ABM Strand Competency FOR Accountancy Program IN NDU a PDF

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CHAPTER 1INTRODUCTIONThis study is focused on the competency of BSA freshmen students of NDU who came from ABM strand during their senior high school. In this study, “competency” talked about the competency of students in the accountancy program, a platform that also showcased the current BSA freshm...

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CHAPTER 1 INTRODUCTION

This study is focused on the competency of BSA freshmen students of NDU who came from ABM strand during their senior high school. In this study, “competency” talked about the competency of students in the accountancy program, a platform that also showcased the current BSA freshmen students’ skills in accounting and business fields. It is a study that performed an analysis on how Freshmen BSA students dealt on certain accounting abilities and in their other subjects, as well as their ability or understanding of certain management skills, an instrument that also researches on their efficiency on those fields. This research is also a way to test where or which accounting or management aspects the students are well competent and where are they incompetent. The researchers chose this topic because of its current applicability and inspired by the change in the curriculum in the K to12, the additional two years in the secondary level and the introduction of the Accounting Business management strand or the ABM strand. It is presumed by these researchers that such curriculum change and the introduction of the ABM strand have certain effects among the freshmen BSA college students, in terms of their competency in the Accounting or the Accountancy program. The researchers believed that this will contribute further understanding of how the current freshmen BSA students, use up their collective Accounting knowledge and applying these in the pursuit of their Accounting course.

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Review of Related Literature Competency Competency is the combination of observable and measurable knowledge, skills, abilities and personal attributes that contribute to enhance employee performance and ultimately result in organizational success. To understand competencies, it is important to define the various core competencies. Core competencies A section in the book by Edward J. Cripe and Richard S. Mansfield entitled “The Value-Added Employee” (2002) summarizes competencies into three major competency categories: Competencies dealing with people, Competencies dealing with business, and Self-management competencies. Self-management competencies On Cripe and Mansfield’s study there are four competencies under selfmanagement competencies listed namely self-confidence, stress management, personal credibility, and flexibility. Self-confidence is faith in one’s own ideas and capability to be successful; willingness to take an independent position in the face of opposition. Stress management is the ability to keep functioning effectively when under pressure and maintain self-control in the face of hostility or provocation. Personal credibility demonstrates concerns that one is viewed as responsible, reliable, and trustworthy. Lastly, Flexibility refers to openness to different and new ways of doing things.

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Competencies dealing with people On the competencies dealing with people, they enumerated fifteen competencies namely: establishing focus, providing motivational support, fostering teamwork, empowering others, managing change, developing others, managing performance, attention to communication, oral communication, written communication,

persuasive

communication,

interpersonal

awareness,

influencing others, building collaborative relationships, customer orientation. Establishing focus refers to the ability to develop and communicate goals in support of a mission; also, it helps develop goals and plans to fulfill the said mission. Providing motivational support is the ability to enhance others’ commitment to their work. He had enumerated few examples of what motivational support is, recognition and rewarding of people for positive results, acknowledgement and thanks for contributions, identify morale problem, give talks to energize group, and, many more. Fostering teamwork refers to the ability of a member to effectively cooperate with others on a team or as a leader the ability to draw the best out of a team’s ability. The following behaviours for team members are considered ideal: attentiveness and constructive response to ideas, offers support, vocal about concerns, reinforce members for their ideas, provide assistance, and shares expertise. For team leaders, the following behaviors are ideal: provide opportunities for people to learn to work as a team, enlist active participation equally, promotes cooperation, fair treatment of members, recognizes and encourage behaviors that contribute to teamwork.

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Empowering others refers to the ability to convey confidence in employee to become successful, most notably on challenging new tasks and delegation of authority and responsibility. Managing change is the ability to support innovation and for organizational changes needed to improve effectiveness. Developing others means to delegate responsibility and to work with others and coach them to develop their capabilities. Managing performance is the ability to take responsibility for member’s performance and guiding them along the goal with feedbacks and addressing concerns about performances. Attention to communication is the ability to ensure information is passed to others who are relevant to the information discreetly. Oral communication is the expression of ideas

clearly

in a

conversation

and

interaction with

others. Written

communication is parallel to oral communication, here it is expressed in writing. Persuasive communication is the ability to plan and deliver oral and written communication with impact to persuade their intended audiences. Interpersonal awareness is the ability to notice, interpret, and anticipate others’ concerns and feelings, and to communicate this awareness empathetically to others. Influencing others is the ability to gain others support for ideas, proposals, projects, and solutions. And lastly for competencies in dealing with people, client orientation. This refers to ability to demonstrate concern for satisfying one’s external or internal client. Competencies dealing with business Cripe and Mansfield had enumerated twelve competencies under dealing with business. This part covers the prevention and problem solving

