Accounting Practices of Business Owners

EFFECTIVENESS OF ACCOUNTING PRACTICES IN THE SUCCESS OF SMALL
BUSINESS OWNERS IN SAN ILDEFONSO, BULACAN
Research Submitted to
Saint John School
Makapilapil, San Ildefonso, Bulacan
In Partial Fulfillment of the Requirements for Practical Research 2
By:
Barrogo, Cyrielle V. Geronimo, Cean Gabriell I.
De Guzman, Earl Cedrick N. Morales, Rochelle
Diaz, Julia Elaissa V. Taduyo, Charles Brian Emanuel
Fajardo, Reniel S. V.
Galvez, Kurt Jairos A. Venturina, Josephine Mae V.
2022 – 2023
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ACCOUNTING PRACTICES OF SMALL BUSINESS OWNERS
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ABSTRACT
Accounting may assist in the success of small businesses by providing information
about the general financial standing of the firm, providing a precise analysis of cash flow,
highlighting areas for expansion, and ensuring that your taxes are organized and correct. This
quantitative study focuses on the effectiveness of business practices in ensuring the success
of small business owners in San Ildefonso, Bulacan. Purposive sampling has been used in
this study to select the desired number of participants for the characteristics needed in the
study, while 10 questions are given to each participant in order to gather the necessary data.
The study was answered through a Google Form by the respondents. As concluded, business
practices have a great contribution to make to the success of small business owners.
Furthermore, the effectiveness of business practices will help the small business owner and
those who want to start building their business.
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ACKNOWLEDGEMENT
First and foremost, we would like to offer our deepest gratitude to our Almighty God.
All of this would be impossible without Him, and our prayers would go unanswered. Also,
for the power and wisdom that He has given us, allowing us to overcome the challenges and
obstacles that we encountered during this research. We would like to thank Him for guiding
us in everything that we do.
We would also want to express our sincere appreciation to the small business owners
around San Ildefonso who became our respondents and openly contributed with their full
participation, allowing the research project to be completed successfully. We appreciate your
time, effort, and knowledge in allowing us to undertake this research.
We would like to express our special thanks of gratitude to our research adviser, Ms.
Maria Rica Bianca Villacorte, for her able guidance and support to finish our research.
Without your guidance, our research cannot be done properly like this. She made a huge
contribution to us by easing the path that takes us to achieve our goals and dreams in life. We
came to know about so many new things, we are really thankful to you.
We also want to give our most appreciation to our family and friends, who are always
there for us and giving us never-ending support and motivation to accomplish this research.
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TABLE OF CONTENTS
TITLE PAGE.....................................................................................................................i
ABSTRACT.......................................................................................................................ii
ACKNOWLEDGEMENT...............................................................................................iii
TABLE OF CONTENTS..................................................................................................iv
CHAPTER I: THE PROBLEM AND ITS BACKGROUND
Introduction.................................................................................................................1
Statement of the Problem............................................................................................4
Significance of the Study.............................................................................................5
Scope and Delimitation of the Study...........................................................................5
Definition of Terms.....................................................................................................6
CHAPTER II: REVIEW OF RELATED LITERATURE AND STUDIES
Related Literature and Studies.....................................................................................7
Theoretical Framework..............................................................................................15
Conceptual Framework..............................................................................................17
CHAPTER III: RESEARCH METHODOLOGY
Research Design.........................................................................................................18
Research Setting.........................................................................................................19
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Respondents and Sampling Procedure.......................................................................19
Instruments of the Study............................................................................................20
Data Gathering Procedure..........................................................................................20
Data Analysis and Statistical Treatment....................................................................21
Percentage Formula....................................................................................................22
Ethical Considerations...............................................................................................22
CHAPTER IV: PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA
...........................................................................................................................................24
CHAPTER V: SUMMARY, CONCLUSIONS, AND RECOMMENDATIONS
Summary of Findings.................................................................................................39
Conclusions................................................................................................................41
Recommendations .....................................................................................................41
List of Figures
Figure 1. Conceptual Framework......................................................................................17
List of Graphs
Graph 1: Demographic Profile of the Respondents in terms of their Gender.....................24
Graph 2: Demographic Profile of the Respondents in terms of their Age..........................25
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Graph 3: “Do you keep inventory records to trace the previous transactions?” ................26
Graph 4: "Does your accounting system have a way to identify over spending of grant
funds?"................................................................................................................................27
Graph 5: "Are controls in place for transaction preparation and approval, ensuring that all
transactions are completed correctly and adequately explained?”
............................................................................................................................................28
Graph 6: "Does the financial reporting and accounting of your enterprise are
computerized?"...................................................................................................................29
Graph 7: "Does your business have written accounting policies and
procedures?"........................................................................................................................30
Graph 8: "Do you record all asset and liability of the enterprise when events are
occurred?"...........................................................................................................................31
Graph 9: "Does your enterprise give customers a receipt and stay with a copy?"
................................................................................................................................32
Graph 10: “Does your enterprise separate your personal resources from business
finances?"............................................................................................................................33
Graph 11: “Do you keep all receipts and invoices of transactions in an organized manner?"
... .........................................................................................................................34
Graph 12: "Does your enterprise record all the money withdrawn for personal
use?".................................................................................................................................35
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List of Tables
Table 1. Frequencies and Percentages of Gender and Age……………………................36
Table 2. Frequencies and Percentages on items on the Effectiveness of Accounting Practices
in the Success of Small Business Owners in San Ildefonso, Bulacan
............................................................................................................................................37
Table 3: Questionnaires Under the Specific Questions .....................................................49
REFERENCES................................................................................................................43
APPENDICES
Letter of Consent......................................................................................................46
Questionnaires..........................................................................................................47
TIME TABLE..................................................................................................................51
CURRICULUM VITAE.................................................................................................53
DOCUMENTATION......................................................................................................62
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CHAPTER I
The Problem and Its Background
This chapter consists of the background of the study, statement of the problem, research
questions, and scope and delimitation of the study.
Introduction
Accounting practices are a systematic procedure that records the day-by-day financial
activities of a business entity. Its existence is the daily recording of financial information that is
crucial to the assessment and monitoring of the business growth of small businesses.
According to Boame et.al, (2014), one of the top 10 reasons small businesses fail is
poor accounting. He continued to assert that you cannot manage a business if you are unaware
of the inflow and outflow of money. The business is therefore running blindly because there are
no accounting records for these business transactions. Padachi, (2012) also states that the
importance of maintaining proper financial records for businesses is emphasized by the fact that
an effective accounting system shows how well a company is prepared and what decisions are
required to keep it operating in the market. It is responsible for reviewing and assessing the
financial health of firms, producing tax-related documentation, and providing information to
support several other organizational objectives, such as strategic planning, human resource
management, marketing, and production. Small businesses will find it extremely difficult to
evaluate performance, find customer and supplier account balances, and forecast the
organization's future success without such a system.
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Quality accounting practices information is very necessary in order to take efficient
business and strategic decisions. According to the European Federation of Accountants,
business decisions need to be supported by good quality financial information which needs to
be a relevant, user-friendly, and timely manner. But many owners or managers operate their
business activities without any accounting or financial judgment, taking many important
investment and credit decisions without any accounting and financial analysis. Due to the lack
of a proper accounting system, owners face a lot of difficulties. Sometimes owners or managers
of small businesses fail to understand the actual financial status of their own businesses. They
often have very poor liquidity management, credit management, internal recording system, and
asset management as they do not prepare financial statements and do not have any analysis. In
many cases, they are found to rely on single entry, manual and unsystematic accounting
practices (Ntim, A, L 2014).
Accounting practices are plentiful for small business owners, it serves as an asset and
guide in managing the operation. The vital role of accounting practices helps to track the
financial information may be used in making business decisions. This will be beneficial to the
owners in overcoming the current issues they were facing such as a lack of practices in
generating information for budgeting, reporting and controlling, measuring performance,
pricing and costing of products and services.
Matos, (2022) stated in her review accounting is vital for every business. Savvy
record-keeping is key for monitoring business expenses and discovering new avenues of
growth. In addition, maintaining accurate records ensures that business owners remain
responsible for tax obligations to the government and their employees. As you review your
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accounting strategy, consider your company's financial goals. Whether you are a solo
entrepreneur or employ staff, your business’s success hinges on clearly stated financial
objectives. Experts agree that small businesses commonly fail when cash flow runs dry. Your
business should implement efficient record-keeping policies and a sound financial strategy to
avoid this situation.
This study focuses on the influence of accounting practices on the growth of small
business owners. Quantitative methods are emphasized and implemented in this study whereas
a survey research questionnaire where gives to those people with have small-business who were
randomly selected participants in the Municipality of San Ildefonso, Bulacan. The researchers
chose this topic to demonstrate to small business owners the value of accounting practices for
business success. Given the proliferation of new businesses because of the pandemic, this
information can be helpful.
The main objective is to identify the effectiveness of accounting practices in the
success of small business owners in San Ildefonso, Bulacan. The findings of this research study
will be beneficial to several individuals to completely understand the current challenges
business owners are facing and how they have managed to overcome those challenges in their
business. The researchers want to inform everyone that they should track the financial
information that may be used before engaging in business because there are processes needed to
follow in order for a business to run smoothly and effectively.
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Statement of the Problem
This study aims to investigate and examine the current situation and the difficulties
small business owners in San Ildefonso, Bulacan faced in developing and implementing
accounting practices. Furthermore, this study is aided by the following questions:
1. What is the demographic profile of the small business owners-respondents in terms of the
following:
1.1. Age?
1.2. Gender?
2. How have small business owners addressed the implementation of proper accounting
practices in handling financial transactions?
3. What are the difficulties do small businesses experience in adopting efficient accounting
practices?
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Significance of the Study
The researchers believe that this research study will be vital and beneficial to the
following people, institutions, or organizations:
The Owners will help enhance the improvements and developments of their business.
This study helps them to boost their accounting practices in assisting the flow of their financial
status.
The Future Small Business Owner will serve as a guide on managing their future
business such as obtaining ideas and strategies regarding business practices. This study can help
them to face and overcome their future challenges in business.
The Workers will gain an understanding of accounting practices, where they can help
the owner on managing the business and achieve its goal.
The Government will obtain what are the practices used by owners to their businesses.
So, they can give knowledge and tips to other who wants to start a business.
The Competitors will be benefited because this study serves as a way to know the
strategies of their competitors. They can create distinctive for their business.
The Future Researchers will also be benefited because it will serve as their future
reference in conducting research that is related to this study.
Scope and Delimitation of the Study
This research focuses on the effectiveness of accounting practices in the success of
small business owners. The researchers' intent is to trace the difficulties that a business may
encounter, which can be handled with the use of accounting practices. The result will be
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beneficial especially to the owners, workers, and competitors, but in the same way, will be
beneficial to everyone who serves and works in a business.
However, this research only aims to pave the way for greater knowledge acquisition,
this research will be the way of discovering new knowledge that will help achieve the success
of the business, but will no longer go more in-depth in accounting practices as it may cause
inaccuracies due to the reason that it is only for professionals to handle. This research will be
conducted and delimited to 100 participants from the 8 different Barangay of San Ildefonso
Bulacan with ages ranging from 15-23 years old, and conducted from the month of September
2021 to April 2022.
Definition of Terms
Accounting practices – refer to business owners’ skills and capabilities in managing a
business.
Business - refers to an organization whose main objective is managing daily accounting
practices and other financial activities in a company.
Management – refers to a business group that operates a business. The purpose of
managing accounting practices is to satisfy the needs of small businesses for financial or non-
financial information and achieve the goals of the company.
Small business owner – refers to the one who organizes the business and controls all the
information of accounting management including the employees of the company.
Transactions refer to business is running based on accounting records for the business
transactions. Maintaining accurate financial records is essential for businesses because an
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efficient accounting system shows that a well-prepared business can make best decisions to
maintain effective business operations.
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CHAPTER II
REVIEW OF RELATED LITERATURE AND STUDIES
Related Literature and Studies
