CBLM BOOKKEEPING.docx

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HOW TO USE THIS COMPETENCY-BASED LEARNING MATERIAL

Welcome to the module in Journalizing Transactions for Single

Proprietorship. This module contains training materials and activities for

you to complete.

The unit of competency Journalize Transaction for Single Proprietorship” covers the knowledge, skills, and attitudes required to complete so as to qualify you in the National Certification in Bookkeeping NC III.

You are required to go through a series of learning activities in order to complete each learning outcome of the module. Each of the learning outcomes is provided with Information Sheets. Follow these activities on your own and answer the self-check at the end of each learning outcome. You may remove a blank answer sheet at the end of each module (or get the answer sheets from the facilitator) to write the answers for each self-check. If you have questions, don’t hesitate to ask your facilitator for assistance.

RECOGNITION OF PRIOR LEARNING (RPL)

You may already have some or most of the knowledge and skills covered in this learner’s guide because you have:

 Been working for some time.

 Already completed training in this area.

If you can demonstrate to your trainer that you are competent in a particular skill or skills, talk to the facilitator about having them formally recognized so you do not have to do the same training again. If you have

Competency-based Learning Material for

BOOKKEEPING NC III

Date Developed:

April 2016 Document No.

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qualification or Certificate of Competency from the previous trainings, show it to the facilitator. If the skills you acquired are still current and relevant to the unit/s of competency they may become part of the evidence you can present for RPL. If you are not sure about the currency of your skills, discuss this with your facilitator.

At the end of this module is a Learner’s Diary. Use the diary to record important dates, jobs undertaken and other workplace events that will assist you in providing further details to your facilitator/ assessor. A Record of Achievement is also provided by your facilitator to complete once you complete the module.

This module was prepared to help you achieve the required competency in Bookkeeping NC III. This will be the source of information for you to acquire knowledge and skills in this particular trade independently and at your own pace, with minimum supervision or help from your instructor.

 Talk to your facilitator and agree on how you will both organize the Training of this unit. Read through the module carefully. It is divided into sections, which cover all the skills and knowledge you need to successfully complete this module.

 Work through all the information and complete the activities in each section. Read information sheets and complete self check. Suggested references are included to supplement the materials provided in this module.

 Most probably your facilitator will be your supervisor or manager. Your facilitator will support and correct you.

 Your facilitator will tell you about the important things you need to consider when you are completing activities and it is important that you listen and take notes.

 You will be given plenty of opportunity to ask questions and practice on the job. Make sure you practice new skills during regular work

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shifts. This way you will improve both your speed and memory and also your confidence.

 Talk to more experience work-mates and ask for their guidance.

 Use the self-check questions at the end of each section to test your own progress.

 When you are ready, ask your facilitator to watch you perform the activities outlined in this module.

 Ask you work through the activities; ask for written feedback on your progress. Your facilitator keeps feedback/ pre-assessment reports for this reason. When you have successfully completed each element, ask the facilitator to mark on the reports that you are ready for assessment.

 When you have completed this module, and feel confident that you have had sufficient practice, your facilitator will arrange an appointment with registered assessor’s to assess you. The results of your assessment will be recorded in your competency Achievement Record. Competency-based Learning Material for BOOKKEEPING NC III Date Developed:

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TABLE OF CONTENTS

How To Use This Competency-Based Learning Material………1

Table of Contents……… …. 4

Qualification Title……… …. 5

Module Content………. 6

Learning Outcome No.3 Prepare Journal………. 7

Learning Experiences……….. 8

Information Sheet No.1.3-1 Generally Accepted Accounting Principles………..……… 9-11 Self- Check No.1.3-1………... 12

Answer for Self-Check No.1.3-1………... 13

Information Sheet No.1.3-2 Accounting Equation ……...….. 14-17 Self- Check No.1.3-2……….. 18

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Account Titles ………..….. 20-24

Self- Check No.1.3-3……….. 25

Answer for Self-Check No.1.3-3……….... 26

Job Sheet 1.3-1 Prepare Journal Entry………. …. 27-29 Answer Key Job Sheet ………. 30-31

Performance Criteria Checklist 1.3-1……… …. 32

QUALIFICATION TITLE Competency-based Learning Material for BOOKKEEPING NC III Date Developed:

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COMPETENCY BASED LEARNING MATERIALS List of Competencies

