FABM 2-8 - Lecture notes 1 PDF

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12 iiFundamentals of Accountancy, Business and Management 2 – Grade 12 Alternative Delivery ModeQuarter 1 – Module 8: Basic Documents and Transactions related ...

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          

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Fundamentals of Accountancy, Business and Management 2 – Grade 12 Alternative Delivery Mode Quarter 1 – Module 8: Basic Documents and Transactions related to Bank Deposits First Edition, 2020 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 module 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. Published by the Department of Education, Division of Palawan Schools Division Superintendent: Natividad P. Bayubay, CESO VI Assistant Schools Division Superintendents: Loida P. Olavario, Ph.D. Felix M. Famaran Development Team of the Module Writers: Habiba T. Nurhasan, CPA Content Editors: Edheson M. Gapad Language Editor: Marianne R. Valdez Reviewers: Eric N. Quillip Mark G. Javillonar Management Team: Aurelia B. Marquez Rodgie S. Demalinao Eric N. Quillip Printed in the Philippines by ________________________ Department of Education – MIMAROPA Region – Schools Division of Palawan Office Address: Telephone: E-mail Address: Website:

PEO Road, Bgy. Bancao-Bancao, Puerto Princesa City (048) 433-6392 [email protected] www.depedpalawan.com

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12             

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Introductory Message For the facilitator: Welcome to the Fundamentals of Accountancy, Business and Management 2– Grade 12 Modular Distance Learning (MDL) Self-Learning Module on the Basic Documents and Transactions related to Bank Deposits! This module was collaboratively designed, developed and reviewed by educators from public institution to assist you, the teacher or facilitator in helping the learners meet the standards set by the K to 12 Curriculum Most Essential Learning Competencies (MELCs) in the “New Normal” situation while overcoming their personal, social, and economic constraints in schooling. This learning resource hopes to engage the learners into guided and independent learning activities at their own pace and time. Furthermore, this also aims to help learners acquire the needed 21st century skills while taking into consideration their needs and circumstances. In addition to the material in the main text, you will also see this box in the body of the module:

Notes to the Teacher This contains helpful tips or strategies that will help you in guiding the learners.

As a facilitator, you are expected to orient the learners on how to use this module. You also need to keep track of the learners' progress while allowing them to manage their own learning. Furthermore, you are expected to encourage and assist the learners as they do the tasks included in the module.

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For the learner:

Welcome to the Fundamentals of Accountancy, Business and Management 2 – Grade 12 Modular Distance Learning (MDL) Self-Learning Module on the Basic Documents and Transactions related to Bank Deposit! This module was designed to provide you with fun and meaningful opportunities for guided and independent learning at your own pace and time. You will be enabled to process the contents of the learning resource while being an active learner. This module has the following parts and corresponding icons: What I Need to Know

This will give you an idea of the skills or competencies you are expected to learn in the module.

What I Know

This part includes an activity that aims to check what you already know about the lesson to take. If you get all the answers correct (100%), you may decide to skip this module.

What’s In

This is a brief drill or review to help you link the current lesson with the previous one.

What’s New

In this portion, the new lesson will be introduced to you in various ways; a story, a song, a poem, a problem opener, an activity or a situation.

What is It

This section provides a brief discussion of the lesson. This aims to help you discover and understand new concepts and skills.

What’s More

This comprises activities for independent practice to solidify your understanding and skills of the topic. You may check the answers to the exercises using the Answer Key at the end of the module.

What I Have Learned

This includes questions or blank sentence/paragraph to be filled into process what you learned from the lesson.

What I Can Do

This section provides an activity which will help you transfer your new knowledge or skill into real life situations or concerns.

Assessment

This is a task which aims to evaluate your level of mastery in achieving the learning competency. v

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Additional Activities

In this portion, another activity will be given to you to enrich your knowledge or skill of the lesson learned.

Answer Key

This contains answers to all activities in the module.

At the end of this module you will also find:

References

This is a list of all sources used in developing this module.

The following are some reminders in using this module: 1. Use the module with care. Do not put unnecessary mark/s on any part of the module. Use a separate sheet of paper in answering the exercises. 2. Don’t forget to answer What I Know before moving on to the other activities included in the module. 3. Read the instruction carefully before doing each task. 4. Observe honesty and integrity in doing the tasks and checking your answers. 5. Finish the task at hand before proceeding to the next. 6. Return this module to your teacher/facilitator once you are through with it. If you encounter any difficulty in answering the tasks in this module, do not hesitate to consult your teacher or facilitator. Always bear in mind that you are not alone. We hope that through this material, you will experience meaningful learning and gain deep understanding of the relevant competencies. You can do it!

