Assessment on the Accounting System of Micro Business

Enterprises in Municipality of San Pascual, Batangas

Lara Suzette C. Cueto; Neil Jensen A. Jusay; Neil Gabriel L. Manalo
Bachelor of Science in Management Accounting, College of Accountancy Business, Economics and
International Hospitality Management, Batangas State University,
Batangas City, Philippines
larasuzette.cueto@g.batstate-u.edu.ph; neiljensen.jusay@g.batstate-u.edu.ph; neilgabriel.manalo@g.batstate-u.edu.ph

ABSTRACT

Micro business enterprises frequently encounter a variety of regulatory and compliance requirements resulting
in challenges. Overcoming such challenges requires a combination of strategic planning, resource allocation,
financial management, and a commitment to ongoing learning and improvement. Micro business enterprises
may not have the same level of complexity as larger businesses, nonetheless they still need to manage their
finances effectively to ensure profitability and long-term sustainability. Therefore, this research paper assessed
the accounting systems of micro business enterprises in San Pascual, Batangas and focused on identifying the
most frequent challenges of growth being perceived. In order to acquire data regarding the assessment of the
accounting systems of microbusiness enterprises in Municipality of San Pascual, Batangas, the researchers
used a descriptive methodology. This research paper has shown that these problems can be overcome by
providing insights on the accounting system, whereas this can be a basis for the micro business enterprise
owners to make informed decisions about their business, manage finances effectively, and achieve long-term
success.

Keywords: (Accounting System, Micro Business Enterprises, Batangas)

1. INTRODUCTION Micro Business enterprises in the Municipality of

San Pascual Batangas. Specifically, this sought to
An accounting system consists of a set of procedures answer the following questions:
and tools used to record, categorize, and summarize a
business' financial transactions. An accounting system's 1. What is the profile of each micro business
goal is to deliver precise and timely financial data to enterprise in terms of;
support business owners in making decisions about their
1.1. Nature of Business
businesses. Accounting systems are essential for every
1.2. Years of Operation; and
business, even micro business enterprises that are
1.3 Average monthly net income?
smaller in scale and have simpler operations than bigger
enterprises, to properly manage their finances in order to 2. How may the accounting system be assessed
assure profitability and long-term viability. with regards to;
This research mainly focused on the micro business 2.1. Recording;
enterprises in the municipality of San Pascual, Batangas, 2.2. Classifying;
on the grounds that they often face different regulatory 2.3. Summarizing; and
and compliance requirements than larger businesses, 2.4. Interpreting?
which can create additional accounting challenges.
3. How may the responses be compared?
The intent of this study is to assess the accounting
systems of micro business enterprises, with a focus on 4. Based on the findings, what program may be
the particular demands and challenges that their proposed?
businesses encounter. It is of the interest of the
researchers to know the inadequacy of several micro 2. MATERIALS AND METHODS
business enterprises’ accounting system knowledge.
Failure to adhere to an effective accounting system and A descriptive method was adopted by the
a lack of insight of the business's performance may researchers to attain their objectives. The
result in the loss of commercial possibilities. Hence, the descriptive method is distinguished by the
researchers opted to analyze the accounting system of acquisition of data in a qualitative manner,
microbusiness companies in San Pascual, Batangas. followed by an analysis of the acquired
information using quantitative approaches. This
Objectives series of occurrences gives descriptive research its
name (Nassaji, 2015).
The researchers assessed the accounting system of
 practiced, 2.50-3.49 as well-practiced, 1.50-2.49 as
The researcher utilized a survey questionnaire to collect moderately practiced and 1.00-1.49 as not
the necessary data and information. The questionnaire practiced. This scoring will help researchers to
was divided into two parts. The first section of the analyze the answers of micro enterprises business
questionnaire included the respondents' business in regards to assessment of accounting systems.
profiles. The respondents for this research study were
micro business enterprises in the Municipality of San 3. RESULTS AND DISCUSSION
Pascual since they fit under the category of small firms
that earn less than P100,000 each year. The nature of the Profile of the Micro Business Enterprises
business, years of operation, and average monthly net
income are all included in the business profile. A Likert- The profile of the microenterprise’s owners is one
type scale was utilized in the second half of the of the important factors to be considered in this
questionnaire. study. The micro business owners who participated
in this study are from a variety of backgrounds and
The researchers collected the data necessary from which provides a different perspective that may
sources such as books, theses, articles, and other study affect how Micro business enterprises owners
materials, the majority of which were obtained via the assess the accounting system. The profile of the
credible internet sites and the library. Additionally, the respondents was comprised by the nature of
researchers composed a letter of request seeking business they operate, the years of operation and
permission to obtain an official list of the micro business the average monthly net income. These are
enterprises in San Pascual, Batangas, in order to compile specifically described and analyzed in the
a total population of micro business enterprises in the following presentations
mentioned municipality. The researchers requested
approval from their research adviser before sending it to Nature of business is a means of systematically
the Negosyo Center headquarters in San Pascual, describing a business. This notion summarizes the
Batangas, where they went to acquire up the list. business's nature and activities. The essence of
business also emphasizes the particular difficulties
The thesis adviser, panel, grammarian, and statistician a certain business addresses. It describes the
all reviewed and validated the survey questionnaire that primary focus of a company's offerings and
the researchers utilized. In addition, the researchers used incorporates everything a firm undertakes to
Raosoft to estimate the total number of respondents that achieve its objectives.
would be selected to complete the survey. After
obtaining consent to conduct a survey, the questionnaire The profile of micro business owners as to the
was distributed to the intended respondents. The data nature of business is subdivided into three: the
required for the study was collected via a face-to-face Merchandising, Manufacturing, and the Services. It
survey. The questionnaire was presented to the can be inferred from the table that from among the
respondents with enough time to allow for accurate data 104 total respondents, majority counts for the
collection. The data were totaled, tabulated, evaluated, nature of business range Merchandising. It has a
and analyzed when responses were received. total of 53 or 51.0 percent of the sample
Furthermore, because it is a type of non-probability population. The least of the sample population
sampling approach that chooses participants based on comes from manufacturing business since it has 13
availability and willingness to engage in the study, the counts or a 12.5 percentage.
researchers utilized a simple sampling technique.
Table 2. Distribution of Microenterprises in terms of
The researchers used the Likert-type scale in assessing Nature of Business Frequency Percent
the responses of the respondents. The following are the
Merchandising 53 51.0
score ranges and verbal interpretation:
Manufacturing 13 12.5