No. Unit of

Competency

Module Title Code

CORE COMPETENCIES CODE NO. Units of Competency 1 Journalize transactions  Journalizing transactions for single proprietorship  Journalizing transactions for partnership  Journalizing transactions for corporation HCS412301

2 Post transactions  Posting transactions HCS412302

3 Prepare trial

balance  Preparing trial _balance HCS412303

4 Prepare financial

reports  Preparing financial _{reports for single} proprietorship  Preparing financial reports for partnership  Preparing financial reports for corporation HCS412304 5 Review internal control system  Reviewing internal control system HCS412305

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MODULE CONTENT

Qualification Title: Book Keeping NC III Unit of Competency: Journalize Transactions

Module Title: Journalizing Transactions for

Single Proprietorship

Introduction: This unit covers the knowledge, skills, and attitudes in

logging/recording business transactions in an accounting journal.

Learning Outcome:

Upon completion of this module, you must be able to: 1. Prepare chart of accounts

2. Analyze documents 3. Prepare journal entry

Assessment Criteria:

1. List of asset, liability, equity, income, and expense account titles are prepared in accordance with Generally Accepted Accounting Principles.

2. Chart of Accounts is coded according to industry practice.

3. Documents are gathered, checked and verified in accordance with verification and validation processes.

4. Account titles are selected in accordance with standard selection processes.

5. Journal entries are prepared in accordance with generally accepted accounting principles.

6. Debit and credit account titles are determined in accordance with chart of accounts. Competency-based Learning Material for BOOKKEEPING NC III Date Developed:

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7. Explanation to journal entry is prepared in accordance with the nature of transaction.

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LEARNING OUTCOME NO. 3 PREPARE JOURNAL ENTRY

CONTENTS:

1. Generally Accepted Accounting Principles

2. Accounting Equation

3. Journalizing of Proprietor Account Titles

ASSESSMENT CRITERIA:

1. Journal entries are prepared in accordance with generally accepted accounting principles.

2. Debit and credit account titles are determined in accordance with chart of accounts.

3. Explanation to journal entry is prepared in accordance with the nature of transaction.

CONDITIONS:

The students/trainees must be provided with the following: 1. Calculator 2. Journal Paper 3. Learning Materials 4. Pencil 5. Eraser

6. Philippine Financial Reporting Standards

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ASSESSMENT METHOD: 1. Written test

2. Practical/performance test

3. Interview

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LEARNING EXPERIENCES

Learning Outcome No.3 PREPARE JOURNAL ENTRY

1. Read Information Sheet 1. 3-1 On Generally Accepted

Accounting Principles In this lesson, you need to learn that

Journals are prepared in accordance

with industry practice and generally accepted accounting principles/Philippine Financial Reporting Standards for

transactions and events.

Debit account titles are determined in

accordance with chart of accounts

Credit account titles are determined in

accordance with chart of accounts

Go through the Information Sheets and answer the self-checks to ensure the knowledge you have learned in Journalizing Transactions

Show your output to your trainer for the feedback/evaluation.

2. Answer Self-Check 1. 3-1 Compare your answers with Answer Key 1.3-1

3. Read Information Sheet 1. 3-2 on Accounting Equation

5. Read Information Sheet 1. 3-3 on Journalizing of Proprietor Account Titles

7. Perform Job Sheet 1. 3-1 on how to prepare Journal entry with 100% accuracy Competency-based Learning Material for BOOKKEEPING NC III Date Developed:

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INFORMATION SHEET No.1.3-1

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

Learning Objectives:

After reading this information sheet, you should be able to: 1. Identify the Generally Accepted Accounting Principles.

2. Explain the importance of Generally Accepted Accounting Principles (GAAP)

GAAP is an international convention of good accounting practices. It is based on the following core principles. In certain instances particular types of accountants that deviate from these principles can be held liable.

The Business Entity Concept

The business entity concept provides that the accounting for a business or organization be kept separate from the personal affairs of its owner, or from any other business or organization. This means that the owner of a business should not place any personal assets on the business balance sheet. The balance sheet of the business must reflect the financial position of the business alone. Also, when transactions of the business are recorded, any personal expenditures of the owner are charged to the owner and are not allowed to affect the operating results of the business.