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What I Need to Know

This module was designed and written with you in mind. It is here to help you master the basic documents and transactions related to bank deposit. The scope of this module permits it to be used in many different learning situations. The language used recognizes the diverse vocabulary level of students. The lessons are arranged to follow the standard sequence of the course. But the order in which you read them can be changed to correspond with the textbook you are now using. The module is divided into two lessons, namely: • •

Lesson 1 – Different Kinds of Bank Accounts Lesson 2 – Bank Deposits and Withdrawals Slips

After going through this module, you are expected to: 1. 2. 3. 4.

Identify the types of bank accounts normally maintained by a business; Distinguish the difference of the types of bank accounts; Differentiate bank’s deposits and withdrawal slips; and Prepare bank deposits and withdrawal slips

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What I Know Directions: Choose the letter of the best answer and write it on a separate sheet of paper. 1. Which of the following does NOT pertain to a checking account? a. Allows the depositor to issue bank checks b. Intended to provide an incentive for the depositor to save money c. Rarely earn interests because of the fast turnover d. It is like savings account with added feature 2. Which of the following is NOT an example of bank account maintained by a business? a. Saving account c. Time deposit account b. Checking account d. Bank check 3. Money held under this type of account can be withdrawn through issuance of check. a. Savings account c. Checking account b. Time deposit account d. Unit investment trust funds 4. Which of the following best describes time deposit account? a. It is an investment placement b. Allows the depositor to issue bank checks c. The purpose of the account is for safekeeping d. Investments in stocks and bonds without directly investing in those securities 5. Which of the following does NOT describe the reason for the opening of bank account of a business? a. Cash is easily misappropriated if not properly safeguarded b. Bank accounts are at the center of critical control policies for cash c. Cash payments should be settled through bank checks d. Investments in stocks and bonds without directly investing in those securities 6. Which of the following bank accounts earns lower interest rate than the other? a. Savings account c. Checking account b. Time deposit account d. Unit investment trust funds 7. This type of account is held for a fixed period of time and can be withdrawn only after the lapse of the fixed-term a. Savings account c. Checking account b. Time deposit account d. Unit investment trust funds 2

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8. Which of the following is TRUE? a. A passbook is a booklet used to record bank transactions on a checking account b. A withdrawal slip is used only for passbook savings account c. A savings account holder is not allowed to make withdrawals through a withdrawal slip d. A bank deposit slip is validated by the teller to signify releasing of the fund 9. Which of the following is FALSE? a. The depositor should always be the holder of the account b. Only the account holder may withdraw from his account c. The bank deposit slip should be validated by the teller that accepts it d. The signature of the account holder is required in the withdrawal slip 10. Which of the following bank form is used when a depositor wants to put money on his/her account? a. Deposit slip c. Bank check b. Withdrawal slip d. Indemnity form 11. Which of the following document is used when a depositor wants to get money from his/her savings account? a. Deposit slip c. Bank check b. Withdrawal slip d. Indemnity form 12. Which of the following is FALSE regarding the KINDS of deposit slip? a. There are two kinds of deposit slip, cash deposit slip and check deposit slip b. Some banks merge two kinds of deposit slip (cash & check) into one c. For check deposit, the check, check number and issuing bank should be indicated d. The depositor is required to indicate the denomination of the check deposit 13. Which of the following information is NOT needed in filling-out the deposit slip? a. Account number c. Date of transaction b. Account name d. Signature of the depositor 14.

Which of the following two bank accounts usually maintained by a business? a. Savings and time deposit account b. Savings and checking account c. Checking and time deposit account d. Time deposit and unit investment trust funds account

15. Which of the following is the MOST important part in a withdrawal slip? a. Type of account c. Signature of the depositor b. Currency d. Amount to be withdrawn 3

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Lesson

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Different Kinds of Bank Accounts

Assets are resources owned by a company and in order to safeguard its assets and to ensure that company resources are not misused or misappropriated, the company implements controls. Cash is an important asset of a company and it is also one of the easily misappropriated assets if not properly safeguarded. Bank accounts are at the center of critical control policies for cash. All cash receipts should be deposited in the bank at the end of the day. Very minimal amounts should be left in the company’s premises overnight. Also, cash payments should be settled through bank check and processes through the voucher system. Given the company’s extensive use of the banking system, we will discuss the different kinds of bank accounts usually maintained by a business in this lesson.