This part of the research study presents the review of books, previous researches, articles,
and other sources relevant to this study. As this goal is to provide some background to the
study, this aspiration is to assist the researcher gain understanding and knowledge, as learned
from previous literature and studies. In this section, the accounting practices of small business
owners to achieve their success will be discussed as presented by various authors. Different
views and findings of past researchers related to this field of study will also be elaborated.
Small Business
Sarokin (2019) stated that a little enterprise or a firm, or more simply a small business, is
known by a small number of employees, workers, and a limited process of finances and
materials.
According to American Society for Quality (2022), a small business is defined as a
privately owned corporation, partnership, or sole proprietorship that has fewer employees and
less annual revenue than a corporation or regular-sized business. The definition of "small"—in
terms of being able to apply for government support and qualify for preferential tax policy—
varies by country and industry. While small businesses often can implement the same quality
management systems found in larger corporations, they may face different challenges along the
way. For instance, small businesses tend to have fewer human resources and less up-front
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capital to dedicate to quality initiatives. Upper management commitment and accessibility,
however, can be stronger in a smaller business, and internal communications can be more
straightforward.
A few variables affect how a small business is defined. A helpful listing size guideline is
provided by the small business administration (SBA). Although it varies by the industry it
considers both annual revenues and workforce count. Small businesses can partnership establish
their legal form as partnerships, sole proprietorships, or privately held corporations. Compared
to bigger firms or corporations it makes less money. Generally speaking, a business with fewer
than 500 people qualifies (Starr, 2019). In addition, a small corner store owned and run by a
single person can be included in the definition of a small business.
Some of the types of small businesses are micro-businesses including solopreneurs,
freelancers, side hustlers, and many business owners who operate out of a single location.
Financing and marketing can be more difficult for these businesses, although owners tend to
enjoy a closer relationship with customers and require less capital to operate (Lauckner &
Ramirez, 2022).
Online shopping is becoming increasingly popular for a variety of reasons. Rising gas
prices, the difficulty of getting to traditional stores, and the hassles often associated with
shopping malls and other traditional stores all contribute to the increased interest in online
shopping. Reading the reviews left by existing users can provide consumers with
comprehensive product information. If a person wants to buy a product, he or she is no longer
limited to asking friends and family because there are many product reviews on the internet that
provide opinions of current users of the product. With the level of people in mind, online
shopping sites contain a wide variety of goods, both high quality and mild quality (Sunitha &
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Gnanadhas, 2014). Therefore, the author notes that the growth and success of small businesses
improved through the accurate usage of the accounting practices of owners.
Accounting Practices
According to CPA Journal (2022), accounting practice is the process of recording and
analyzing the accounting activities of a business. It may be defined as a systematic approach by
following procedures or steps and standards to record business transactions. Also, this practice
helps owners create and manage accounting records.
Accounting practices are very consistent because numerous corporate activities must be
handled precisely the same way in order to deliver consistently reliable financial statements.
With the use of correctly implemented accounting processes, a high level of ethical standards
may be imposed inside an accounting department, which in turn helps to produce accurate
financial statements (Accounting CPE Courses & Book, 2022).
Ibarra & Velasco (2015) showed to their study that 99.6% of business enterprises in the
Philippines are micro, small, and medium enterprises (MSMEs). These MSMEs are governed
by the Magna Carta of Small Enterprises (Republic Act 6977). They are, however, still subject
to income tax laws and other regulations imposed by the Bureau of Internal Revenue (BIR),
including proper accounting in accordance with accounting standards.
According to Cfajournal (n.d.), an entity can develop and manage accounting records with
the aid of accounting practices. Operational actions like recording expenses and strategic
choices like selecting an accounting method are also included in these records. For uniformity
in accounting records, an entity adheres to a set of rules and guidelines. A business can use
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internal controls, internal auditing, and external auditing functions to ensure an effective
accounting practice. Then, it implements internal controls to ensure the procedures and
principles are followed effectively.
The study by Nikhar (2014) entitled A Study about the Accounting Practices in Business
of India suggested that to thrive in the current competitive market, regular accounting of
business activities is crucial. Accounting is crucial to the expansion and improvement of
businessmen's wealth. Knowing their company's financial situation is beneficial to them.
Additionally, regular accounting lowers risk and helps businesses avoid unneeded
expenses. Therefore, in order to record and account for business transactions in the best
interests of businesspeople in particular and the public in general, it is urgently necessary to
embrace the principles and practices of modern accounting systems.
The growth of small-scale enterprises can be determined through the maintenance of
proper records of accounts, which provides the basis for safeguarding and controlling business
properties. The researcher found that there are many perceived factors affecting their adoption
of accounting practices and their effects on their business operations in the area. Among such
factors include; lack of adequate training, willful misconduct, and negligence. Non-
documentation of cash sales, error of principle, incomplete entry, etc. were found to be higher
because almost all the operators have no accounting background. It was further identified that
enterprises whose accounting records are beset with challenges lack the creditworthiness of
accessing loans and funding for further investments and growth. It was concluded that the lack
of accounting knowledge and skills may in the future threaten the financial steadiness of the
water-producing sector (Boame, Solace, & Issaka, 2014).
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Small Business Owner’s Practices
According to Farah (2019), small and medium-sized businesses (SMEs) are even more
challenged in the post-civil war because of quick changes in the business environment.
Consequently, in order to enhance the efficiency and effectiveness of business operations, it
will make use of both financial and non-financial data from a variety of tools for management
accounting. Managers and owners of SMEs are recommended to use management accounting
practices in cases their small and medium-sized enterprises have high market competition.
Additionally, small and medium-sized businesses should make use of proper technology to
increase their chances of adopting management accounting techniques and obtaining the
necessary information.
Zotorvie (2017) examined the growth of the small business by keeping accurate records,
which serve as the foundation for protecting and managing the business assets and factors of
small business affecting the adoption of accounting practices and their effects on their business
operations in the area. These factors include insufficient training, deliberate wrongdoing, and
negligence. Operators lacks accounting experience. As a result, the personal company affects
their expenses in adoption of accounting practices. More instances of undocumented cash sales,
errors of principle, incomplete records, etc. were found to exist. The absence of accounting
expertise and skills may have an impact on the financial stability.
Huerta, Petrides & O’Shaughnessy (2017) claimed that although owners control the
implementation of accounting practices, others (including family employees, non-family
employees, and external experts) at times propose practices. The degree of influence of family
members on their employer is determined by the owners' perceived competence, rather than the
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closeness of the family relationship. The owner's control can be relaxed, or even eliminated, as
a result of proposals from some family employees for changes to the firm's working practices.
In the article written by JAXA Chartered Accountants (2022), the power of good
accounting practices is to make or break the business. The accounting process gets more and
more complicated but, if you own a small business or are just starting one, you might not
require an in-depth accounting process.
Adjei Luther Ntim, Oteng Evans, Fianu Anthony (2014), recognized to the Journal of
Finance and Accounting that appropriate accounting information is important for successful
management of a business whether it is large or small. Accounting regulation is in place for
large and small enterprises with the coming into differential accounting reporting standards.
However, there is no obligation for the sole trader or small business owner to disclose any
information about the financial performance of his business, to prepare financial statements, or
to have the accounts of the business audited. Because of the importance of appropriate
accounting information for owners and managers of small enterprises and their different
stakeholders, it was considered important to study the various accounting and control systems.
Adherence to accounting best practices and hiring or outsourcing a person dedicated to
this function can help to prevent the cash flow issues that are to blame for many business
failures (Beaver, 2020). Furthermore, these best practices can also point the way to insights that
can lead to small business growth
Kabbage American Express (2022), defines one of the most important aspects is
managing the finances in running a business, but this goes well beyond tracking credits and
debits. Most small businesses don’t have the ability to hire an accountant, but trying to manage
these important tasks can be challenging. As owner work to grow your business, make sure to
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stay current on these accounting practices for small businesses. By managing these tasks on a
regular basis, you’ll be better furnished to keep your business finances in order.
The vast majority of small businesses do not measure their financial performance. The
main reason was inadequate accounting skills and ignorance of the importance of accounting
information in business. Common mistakes in implementing basic accounting practices are
often telltale symptoms that contribute to the failure of small businesses. and lack of
management are the obvious symptoms and recipes for small business failure (Sibanda and
Manda, 2016).
Accounting Practices in Small Business
Every microenterprise should become familiar with and practice fundamental accounting
procedures to make sure that their operations are going properly. The majority of the
microenterprises used a fairly simple accounting system, kept both cash and accrual accounting,
and used both computerized and manual recording. Additionally, the primary difficulties faced
by microenterprises were limited resources (time and money) and a lack of accounting
expertise. Thus, it was advised that microenterprises should enhance their accounting
knowledge and skills by enrolling in any seminar on accounting practices in order to improve
the efficiency of their financial management and entrepreneurial growth (Aslinda, Seman,
Jusoh, Rashid, & Ramin, 2019).
Zelie, Alebachew & Alem (2020), point out that accounting recordkeeping is extremely
important, however tiny and micro businesses still struggle with this process. The accounting
practices of micro and small businesses are positively and statistically significantly impacted by
the number of employees, frequency of transactions, and education level as well as by the size
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of the organization. By highlighting the key aspects of their accounting practices that have a
substantial impact on them and promoting better reporting and decision-making practices, it
benefits micro and small businesses.
Basic accounting practices also require financial representatives to track the cash flows in
a business. Money can either come in or come out. Typically, a business will track money that
enters the business through the sale of goods and services, as well as proceeds from loans or
investments. Money leaves the business through purchases, whether they are purchases of
assets, equipment, inventory, or expenses that a small business may incur (Rose, 2019).
Kargbo (2021) examined the result of accounting practices on Small and Medium
Business.This study was a descriptive in character and was aimed at all Small and Medium
Businesses in Port Loko Town. A formal questionnaire was used to administer one hundred and
fifty (150) Small and Medium Enterprises using statistical Package of Social Science, one
hundred (100) was valid and analysed. Most Small and Medium Enterprises in Port Loko
township do not utilize accounting practices to influence their performance, a study has found.
This is mainly because of lack of training in accounting and bureaucracy involved. The study
recommended that SMEs owners and managers should be given basic training in record
keeping and financial reporting before they enter into daily business operations.
From the previous study of several researchers done on the Accounting Practices of Small
Businesses and their owners has been perceived that the focus was the failure of owners on
managing their businesses because of a lack of accounting practices. In this research study, the
researchers want to study the result of the impact of Accounting Practices on the growth of
success of small business owners in San Ildefonso, Bulacan.
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Theoretical Framework
This section of the research study provides key concepts and existing theories that are
related and relevant to the study.
Positive Accounting Theory
Positive Accounting Theory is concerned with explaining accounting practices. It is
designed to justify and anticipate which businesses won't employ a particular method. It doesn't
specify which approach a company should take. Instead, in positive accounting theory, a
business is viewed by academics as the sum of all the contracts it has signed. The goal of
positive accounting theory is to explain a process that makes use of accounting knowledge,
capabilities, and understanding as well as accounting practices that are best suited for handling
particular future situations.
According to Schreuder (1984), the challenging, enlightening, and significant Positive
Accounting Theory contributes to accounting concepts. Because of its heavy emphasis on the
entity's actual choice of financial accounting method, it is important (or, more broadly, financial
reporting activity). The selection of accounting practices that are suitable for the organization is
not directly determined by it. If the management side is taken into account in this situation,
choosing the accounting policies will be easier.
Peter Drucker’s Theory of Management
Reckmann (2022) small business owners and managers who want to develop their skills
in management with a morality, people-centered approach. Owners can encourage employee
empowerment and enhance corporate culture and eventually boost the success of the business
by implementing Drucker's approach. Peter Drucker revolutionized business management by
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proposing that effective leaders should promote ethics and people over profits and strict rules
and organizational structures.
Several aspects of this theory need to be acknowledged and integrated:
• Leaders in every sector are responsible for the community as a whole.
• It’s up to the company to create an ethical customer.
• There is an unlimited liability clause.
Several key lessons from this theory of management:
• Delegate power equitably.
• Encourage collaboration.
• Increase efficiency.
• Boost innovation.
By applying Drucker’s people-centered management theory, long-term development,
objectives and growth of a company can affect a sustainable and beneficial work environment
Drucker encouraged creative rather than bureaucratic administration, arguing that managers
should act as leaders above all others. Instead of setting rigid working hours to discourage
modernization, he opted for a more flexible and collaborative approach (Reckmann, 2022).
These theories provide relevant statistics for this study as it focuses on how the owners
improve their practices and strategies for the growth of their business. Positive Accounting is
the theory of explaining best accounting practices for handling particular future situations. This
theory provides business owners understanding regarding controlling their enterprises. The
success of business is always in the hand of beholders and their practices. Accounting practices
is the most relevance practices because it contains of financial transaction of business. On the
17
other hand, Peter Drucker’s Theory of Management contains how owners and managers of a
business develop or enhance their skills and capabilities in managing a business. This theory
helps owners to encourage their employees to boost their work on achieving business success.
In addition, the success of small business owners can achieve by implementing the skills
used by other successful owners. The business envisions how comprehensive the knowledge,
capabilities, and comprehension of accounting practices will be, which crucial for handling
unknown risks may come.
Conceptual Frameworks
This part of the research study contains the model that shows the relationship between
accounting practices and small business owners’ success.
The independent variable of this research study is the accounting practices implemented
in managing a small business such as financial reporting, auditing, backup financial data,
manual calculation of depreciation, and tracking all required taxes. On the other hand, the
dependent variable of this study is the small business owner’s success. This research study’s
objectives are to find out several accounting practices used in managing a small business among
owners and their relationship to their success.
ACCOUNTING SMALL BUSINESS