Table 1. Scoring and Interpretation Services 38 36.5

Total 104 100.0
Numerical Response Scale Verbal Interpretation Nature of Business
4 3.50 - 4.00 Highly Practiced
3 2.50 – 3.49 Well-Practiced Merchandising business is one of the most common
2 1.50 – 2.49 Moderately Practiced types of businesses. This business sells products to
1 1.00 – 1.49 Not Practiced consumers at retail price but buys the product at a
wholesale price. Consider the local grocery store or
retail clothing store; both of these are
The researchers used the verbal interpretation in merchandising businesses. In terms of the nature of
assessing the respondents of accounting systems of business, the results revealed that most micro
micro enterprises with the scale of 3.50-4.00 as highly businesses enterprises in San Pascual Batangas are
classified as merchandising businesses. They are
engaged in the buying and selling of goods or products The table showed the frequency and percentage
since this business can make profit at a higher price than distribution of the respondents as to their average
the purchase cost. Even if their business manages well, monthly income. The result revealed that the
Years of Operation Frequency Percent highest average monthly income of the micro
0-5 years 71 68.3 business enterprises in San Pascual Batangas is
6-10 years 27 26.0 P10,000 and below with 72 respondents or 69.2
11-15 years 4 3.8
16-30 years 2 1.9 percent. The data shows that micro business
31 years & above 0 0 enterprises in San Pascual Batangas are better
Total 104 100.0 equipped to resist shocks, exploit opportunities,
still owners are aware that they do not have enough and encourage sustainable growth, allowing them
background regarding the accounting system. the chance to remain profitable despite the
difficulties the pandemic brings. On the other
Years of operation defines each subsequent period of hand, 1,0% with the average monthly income of
three hundred sixty-five (365) days, the first such term 71,000-100,00 has the lowest frequency and
beginning on the Service Commencement Date. percentage, meaning that this business is managed
well and it is possible that they are aware of the
Table 3. Distribution of Microenterprises in Terms of accounting system they use to record their
Years of Operation financial transactions.
The profile of respondents as to Years of Operation is The researchers discovered that the majority of
classified into: 0-5 years, 6-10 years, 11-15 years, 16- micro business owners in San Pascual Batangas
30 years, and 31 years and above. Majority of the have an average monthly income of 10,000 and
micro business owner’s population in this study is 0-5 below. Meaning that a low income and the
years. They comprised 71 micro business owners or potential for losses for business owners are
68.3 percent. This is followed by 6-10 years of reflected by the market's intense rivalry and the
operation placing 26.0 percent. 11-15 years of current economic crisis brought by the recent
operation has a 4 micro business owner or a 3.8 pandemic.
percent. The 16-30 years of operation has 2 micro
business owners or 1.9 percent. Lastly, 31 years and Assessment on the Accounting System of Micro
above of operation has no data. Business Enterprises in Municipality of San
Pascual, Batangas
It can be depicted from the results that the majority of
the respondents operated for less than five years The researchers intended to assess the Accounting
meaning most of them just started to have interest in System of microenterprises in terms of
building their own business. Short years in operation Recording, Classifying, Summarizing, and
denote newly engaged establishments in the field of Interpreting.
business and it means they are just starting to build up
their names in the business industry. It was supported Table 5. Assessment on the Accounting System of
by Arida et. Al (2015), where their study concluded Microenterprises in terms of Recording
that the majority of the respondents were in five years
and below which means they are just starting their Items WM Verbal Interpretation
1. I identify the accounts that 3.29 Well-Practiced
business. These micro business enterprises were not yet
are affected by the transaction
predictable since most of them were still building their and event
names. 2.I record all the transactions 3.44 Well-Practiced
of the business
Average monthly net income is defined as the money 3. I checked the recorded 3.46 Well-Practiced
information if necessary
that a person or organization earns or receives is 4. I can distinguish which 3.50 Highly Practiced
referred to as their income; in contrast, the money that account of the transaction is
they must spend or pay-out is called their expenses. recorded
5. I organize every single 3.40 Well-Practiced
Table 4. Distribution of Micro Enterprises in Terms of document that will be used as
supporting documentation for
Average Monthly Net Income
the recorded transactions.
Monthly Income Frequency Percent 6. I use official receipts for 2.91 Well-Practiced
cash received and vouchers for
₱10,000 and below 72 69.2 cash paid
7. I prepare business 3.45 Well-Practiced
₱11,000-₱40,000 24 23.1 documents, or source
documents, that will be used to
₱41,000-₱70,000 7 6.7 keep track of transactions.
8. I monitor every financial 3.48 Well-Practiced
₱71,000- ₱100,000 1 1.0 transaction that takes place
9.I create journal entries for 3.33 Well-Practiced
Total 104 100.0 every transaction to my
business to track all activity.
10. I record the transactions 3.38 Well-Practiced
sequentially
Composite Mean 3.37 Well-Practiced
It was shown in the table that the Assessment on the Items WM Verbal
Interpretation
Accounting System with regards to recording, the 1. I can distinguish between 3.07 Well-Practiced
respondents have the composite mean of 3.37 with a current and non-current assets,
verbal interpretation of agree. The researchers current and non-current
observed that micro business enterprises can liabilities, and owner's equity.
2. I can determine whether the 3.46 Well-Practiced
distinguish the account of the transactions which is account is a revenue or an
recorded, got the highest weighted mean of 3.50 with expense.
the verbal interpretation of agree. As mentioned by 3. I organize the data required 3.41 Well-Practiced
Eric and Gabriel (2012), maintaining records reflects for the compilation of ledger
accounts.
the health of a business, a financial control
4. I understand the distinction 3.33 Well-Practiced
instrument that enables managers or business owners between an income statement,
to understand the organization’s financial a balance sheet, and a cash
circumstances is accounting. It also implements flow statement.
control measure to improve the business 5.I check if the transactions 3.46 Well-Practiced
and events are classified
performance. The researchers also noticed that micro properly
business enterprises monitor every financial 6. I can determine which 3.34 Well-Practiced
transaction that takes place, it has 3.48 weighted accounts are affected by the
mean. Lastly, the respondents agree that they always transaction and event.
7. I create a reliable chart of 3.31 Well-Practiced
check the recorded information if it is necessary and accounts.
it have weighted mean of 3.46. Waari et. Al (2016) 8. I make the final accounting 3.38 Well-Practiced
stated that, businesses who maintain and check the adjustments before closing
recorded information are more capable of meeting entries.
9.I Identify the company's 3.47 Well-Practiced
their tax obligations and the recorded information
income and expenses during a
can be used to acquire insight into their business specified time frame
performance, it will also benefit them from keeping 10. I believe that Account 3.39 Well-Practiced
and monitoring the records since it provides to make balances and the amounts that
the business decisions effective. have been added to or
subtracted from them as a
result of past transactions are
On the other hand, assessing on the accounting displayed.
system in terms of recording, micro business Composite Mean 3.36 Well-Practiced
enterprises are not using official receipts and
vouchers for every cash paid, it had the lowest The table showed the assessment on the
weighted mean of 2.91 with the verbal interpretation accounting system of micro business enterprise
of agree. Musah and Ibraihm (2014) observed that with regards to classifying the respondents as