What’s In

In the previous lesson, you have learned about the preparation and analysis of financial statements of a service and merchandising business using horizontal and vertical analyses, and financial ratios. Your knowledge and skills in the analysis of financial statements will aid the future entrepreneurs in you in making sound economic decisions.

Notes to the Teacher The brief discussion above provided enough information for the students to do the activities on the succeeding pages. Such activities are designed for individual preparation and lesser teacher intervention.

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What’s New Below activity will help you familiarize yourself with our first lesson on this module.

Activity 1: LINK the Bank! Direction: On a separate answer sheet, give what are being asked in each item. 1. Enumerate the bank that are existing within your municipalities. ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

2. Do you have any bank account? How about your family or anyone in your family? ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

3. What is the purpose of your bank account? ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

4. Why did you choose that certain bank where you maintain your account? ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

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What is It In Activity 1, you were able to familiarize and linked yourself with banking and bank accounts. In this part of the module, you will further find out the definition and examples of the different kinds of bank accounts usually maintained by a business or by an individual.

SAVINGS ACCOUNT • • •

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The simplest bank account is the savings account. The business deposits money in the bank for safekeeping. The account earns minimal interest and may have a minimum balance requirement Some savings accounts are linked with passbook. o Passbook – is a booklet used to record bank transactions on a savings account. It contains a chronological record of deposits, withdrawals and interest earnings. Some savings account come with an ATM card o ATM Card – are used for making transactions in Automated Teller Machines (ATM). Some ATM cards also functions as debit cards. o Debit Cards – are linked with the VISA or Mastercard networks that allow depositors to use their cards to make payments in various establishments. Some banks give their depositors internet banking privileges. This allows them to access their statement of accounts and make payments online Withdrawals from savings account maybe made over-the-counter, ATMs, online payments and debit card transactions.

CHECKING or CURRENT ACCOUNT •

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A checking account is like a savings account with an added feature – the depositor can issue bank checks o Bank checks – is an acceptable form of payments. It allows depositors to pay large sums using one sheet of paper instead of carrying currencies. It can also provide additional control feature that prevent misappropriation of cash. A payee can be specifically named such that no other person or entity can use it. Moreover, a check can be “crossed” or “restricted for payee’s account only”. This means that the check will only be accepted for deposit to the payee’s bank account and cannot be encashed over the counter. Checking accounts rarely earn interest because of the fast turnover of transactions. To cater their customers’ demand for better interest rates, most banks offer hybrid accounts. These are combinations of savings and checking account. There are ATM-passbook checking accounts. There are also hybrid 6

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accounts that earn higher interest rates but limits check withdrawal to a few checks a month such as premium deposit account.

TIME DEPOSITS AND OTHER INVESTMENT ACCOUNTS Time Deposit • •

Time deposit accounts are investment placements. The depositor agrees not to withdraw the funds over the contracted period in exchange for fixed interest rates that are higher than deposit rates.

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Time deposits are evidenced by certificates of time deposits (CTD)

Unit Investment Trust Fund (UITF) • • •

UITF allows investors to gain the benefit and suffer the losses of investments in stocks and bonds without directly investing in those securities. Investors purchase units of the pooled funds The investor earns income not through interest but on the increase in fair market value of the pooled fund.

Remember! • •

Savings and checking accounts are the two accounts usually maintained by business Depending on its banking license, the bank can offer other forms of investment vehicles to their clients. There are mutual funds, variable insurance, government securities and corporate notes, among others. We limit our discussion to time deposits and UITF.

Notes to the Teacher The brief discussion above provided enough information for the students to do the activities on the succeeding pages. Such activities are designed for individual preparation and lesser teacher intervention.

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What’s More Activity 2: NAME the Accounts! Directions: Name the bank accounts maintained by the following individuals. Write you answer on a separate answer sheet. 1. Alex has a bank account at Landbank of the Philippines that enable him to issue bank checks. 2. The account maintained by Bobby at BDO is known to be the simplest bank account and is linked with a passbook. 3. Teddy agrees with Metrobank not to withdraw the funds in his account over a contracted period in exchange for fixed interest rates. 4. Gabby has an account in BPI that allows him to gain the benefit and suffer the losses of investments in stocks and bonds without directly investing in those securities. 5. The account of CJ in Allied Bank is also known as current account. 6. Joliber has an account at PNB that earns income not through interest but on the increase in fair market value of the pooled fund. 7. As a result of the fast turnover of transactions, this account of Alyza at Union Bank rare...