Jessa Mae M.

Batiancila BS AIS-1C

Activity 1: Reflective Journal

For me, as a student for this institutions, I will do everything I can to help make this
college a great place for me to study and grow to become a professional. Maybe I can’t give the
perfect wants of this school but rest assured it will be still worth it because it’s from my own
willingness to offer my strength or what I am capable of doing. Which is to become a
responsible student, highly motivated, God-loving, respectful and optimistic kind of student.

I can see some of the graduate students here in NONESCOST are becoming successful in
a way that it could really prove that sometimes the mission is achieved. In achieving the goals
of this institution, I will encourage myself to strive hard just to aim it and for the beneficial of
my career and especially for this school.

Activity 2: Research Work

A.) 3 Definitions of Accounting and its sources.

-“The process of identifying, measuring, and communicating economic information to
permit informed judgments and decisions by users of the information.”
-American Accounting Association (AAA)

-“A service activity whose function is to provide quantitative information, primarily

financial in nature, about economic entities that is intended to be useful in making
economic decisions.”
-American Institute of Certified Public Accountants (AICPA)

-“Accountancy is the process of communicating financial information about a

business entity to users such as shareholders and managers. The communication is
generally in the form of financial statements that show in money terms the economic
resources under the control of management; the art lies in selecting the information
that is relevant to the user and is reliable. The principles of accountancy are applied
to business entities in three divisions of practical art, named accounting,
bookkeeping and auditing.”
-Elliot, Barry & Elliot, Jamie: Financial Accounting and Reporting,
Prentice Hall, London, 2004 p.3
B.) Illustration of the process flow of Accounting.

C.) Reflection on how to apply Accounting in my Daily Life.

As a college student, accounting is very important in my everyday life. It is

very useful because this serves as an instrument on how to budget my allowance. As
we know budgeting and expense allocation is a must. Using my accounting skills, I
can monitor the cash in and out of my personal finances.
I always make sure that I don’t spend more than I earn. Accounting is also
applicable. Because Accounting taught me on how to analyze, save and invest, how
to be good in budgeting and to manage decision making.