some business owners rely on the memory rather having the composite mean of 3.36 with the
than keeping the correct accounting records. They verbal interpretation of agree. This means that
believe that if they keep the proper records or source classifying is moderately effective for micro
documents like official receipt, it could be expose business enterprises. According to Valix, (2012)
them to additional tax liabilities. he stated that classifying is a sorting or grouping
of the similar transactions and events into their
Furthermore, Amoako (2013) clearly stated that respective classes. Each category is further
some business owners did not keep accounting divided into sub-classifications through the use of
records or any documents as the source because it account titles that can be found in the chart of
was too time consuming, expensive, required accounts. The important device in classifying is
technical skills and knowledge. an account, it can be accomplished by posting to
the ledger since ledger is a group of accounts.
These findings indicated that most of the micro
business enterprises in San Pascual, kept records of As shown in the table that the highest weighted
what they think are necessary in their respective mean in terms of classifying got a mean of 3.47
business. Those transactions that involve money are with the verbal interpretation of agree, it is clearly
being recorded. However, most of the respondents said that micro business owners can identify their
maintain only minimal records. Though they keep income and expenses. As mentioned by Serption
records of it, their records can’t be said to be (2022) Classifying ensures that everything is clear
accurate in detail which means that they should not and easy to understand so there is not going to be
fully rely on their records in ascertaining whether any misjudgment or mistakes. Classifying or
they are profitable or identifying information is something that you are
not. going to have to understand if you are studying
Table 6. Assessment on the Accounting System of the subject or if you want to have a career within
Microenterprises in terms of Classifying the area, you are going to find it very difficult to
become successful if you cannot process the Items WM Verbal
information correctly and realize the importance of it Interpretation
through classifying. 1. I create the worksheet to 3.29 Well-Practiced
help with financial statement
preparation, entry closing, and
On the other hand, it was revealed that micro business facilitation.
enterprises got a weighted mean of 3.46. The 2. I prepare financial 3.39 Well-Practiced
respondents can determine whether the account is a statements that demonstrate the
revenue or an expense and they check if the business's financial status,
profitability, and information
transactions and events are classified properly. Fareed regarding cash receipts and
(2015) stated that proper classification will help cash payments.
business owners at reporting time. In order to have 3. In preparing the financial 2.38 Moderately
useful reports they need to report correctly and statements, I adhere to the Practiced
Philippines Financial Reporting
understand the business. Also, they are able to correct, Standards.
classify and identify business activity in their accounts. 4. I prepare the adjusted entries 3.23 Well-Practiced
required to bring the account
Moreover, the researchers observed that micro business balances up to date.
5.I summarized the data after 3.38 Well-Practiced
enterprises are having a problem in distinguishing each accounting period, such as
between current and noncurrent assets and liabilities, month, quarter, or year
and in owner’s equity, it has the lowest weighted mean 6. I present all the classified 3.39 Well-Practiced
of 3.07 with the verbal interpretation of agree. It was data in summarized form
supported by Fraser (2018) he stated that asset 7. I presented the data in a 3.41 Well-Practiced
manner which is easy to
classification also divides into current and non-current understand
and even in long term categories. The classification of 8. I understand that All account 3.35 Well-Practiced
accounts in ledgers assists the accounting department balances are collected from
in the preparation of financial statements. their subsidiary records
9. I believe Accounts for the 3.38 Well-Practiced
Income Statement and Balance
Researchers found that while respondents do record Sheet are taken from its general
transactions, they have no idea what kind of accounts ledger.
they are using to do so. Respondents are not keeping 10. I summarized all the 3.35 Well-Practiced
classified information
any additional types of accounts because they do not Composite Mean 3.25 Well-Practiced
see any relevance beyond profit, assets, and liabilities.
Because of this, they misclassified the accounts that
needed to be grouped in order to identify the affected
transactions. Ballada (2012) agreed that the As shown in the table in assessment on the
information gained by merely measuring and recording accounting system of micro business enterprises
transactions would be of limited benefit. The acquired with regards to summarizing have the composite
information needs to be organized in a way that can be mean of 3.25 with the verbal interpretation of
used for decision-making. Classifications help to agree. This means that summarizing is moderately
decrease the impact of many transactions by putting effective among micro business enterprises. It
them into more manageable groups. In addition, was clearly said that the respondents present the
Fajutag et al. (2014) found that business owners data in a manner which is easy to understand,
typically classify their financial records by type or with a mean of 3.41 and have the verbal
category. With this strategy, you can rest assured that interpretation of agree. According to Rhaman
you'll achieve your goals in the region without (2014), summarizing is the process of presenting
encountering any obstacles. classified data in a way that is easy to understand
Table 7 Assessment on the Accounting System of by the accountants or a business owner.
Microenterprises in terms of Summarizing
On the other hand, the results revealed that
mostly micro business enterprises disagree that
they adhere to the Philippine financial reporting
standards in preparing the financial system and
it has the lowest weighted mean of 2.38. As
mentioned by Somera (2022) that taxpayers
must prepare financial statements using
accounts that conform to the fundamental
framework of financial reporting standards
(PFRS) promulgated by the Philippine financial
reporting standard council.
These results indicate that summarizing can assess
business owners in understanding the Table 8. Assessment on the Accounting System of
concept and describing the data in an understandable Microenterprises in terms of Interpreting
manner. Even though respondents present data in the
simple manner, they were unaware of the PFRS, Items WM Verbal
which can assist them in determining the appropriate Interpretation
1. By comparing the previous 3.36 Well-Practiced
standards.
and current financial statements,
I can determine the changes that
According to Milan (2014), the compilation of occurred in the business.
financial statements or financial reports serves to 2. I can generate good inferences 3.51 Highly Practiced
summarize financial data. Typically, these total up about profit and loss.
3. Based on the information in 3.59 Highly Practiced
the consequences of all commercial transactions that the financial statement, I can
took place over a given period. For financial develop methods to increase
statements to be helpful, they must be prepared income.
under generally accepted reporting standards. When 4. I can determine the business's 3.44 Well-Practiced
future prospects.
generating and presenting financial statements, 5. I used the recorded data to 3.47 Well-Practiced
entities should follow a uniform set of reporting make decisions that matter.
standards. According to Rhaman (2014), 6. I am able to make meaningful 3.42 Well-Practiced
summarizing means presenting categorized data in a judgments based on my
interpretation of the collected
format that accounting information users can data.
comprehend. In addition, it involves the compilation 7. I used the profitability ratio to 3.33 Well-Practiced
of a trial balance and the development of financial figure out how well a business
statements. does at making money.
8. I may evaluate the entity's 3.39 Well-Practiced