The Continuing Concern Concept

The continuing concern concept assumes that a business will continue to operate, unless it is known that such is not the case. The values of the assets belonging to a business that is alive and well are straightforward. For example, a supply of envelopes with the company's

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name printed on them would be valued at their cost. This would not be the case if the company were going out of business. In that case, the envelopes would be difficult to sell because the company's name is on them. When a company is going out of business, the values of the assets usually suffer because they have to be sold under unfavourable circumstances. The values of such assets often cannot be determined until they are actually sold.

The Principle of Conservatism

The principle of conservatism provides that accounting for a business should be fair and reasonable. Accountants are required in their work to make evaluations and estimates, to deliver opinions, and to select procedures. They should do so in a way that neither overstates nor understates the affairs of the business or the results of operation.

The Objectivity Principle

The objectivity principle states that accounting will be recorded on the basis of objective evidence. Objective evidence means that different people looking at the evidence will arrive at the same values for the transaction. Simply put, this means that accounting entries will be based on fact and not on personal opinion or feelings.

The source document for a transaction is almost always the best objective evidence available. The source document shows the amount agreed to by the buyer and the seller, who are usually independent and unrelated to each other.

The Time Period Concept

The time period concept provides that accounting take place over specific time periods known as fiscal periods. These fiscal periods are of equal length, and are used when measuring the financial progress of a business.

The Revenue Recognition Convention

The revenue recognition convention provides that revenue be taken into the accounts (recognized) at the time the transaction is completed. Usually, this just means recording revenue when the bill for it is sent to the

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customer. If it is a cash transaction, the revenue is recorded when the sale is completed and the cash received.

It is not always quite so simple. Think of the building of a large project such as a dam. It takes a construction company a number of years to complete such a project. The company does not wait until the project is entirely completed before it sends its bill. Periodically, it bills for the amount of work completed and receives payments as the work progresses. Revenue is taken into the accounts on this periodic basis.

It is important to take revenue into the accounts properly. If this is not done, the earnings statements of the company will be incorrect and the readers of the financial statement misinformed.

The Matching Principle

The matching principle is an extension of the revenue recognition convention. The matching principle states that each expense item related to revenue earned must be recorded in the same accounting period as the revenue it helped to earn. If this is not done, the financial statements will not measure the results of operations fairly.

The Cost Principle

The cost principle states that the accounting for purchases must be at their cost price. This is the figure that appears on the source document for the transaction in almost all cases. There is no place for guesswork or wishful thinking when accounting for purchases.

The value recorded in the accounts for an asset is not changed until later if the market value of the asset changes. It would take an entirely new transaction based on new objective evidence to change the original value of an asset.

There are times when the above type of objective evidence is not available. For example, a building could be received as a gift. In such a case, the transaction would be recorded at fair market value which must be determined by some independent means.

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The consistency principle requires accountants to apply the same methods and procedures from period to period. When they change a method from one period to another they must explain the change clearly on the financial statements. The readers of financial statements have the right to assume that consistency has been applied if there is no statement to the contrary.

The consistency principle prevents people from changing methods for the sole purpose of manipulating figures on the financial statements

SELF-CHECK No.1.3-1

Identify the following.

_______________1.This is an international convention of good accounting practices.

_______________2. It provides that the accounting for a business or

organization be kept separate from the personal affairs of its owner or from any other business or organization. _________________3. This states that accounting will be recorded on the basis of objective evidence.

_________________4. This provides that accounting for a business should be fair and reasonable.

_________________5. It states that the accounting for purchases must be at

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their cost price.

_________________6. It requires accountants to apply the same methods and procedures from period to period.

_________________7. This is an extension of the revenue recognition convention.

_________________8. This provides that revenue be taken into the accounts at the time the transaction is completed.

_________________9. This provides that accounting take place over specific time periods known as fiscal periods.

________________10. This assumes that a business will continue to operate unless it is known that such is not the case.

Answer Key for Self-Check No. 1.3-2

1. Generally Accepted Accounting Principles (GAAP)

2. The Business Entity Concept

3. The Objectivity Principle

4. The Principles of Conservatism

5. The Cost Principle

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7. The Matching Principle

8. The Revenue Recognition Convention

9. The Time Period Concept

10. The Continuing Concern Concept

ACCOUNTING EQUATION

Learning Objectives: Competency-based Learning Material for BOOKKEEPING NC III Date Developed:

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LIABILITIES

CAPITAL

After reading this information sheet, you should be able to: 1. Familiarize the accounting equation.

2.Differentiate assets, liabilities and equities.

