
n
also exhibits
flawless spelling,
and free
from
grammatical
errors

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Rubric for Assessing Team Members ability to Participate Effectively in the preparation of the
Accounting Practice Set:

Rater: ___________________________________________________ Date:__________

Instruction: Circle or highlight the appropriate score for each criterion for each member of the group
Member Rated Visible Organized Compassion Analytical Leader by
(Include yourself) Example

4321 4321 432 432 4321

1 1

4321 4321 432 432 4321

1 1

4321 4321 432 432 4321

1 1

4321 4321 432 432 4321

1 1
 4321 4321 432 432 4321
1 1

4321 4321 432 432 4321

1 1

4321 4321 432 432 4321

1 1

4321 4321 432 432 4321

1 1

Criterion 4 3 2 1
Good Fair Needs Improvement
Excellent

Visible Member is always Member is present most Member is present most Member is most of the
present and actively of the time and of the time but seldom time absent and rarely
participates in the task participates in the task participates in the task participates in the task
to to accomplished. to accomplished. to accomplished.
accomplished. Member also makes Member seldom makes Member rarely makes
Member also makes time during time during time during
time during asynchronous asynchronous session asynchronous session
asynchronous session and PBA and PBA revisions. The and PBA revision
session revisions. The member member seldom
and PBA formulation. also provides feedbacks provides feedbacks on
The member also on each each
provides clear and Accounting practice Accounting practice
constructive feedbacks set components set components
on each
Accounting practice
set components

Organized Member Member communicates Member seldom Member rarely

communicates objectives and communicates objectives communicates objectives
objectives and expectation

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expectation in a very properly. She also and expectation. She and expectation. She
professional manner. provides direction and also seldom provides also rarely provides
She also provides able to direction and seldom direction and seldom
explicit manage timely manages manages
direction and able to submission of deadline. timely submission of timely submission of
manage timely She also deadline. deadline.
submission of regularly updates the
deadline. She also Accounting practice set
regularly as its needed revisions
updates the
Accounting practice
set as its needed
revisions
 Compassion Member provides Member provides Member seldom Member rarely
motivation to fellow motivation to fellow provides motivation to provides motivation
groupmates and groupmates fellow to fellow
makes necessary groupmates groupmates
adjustments and Establishes a good
accommodations to work ethics Seldom establishes a Rarely establishes a
further achieve goals. throughout the good work ethics good work ethics
Establishes a good preparation of PBA throughout the throughout the
work ethics (Accounting practice preparation of PBA preparation of PBA
throughout the set ) components (Accounting practice (Accounting practice
preparation of PBA set ) components set ) components
(Accounting practice
set ) components

Analytical Member tracks and Member tracks and Member seldom tracks Member rarely tracks
monitor her monitor her progress, and monitor her and monitor her
progress, collects collects progress, and seldom progress, and rarely
feedback with feedback with other collects feedback with
other members of members of the group other members of the collects feedback with
the to further enhance group to further enhance other members of the
group to further content. content. group to further
enhance content. enhance content
Member also
provides scaffolds to
support each member.

Leader by Member models how Member models how to Member seldom Member rarely models
Example to communicate communicate effectively models how to how to communicate
effectively by by practicing courtesy, communicate effectively. Member
practicing courtesy, professionalism. Member effectively. Member rarely recognizes the
professionalism. recognizes the importance seldom recognizes importance of being
Member recognizes of being punctual, critical the importance of punctual, critical and
the and logical as to being logical as to decisions
importance of being decisions need to make. punctual, critical and need to make.
punctual, critical and logical as to decisions
logical as to need to make.
decisions need to
make. Member also
demonstrates
respect, kindness,
prudence in words
and actions

Synthesis Questions

1. What are the things that you learn, unlearn and relearn throughout the discussions in our Midterm
classes?

2. What is the most significant life lesson that you learn in our subject FABM 2?

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are protected by copyright laws. Reproduction and distribution of this
module without written permission of the rightful owner is strictly prohibited
©2021.