liquidity, solvency, and
The table represents the assessment on the financing concerns.
accounting system of micro business enterprise with 9. I can draw meaningful 3.53 Highly Practiced
regards to interpretation. The respondents have the conclusions about profit/ loss.
mean of 3.46 with the verbal interpretation of agree. 10. I am able to formulate 3.51 Highly Practiced
strategies to earn higher revenue
According to Valix (2014) interpretation is one of based on the data presented in
the aspects of accounting that requires a very high the financial statement.
level of analytical rigor on the part of the person who Composite Mean 3.46 Well-Practiced
is executing the accounting, and this requirement is a
universal one.
The outcome reveals that respondents interpret
As presented in the table the results revealed that in order to develop methods for increasing their
micro business enterprises can develop methods to income. The respondents are required to relay
increase their income through the information in the the process information using financial
financial statements, it has the highest weighted statements. This may help owners formulate
mean of 3.59 with the verbal interpretation of strategies for preparing future plans and
strongly agree. This means that in micro business policies for executing financial plans using
enterprises it is highly effective. Gordon (2022) interpretation. According to Rahman (2014),
stated that interpretation is a statement issued by an interpretation is the meaningful evaluation of a
accounting standard group that clarifies the methods company's profitability and financial status. It
of implementing accounting standards. It is useful facilitates better planning for the future.
for micro business enterprises to clarify methods of Furthermore, Valix (2014) remarked that
accounting standards because through correct and interpretation is one of the components of
clarified information they can develop such accounting that requires a very high level of
strategies to increase their income. analytical rigor on the part of the individual
performing the accounting. Maheshwari &
However, the researchers noticed that micro business Maheshwari added that recorded financial data
enterprises did not use the profitability ratio to figure is evaluated and interpreted so that end users
out how well a business does at making money, this can make meaningful judgments regarding
statement got the lowest weighted mean of 3.33. financial status and profitability of business
Chloe (2012) states that accounting systems help operations.
businesses to increase profits by increasing the
efficiency and effectiveness of their supply chain, How May the Responses be Compared
interpreting the data is a process to understand When the Respondents are Grouped
financial data and create a decision-making tool that According to Profile
is utilized to increase the profits of micro business
enterprises. One of the primary goals of this study is to
 assess the accounting system of Micro Business least assessment is manufacturing business had
Enterprises among micro business owners in the a weighted mean of 3.28.
municipality of San Pascual Batangas. In order to do
so, the researcher must first determine the levels of It can be clearly gathered from the table that the
specific determinants on the Accounting System Merchandising got the highest assessment on
which are Recording, Classifying, Summarizing and all the variables of assessing accounting system
Interpreting. In this way, the respondents who are in terms of nature of business in San Pascual,
intended beneficiaries of this study would gain Batangas. While the lowest assessment on all
insight into the sense of the accounting system. the variables of assessing accounting system
was Services.
In the process, the researcher has to identify the
profile of the employees as to Nature of Business, The researchers concluded that merchandising
Years of Operation and Average Monthly net is more likely to record, classify, summarize,
income. The analysis has to determine the significant and interpret their transactions, which are used
impact of the profile of the Micro Business in monitoring their performance and making
Enterprises Owners on the Assessment of accounting business decisions. Merchandising is a common
system. type of micro business in accounting system
because it is relatively simple to track and
Nature of a business refers to the type of activities it record the financial transactions and maintain
engages in, such as the products or services it the books of accounts. The sales and purchases
produces, the market it serves, and the methods it of merchandise can be easily quantified and
uses to operate A retail business has a different tracked, which makes it straightforward to
nature than a manufacturing business, a service- calculate key financial metrics such as gross
based business has a different nature than a product- profit margin and inventory turnover.
based business, and a small business has a different Additionally, the expenses incurred by
nature than a large business. merchandising businesses are also relatively
Variables Merchandising Manufacturin Services easy to track and record which makes the
g financial statement preparation easy.
Recording 3.49 3.31 3.21
Classifying 3.44 3.35 3.24 Business refers to an occupation in which
Summarizing 3.32 3.28 3.14 goods and services are produced and sold in
Interpreting 3.55 3.28 3.38
return of money. It is routinely performed with
the primary purpose of making a profit.
Business activities include mining,
Table 9. Comparison on the Respondents Assessment manufacturing, trading, transporting, storing,
on the Accounting System of Micro Business Enterprise
banking, and insurance. Business environment
when they are Grouped according to Nature of
Business will influence the nature of business. Therefore,
if business owners wish to design and establish
legitimate decision rules for their organization,
It is shown in table 9 that in terms of recording, they must have a comprehensive understanding
merchandising got the highest weighted mean of 3.49, of their environment and relevant expertise.
followed by manufacturing with a mean of 3.31, while (Aremu et. al 2013)
the bracket in terms of services had a mean of 3.21.
The researchers concluded that merchandising is well- Accounting system not only provides the owner
practiced in the retail stores in San Pascual Batangas. with detailed information for making good
business decisions based on the enterprise's
For classifying, the highest assessment was financial health, but also enables the
merchandising business with a weighted mean of measurement of the business performance.
3.44. It was followed by manufacturing business Mutua (2015) argued that proper bookkeeping
with a mean of 3.35 and services business got the helps SMEs to control the activities and to help
lowest weighted mean of 3.24. manage 59 cost and expenses, whereas,
according to Eric and Gabriel (2012)
When it comes to summarizing, merchandising got bookkeeping enables managers to know the
the highest weighted mean of 3.32. Next was financial positions of their businesses and to
manufacturing having a weighted mean of 3.28, and take certain control measures to improve
for the services got the lowest weighted mean of corporate performance.
3.14. Furthermore, for Interpreting, it was clearly
shown in the table that Merchandising got the Years of operation of a micro business
highest assessment with a mean of 3.55, followed by enterprise is an indicator of performance the
the services having a weighted mean of 3.38 and the owners are and how stable the business is.
 Table 4.3.2 shows the significant difference on the accounting standards.
assessment of micro business enterprise in terms of
years of operation According to ASENSI et al. (2015), the number
. of years a business has been in operation is a
Variable 0-5 6-10 11-15 16-30 major factor in determining its level of stability.
years years years years When an establishment or business operates
continuously for an extended period of time, it
Recording 3.28 3.53 3.58 3.65 only indicates that there is an effective
Classifying 3.29 3.51 3.48 3.25 management and business strategy in place.
Summarizing 3.18 3.42 3.28 3.35 Variable ₱10,000 ₱11,000 ₱41,000 ₱71,000
& - - -
Interpreting 3.40 3.61 3.50 3.45 below ₱40,000 ₱70,000 ₱100,00
Recording 3.28 3.50 3.70 3.60
Classifying 3.29 3.42 3.76 3.70