PRACTICES IN SMALL OWNERS’ SUCCESS
BUSINESS
Figure 1. This model shows the Accounting Practices and Small Business Owners’
Success in managing a business.
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CHAPTER III
RESEARCH METHODOLOGY
This chapter presents the research methodologies used in the study. This includes the
research design, research setting, respondents and sampling procedure, instruments of the study,
data gathering procedure, data analysis and statistical treatment, and ethical considerations.
Research Design
The researchers used a quantitative descriptive method research design to conduct a
survey and to get information about how business owners manage their finances and the
strategic goals of a business to attain their goals. According to McCombes (2019), descriptive
research design aims to precisely and methodically describe a population, circumstance, or
phenomenon. The questions of what, where, when, and how can be answered, but not the
question of why. In experimental research, the variables are not controlled by the researcher nor
manipulated by any of the variables, but only observe and calculate them. But the descriptive
research method employs a wide range of research techniques to explore one or more variables.
The researchers were able to gather credible and comprehensive data regarding the
variables of survey questionnaires using Google form forms to business owners purposively
selected respondents in San Ildefonso, Bulacan. In addition, the researchers coped to acquire
understanding and knowledge regards to the effectiveness of accounting practices of owners in
managing their business through the utilization of the research design as well as using
quantitative research in order to evaluate and measure the impact of accounting practices in the
success of the business.
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Research Setting
The study focused on the Effectiveness of Business Practices in the success of small
business owners. This study takes place at Saint John School located at Makapilapil, San
Ildefonso, Bulacan. Moreover, researchers chose the small vendor around San Ildefonso to
become the respondents of the investigations as they were expected to give the necessary data
for the study as they were familiar and exposed to those business practices to become
successful. Furthermore, the survey questionnaires were only administered and distributed
through the use of Google Forms to gather information from respondents. For the
aforementioned reasons above, the researchers were capable of gathering the appropriate
information needed to define the effectiveness of business practices in the success of small
business owners.
Respondents and Sampling Procedure
The researcher used purposive sampling to select the respondents surveyed in this study.
Singh & Jadhav (2023) states that purposive sampling is a technique in which the person
conducting the research relies on their judgment to choose the members who will be part of the
study. It is a type of nonprobability sample, and it’s also referred to as a judgmental or expert
sample. It is formed based on the common qualities or characteristics of its respondents.
Therefore, the researchers purposively selected the small business owners as respondents from
the different barangay in San Ildefonso, Bulacan. They were selected because they are all
qualified and perceptive enough to respond to the questions based on their own familiarity.
The researchers took 10% of the population from the town of San Ildefonso, Bulacan. The
total number of respondents was 68, which is composed of 38 females and 30 males with the
20
age ranging from 15 to 53 years old. Moreover, to conduct a survey in an ethical manner, the
researchers first asked for approval before surveying, by sending a consent letter.
Instrument of the Study
The researchers used a survey questionnaire as a primary instrument for data gathering,
wherein it was written and administered through Google Forms. The survey questionnaires
were composed of 10 closed-ended questions on a Likert scale figure that has four choices:
Strongly Agree, Agree, Disagree, and Strongly Disagree. The instruction provided by the
researchers was to read each statement carefully and indicate their level of agreement or
disagreement, they have to click their answers.
Moreover, the survey questionnaires used in the study were from the research entitled “A
Challenge of Accounting Practices on Small and Medium Enterprises (SMEs): Case Study of
Palestine” (Qubbaja & Talahmeh, 2020). Furthermore, the items in statements 1, 2, 3, 4, 5, 6 &
7 were adopted and the items in statements 8, 9, & 10 were adapted. Some words are either
removed or edited in order to increase the reliability of the study.
The survey was composed of three (3) sections. The first section contains the letter of
consent and email address. While the second section was composed of the demographic profile
of the respondents such as age and gender, this part also includes the name which is optional,
and sections for sorting purposes. And for the last section was the set of statements regarding
the effectiveness of accounting practices in the success of small business owners in San
Ildefonso, Bulacan. Furthermore, the results of this survey research helped the researchers to
collect reliable and relevant data related to the research problem which helped in drawing
conclusions.
Data Gathering Procedure