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competencies. The twelve competencies are diagnostic information gathering, analytical thinking, forward thinking, conceptual thinking, strategically thinking, technical expertise, initiative, entrepreneurial orientation, fostering innovation, results, orientation, thoroughness, and decisiveness. Diagnostic information gathering is the ability to identify the information needed to clarify a situation, seek that information from appropriate sources, and use skillful questioning to draw out the information, when others are reluctant to disclose it. Analytical thinking tackles problems using logical, systematic, and sequential approaches. Several examples of analytical thinking are systematic comparisons

of

two

or

more

alternatives,

notice

discrepancies

and

inconsistencies in available information, approaches a complex task by breaking it down into its component parts and considering each part in detail, and many more. Forward thinking is the ability to anticipate the implications and consequences of situations and take appropriate action to be prepared for contingencies. Conceptual thinking is the ability to find effective solutions by taking a holistic, abstract, or theoretical perspective. Strategic thinking, is the ability to analyze an organization’s or situation competitive position by considering various factors related to it. Technical expertise is the ability to demonstrate depth of knowledge and skill in technical area. Initiative refers to ability to identify necessary things needed to be done before the situation requires it. Opportunity orientation is the ability to seize opportunities and willingness to take calculated risks to achieve goals. Fostering innovation is the ability to develop, sponsor, or support the introduction

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of new and improved method, products, procedures, or technologies. Results orientation is the ability to focus on desired results and setting challenging goals, focusing effort on the goal or exceeding them. Thoroughness ensures the work done is complete and accurate. Decisiveness is the ability to make difficult decisions in a timely manner. Basic Accounting Theories and its usefulness For those who are dreaming of pursuing a degree in accountancy of any business related course, learning the basic accounting theories is very important. Accounting theories provide both the theoretical basis and the rules based on that theoretical basis used to guide accountants in creating useful financial documents. If accounting methods and practices can be considered the meat of accounting, then accounting theories are the bones that lend them shape and structure. Uses of Accounting For financial documents to be useful to their intended end users, the information presented therein must be accurate, consistent and presented in time for financial decisions to be made. Accounting theories and rules based on accounting theories are useful because their creation and implementation ensure that these factors are promoted in accounting methods and practices. Financial documents that cannot provide accurate and consistent information in time for financial decisions to be made are useless and pointless. Accounting Equation

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Accounting theories provide the fundamental assumptions on which accounting methods and practices accrue and accumulate. It is assumed that assets should always be equal to liabilities and equities combined. The change in one side equates to change also to the other side. Accounting Rules Accounting rules and principles are the implementations of accounting theories intended to bolster the usefulness of financial documents through creating a common basis of understanding among accountants and end users. Without these rules and principles, users cannot understand and interpret such documents in the right manner because their meanings are left up to the individual accountants. Basic Accounting Phases, Principles, Assumptions, and Steps In basic accounting, there are steps, phases, and assumptions already considered as a basis for basic accounting. These serves as guidelines and a manual for those who are practicing the profession and intended users. The four phases of accounting Recording, classifying, summarizing, and interpreting of financial data are fundamental when it comes to accounting practice. Recording refers to the basic phase where all financial transactions are recorded in a systematic and chronological manner in appropriate books. Accounting records includes assets, liabilities, ledgers, journal and other supporting documents such as invoices and checks. Classifying is the sorting and grouping of similar items unders designated name, category, or account. This phase uses a systematic analysis

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of recorded data in which all transaction are grouped in one place. The summarizing phase of accounting involves summarizing the data after each accounting period, such as a month, quarter or year. The data must be presented in a manner which is easy to understand and use by both external and internal users of the accounting statements. Graphs and other visual elements are often used to complement the text data. Lastly, Interpreting phase refers to the process concerned with analyzing financial data and is a critical tool for decision-making. This phase interprets recorded data in a way which allow users to make meaningful judgments regarding financial condition of a business or account. Accounting Principles and Assumptions The basic or fundamental principles in accounting are the cost principle, full disclosure principle, matching principle, revenue recognition principle, economic entity assumption, monetary unit assumption, time period assumption, going concern assumption, and materiality. The 10-step accounting cycle The first step in an accounting cycle is the identifying and analyzing of business transactions. This step separates transactions and events that are deemed not included in the accounting system. The second step is the recording of transactions to the journal. After identifying and analyzing the transactions and events, all that were viewed as included in accounting system are now formally recorded in the journals. Next step is the posting of the journal entries to the ledgers or books of final entry. The balances of each account can now be

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identified after the posting in the ledger are finished. The fourth step in the accounting cycle is the preparation of unadjusted trial balance. This trial balance is prepared to test the equality of the debit and credit balances that are extracted from the ledgers. The fifth step is the adjusting entries. In adjusting entries, all balances that have been incurred but not yet recorded in the journals or income earned but not yet entered in the books are reconciled with the use of adjusting entries. This step is to update the accounts before they are summarized in the financial statements. The lower half of the accounting cycle is composed of preparation of trial balance, financial statements, closing entries, and lastly the reversing entries. The adjusted trial balance is prepared before the financial statements are prepared. This is to test if the debits are equal to credits after adjusting entries are made. Financial statements are the end products of an accounting system. It is comprised of Statement of comprehensive income, statement of changes in equity, statement of financial position, statement of cash flows, and notes to the financial statements. Closing entries are entries that are prepared to close all nominal accounts. Post-closing trial balance is the last step and the last of the three trial balances. The post-closing trial balance is prepared to test the equality of balances after the closing entries are made. Reversing entries is an optional step in the accounting cycle and is prepared at the beginning of a new accounting period to facilitate a smoother and more consistent recording process.

