Unit 1 Activities: Introduction to Accounting

Karl Angelo C. Arceñ o BSA-1

Problem no. 1

My real life accounting experience

Way back when I was in the seminary, my former school, we were given the
opportunity to show our talents and expertise as we undertook a practical experience of
putting up a small business in our school. It was a 4-day practicum experience, which
culminates all the lessons and activities we have done for the subject. Also, the practicum
was part of the requirements needed for the completion of our final project, the business
plan. Our street food business was tiny, yet, it was unquestionably the most profitable
among all of the businesses we had in our class. We chose to sell street foods because it
was easy to budget, and we were able to keep track of our daily expenses by simply keeping
all the receipts and recording some of the transactions that our business has entered into.
At the end of each day, we determine whether the business was profitable or not by simply
subtracting all the daily expenses from the total amount of sales. With this simple yet
memorable accounting experience, eventually, I started to get interested in accounting.

Problem no. 2

a. Company Management
b. Public
c. Employees
d. Suppliers/Trade Creditors
e. Government
f. Government
g. Costumers