21
The researchers had spent a significant amount of time, effort and teamwork developing
their survey with the goal to serve its intended respondents. The survey was created using
appropriate questions modified from related research and individual questions developed by the
researchers. However, before administering the survey, the researchers sought permission from
the research adviser. Permission letters and hard copy of questionnaires were distributed to
respondents to collect relevant data.
The researchers used the Likert scale to determine if the respondent agreed or disagreed
with a statement. They send a direct message to potential respondents, emphasizing the
importance of remaining ethical in all ways and consistently expressing gratitude to them. They
also explain the purpose and significance of their responses to their study. In addition, the
researcher clarified some terms to the respondents so that they will be completely aware of their
involvement as the study's subject and wholeheartedly be willing to participate in their research.
Once they completed it, the researchers politely sent the Google forms and gave them enough
time to complete the survey. A total of 50 respondents appropriately completed their
questionnaire.
Upon reaching the target number of respondents, the researchers made certain to express their
appreciation to those who contributed time and effort to their research. And at last, the
researchers organized the information and data that they have gathered
Data Analysis and Statistical Treatment
1. The analysis and summarization were not done manually by the researchers, rather Google
Forms have already presented the summarized gathered data from the survey research in a form
of pie charts.
22
2. The level of accounting practices and its effects on the success of business owners were
analyzed using descriptive statistics: frequency and percentage counts.
Percentage Formula
part
%= ∗100
whole
Ethical Considerations
As part of the ethical considerations, informed consent forms were given to the
respondents. Permission from the research mentor, instrument validation, result
communication, confidentiality, sympathy, honesty, and understanding was also observed.
Informed consent. Being the primary concern of this study, the researchers asked the
respondents through a direct message in Messenger if they are willing to be involved in the
study. The nature, goals, and objectives of the survey were also explained. The researchers
made it clear that they have the right to withdraw their consent at any time.
Permission from the Research Mentor. The research mentor provided assurance and
permitted the researchers to complete the research. Simultaneously, the research adviser
approved the distribution of research questionnaires to the selected respondents.
Instrument Validation. Adapted questionnaires and other forms of research instruments from
other literature and authors were used with consent, given by rightful authorities. Moreover, the
research mentor also approved the following instruments.
Result Communication. The researchers assured everyone, particularly the respondents, that
the study was free of any form of research malpractice (plagiarism). The data results and
23
conclusions drawn from other resources are properly cited and attributed to their rightful
owners, ensuring that they are accurate and appropriately represented.
Confidentiality. The researchers assured the respondent’s identities will be kept confidential.
Chosen respondents will be informed of the “Data Privacy Act of 2012” also known as the
Republic Act 10173 of the Philippines, that this shall protect their personal data and
information involved in the research process, safeguarding their human right to privacy.
Kindness, respect, and understanding. To ensure ethical research, the researchers assured the
respondents during the data collection that they will be treated with kindness and respect. The
researchers truly understood and sympathized with the respondents who chose not to answer the
questionnaire.
24
CHAPTER IV
PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA
This chapter presents the data gathered, the results of the statistical analysis, and the
interpretation of the findings. The presentation of this data was presented through the use of a
pie chart following the analysis and interpretation of the findings of the researchers in
accordance with the research problems.
Demographic Profile of the Respondents
Male
44.1%
Female
55.9%
Graph 1
Demographic Profile of the Respondents in terms of their Gender
The graph shows the demographic data of the respondents in terms of their gender. It
was revealed that among the 68 business owner respondents in the study, 55.9% were females
(38 out of 68) while 44.1% were males (30 out of 68).
25
12%
7%
15-21 years old
43% 22-28 years old
10% 29-35 years old
36-42 years old
43-49 years old
50-56 years old