Summarizi 3.18 3.32 3.67 3.80

Table 10 Comparison on the Respondents Assessment ng
on the Accounting System of Micro Business Enterprise Interpreting 3.40 3.50 3.83 3.80
when they are Grouped according to Years of
Operation
Table 11. Comparison on the Respondents
Assessment on the Accounting System of Micro
It was clearly present in the table that in terms of Business Enterprise when they are Grouped
Recording, 16-30 years got the highest assessment with according to Average Monthly Net Income
a weighted mean of 3.65. Then it was followed by 11-
15 years with a weighted mean of 3.58. While in the
span of 6-10 years it obtained a weighted mean of 3.53. The average monthly net income of micro
Lastly, 0-5 years got the lowest weighted mean of 3.38. businesses in the Philippines can vary greatly
depending on a number of factors such as the
In regards to classifying, 6-10 years got the highest industry, location, competition, and the size of the
assessment with a weighted mean of 3.51, next was business. However, it is generally lower than the
11-15 years of operation obtained a weighted mean average for other countries due to the lower
of 3.48 and the lowest weighted mean of 3.29 was on purchasing power of the population Table 11
the span of 0-5 years. shows that in terms of Recording, micro business
enterprises with Php41,000-Php70,000 average
In terms of Summarizing, 6-10 years of operation got monthly net income got the highest assessment of
the highest weighted mean of 3.42 and the second to extent of practice of recording with a weighted
the highest are from 16-30 years with a weighted mean of 3.70, followed by Php71,000-
mean of 3.35 and the least assessment attained a Php100,000 having a mean of 3.60 while the
weighted mean of 3.18 from 0- 5 years. lowest was Php10,000 and below with a weighted
mean of 3.28.
Lastly, in interpreting 6-10 years got the highest
weighted mean of 3.61, followed by 11-15 years in For classifying, the highest assessment was
operation having a weighted mean of 3.50, and 0-5 Php41,00-Php70,000 with a weighted mean of
years got the lowest weighted mean of 3.4. 3.76, while in the bracket Php71,000-
Php100,000 had a mean of 3.70 and the lowest
The length of time that a micro business has been in was Php10,00 and below with a mean of 3.29
operation can vary greatly. Some micro businesses As to summarizing, the highest assessment was
may be newly established, while others may have Php71,00-Php100,000 with a weighted mean of
been in operation for many years. Newly established 3.80, followed by Php41,000-Php70,000 having
micro businesses may be in the start-up phase and a mean of 3.67 while the lowest assessment was
may have limited revenue, customers, and Php10,000 and below with a mean of 3.18.
employees. They may also have minimal accounting
and financial needs. On the other hand, established Lastly, when it comes to interpreting,
micro businesses that have been in operation for Php41,000-Php70,000 got the highest
many years may have a larger customer base, assessment with a weighted mean of 3.83,
revenue, and employees. They may also have a more followed by Php71,000-Php100,000 having a
complex accounting system in place to manage their mean of 3.80 while the lowest assessment was
finances, such as inventory management, payroll, Php10,000 and below with a mean of 3.40.
and budgeting. They may also have more complex
compliance requirements such as tax laws and Overall, the results indicate that micro
 enterprises can achieve greater financial performance The result of the researchers' survey
if they implement accounting systems, which will questionnaire and interview that was given to
also generate more revenue for the government and the respondents, led to the conclusion that the
enhance the entities' creditworthiness. However, respondents needed a proper accounting system
given the poor level of the accounting system, the in order to be successful in the industry.
accounting procedure should be simplified through Specifically, the given questions in each
training or the provision of manuals or formats variable are the basis of the researchers in
specific to each type of business, so that micro evaluating the use of accounting systems of the
enterprises can adhere to standard accounting respondents. In recording 10 questions,
systems. It may also be possible to provide such classifying 10 questions, summarizing 10
entities with lower-priced professional accounting questions and interpreting 10 questions: 10
services. These findings support the findings of questions have resulted in a composite mean of
existing studies on SMEs such as Assaduzzaman 3.37, 3.36. 3.25 and 3.46. Respectively which
(2016), which points out that the financial indicates that the respondents often used the
performance is higher in case of firms maintaining accounting system in order to track their
the accounting and financial records (Orobia et al., business.
2020 and Venter et al., 2018).
With these, researchers proposed an extension
According to Zarzycki (2022). The average monthly program to help the owners, specifically the
net income is the entire amount of money a person or street vendors and barber shop owners that are
firm made over a certain time period, less taxes, located in a rural area in San Pascual Batangas,
costs, and interest. Net income, often known as "net to improve their knowledge and have a better
profit," "net earnings," or simply "profit," measures a understanding about the accounting system they
company's profitability. Net income is the inverse of will use in their business.
net loss, which is when a company loses money.
Next to revenue, net income is the most essential The researchers conducted this study to
accounting metric. Keeping track of your net income determine how the accounting system affects
is one of the greatest methods to monitor the the overall performance of a business. The
financial health of your firm, despite the fact that implication of the findings of the study can help
many small businesses don't calculate their for the assistance and support to the micro
profitability until a lender or investor 63 forces them business enterprises to determine the important
to. If your monthly net income is growing, you are facts of the accounting system and to have a
likely on the right path. If not, it may be time to better understanding with regards to Philippine
reduce expenses. Financial Reporting Standards, this will be a
great help for them to manage their business
Proposed Extension Program well.

