Beruflich Dokumente
Kultur Dokumente
Entrepreneurship
Quarter 2 – Module 6
Business Records
1
Entrepreneurship – Grade 12
Alternative Delivery Mode
Quarter 2 – Module 6: Business Records
Republic Act 8293, Section 176 states that: No copyright shall subsist in any
work of the Government of the Philippines. However, prior approval of the
government agency or office wherein the work is created shall be necessary for
exploitation of such work for profit. Such agency or office may, among other
things, impose as a condition the payment of royalties.
Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names,
trademarks, etc.) included in this book are owned by their respective copyright
holders. Every effort has been exerted to locate and seek permission to use
these materials from their respective copyright owners. The publisher and
authors do not represent nor claim ownership over them.
Office Address: 0050 Lino Chatto Drive Barangay Cogon, Tagbilaran City,
Bohol
Telefax: (038) 501 – 7550
Tel Nos. (038) 412 – 4938; (038) 411-2544; (038) 501 – 7550
E-mail Address: depedbohol@deped.gov.ph
2
Lesson 1: Business Records
What is it?
1. Monitor the progress of the business – this to closely monitor the progress
of the business like its improvements, which items are selling, and
changes to make.
2. Prepare the financial statements – this includes the income statement
and balance sheet
Income statement shows the income and expenses of the business
for given period of time.
Balance sheet shows the assets, liabilities, and equity in the
business on a given date.
3. Identify sources of income – this information will help to separate
business from non-business receipts and taxable form non-taxable.
4. Keep track of the deductible expenses – this will keep the record
especially the expenses that will greatly needed when preparing the tax
return.
5. Keep track as the basis in property – this record serves as the basis
amount of the investment in property for tax purposes.
6. Prepare the tax returns
7. Support items reported on the tax returns
What’s more?
Directions:
Pick out from the box the importance of keeping business records as
described in each item. Use the answer sheet provided.
3
1. The good records need to prepare accurate financial statement.
2. The good records need to monitor the progress of a business.
3. The good records can identify the sources of income.
4. The good records can be a basis to figure gain or loss on disposition of
property.
What is it?
1. Journals
Sales journal (sales book) – these are used to record your company’s
sales.
Purchase journal (purchase book) – these are used to record your
company’s purchase.
Cash receipts journal (cash receipts book) – these are used to record your
company’s cash receipts
Cash payments journal (cash payments book or cash disbursement book) –
these are used to record your company’s payment in cash.
General journal – these are used to your company’s transaction
mentioned in a, b, and c.
2. Ledgers
What’s more?
4
Directions:
Pick out from the box the financial forms or records as described in each
item. Use the answer sheet provided.
a. Accounts receivables
b. Inventory records
c. Accounts payable
d. Sales records
e. Cash records
Lesson 3: Bookkeeping
What is it?
BOOKKEEPER
A person who records the day-to-day financial transactions of
business
He is responsible for writing the daybooks which contain records
of purchases, sales receipts, and payments
He is responsible for ensuring that all transaction whether it is
cash transaction or credit transaction are recorded
RECORDING TRANSACTIONS
5
Accounts payable P xxx
Paid rent for the business office used for the month
Account Title Debit Credit
Rent expense P xxx
Cash P xxx
Borrow money from the bank
Account Title Debit Credit
Cash P xxx
Loan Payable P xxx
What’s more?
Directions:
Using the following situation, prepare recording transactions.
Assessment
6
Direction: Read each item carefully and write the letter of your choice on your answer
sheet.
Answer Sheet
7
Name: __________________________________________________________
Grade & Section: ________________ Score: _______
Quarter 2 – Module 6
Lesson 1
What’s more?
1.
2.
3.
4.
Lesson 2
What’s more?
1.
2.
3.
4
Lesson 3
What’s more?
Account Title Debit Credit
1.
2.
3.
4.
Assessment
1. 2. 3. 4. 5. 6. 7.
8. 9. 10.
References
8
Direction: Read each item carefully and write the letter of your choice on your answer
sheet.
1. This refers to the digital machines needed for optimum business operations.
A. process C. equipment
B. location D. staffing
2. This refers to the place where the business operation is happening.
A. staffing C. location
B. equipment D. process
3. This refers to any activity that you cannot drop on your foot.
A. product C. goods
B. service D. income
4. This refers to something you can pin point at.
A. goods C. income
B. product D. service
5. This is to have a long interval between repeat purchased because of the long-
lasting nature of the product.
A. durable C. services
B. non-durable D. perishable
6. These are essentially tangible because there are no physical products involved.
a. perishable C. non-durable
b. services D. durable
7. This is to have stronger repeat purchases because products are consumable
A. non-durable C. durable
B. services D. perishable
8. This refers to a person who records the day-to-day financial transactions of
business
A. accountant C. bookkeeper
B. financial adviser D. cashier
9. This refers to the recording of financial transactions, and is part of the process
of accounting in business.
A. accounting C. financing
B. bookkeeping D. investing
10.These records will reveal how effective if your firm’s credit and collection.
A. accounts receivables C. sales records
B. accounts payable D. payroll records
11.This includes the income statement and balance sheet
A. identify sources of income C. prepare the financial statements
B. prepare the tax returns D. monitor the progress of the business
12.This refers to a document that records business dealings.
A. business plans C. business journals
B. business forms D. business records
13.This refers to information that will help to separate business from non-business
receipts and taxable form non-taxable.
A. monitor the progress of the business C. identify sources of income
B. prepare the financial statements D. prepare the tax returns
14.These records provide a basis for the product costing and detect lost
profits/costs as a result of idle manpower.
A. production records C. sales records
B. payroll records D. cash records
15.These shows the total payments paid to employees and provide a basis for
computing some legal payments.
A. cash records C. sales records
B. payroll records D. production records