9%
19%
Graph 2
Demographic Profile of the Respondents in terms of their Age
The graph presents the demographic information of the respondents based on their age.
Out of the 68 respondents, 29 (42.6%) were 15-21 years old, 13 (19.1%) were 22-28 years old,
6 (8.8%) were 29-35 years old, 7 (10.3%) were 36-42 years old, 5 (7.4%) were 43-49 years old,
and 8 (11.8%) was 50-56 years old. These are the age ranges as the respondents were a business
owner.
26
3%
41%
56%
Strongly Agree Agree Disagree Strongly Disagree
Graph 3
Percentage of the respondents who answered the question "Do you keep inventory
records to trace the previous transactions?"
The information gathered indicates in the graph above that 55.9% of the respondents say
their company can keep records to track previous transactions. On the other hand, 41.2% of the
respondents showed that they strongly agreed with the assertion. The 2.9% of respondents who
were left out are in disagreement. This demonstrated that the majority of respondents'
businesses can distinguish between personal and business funds.
27
5.9%
27.9.0%
66.2%
Strongly Agree Agree Disagree Strongly Agree
Graph 4
Percentage of the respondents who answered the question "Does your accounting
system have a way to over spending of grant funds?”
According to the data gathered, 66.2% of the respondents said their company has a way
to identify grant fund overspending, as shown in the graph above. However, 27.9% of
respondents indicated that they strongly agreed with the claim. There is disagreement among
the 5.9% of respondents who were excluded. This showed that the majority of the businesses of
the respondents are capable of differentiating between personal and business funds.
28
1.5%
42.6.0%
55.9%
Graph 5
Percentage of the respondents who answered the question "Are controls in place
for transaction preparation and approval, ensuring that all transactions are completed
correctly and adequately explained?"
As stated in the collected data, The graph reveals that 42.6% of the respondents are
strongly agree and 55.9% are agree that they put controls in place for transaction preparation
and approval to guarantee that all transactions are completed correctly, accurately and
adequately explained. The rest of the graph which is 1.5%, indicates that they disagree about
the statement. This shows that the majority of businesses have an effective system in place for
monitoring financial records.
29
2.9%
14.7.0%
33.8%
48.5%
Graph 6
Percentage of the respondents who answered the question "Does the financial
reporting and accounting of your enterprise are computerized?"
According to data gathered 48.5% agreed that their financial reporting and accounting
of their enterprise are computerized. In contrast, 14.7% strongly disagreed with the statement.
Disagree is chosen by the remaining 33.8% of respondents. Thus, the outcome of this survey
indicated that their enterprise used computers for their financial reporting and accounting.
30
17.6% 19.1%
63.2%
Graph 7
Percentage of respondents who answered the question "Does your business have
written accounting policies and procedures?"
The data illustrated in the above image presents if the businesses have written
accounting policies and procedures. Most of the owners "agree" on this part which garnered
63.2% of the total responses. 19.1% "strongly agree" that they have written accounting policies
and procedures while the remaining 17.6% voted "strongly disagree". According to these
findings, the majority of business owners may want to establish best practices into place and
document their internal processes in order to safeguard valuable assets and avoid fraud and
other illegal acts. This finding supports Car’s (2015) claim that accounting methods are
intended to provide more clarity, direction, and transparency.
31
1.5%
7.4%
30.9%
60.3%
Graph 8
Percentage of respondents who answered the question "Do you record all asset and
liability of the enterprise when events are occurred?"
Based on the graph represented 60.3% of the respondents agreed that they record all and
liabilities of the enterprise when events have occurred. However, 30.9% of respondents strongly
agreed with the statement. The remaining respondents shown in the data are in favor of
disagreement. Therefore, the graph shows that most of the respondents agreed that they record
all the assets and liabilities when the enterprise occurred.
32
2.9%
19.1%
25%
52.9%
Graph 9
Percentage of the respondents who answered the question “Does your enterprise
give customers a receipt and stay with a copy?"
According to the responses gathered, it seems that most of the enterprises agreed that
they gave customers a receipt, which gathered 52.9% of the total respondents. On the other
hand, 19.1% of the respondents indicated that they strongly agreed with the statement. The
remaining 25% of the respondents selected disagreement. Thus, the outcome of this survey
indicated that their enterprise provides receipts for customers.
33
4.4%
35.3%
60.3%
Graph 10
Percentage of the respondents who answered the question “Does your enterprise
separate your personal resources from business finances?"
According to the data gathered, the graph presented above shows that 60.3% of the
respondents claim that their enterprise can separate their personal resources from business
finances. However, 35.3% of the respondents demonstrated that they strongly agreed with the
statement. The remaining 4.4% of respondents selected disagree. As a result, this proved that
the majority of the respondents is their enterprise can separate their personal resources from
business finances.
34
4.4%
41.2%
54.4%
Graph 11
Percentage of the respondents who answered the question "Do you keep all
receipts and invoices of transactions in an organized manner?"
According to the data gathered, this graph shows that 54.4% of respondents agreed that
they are organized in keeping track of all business transactions. In contrast, 41.2% strongly
disagreed with the statement. Disagree is chosen by the remaining 4.4% of respondents. As a
result, the majority of businesses applied organizing transactions as one of their accounting
practices when it comes to managing their business.
35
1.5%
17.6% 20.6%
60.3%
Graph 12
Percentage of the respondents who answered the question "Does your enterprise
record all the money withdrawn for personal use?"
The data indicated by the graph above signifies that 60.3% of the respondents
sympathized that recording all the enterprise-withdrawn money used for personal use helps to
track their transactions. But despite that, 1.5% of them still firmly contradict this statement.
Accordingly, it just proved that business owners collaborate more effectively with the guidance
of their managing skills.
36
Table 1. Frequencies and Percentages of Gender and Age
Demographic Frequency Percentage (%)

