Scribd Logo
Upload

Welcome to Scribd!

  • 72 views

    Module 1 ICT 141 Module 1: Definition of Accounting

    Uploaded by

    Janice Seterra
    This document outlines a course on principles of accounting that contains two modules. The first module defines accounting as the accurate recording, reporting, and interpretation of financial data according to accounting principles. It also describes the nature, purpose, and history of accounting. The second module describes the nature of accounting as a process that involves quantifying financial information to aid economic decisions, and its purpose as providing useful financial information to stakeholders. It also briefly discusses the history of accounting. The course contains learning outcomes, lessons, activities, and worksheets to help students understand these fundamental accounting concepts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Module 1 ICT 141 Module 1: Definition of Accounting

    Uploaded by

    Janice Seterra
    72 views4 pages
    This document outlines a course on principles of accounting that contains two modules. The first module defines accounting as the accurate recording, reporting, and interpretation of financial data according to accounting principles. It also describes the nature, purpose, and history of accounting. The second module describes the nature of accounting as a process that involves quantifying financial information to aid economic decisions, and its purpose as providing useful financial information to stakeholders. It also briefly discusses the history of accounting. The course contains learning outcomes, lessons, activities, and worksheets to help students understand these fundamental accounting concepts.

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document outlines a course on principles of accounting that contains two modules. The first module defines accounting as the accurate recording, reporting, and interpretation of financial data according to accounting principles. It also describes the nature, purpose, and history of accounting. The second module describes the nature of accounting as a process that involves quantifying financial information to aid economic decisions, and its purpose as providing useful financial information to stakeholders. It also briefly discusses the history of accounting. The course contains learning outcomes, lessons, activities, and worksheets to help students understand these fundamental accounting concepts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    72 views4 pages

    Module 1 ICT 141 Module 1: Definition of Accounting

    Uploaded by

    Janice Seterra
    This document outlines a course on principles of accounting that contains two modules. The first module defines accounting as the accurate recording, reporting, and interpretation of financial data according to accounting principles. It also describes the nature, purpose, and history of accounting. The second module describes the nature of accounting as a process that involves quantifying financial information to aid economic decisions, and its purpose as providing useful financial information to stakeholders. It also briefly discusses the history of accounting. The course contains learning outcomes, lessons, activities, and worksheets to help students understand these fundamental accounting concepts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    ICT 141: Principles of Accounting First Semester 2021 -2022

    Course Title: Principles of Accounting

    I. Module 1: Definition of Accounting


    Estimated Time: 3 hours (Week 2)
    1) Define Accounting.
    2) Describe the nature, purpose, and history of accounting.

    II. Module Introduction/Rationale:


    This module introduces you to the definition, nature, purpose, and history of accounting.

    III. Module Outcomes:


    At the end of the topic the students must have:
    1) Define Accounting.
    2) Describe the nature, purpose, and history of accounting.

    IV. Lesson One: Accounting

    V. Lesson Outcomes:
    1) Define Accounting.

    Engage
    Do you have an idea what accounting is? If yes, can you share your idea? Go to www.menti.com and
    use the designated code.

    Explore
    Click the link https://www.youtube.com/watch?v=dbeEeKA_3UQ and
    https://www.youtube.com/watch?v=dbhZSrTdFlU.

    Explain

    ACCOUNTING
    Accounting is the accurate recording, reporting and interpreting of financial data on business transactions
    in accordance (Virgilio, 2018) with generally accepted accounting principles(GAAP).
    Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as an art of
    recording, classifying, and summarizing, in a significant manner and in terms of money, transactions and
    events which are in part, at least, of a financial character, and interpreting the results thereof.
    Accounting is both a science and an art. It is a science because there are rules on recording, reporting
    and interpreting of business transactions. It is also an art because it is a skill in using the generally
    accepted accounting principles.

    Elaborate

    Financial planning for individuals is important. For example, you are a student which has a weekly
    allowance. How will you budget your allowance?