Figure 4. Output of the Study: Extension Program

Revision No.:
Reference No.: BatStateU-FO-ESO-01 Effectivity Date: May 18, 2022
02

EXTENSION PROGRAM PLAN / PROPOSAL

Extension Service Program/Project/Activity is requested by clients.
Extension Service Program/Project/Activity is Department’s initiative.
Program Project Activity

I. Title: “Introducing Accounting System and Complying Accounting Standards”

II. Location: Municipality of San Pascual, Batangas Covered Court

III. Duration: April 29, 2022. Saturday, 7:30 am-5:00 pm.

IV. Type of Community Extension Service: Seminar Program

V. Sustainable Development Goals (SDG): Goal No. 8 – Decent Work and Economic Growth

VI. Office/s / College/s Involved:  Accountancy, Management Accounting (AMA) Business Permit
and Licensing Permit (BPLO)

VII. Program/s Involved (specify the programs under the college implementing the project):
BS in Management Accounting

VIII. Project Leader, Assistant Project Leader and Coordinators:

IX.
Nature of Participation Persons Involved Responsibilities
Project Leader Lara Suzette C. Cueto -leads the conduct of the extension activity
-coordinates/consults the project with the College
Extension Coordinator  
-supervises the whole process of the activity
-delegates tasks to the project coordinators and staff
Asst. Project Leader Neil Jensen A. Jusay -assists the project leader/s in the conduct of the
extension activity from its conceptualization to the
implementation and termination
Project Coordinator Neil Gabriel L. Manalo - assist the projects leaders and assistant project
leaders in all phases of project and its sub-activities
-conduct and prepare the documentation and
narrative of the activity
- ensure that training paraphernalia are all ready and
well-prepared
- assist in the monitoring and evaluation of the
project
-coordinate the proposed project with the PBC
Extension Head
Project Staff Lara Suzette C. Cueto -take part in the program’s planning, implementation
Neil Jensen A. Jusay and evaluation
Neil Gabriel L. Manalo

X. Partner Agencies: Cabehihm Extension Service Unit, Batangas State University NEU
Business Permit and Licensing Office

XI. Beneficiaries: Micro Business Owners in San Pascual Batangas

XII. Total Cost and Sources of Funds: Php 7,232.00

The total cost of the project would be P7,232.00

XIII. Rationale:

This extension program focused on introducing accounting systems and complying with
accounting standards can provide individuals and businesses with valuable skills and knowledge
to manage their finances effectively, comply with legal and regulatory requirements, and pursue
careers in accounting-related fields.
Municipality of San Pascual, Batangas, considered as the first-class Municipality in the province
of Batangas. As one of the towns neighboring the provincial capital, it is a big, lively city filled
with businesses and places to visit. It consists of 29 subdivided barangays and is proud of its rich
culture, where residents have establishments that serve food (lomi, burger, bonete, etc.). These
micro businesses are involved in a variety of industries, including manufacturing, agriculture,
services, and rental. To have a better understanding in regards to accounting system and
accounting standards, the project coordinators will help municipality of San Pascual, Batangas to
offer a seminar program for micro businesses.
In compliance to the research subject, this program that will be implemented was anchored to the
letter of request and letter of permission. This is to be planned and implemented in compliance
with the guidelines of the extension service unit and mandates of Batangas State University, The
National Engineering University as well as collaboration with the cooperating agencies.
 Objectives:
This activity aims to achieve the following objectives:
General
1. Explain and discuss the importance and benefits of accounting system to a micro business enterprise in San Pascual
Batangas.
2. To introduced different platforms of accounting system that will be served as their records to check how their
business well.
3. Be familiar to accounting Standards specially the Philippine Financial Reporting standards.  

XIV. Description, Strategies and Methods (Activities / Schedule):

Title of Date of Strategy College/ Persons In- Participants

Activity/ Implementation (Implementation) Office charge
Involved

“INTRODUC April 29, 2023 -Introduction about - Lara Suzette C. -Micro Business
ING accounting system and Accountancy, Cueto Owners
ACCOUNTI complying accounting Management -Future
NG SYSTEM standards. Accounting Neil Jensen A. Business
AND -Discussion of (AMA) Jusay Owners
COMPLYIN accounting system -Business -Guest Speaker
G (Recording, Permit and Neil Gabriel L.
ACCOUNTI Classifying, Licensing Manalo
NG Summarizing and Permit
STANDARD Interpreting) (BPLO)
S” - Discussion of
Accounting Standards

XV. Financial Plan:

The researchers will seek financial assistance from the San Pascual, Batangas Government and the
researchers will shoulder half of the cost that will support financial plan.
Specifically, the proposed extension project will acquire material cost of ₱2,904.00, token and certificate
expense of ₱ 1,208.00, and food expense of ₱3,120.00. Therefore, the total cost of the project will amount to ₱7,232.00.

