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CHAPTER I Introduction, The problem, Background of the study

A. Inroduction This research tackles the advantages of taking accountancy course in the economic development of the Philippines. Chapter I states the problem and the background of the study which includes the definitions of economy, development, accountancy profession, and the history of Philippine economy. Chapter II contains the related literature and studies such as issues related to his/her research which he/she get in the books, internet and newspaper. Chapter III shows the method of research and procedure that includes book analysis and web browsing. Chapter IV presents and covers the presentation and interpretation of data. It contains the advantages of taking accountancy course in the economic development of the Philippines and accountancy profession. Chapter V contains the summary, conclusion and recommendation of the research. The researcher conducts this study because she/he wants to have a background study on accountancy profession, the history of Philippine economy, etc. The researcher finds out thet in a broad sense, accounting is a process of identifying, measuring and communicating economic information for the purpose of making financial decisions and informed judgements.

B. Statement of the problem This research aims to discuss the advantages of taking accountancy course in the econmic development of the Philippines.

This research aims to discuss the following specific question: 1. What is accountancy profession? 2. What is the history of the Philippine economy? 3. How can accountancy profession helps in the economic development of the Philippines?

C. Background of the study 1. Definitions. The following words are defined for the readers for more understanding. a. Accounting. In a broad sense, accounting is a process of identifying, measuring and communicating economic information for the purpose of making financial decisions and informed judgements. (David A. Marshall, 2008)

a. Accountancy Profession. Accountancy is a profession. A graduate of BS in Accountancy who passed the board exam is called a CPA (Certified Public Accountant), or in short an Accountant. An accountant's job includes the performance of financial functions related to the collection, accuracy, recording, analysis and presentation of a business, organization or company's financial operations. The accountant usually has a variety of administrative roles within a company's operation. (www.findunivedsity.ph.) c. Development. It is an act of growing or causing something to grow, improve, or become larger. (www.wikipedia.com) d. Economy. It is an act or mean of thrifty saving. (www.wiki.com)

2. History of the Philippine Economy The Economy of the Philippines is the 40th largest in the world, according to 2012 International Monetary Fund statistics, and is also one of the emerging markerts in the world. The Philippines is considered as a newly industrialize country which has been transitioning from being one based on agriculture to one based more on services and manufacturing. According to the CIA Factbook. The estimated 2012 GDP was $424.355 billion. Goldman Sachs estimates that by the year 2050, the Philippines will be the 14th largest economy in the world, Goldman Sachs also included the Philippines in its list of the Next Eleven economies. According to HSBC, the Philippine economy will become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy

in the Southeast Asian region by 2050. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United Sates, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan and Thailand. The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, Malaysia and Thailand. It is currently one of Asia's fastest growing economies. (http://en.wikipedia.org/wiki/Economy_of_the_Philippines)

CHAPTER III Method of Research and Procedures A. Methods The following are methods in conducting the study. 1. Book Analysis. It is the process of examining the different section of a book. (Ask.com) 2.Internet Browsing. It is a software application for retreiving, presenting and traversing information resources on the World Wide Web (www). (www.wiki.com)

B. Procedure First, the researcher gathered information from books and internet. Second, the researcher analyzed and interpreted the data from the gathered information. And last, the researcher came up with a conclusion and recommendation.

CHAPTER IV Presentation and Interpretation of data A. Advantages of taking accountancy course in the economicdevelopment of the Philippines. 1. Raising people's living level including their: a. Income Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received... in a given period of time." In terms of accounting, income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. a.1.2. Consumption level Consumption is a major concept in economics and is also studied by many other social sciences. Economists are particularly interested in the relationship between consumption and income, and therefore in economics the consumption function plays a major role.

2. Improve the quality of life especially in the world's poor country

Poverty is general scarcity or dearth or the state of one who lacks a certain amount of material possessions or money. Absolute poverty refers to the deprivation of Basic human needs which commonly includes food, water, sanitation, clothing, shelter, health care and education. Relative poverty is defined contextually as economic inequality in the location or society in which people live. To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem. The quality of life include not only wealth and employment but also the built environment, physical and mental health, education, recreation and leisure time, and social belonging. Professional accountants are increasingly challenged to demonstrate their relevance in the capital market and their ability to evolve and face new challenges. Public expectations are high. The value of professional accountants will be measured by the extent to which they are perceived to be accountable not only to their own organizations but more importantly to the society. So accountants have very important role when it comes in improving the quality of life.

3. Response to the society's need for financial information One of advantages of accountancy course is the response to the society's need for financial information that will support decisions and informed judgements. There are many types of profession in the world which are held in high esteem in public eyes and there is no denying the fact that the accounting profession in one of them. At the core of all types of learned profession, there is the desire of public good and of finding the best way to serve society. By the help of science of accountancy and the spell of its art, a dynamic pattern which assists business

in planning its future is cane by accountants out of the inert mass on non-speaking silent figures. This makes their profession an instrument of socio-economic change and welfare of the society. An accountant with the help of his education, training, analytical mind and experience is best qualified to provide multiple need-based services to the ever growing society. The accountants of these days can do full justice not only to matters relating to taxation, costing, management accounting, financial lay out, company legislation and procedures but they can delve deep into the fields relating to financial policies, budgetary policies and even economic principles. The area of activities which can be undertaken by the accountants is not limited but it can also cover many additional facets.