    Page 1 of 4
    ICT 141: Principles of Accounting First Semester 2021 -2022

    Evaluate
    Worksheet No. 1

    Name: ____________________________________________________________
    Course, Year and Section:_______________________________ Date: __________

    Answer as directed. Write your answer on the space provided.

    1) Define accounting.

    Page 2 of 4
    ICT 141: Principles of Accounting First Semester 2021 -2022

    Lesson Two: Nature, Purpose, and History of Accounting

    V. Lesson Outcomes:
    1) Describe the nature, purpose, and history of accounting.

    Engage
    Can you share your idea on the nature of accounting? Go to www.menti.com and use the designated
    code.
    Can you share your idea on the purpose of accounting? Go to www.menti.com and use the
    designated code.

    Explore
    Click the link https://www.youtube.com/watch?v=AiL-gu0LLcQ.
    https://www.youtube.com/watch?v=9jOh0xU119Q
    https://www.youtube.com/watch?v=YWD8wB2zFXw
    https://www.youtube.com/watch?v=HAL0sBd9oyg and
    https://www.youtube.com/watch?v=cU1n4f36LX0.

    Explain

    THE NATURE, PURPOSE, AND HISTORY OF ACCOUNTING

    THE NATURE OF ACCOUNTING

    1) Accounting is a service activity which provides quantitative information which is primarily


    financial in nature, about economic entities intended to be useful in making economic decisions
    and in making reasoned choices among alternative courses of action.
    2) Accounting is a process. A process refers to the methods of performing any specific job step by
    step according to the objectives or target. Accounting is identified as a process which involves
    gathering, recording, classifying, summarizing, interpreting and disseminating economic
    information in chronological and systematic ways.
    3) Accounting is an art and a discipline. It is more of an art than a science. Art means the way of
    accomplishing something. Accounting is a systematic method comprising certain techniques, and
    its proper application requires applied skill, expertise and creative judgement. So by nature
    accounting is an art. It is a discipline because it follows certain standards and professional ethics.
    4) Accounting deals with financial information and transactions. After gathering, recording,
    summarizing financial transactions, the result will be finalized for a specific period, for conveying
    them to their users.
    5) Accounting is an information system. Accounting is recognized and characterized as a
    storehouse of information. It collects, stores, processes and communicates accounting
    information of any entity, that is used by decision makers.

    PURPOSE OF ACCOUNTING

    The purpose of Accounting is to provide quantitative information which is primarily financial in nature,
    about economic entities intended to be useful in making economic decisions and in making reasoned
    choices among alternative courses of action. The information includes results of operations, financial
    position, solvency, liquidity and cash flows.

    Page 3 of 4
    ICT 141: Principles of Accounting First Semester 2021 -2022

    Economic entity is a separately identifiable organization which makes use of resources to achieve its
    goals and objectives. It may be for profit or non-profit.

    HISTORY OF ACCOUNTING

    See links above.

    Elaborate

    Where will you apply accounting in your life as a student?

    Evaluate

    Worksheet No. 2

    Name: ____________________________________________________________

    Course, Year and Section: _______________________________ Date: __________

    Answer as directed. Write your answer on the space provided.


    1) Describe the nature and purpose of accounting.

    References:
     Rabot, Bernabe Donato Jr. and Malco, Ma. Theresa De Francesca. Accounting Skills and
    Bookkeeping Principles Workbook for K-12 Senior High School. (2019) Great Books Trading.
     Reyes, Virgilio D. The Fundamentals In Accounting 2018th Edition (2018). GIC Enterprises Co, Inc

    Online References:
    https://www.youtube.com/watch?v=dbeEeKA_3UQ
    https://www.youtube.com/watch?v=dbhZSrTdFlU
    https://www.youtube.com/watch?v=AiL-gu0LLcQ
    https://www.youtube.com/watch?v=9jOh0xU119Q
    https://www.youtube.com/watch?v=YWD8wB2zFXw
    https://www.youtube.com/watch?v=HAL0sBd9oyg
    https://www.youtube.com/watch?v=cU1n4f36LX0

    Page 4 of 4

    You might also like