Materials for Extension Program

Poster / Tarpaulin ₱ 300.00

Attendance Sheet 2.00
Evaluation Forms 2.00
Total ₱ 304.00

Seminar Kit:
Notebook 20.00
Ballpen 5.00
₱ 25.00
x 104 participants
Total ₱ 2,600.00

Total Materials ₱ 2,904.00

b. Tokens & Certificates

Tokens for Guest Speakers ₱ 200.00

 x 5 Guest Speakers
Total Tokens ₱ 1,000.00

Certificates ₱ 2.00
x 104 participants
Total Certificates ₱ 208.00
Total Tokens & Certificates ₱ 1,208.00

c. Food
Sandwich ₱ 20.00
Bottled Water 10.00
₱ 30.00
x 104 participants
Total Food ₱ 3,120.00

Total Cost of the Project:

Total Materials ₱ 2,904.00
Total Tokens & Certificates 1,208.00
Total Food 3,120.00
Total Cost of the Project ₱ 7,232.00

XVI. Functional Relationships with the Partner Agencies (Duties / Tasks of the Partner Agencies):

Accountancy, Management Accounting and Business Permit and Licensing Permit (BPLO) mission is to
provide information towards the list of possible participants of the extension activity. The activity will
indeed be successful since the extension activity have objectives.

XVII. Monitoring and Evaluation Mechanics / Plan:

The seminar will be held at Municipality of San Pascual Covered court, under the coordination of
Extension Service Unit of Batangas State University. The mentioned seminar will help micro business
owners to have a knowledge about accounting system and to introduce them what are the different
platforms of accounting system that could be beneficial to their business. Also, this seminar will discuss
about the Accounting Standards.

The participants will be evaluated, attend discussions, watch demonstration to use accounting system,
open forum of questions, share topics about accounting system and Philippines Financial Accounting
Standards. This will be useful to micro business enterprises owners in San Pascual Batangas for them to
understand accounting system and will benefit their business.

XVIIII. Sustainability Plan:

This seminar has a potential and impactful in managing the working capital of every start-up business.
The participant will gain knowledge through this extension activity. Small start-up businesses should be
mindful of the potential risks and must know the effective ways of managing working capital. That’s why
the aim of the extension activity is to provide effective strategies considering its variables that lead to
managing working resources more effectively.

Prepared by:

LARA SUZETTE C. CUETO

Student Project Leader
Date Signed:
 NEIL JENSEN A. JUSAY
Student Project Leader
Date Signed:

NEIL GABRIEL L. MANALO

Student Project Leader
Date Signed:

4. CONCLUSION they need to know more about Philippine

Financial Reporting Standards (PFRS), it can
After a careful analysis and interpretation of the data help enhance and improve their knowledge
gathered, the researchers arrived at the following about accounting systems.
conclusions:
There is, therefore, a definite need for micro
1. Majority of the micro business enterprises in San business enterprises to adopt different platforms
Pascual Batangas, wereengaged in merchandising of accounting systems that should be
which is classified as micro business. Most of the computerized or with the use of Microsoft
micro business enterprises have been in operation for Excel, as well as with the aid of smartphones as
about zero to five years with an average monthly most business owners already own one. The
income of P10,000 and below. researchers also suggested that micro business
owners may decide to seek advice from the
2. In terms of the accounting system with regards to appropriate authorities or an accounting analyst
recording, the owners can distinguish which account regarding how to assess and interpret the data
of the transaction is recorded but they often use that can be used to establish the status of the
official receipts for every cash they received and business; the owners of the businesses may
vouchers for cash paid. As to classifying, they can come up with an accounting system that is able
identify the business income and expenses during a to monitor the day-to-day operations of the
specified time frame but they cannot distinguish business. Another practical recommendation is
what are the differences of current and non-assets, that the micro business enterprise owners
current and non-current liabilities and owner’s should be required to keep accounting journals
equity. As to summarizing, their data was presented such as a sales journal, a cash receipts journal,
in a manner which is easy to understand but they do and a cash disbursements journal, and for them
not have any idea about Philippine Financial to use official receipts to track their cash flow
Reporting Standards in preparing financial and figure out the value of their assets. This
statements. As to interpreting, owners can develop paper may constitute the object for future
methods and strategies to increase their income. studies and the researchers are looking forward
to further attempts that could quite prove the
3. In the comparison means according to profile, the findings which will be beneficial to the
respondents have given merchandising as the higher literature.
assessment when it comes to the nature of business,
in terms of operation the majority of the respondents 5. REFERENCES
operate in 6-10 years. Lastly, the results revealed that
the average monthly net income of micro business A. Books
enterprises owners Php41,000-Php70,000 got the
higher assessment. [1] Ballada, W., & Ballada, S. (2012). Basic
accounting made easy (17th ed.).
4. Based on the proposed action plan, it was DomDane Publishers.
concluded that micro business enterprises owners of
[2] Ballada, W. (2012). Basic Accounting:
the micro business enterprises should be familiar
Made Easy (17th ed). Sampaloc, Manila:
with the accounting system they used and what are
Suite 203 KB Arizona Tower
the procedures so that they would know how to
manage their business to make it profitable. Also, [3] Ballada, S., & Ballada, W. (2019).
 Accounting fundamentals made easy. W. and and example calculation: Bench Accounting.
S. Ballada. Bench. Retrieved December 6, 2022, from
https://bench.co/blog/accounting/net-income-
[4] Baltzan, (2014). Business Driven Technology: definition/
Business Driven Technology;Business Driven
[17] A Review of the Impact of Accounting
Technology (5th Edition). MCGRAW-HILL Information System for Effective Internal
US HIGHER ED. Control on Firm Performance. View of a
review of the impact of accounting
[5] Bazley, M., & Hancock, P. (2013). information system for effective internal
Contemporary Accounting. Cengage Learning control on firm performance. (n.d.).
Australia. http://www.cribfb.com/journal/index.php/ijfb/
article/view/89/105
[6] Brag (2012). The Controllers Function: The
World of Managerial Accountancy. Second [18] Impact of the Information Technology on the
Edition. United States of America. John Wiley Accounting System. View of Information
Technology's impact on the accounting
and Sons, Inc
system. (n.d.). Retrieved December 7, 2022,
from
[7] Cabrera, M. (2015). Management https://journals.cihanuniversity.edu.iq/index.p
Consultancy: Principles and engagements hp/cuejhss/article/view/208/
2015 edition. Manila: GIC Enterprises &
Co.Inc. Unpublished Thesis

[8] Cruz, M. Z. V. (2016). 21St century [19] Arida, M. (2015) “assessment on the financial
accounting process: Basic concepts and independence of micro business in Batangas
procedures. Zenaida Vera Cruz Manuel. City” unpublished Undergraduate Thesis
Batangas State University
[9] Valix Peralta (2014). Financial Accounting
[20] Aya, M. R., Baello, M. K. & Reyes, K. P.
2014 Edition.
(2017). Assessment on the Accounting
Practices of Fishpond Owners in Agoncillo,
[10] Valix, C. T., Peralta, J. F., & M., V. C. A. Batangas. Batangas State University.
(2012). Financial accounting (revised, Vol. 1). Batangas City
GIC Enterprises.
[21] Baja, A. C., Bensol, D. & Marisigan, KJJ. M
[11] Valix, C A. M. (2012). Financial Accounting (2017) Accounting system of sari-sari store in
Volume two. B. E. S. T. New York: Crown Lemery, Batangas. Batangs state University.
House Batangas City.