4. Increase the availability and widen the distribution of basic-life sustaining goods. To increase the availability and widen the distribution of basic life sustaining goods such as food, shelter, health and protection.

5. Expand the range of economic and social choices. To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.

B. Accountancy Profession Is Accountancy a profession? Accountancy is a proffesion. A graduate of BS in Accountancy who passed the board exam is called a CPA (Certified Public Accountant), or in short an Accountant. An accountant's job includes the performance of financial functions related to the collection, accuracy, recording, analysis and presentation of a business, organization or company's financial operations. The accountant usually has

a variety of administrative roles within a company's operation. Normally, the BSA program takes 5 years to complete. Some schools who apply the trimesteral system do the program in 4 years. The duration is spent in interactive classroom discussions, business immersions and on the job trainings. Depending on the school, the estimated total number of hours for on the job trainings ranges from 150 to 240 hours. An accountancy graduate needs to take the Certified Public Accountant's Licensure Examination before he/she can practice as an accountant. The examination is conducted by the Board of Accountancy under the supervision of the Professional Regulation Commission (PRC). It is scheduled twice a year in the month's of May and October. All board subjects are given 2 units with a minimum exam hours of 3 hours each subject. Since there are 7 board exam subjects all in all, there is a total of 14 units and 21 hours. A candidate for the examination should obtain a general weighted average of 75% with no rating belong 60% in all 7 subjects.

What skills are required to succeed in this course? A combination of knowledge, skills and the right attitude are needed to succeed in this course:  A student who is to take BS in Accountancy must be intellectual enough to carry out problems that need abstract logical thinking.  Reasoning skill is important because this will help in the discovery of underlying principles between two or more objects and use it to solve a problem.  Analytical skill is a must because it is imperative to be able to review, interpret, evaluate financial data and systems and operational data/controls in order to form conclusions.  Problem solving - the ability to discern the true nature of a situation and evaluate applicable

principles and techniques – is also important, as well as the ability to link data, knowledge and insight together from different sources and disciplines to make informed decisions.  Interpersonal and effective communication skills are essential as well because you will be working in groups, so being a team player helps.  A good grasp of the English language is also required.  Commitment, patience, and hardwork complete the necessary attitude that will help you succeed in this course.

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Expand the range of economic and social choices. CHAPTER V Summary, Conclusion, Recommendation

This chapter presents the Summary, Conclusion, and Recommendation

A. Summary The Bachelor of Science in Accountancy (BSA) program is composed of subjects in accounting ( financial, public, managerial), audit, administration, business laws and taxation. Its primary focus is not limited to business subjects, but to other fields as well, such as banking and finance, government, social services, education, and more. The program also teaches students to integrate information technology concepts into business systems, in order to create a more systematic and organized way of storing business related data. As a student, you will be taught computerized accounting systems, and basic understanding of computer programming and auditing systems. The program also instills in students the importance of computational and communication skills both in written and oral English. And accountancy is a profession. A graduate of BS in Accountancy who passed the board exam is called a CPA (Certified Public Accountant), or in short an Accountant. The Economy of the Philippines is the 40th largest in the world, according to 2012 International Monetary Fund statistics, and is also one of the emerging markets in the world. The Philippines is considered as a newly industrialized country, which has been transitioning from being one based on agriculture to one based more on services and manufacturing.

The advantages of taking accountancy course in the economic development of the Philippines are the following: 1.Raising people's living level 2.Improve the quality of life especially in the world's poor country 3.Response to the society's need for financial information 4.Increase the availability and widen the distribution of basic-life sustaining goods

5.Expand the range of economic and social choices

B. Conclusion The researcher after a careful analysis of the data gathered comes up with the conclusions as follows: 1. The advantages of taking accountancy course in the economic development of the Philippines are the following: a. Raising people's living level b. Improve the quality of life especially in the world's poor country c. Response to the society's need for financial information d. Increase the availability and widen the distribution of basic-life sustaining goods e. Expand the range of economic and social choices.

2. BSA is quite a difficult course. Many students end up shifting to other courses because they cannot withstand the demands of accountancy. Although it requires only basic mathematical operations, what makes it difficult is the use of analytical and logical thinking. Rigid training and a difficult board exam complete the list of obstacles for this course. And if you have the knowledge, skills and the right attitude needed, you can be successful not only in this course but also successful in life.

C. Recommendation 1. To the students who wants to get accountancy course, who wants to be a CPA someday and to those who wants to help the economic development of the Philippines. 2. To the instructors teaching accounting and business subjects.

Winna Marie R. Narcisa ADVANTAGES OF TAKING ACCOUNTANCY COURSE IN THE ECONOMIC DEVELOPMENT OF THE PHILIPPINES

Chapter I Inroduction The Problem Background of the study A. Definitions a. accounting b. accountancy profession c. Development d. Economy

B. History of the Philippine Economy

Chapter II Related Literarure and Study

Chapter III Methods of Research and Procedures a.Methods 1. Book analaysis 2. Web/Internet Browsing

Chapter IV Presentation and Interpretation of Data 1. Raising people's living level 2. Improve the quality of life especially in the world's poor country 3. Response to the society's need for financial information 4. Increase the availability and widen the distribution of basic-life sustaining goods.

5. Expand the range of economic and social choices.

Chapter V Summary Conclusion Recommendation