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Basic Education Act of 2013 This is an act implemented by the government aimed to improve graduates of Philippine schools to meet international standards. The Basic Education Act of 2013, most commonly known as K to 12, is composed of at least a year of kindergarten, six years of elementary education, four years of junior high school, and 2 years of senior high school. Upon reaching senior high school, the students are given choices on educational strands such as ABM, STEM, HUMSS, and GAS. These strands are important prerequisites for pursuing a college degree.

ABM Strand ABM or Accounting and Business Management is one of the few educational strands that students can choose when reaching the senior high level. The ABM strand focused on the concepts regarding financial management, business management, and accounting. Subjects implemented in ABM strand in Grade 11 and 12 Listed below are the current layout of subjects in ABM strand. The stated subjects are beneficial preparatory knowledge and skills for higher degree. On grade 11 first semester, the core subjects are Oral communication, Komunikasyon sa Pananaliksik sa wika at kulturang Pilipino, General Mathematics, Earth and Life Sciences, Personal Development or Pansariling Kaunlaran, Understanding Culture, Society, and Politics, Physical Education and health. The contextualized subjects are English for Academic and Professional

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Purposes, and Research in Daily Life 1. For the Second semester, the core subjects are Reading and writing skills, Pagbasa at pasusuri ng iba’t-ibang teksto tungo sa pananaliksik, Statistics and Probability, Physical science, Physical Education and Health. Meanwhile, the Contextualized subject is Empowerment technologies (E-tech): ICT for professional tracks. Added on the second

semester

are

specialization

subjects

namely

Business

math,

Organization and management, Fundamentals of Accounting, Business and Management 1. Each weekday should encompass 6.6 hours. On grade 12 first semester, the core subjects are 21 st century Literature from the Philippines and the World, Introduction to the Philosophy of the Human Person or Pamungad sa Pilosopiya ng Tao, Contemporary Philippine Arts from the regions, Media and Information Literacy, Physical Education and Health. Research and Daily Life 2 is the only contextualized subject for the first semester of grade 12. The specialization subjects are Fundamentals of Accounting, Business, and Management 2, and Business Finance. For the second semester of grade 12 the core subject is only composed of Physical Education and Health. Entrepreneurship, Pagsusulat sa Piling Larangan, Research Project is covered by the contextualized subjects. As for the specialization subjects, Applied economics, Business Ethics and Social responsibility, Business Marketing, and Business Enterprise Simulation are the subjects covered in specialization. Each weekday should encompass 5.8 hours.

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The following subjects have prerequisites and co-requisites: Subjects Research in Daily Life 2 Business Finance Fundamentals of Accountancy, Business, and Management 2 Business Ethics and Social Responsibility

Prerequisite(s) Statistics and Probability Fundamentals of Accountancy, Business, and Management 1

Business Marketing

Fundamentals of Accountancy, Business, and Management 1, Organization and Management, Principles of Marketing, and Business Math Organization and Management

Subject

Co-requisite

Business Finance

Fundamentals of Accountancy, Business, and Management 2

Notre Dame University’s mission in educating students Notre Dame University has been educating people for 70 years already. It is NDU’s mission to develop graduates who are locally and globally competitive, form persons with social conscience and responsibility, foster a culture of peace and dialogue of faiths and cultures, facilitate community empowerment for total human development especially among the poor, promote holistic institutional growth, to nurture a community of stakeholders and partners valuing and sharing this vision and working towards its attainment. College of Business and Accountancy College of Business and Accountancy is a Department under Notre Dame University that offers its students’ knowledge on Business and Accounting related courses. The following programs are offered by the College of Business and Accountancy:

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Bachelor of Science in Accountancy (BSA), Bachelor of Science in Accounting Technology (BSAcT), Bachelor of Science in Business Administration (BSBA) Major in: Marketing Management, Financial Management, Human Resource Management, Bachelor of Science in Entrepreneurship (BSEntrep), and Bachelor of Science in Accounting Information Systems (BSAIS). Related Study A study conducted by Jennifer Cunnigham, Emily Key, and Rhonda Capron entitled, An evaluation of competency‐based education programs, is about the developmental process of competency-based programs and how does it affect orthodox teaching practices currently used in educational programs.

It was

concluded in the study in designing a competency-based program can be costly but with worthwhile results. The government should play a huge role in helping improve the smoothness of the implementation of transitioning into a competency-based program. The changes that the authors have stated were on how assessments should really be validated, how students react to different faculty and staff practices and also to technological advances. The study also points out institutions starting to implement a...