Business transactions affect the assets, liabilities, and proprietorship of the business. These effects can be in the accounting equation.

ASSETS = EQUITIES

“Assets” include anything owned or possessed by the business which is capable of being expressed in terms of money or possessing monetary

values, and which, consequently is available for the payment of the debts of the business.

“Equity” include all the vested rights of person in the assets of the business. It is classified into the following:

1 Equity of outsiders or amounts owing to persons other than the owners of the business, technically known as “liabilities”

2 Equity of owner, known in the accountant’s language as “capital”

EQUITIES

Since there are two sources of equities, one from the creditors and the other from the owner, then we can express the accounting equation as:

ASSETS = LIABILITIES + CAPITAL

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Every transaction must be analyzed with respect to its effects on the assets, liabilities and capital of the business. A transaction involves at least two of the elements appearing on the accounting equation.

To illustrate, assume the following transactions:

Oct. 1- Mr. Juan Dela Cruz opened a motor repair shop and invested P100 000 cash.

A = L + C

Cash = + Gil, capital

P100 000 = 0 + P100 000

P100 000 = P100 000

Effect: Increase in asset, increase in capital

Oct. 3- He purchased repair supplies worth P25 000 on credit from Rosario Trading.

A = L + C

Cash+Repair Supplies = Accounts Payable + Gil, capital P100 000+P25 000 = P25 000 +100 000

P 125 000 = P 125 000

Effect: Increase in asset, increase in liabilities

Oct. 5- He bought a table and chairs for the business, P 6 000 in cash.

A = L + C

Cash+Repair Supplies+Furniture = Accounts payable + Gil, capital P100 000+P25 000+P6 000 = P25 000 + P100 000 (6 000)_____________________ = __0_________________0_____ P94 000+P25 000+P6 000 = P25 000 + P100 000 P 125 000 = P125 000

Effect: Increase in one form of asset, decrease in another form of asset

Oct. 12- Issued a promissory note to Rosario Trading to apply on his account in Oct. 3. Competency-based Learning Material for BOOKKEEPING NC III Date Developed:

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A = L + C

Cash+Repair Supplies+Furniture =Accounts payable+Notes payable+Gil, capital P94 000+P25 000+P6 000 = P25 000 + P100 000 0 = (25 000) + P25 000 + 0 P94 000+P25 000+P6 000 = 0 +P25 000 + P100 000 P 125 000 = P125 000

Effect: Decrease in one form of liabilities, increase in another form of liabilities.

Oct. 15- Paid the salary of the assistant, P 2 000.

A = L + C

Cash+Repair Supplies+Furniture =Accounts payable+Notes payable+Gil, capital P94 000+P25 000+P6 000 = 0 + P 25 000 +P100 000 ( 2 000) = 0 +( 2 000) P92 000+P25 000+P6 000 = 0 + P 25 000+P 98 000 P 123 000 = P 123 000

Effect: Decrease in asset, decrease in capital

Oct. 20- Paid the note issued to Rosario Trading in Oct. 12.

A = L + C

Cash+Repair Supplies+Furniture =Accounts payable+Notes payable+ Gil, capital P92 000+P25 000+P6 000 = 0 + P 25 000+ P 98 000 (25 000) = (25 000) + 0________ P67 000+P25 000+P6 000 = 0 + P98 000 P 98 000 = P 98 000

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To illustrate the whole transaction using accounting equation:

A = L + C

Cash+Repair Supplies+Furniture =Accounts payable+Notes payable+Gil, capital Oct. 1 P100 000 = 0 +P100 000 Oct. 3 _____ P 25 000 = P25 000 + 0_______ P100 000+P25 000 = P25 000 +100 000 P 125 000 = P 125 000 Oct. 5 (6 000) P6 000 = 0 + 0 P94 000+P25 000+P6 000 = P25 000 +P100 000 P 125 000 = P125 000 Oct. 12 _______0 = (25 000) + P25 000 +P100 000 P94 000+P25 000+P6 000 = 0 +P25 000 +P100 000 P 125 000 = P125 000 Oct. 15( 2 000) = 0 +( 2 000) P92 000+P25 000+P6 000 = 0 + P 25 000+P 98 000 P 123 000 = P 123 000 Oct. 20 (25 000) = (25 000+0________ P67 000+P25 000+P6 000 = 0 + P98 000 P 98 000 = P 98 000 Competency-based Learning Material for BOOKKEEPING NC III Date Developed:

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Self Check No. 1.3-2

State the effects of the following transactions on the assets, liabilities and capital by putting a check if there is an increase or decrease on them.

