DEMOnstration teaching in Fabm1 slides.pptx

Abm

1. FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1

2. At the end of the lesson, you should be able to: Define the five major accounts; Make a list of examples for each type of account; Realize the significance of major accounts in everyday life. Learning Objectives

3. Assets Liabilities Owner’s Equity Entry A ? 40,000 20,000 Entry B 85,000 ? 34,000 Entry C 63,700 29,800 ? RECAP

4. Assets Liabilities Owner’s Equity Entry A 60,000 40,000 20,000 Entry B 85,000 ? 34,000 Entry C 63,700 29,800 ? RECAP

5. Assets Liabilities Owner’s Equity Entry A 60,000 40,000 20,000 Entry B 85,000 51,000 34,000 Entry C 63,700 29,800 ? RECAP

6. Assets Liabilities Owner’s Equity Entry A 60,000 40,000 20,000 Entry B 85,000 51,000 34,000 Entry C 63,700 29,800 33,900 RECAP

7. LET’S PLAY!

8. ASSETS LIABILITIES OWNER’S EQUITY REVENUE EXPENSES Five Major Accounts :

9. ASSETS are the resources owned and controlled by the firm. LIABILITIES are obligations of the firm arising from past events which are to be settled in the future. OWNER’S EQUITY is the residual amount after deducting liabilities from assets. REVENUE represents the earnings of the business from sales of goods or service rendered. EXPENSES are costs incurred in conducting the business activities. Five Major Accounts :

10. Notes Payable Cash Accounts Receivable Service Income Utilities Expense Equipment Net Income Salaries Expense Land Professional Fee Interest Income Supplies Expense Withdrawal Interest Expense Accounts Payable Sales

11. Paid 50,000 pesos for advertising expense . Bought 100,000 pesos worth of equipment on account. Paid 23,000 for notes payable . Received cash 10,000 for professional fee . The owner withdrew 5,000 cash for personal use.

12. What is the significance of major accounts in your everyday experience? How can you apply it in your day to day living?