ACCOUNTING

FABM 1

"INTRODUCTION TO ACCOUNTING"

Do have any idea in what is FABM1?

FABM1 means Fundamentals of Accountancy business and management 1

This is one of the specialized subject in ABM.
∆ "Fundamentals of Accountancy"
Ano ba yun? Ano ba meaning nun?

∆ From the word "Fundamental" means "Basic"
Ang ibig sabihin ang subject na ito ay about "BASIC ACCOUNTING"

What do think? Basic lang ba ang accounting?

Get a pen and a sheet of paper.
Try this Pre-test :>

1. What do you call the process of identifying, recording and communicating economic events of an organization to interested users?

A. Auditing
B. Acounting
C. Bookkeeping
D. Accounting

2. This process of accounting involves keeping chronological diary of events that are measured in pesos.

A. Identifying
B. Recording
C. Communicating
D. Bookkeeping

3. What are the two types of Diary in recording?

A. Journal and review
B. Review and Ledgers
C. Book's and notebook's
D. Journal and Ledgers

4. Who is the Father of accounting?

A. Loca Paciole
B. Lucca Paciole
C. Luca Pacioli
D. Loca Pacioli

5. Fundamentals means____

A. Average
B. Difficult
C. Hard
D. Basic

6. What system that helps business track events that affect them?

A. Communicating
B. Accounting
C. Identifying
D. Recordings

7. This process of accounting involves keeping chronological diary of events that are measured in pesos. What is this?

A. Communicating
B. Accounting
C. Identifying
D. Recording

8. What is the former profession of Luca Pacioli?

A. Scientists
B. Biologist
C. Mathematician
D. Electrician

9. According to (WEYGANDT, J.ET.AL) How many process does accounting have?

A. 5
B. 3
C. 4

CORRECT ANSWERS:
1. D          2. B       3. D          4. C
5. D          6. B       7. D           8. C
9. B

#DISCUSSIONS:>

Accounting- in broadly speaking, a system that helps business track events that affect them.

Always remember "Accounting is a process"

So this process involves identifying the events that affect a business, recording these events, and communicating the summarized results of all events

According to (WEYGANDT, J.ET.AL)
There are 3 process in accounting, Namely:
-Identifying
-Recording
-Communicating

1st Process:
IDENTIFYING
This involves selecting economic events that relevant to a particular business transactions.

Okay ano ba ang economic event na makaka-apekto sa business?

Example:
Nagbebenta ka ng goods, tapos ano yung possible economic events sa pagbebenta mo ng goods?

Diba kumita ka under selling goodies?Tama?
Ang kita ay epekto nito sa pagbenta mo ng goodies through your business.
Ayon yun tinatawag na economic events