Transactions Assets Liabilities Capital

Inc Dec. Inc. Dec. Inc. Dec.

1.Purchased supplies for cash

2.Purchased equipment on account

3.The owner invested cash in the business

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purchased in no. 2 5.Borrowed money from the bank to be used in the business

6.The owner withdraw cash for his personal use

7.Purchased furniture and fixture on account 8.Purchased defective furniture purchased in no. 7 9.Purchased additional supplies on account 10. Paid half of the loan in no. 5

Answer Key for Self-Check No. 1.3-2

Transactions Assets Liabilities Capital

Inc Dec. Inc. Dec. Inc. Dec.

1.Purchased supplies for

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cash √ √ 2.Purchased equipment

on account √ √

3.The owner invested cash

in the business √ √

4.Paid the equipment

purchased in no. 2 √ √

5.Borrowed money from the bank to be used in the business

√ √ √

6.The owner withdraw cash for his personal use

√ √

7.Purchased furniture and

fixture on account √ √ 8.Returned defective furniture purchased in no. 7 √ √ 9.Purchased additional supplies on account √ √

10. Paid half of the loan in

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JOURNALIZING OF PROPRIETOR ACCOUNT TITLES Learning Objectives:

After reading this information sheet, you should be able to: 1. Define journalizing.

2. Determine the accounting cycle. 3.Journalize transactions

Journalizing is the first step in the accounting cycle. It is the process of recording business transactions in a journal. In order to have a permanent record of an entire transaction, the accountant uses a book or record known as a journal. A journal entry is the recording of a business transaction in a journal. A journal entry shows all of the effects of a transaction as expressed in terms of debit and credit and may include an explanation of the transaction. A transaction is entered in a ledger accounts. Because each transaction is initially recorded in a journal rather than directly in the ledger, a journal is called the book of original entry. The journal contains chronological or date wise record of business transactions, the account debited and credited their respective amounts. Each entry is

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recorded so that the duality or equilibrium or recording is maintained in equation form:

Assets = Liabilities + Owner's Equity

and

Debits = Credits

Steps for the Process of Journalizing:

Following are the steps involved in the process of journalizing a transaction:

(i) Determine the titles of the accounts involved.

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(iii) Apply the rule of Debit & Credit described above.

(iv) And make the necessary journal entry.

JOURNAL EXAMPLE

The following illustration draws upon the facts for the Xao Corporation. Specifically it shows the journalizing process for Xao’s transactions. Review it carefully, specifically noting that it is in chronological order with each transaction of the business being reduced to the short-hand description of its debit/credit effects. For instance, the first transaction increases both cash and equity. Cash, an asset account, is increased via a debit. Capital Stock, an equity account, is increased via a credit. The next transaction increases Advertising Expense "with a debit" and decreases Cash "with a credit."

Note that each transaction is followed by a brief narrative description; this is a good practice to provide further documentation. For each transaction, it is customary to list "debits" first (flush left), then the credits (indented right). Finally, notice that a transaction may involve more than two accounts (as in the January 28 transaction); the corresponding journal entry for these complex transactions is called a "compound" entry.

In reviewing the general journal for Xao, note that it is only two pages long. An actual journal for a business might consume hundreds and thousands of pages to document its many transactions. As a result, some businesses may maintain the journal in electronic form only.

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The illustrated journal was referred to as a "general" journal. Most businesses will maintain a general journal. All transactions can be recorded in the general journal. However, a business may sometimes find it beneficial to employ optional "special journals." Special journals are deployed for highly redundant transactions.

For example, a business may have huge volumes of redundant transactions that involve cash receipts. Thus, the company might have a special cash receipts journal. Any transaction entailing a cash receipt would be recorded therein. Indeed, the summary total of all transactions in this journal could correspond to the debits to the Cash account, further simplifying the accounting process. Other special journals might be used for cash payments, sales, purchases, payroll, and so forth.

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The special journals do not replace the general journal. Instead, they just strip out recurring type transactions and place them in their own separate journal. The transaction descriptions associated with each transaction found in the general journal are not normally needed in a special journal, given that each transaction is redundant in nature. Without special journals, a general journal can become quite voluminous.