Variable (n=68) (n=68)
Gender
Male 30 44.1
Female 38 55.9
Total 68 100.0
Age
15-21 29 42.6
16-28 13 19.1
29-35 6 8.8
36-42 7 10.3
43-49 5 7.4
50-56 8 11.8
Total 68 100.0
37
Table 2. Frequencies and Percentages on items on the Effectiveness of Accounting
Practices in the Success of Small Business Owners in San Ildefonso, Bulacan
38
Strongly Strongly
SQ Statement Agree Disagree Total
Agree Disagree
f % f % f % f % f %
1. Do you keep
inventory
records to trace 28 41.2 38 55.9 2 2.9 0 0 68 100.0
the previous
transactions?
2. Does your
accounting
system have a
way to identify 19 27.9 45 66.2 4 5.9 0 0 68 100.0
over spending of
grant funds?
3. Are controls
in place for
transaction
preparation and
approval,
ensuring that all 29 42.6 38 55.9 1 1.5 0 0 68 100.0
transactions are
completed
correctly and
adequately
explained?
4. Does the
financial
reporting and
accounting of 10 14.7 33 48.5 23 33.8 2 2.9 68 100.0
your enterprise
are
computerized?
5. Does your
business have
written
accounting 13 19.1 43 63.2 12 17.6 0 0 68 100.0
policies and
procedures?
6. Do you
record all asset
and liability of
the enterprise 21 30.9 41 60.3 5 7.4 1 1.5 68 100.0
when events are
occurred?
7. Does your
enterprise give
customers a 13 19.1 36 52.9 17 25 2 2.9 68 100.0
receipt and stay
with a copy?
39
8. Does your
enterprise
separate your
CHAPTER V
FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS
This chapter presents the summary of findings, the conclusions drawn, and the
recommendations made as an outgrowth of this study.
Summary of Findings
The objective of the study conducted was to determine the significant relationship
between business owners’ accounting practices and the success of their businesses. The method
implemented by the researchers was survey questionnaires that were used to gather information.
The researchers sought help from a total of 68 respondents from different barangays of San
Ildefonso, Bulacan. It was conducted from February 7, 2023, to February 20, 2023 to assure
that the study is thoroughly observed. The survey questionnaire was distributed with the use of
Google Forms.
Based on the study carried out for the project, the following findings have been reached:
1. What is the demographic profile of the respondents in terms of gender?
The researchers have gathered 68 small business owners around San Ildefonso
municipality by the use of a random sampling technique. Researchers found out that 55.9%
were female owners. Women are now major contributors to economic progress. This research
shows that women's entrepreneurship is expanding since nearly half of the start-ups in 2021
were created by women (Masterson, 2022).
40
2. What is the demographic profile of the respondents in terms of age?
Out of the 68 respondents to this research, 42.6% of the owners were 15-21 years old.
Beginning at a young age enables the acquisition of crucial entrepreneurship-related
information and abilities, such as innovation, tenacity, and problem-solving. In addition, it
offers a chance to investigate several facets of operating a business, including financial
management, customer relations, and product development. Many prosperous companies have
children and teenagers in some capacity at the helm as the young business leaders launched a
variety of businesses by using their vision and inventiveness (Post, 2023).
3. How have small business owners addressed the implementation of proper accounting
practices in handling financial transactions?
According to the data gathered, this graph shows that 54.4% of respondents agreed that
they are organized in keeping track of all business transactions. In contrast, 41.2% strongly
disagreed with the statement. Disagree is chosen by the remaining 4.4% of respondents.
Accounting for small businesses is done by keeping a complete record of all the income and
expenses and accurately extracting financial information from business transactions.
4. What are the difficulties do small businesses experience in adopting efficient accounting
practices?
The survey concluded that 33.8% of respondents disagreed that the financial reporting
and accounting of their enterprise are computerized. A non-computerized accounting system
has some challenges, such as data input errors, hard copy loss, and expense. However, 48.5% of
surveys showed that the financial reporting and accounting of their enterprise are computerized.
41
Conclusion
The main objective of the current study is for business owners to gain a better
understanding of small business owners' accounting practices in San Ildefonso, Bulacan.
The researchers came to a number of conclusions based on the data they had collected.
The results of this investigation have demonstrated that the factors differ greatly from one
another variables. On the one hand, the findings of this investigation show that there are
business owners who are organized in keeping track of all business transactions and have good
computer skills so they can run a business successfully. While on the other hand, it seems that
there are owners who need to improve and enhance their accounting practices and skill in order
to achieve their business goals.
Based on the findings of the study, shows that business owners’ accounting practices
and the success of their businesses have a moderately positive significant relationship.
Recommendations
Based on the findings of this study, the following are hereby recommended:
 Vendors should create accurate financial statements; they need to pay more attention to
their records. The best remedy to ensure a business' financial stability is to keep their
books accurate and up-to-date. Also, they should place a strong emphasis on
maintaining accurate accounting records, which help the company manage its finances
and make wise financial decisions, all of which enhance the company's success.
 Future Small Business owners should have an in-depth understanding of how the
accounting system works and be completely aware of the factors they must consider in
42
handling business funds appropriately, particularly how to maintain full control over all
the transactions to ensure the success of their future business.
 Workers should be always creative in how to manage the firm's funds more effectively
and focus on paying attention to the internal workflow of the business their working on.
 Workers should determine the best type of accounting method that is appropriate to the
business that is working on before conducting any transactions.
 Government should regulate that in order to produce the local government's financial
reports, some particular processes and stages must be passed in accordance with the
accounting procedures of local processes and stages must be passed in accordance with
the accounting procedures of local government.
 Competitors should focus on enhancing their accounting practices and skills to become
unique among others competitors.
 Future Researchers, this study comes highly recommended. For those who are
interested, they may add other pertinent information that will help improve and deepen
the study of accounting practices. This may serve as their reference material or guide for
those who want to conduct the same study related to the Effectiveness of Accounting
Practices in the Success of Small Business Owners.
 Future Researchers should conduct a survey with a larger number of respondents of
the business owners and determine what variables can hindrance to the success of
business.
43
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46
Appendix A
Letter of Consent
Saint John School

of San Juan, San Ildefonso, Bulacan, Inc.
LETTER OF CONSENT FOR ONLINE SURVEY
Dear Respondents,
A pleasant day!
We are Grade 12 students from Saint John School of San Juan, San Ildefonso, Bulacan. As part
of our requirement for the subject Practical Research 2, we are doing a research study entitled
“Effectiveness of Accounting Practices in the Success of Small Business Owners in San
Ildefonso, Bulacan”
In line with this, we would like to ask for your participation by answering this short survey as
accurately and as honestly as possible. This will only take a few minutes of your time, but will
greatly contribute to the discovery, understanding, and evaluation of our study. Rest assured
that all data gathered will be treated with the utmost confidentiality and will be used for
academic purposes only.
Thank you for your support and cooperation. God bless!
Very truly yours,

The Researchers
Approved by:
MA. RICA BIANCA B. VILLACORTE

Research Adviser
Appendix B
47
Questionnaires
Instructions: Read and analyze each question. Select one of the following options as your
response: (a) Strongly Agree (b) Agree (c) Neutral (d) Disagree (e) Strongly disagree during
THE CURRENT SITUATION:
Questionnaires Strongly Agree Disagree Strongly
Agree Disagree
1. Do you keep inventory records
to trace the previous transactions?
2. Does your accounting system
have a way to identify over
spending of grant funds?
3. Are controls in place for
transaction preparation and
approval, ensuring that all
transactions are completed correctly
and adequately explained?
4. Does the financial reporting and
accounting of your enterprise are
computerized?
5.Does your business have written
accounting policies and procedures?

48
6. Do you record all asset and
liability of the enterprise when
events are occurred?
7. Does your enterprise give
customers a receipt and stay with a
copy?
8. Does your enterprise separate
your personal resources from
business finances?
9. Do you keep all receipts and
invoices of transactions in an
organized manner?
10. Does your enterprise record all
the money withdrawn for
personal use?
Appendix C
Table 3. Specific Question and Survey Questionnaire
49
Specific Question Survey Questionnaire
1. What is the demographic profile of the Instructions: For question number 1 select one
small business owners-respondents in terms of the of the following options that suit your answer to
following: the following question.
1.1. Age? 1. What is your demographic profile in terms of
1.2. Gender? the following:
1.1. Age?
1.2. 1.2. Gender?
a.) Male
b.) Female
2. How have small business owners addressed the Instructions: For questions numbers 1-10 select
implementation of proper accounting practices in one of the following options as your
handling financial transactions? response: (a) Strongly Agree (b) Agree (c)
Disagree (d) Strongly disagree during THE
CURRENT SITUATION:
1. Do you keep inventory records to trace the
previous transactions?
2. Does your accounting system have a way to
identify over spending of grant funds?
3. Are controls in place for transaction
preparation and approval, ensuring that all
transactions are completed correctly and
adequately explained?
50
4. Does the financial reporting and accounting of
your enterprise are computerized?
5. Does your business have written accounting
policies and procedures?
6. Do you record all asset and liability of the
enterprise when events are occurred?
7. Does your enterprise give customers a receipt
and stay with a copy?
8. Does your enterprise separate your personal
resources from business finances?
9. Do you keep all receipts and invoices of
transactions in an organized manner?
10. Does your enterprise record all the money
withdrawn for personal use?
51
TIME TABLE
DATE ACTIVITY
August 30, 2022 Choosing a Topic
September 02, 2022 Presentation and Approval of Topic
September 07, 2022 Submission of Survey Questionnaires
September 20, 2021 Submission of Chapter I (draft)
October 04, 2021 Title Defense
October 17, 2022 Presentation of Outline for RRL
October 18, 2022 Submission of Outline for RRL (final)
October 21, 2022 Submission of Chapter II (draft)
December 11, 2022 Submission of RRL (revised)
December 17, 2022 – Christmas Break
January 02, 2023
January 05, 2023 Submission of Frameworks
January 12, 2023 Submission of Chapters 1 and 2
February 02, 2023 Transferring of Survey Questionnaire to Google Forms
February 07, 2023 All leaders were gathered by Ma’am Rica for a meeting to
check the survey questionnaires
February 07, 2023 Conducting of Survey
February 20, 2023 Completion of Survey
March 09, 2023 Submission of Chapter III (draft)
March 14, 2023 Submission of Chapter III (revised)
March 23, 2023 Submission of Chapter IV (draft)
52
March 29, 2023 Submission of Chapter IV (revised)
April 15, 2023 Submission of Chapter V
April 25, 2023 Submission of Final Research Paper
May 02, 2023 Thesis Defense
53
CURRICULUM VITAE
EARL CEDRICK N. DEGUZMAN

Purok 2, Palapala, San Ildefonso, Bulacan
Educational Attainment
Secondary Saint John School
San Juan, San Ildefonso, Bulacan
Elementary Pinaod Elementary School
Pinaod, San Ildefonso, Bulacan
Personal Information
Date of Birth December 16, 2004

Age 18 years old
Height 5’8
Weight 55 kg.
Nationality Filipino
Civil Status Single
54
CURRICULUM VITAE
RENIEL S. FAJARDO
Purok 2, Palapala, San Ildefonso, Bulacan
Work Experiences
Basketball Sports Committee, Amang Fajardo Commissioner’s Cup (2022 – present)
Secondary (Senior High School) Saint John School
Secondary (Junior High School) San Ildefonso National High School
Poblacion, San Ildefonso, Bulacan
Elementary Palapala Elementary School
Palapala, San Ildefonso, Bulacan
Date of Birth October 20, 1998

Age 24 years old
Height 5’9
Weight 74 kg.
Civil Status Single
55
CURRICULUM VITAE
KURT JAIROS A. GALVEZ

Purok 2, Sta. Catalina Bata, San Ildefonso, Bulacan
Secondary (Junior High School) Sta. Catalina Bata National High School
Sta. Catalina Bata, San Ildefonso, Bulacan
Elementary Sta. Catalina Bata Elementary School
Date of Birth August 27, 2004