PAGE NUMBERING

Second, notice that the illustrated journal consisted of two pages (labeled Page 1 and Page 2). Although the journal is chronological, it is helpful to have the page number indexing for transaction cross-referencing and working backward from financial statement amounts to individual transactions. The benefits of this type of indexing will become apparent in the general ledger exhibits within the following section of the chapter. As an alternative, some companies will assign a unique index number to each transaction, further facilitating the ability to trace transactions throughout the entire accounting system.

RECAP

The general journal does nothing to tell a company about the balance in each specific account. For instance, how much cash does Xao Corporation have at the end of January? One could go through the journal and net the debits and credits to Cash (P25,000 - P2,000 + P4,000 - P500 + P4,800 - P5,000 = P26,300). But, this is tedious and highly susceptible to error. It would become virtually impossible if the journal were hundreds of pages long. A better way is needed. This is where the general ledger comes into play.

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Self Check No. 1.3-3

Comprehension: Following are the steps involved in the process of journalizing a transaction, analyze the following transactions. Write in the blank the proper account titles.

Mr. Jon invests $5000 cash in the business. Let us analyze this transaction.

(i) Title of relevant accounts : 1.)________________ and 2.)________________

(ii) Nature of account : 3.)_______________________and 4.)________________ Competency-based Learning

Material for BOOKKEEPING

NC III

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(iii) Apply the rule : 5.)_____________________ Debit and 6.) ____________Credit

(iv) Journal entry : 7.)___________ Debit. and 8.)___________________9.)Credit P_____________

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Answer Key for Self Check 1.3-3 11. Cash 12. Capital 13. Assets 14. Equity 15. Cash 16. Capital 17. Cash 18. Capital 19. 5000 10. Journalizing Competency-based Learning Material for BOOKKEEPING NC III Date Developed:

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JOB SHEET No. 1.3-1 Title: Prepare Journal Entry

Performance Objective:

Given one Learning Outcome on Preparing Journal Entry, you should be able to

journalize transactions.

Supplies and Materials:

 Calculator

 Paper

 Learning Materials

 Pencil

 Eraser

Steps and Procedure:

1. Based on first month’s operation of Mr. Rose (refer to transactions below) determine the titles of the accounts involved.

2. Apply the rule of debit and credit .

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transaction whenever necessary.

4. Make the necessary journal entry for each transaction. Assessment Method:  Written test  Practical/performance test  Interview JOURNALIZE TRANSACTIONS

The following transactions relate to the first month's operation of Mr. Rose: (January 1) He invested a total amount of P70000 in the form of cash, P45000 land valued at P5000 and building valued at P20000.

(January 2) Deposited P15000 cash into the bank.

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(....3) Purchased merchandise for cash P3000.

(....4) Merchandise purchased on account from ABC and Company P10000. (....5) Purchase a Delivery Truck from XYZ Autos P20000 and issued a Promissory note.

(....6) Cash sales P5500.

(....9) Sold merchandise to MS & Co. P7500 on account. (....12) Purchased two plots of land for cash P15000.

(....14) Purchased merchandise from NS & Co. for P15000. (....15) Cash sales P7500.

(....16) Mr. Rose withdrew merchandise-costing P500 for personal use. (....18) Made full payment to ABC & Co. by cheque for merchandise purchased on credit.

(....20) Paid through cheque P1800 for a television advertisement. (....25) Mr. Rose made an additional investment of P25000, which is deposited into bank.

(....26) Received cheque of P5000 from MS & Co. and deposited the same into the bank.

(....27) Withdrew cash from bank for office use P5000. (...28) Paid electricity bills for the month P500.

(....29) Issued a cheque of P6000 to NS & Co. (....30) Paid salaries to staff P3000.

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(....31) Owner withdrew from bank P2500 for personal use.

Required: Journalize the above transactions.

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PERFORMANCE CRITERIA CHECKLIST NO.1.3-1

Did you…. YES NO

-prepare journals in accordance with industry practice and generally accepted accounting principles/Philippine

Financial Reporting Standards for transactions and events. -determine debit account titles in accordance with chart o accounts.

-determine credit account titles in accordance with chart of accounts

-prepare explanation to journal entry in accordance with the nature of transaction.

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Comments/Suggestions: Trainer:_____________________________________Date:____________________ Competency-based Learning Material for BOOKKEEPING NC III Date Developed:

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