Age 18 years old
Height 5’8
Weight 45 kg.
Civil Status Single
56
CURRICULUM VITAE
CEAN GABRIELL I. GERONIMO

Sta. Purok 1, Maasim, San Ildefonso, Bulacan
Secondary (Junior High School) St. Luke’s School of San Rafael
Sampaloc, San Rafael, Bulacan
Elementary Maasim Elementary School
Maasim, San Ildefonso, Bulacan
Date of Birth March 18, 2005

Age 18 years old
Height 5’6
Weight 50 kg.
Civil Status Single
57
CURRICULUM VITAE
CHARLES BRIAN EMANUEL V. TADUYO

Sta. Purok 1, Maasim, San Ildefonso, Bulacan
Elementary San Ildefonso Elementary School
Poblacion, San Ildefonso, Bulacan
Date of Birth September 11, 2004

Age 18 years old
Height 5’5
Weight 50 kg.
Civil Status Single
58
CURRICULUM VITAE
CYRIELLE V. BARROGO
Zone 3, Sta. Catalina Matanda, San Ildefonso, Bulacan
Elementary Sta. Catalina Matanda Elementary School
Sta. Catalina Matanda, San Ildefonso,
Bulacan
Date of Birth September 12, 2005

Age 17 years old
Height 5’1
Weight 48 kg.
Civil Status Single
59
CURRICULUM VITAE
JULIA ELAISSA V. DIAZ

Sitio 2, Barangca, Candaba, Pampanga
Elementary Barangca Elementary School
Barangca, Candaba, Pampanga
Date of Birth March 08, 2005

Age 18 years old
Height 5’1
Weight 45 kg.
Civil Status Single
60
CURRICULUM VITAE
ROCHELLE MORALES
Purok 2, Sta. Catalina Bata, San Ildefonso, Bulacan
Secondary (Junior High School) Sta. Catalina Bata National High School
Elementary Sta. Catalina Bata Elementary School
Date of Birth October 26, 2003

Age 19 years old
Height 5’1
Weight 45 kg.
Civil Status Single
61
CURRICULUM VITAE
JOSEPHINE MAE V. VENTURINA

Purok 4, Calawitan, San Ildefonso, Bulacan
Elementary Calawitan Elementary School
Calawitan, San Ildefonso, Bulacan
Date of Birth November 24, 2005

Age 17 years old
Height 5’2
Weight 52 kg.
Civil Status Single
62
DOCUMENTATION
E
ve ry
on e
gathered to give their suggestion regarding topic we may use in our research paper.
Presentation of our chosen topic.
63
This was held on September 23, 2022. The main purpose of this gathering is to talk about
our research title and discuss Chapter 1. The assistant leader divided everyone in different parts.
This gathering lasted 30 minutes.
This was held on October 18, 2022,
at exactly 5:03 PM. The main objectives of this meeting were to talk about RRL Outline. This
was lasted 20 minutes.

64
This gathering was held on October 22, 2022, at exactly 1:23 PM. The aim of this gathering
was to discuss the RRL. The leader divided her members in different outline of RRL. This was
lasted 20 minutes.
This was held on December 27, 2022,
at exactly 9:50 PM. The purpose of this gathering is to discuss the Theoretical and Conceptual
Frameworks. The leader each member by group to their part.
65
This was held on February 07, 2023, at exactly 8:00 PM. This gathering’s main purpose is to
start conducting survey questionnaires to business owners of San, Ildefonso, Bulacan.
66
This gathering was held in room 12 STEM3/ABM2. The main objective of this gathering is
to discuss and divided the parts of Chapter 3 to each member. Everyone agrees to the
designated parts where they assign.
67
This picture was taken in room of 12 STEM3/ABM2 to divide the graph of research survey
to each member. The leader and assistant leader explained that every graph should show and
explain the result of data gathered.
This was the last meeting we had. The meeting is all about Chapter 5 of our paper. The
leader divides the member into three groups and asked what of part this chapter they want to do.
This gathering held in the room of 12 STEM3/ABM2.
68
69

Accounting Practices of Business Owners

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Accounting Practices of Business Owners

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EFFECTIVENESS OF ACCOUNTING PRACTICES IN THE SUCCESS OF SMALL

BUSINESS OWNERS IN SAN ILDEFONSO, BULACAN

Saint John School

Makapilapil, San Ildefonso, Bulacan

In Partial Fulfillment of the Requirements for Practical Research 2

Barrogo, Cyrielle V. Geronimo, Cean Gabriell I.

De Guzman, Earl Cedrick N. Morales, Rochelle

Diaz, Julia Elaissa V. Taduyo, Charles Brian Emanuel

Galvez, Kurt Jairos A. Venturina, Josephine Mae V.

Accounting may assist in the success of small businesses by providing information

those who want to start building their business.

us in everything that we do.

participation, allowing the research project to be completed successfully. We appreciate your

time, effort, and knowledge in allowing us to undertake this research.

CHAPTER I: THE PROBLEM AND ITS BACKGROUND

Statement of the Problem............................................................................................4

Significance of the Study.............................................................................................5

Scope and Delimitation of the Study...........................................................................5

CHAPTER II: REVIEW OF RELATED LITERATURE AND STUDIES

Related Literature and Studies.....................................................................................7

CHAPTER III: RESEARCH METHODOLOGY

Respondents and Sampling Procedure.......................................................................19

Instruments of the Study............................................................................................20

Data Gathering Procedure..........................................................................................20

Data Analysis and Statistical Treatment....................................................................21

CHAPTER IV: PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA

CHAPTER V: SUMMARY, CONCLUSIONS, AND RECOMMENDATIONS

Figure 1. Conceptual Framework......................................................................................17

Graph 1: Demographic Profile of the Respondents in terms of their Gender.....................24

Graph 2: Demographic Profile of the Respondents in terms of their Age..........................25

transactions are completed correctly and adequately explained?”

Graph 7: "Does your business have written accounting policies and

Table 1. Frequencies and Percentages of Gender and Age……………………................36

Table 2. Frequencies and Percentages on items on the Effectiveness of Accounting Practices

in the Success of Small Business Owners in San Ildefonso, Bulacan

Table 3: Questionnaires Under the Specific Questions .....................................................49

The Problem and Its Background

questions, and scope and delimitation of the study.

financial health of firms, producing tax-related documentation, and providing information to

organization's future success without such a system.

Quality accounting practices information is very necessary in order to take efficient

business and strategic decisions. According to the European Federation of Accountants,

practices (Ntim, A, L 2014).

generating information for budgeting, reporting and controlling, measuring performance,

pricing and costing of products and services.

avoid this situation.

information can be helpful.

The main objective is to identify the effectiveness of accounting practices in the

will be beneficial to several individuals to completely understand the current challenges

follow in order for a business to run smoothly and effectively.

Statement of the Problem

accounting practices. Furthermore, this study is aided by the following questions:

practices in handling financial transactions?

Significance of the Study

following people, institutions, or organizations:

them to face and overcome their future challenges in business.

the owner on managing the business and achieve its goal.

reference in conducting research that is related to this study.

Scope and Delimitation of the Study

This research focuses on the effectiveness of accounting practices in the success of

beneficial to everyone who serves and works in a business.

2021 to April 2022.

Accounting practices – refer to business owners’ skills and capabilities in managing a