Journals [22] Balotcopo, R. G., Caguete, M. A& Ramos, M.

A. (2017). Assessment on the accounting
[12] Ademola, G. (2012). The Roles of Record Keeping Practices of pharmacies in batangas city.
in the Survival and Growth of Small-Scale Batangas state university. Batangas City
Enterprises in Ijumu Local Government Area of
Kogi State. Global Journal of Management and [23] Dimaunahan, G. R., Parsaligan, A. m. &
Business Research, 12. Ylagan, R. D. (2017) Assessment on the
accounting process of computer shopes in
[13] Amoako, G. K. (2013). Accounting practices of Batanga City. Batangas State University.
smes: A case study of kumasi metropolis in Ghana. Batangas City
International Journal of Business and Management,
8(24). https://doi.org/10.5539/ijbm.v8n24p73 [24] Fajutag, K (2014). “Assessment on the
Accounting System and Financial
[14] Balagobei, S. (2019). Impact of record keeping Management of Selected Business in San Jose
practices on business performance of small and Batangas” Unpublished Thesis Batangas State
Medium Scale Enterprises in Sri Lanka. University
International Journal of Accounting and Financial
Reporting, 9(4), 439. [25] Gonzales, E. L., Lugatoc, K. C. & Malabanan,
https://doi.org/10.5296/ijafr.v9i4.15897 M. E. (2017) Accounting practices of
Funerals Homes in Batangas Province.
[15] Powell, S. (2022, November 27). Accounting. Batangas State University. Batangas City.
Corporate Finance Institute. Retrieved December 8,
2022, from [26] Jean, J (2015) Assessment of accounting
https://corporatefinanceinstitute.com/resources/acco system of micro business enterprises in
unting/accounting/ Batangas city. Batangas State University.
Batangas City
[16] Zarzycki, N. (2022). What is net income? definition
[27] Muhindo, A. Mzuza, M., & Zhou, J. (2014). “The 12130535-classifying-accounting.html
impact of accounting information systems on
Profitability of Small-Scale Businesses: A case of [39] Siddiqui, F. (2015, May 22). Recording
Kampala city in Uganda” East China Normal classifying summarizing functions of
University accounting. Professional Articles on Business
& Management, Management Consulting,
[28] Maguindayao, M. (2014) “Assessment on the Software Engineering and Self Improvement.
accounting system, operation and Financial Retrieved December 6, 2022, from
Management of Home-based Retail Business in https://fareedsiddiqui.wordpress.com/tag/reco
Batangas City” Batangas State University rding-classifying-summarizing-functions-of-
accounting/
[29] Siyanbola and Tunji (2012) “accounting
information as an aid to Management Decision [40] Yeboah, E., Owusu Kwateng, K., & Oppong,
Making “Curtin University of Technology C. (2014, December 12). Information systems
and accounting practices in Ghanaian public
Electronic Sources institutions. SSRN. Retrieved December 11,
2022, from
[30] Aremu, A. (2013). Management and https://papers.ssrn.com/sol3/papers.cfm?
entrepreneurship in societal transformation: abstract_id=2391394
Perspective from Africa. Department of Business
Administration, Faculty of Management Sciences, [41] What is the meaning of classifying
University of Ilorin. in accounting? Blurtit. (n.d.). Retrieved
December 7, 2022, from https://business-
[31] Gray, Carolyn (2016). Small Business Accounting finance.blurtit.com/1985367/what-is-the-
and Bookkeeping. Examples of Accounting meaning-of-classifying-in-accounting
Business. Retrieved from
http://smallbusiness.chron.com/examples-
accounting-system-25403.html (electronic sources)
Acknowledgements
This thesis represents not only a compilation of
[32] Jain, P. (2022, May 21). Accounting information
system (AIS). WallStreetMojo. Retrieved
new research findings and valuable data; it is
December 7, 2022, from also a testament of an experience that has been
https://www.wallstreetmojo.com/accounting- nothing short of educational. The researchers
information-system/ would like to express their sincere appreciation
and deepest gratitude to the following persons
[33] Kinden, B. (2022, January 31). Why is accounting and institution who generously helped them to
important for small business owners? Kinden CPA. the success of this research:
Retrieved December 6, 2022, from
https://www.kindencpa.ca/why-is-accounting-
important-for-small-business-owners/
Batangas State University, for the excellent
learning opportunity;
[34] Lauckner, S. (n.d.). Micro business vs. small
business. NerdWallet. Retrieved December 6, 2022, Dr. Mary Grace T. Mandane, their research
from https://www.nerdwallet.com/article/small- adviser, for her guidance, unwavering support,
business/micro-business and encouragement and whose efforts,
expertise, and enthusiasm from start to finish
[35] Newton, C. (2019, November 20). What are the
inspired the researchers to work progressively
basic phases of accounting? Bizfluent. Retrieved
from https://bizfluent.com/info-8160831-basic- and meet task deadlines. Her insightful
phases-accounting.html comments motivated the researchers to widen
their perspectives for the betterment of the
[36] Serpton, C. (2022). What are the four phases of study;
accounting and meaning? Blurtit. Retrieved
December 10, 2022, from https://business- Mr. Angelo C. Panilagan, their research
finance.blurtit.com/1071139/what-are-the-four- professor, grammarian and editor, for the
phases-of-accounting-and-meaning
wisdom and guidance in the development of the
[37] Shah, S. (2016). 7 steps of accounting cycle, 3 steps study; and patiently suggested corrections for
in the accounting process. WikiFinancepedia. improvement, clarity, and precision of the
Retrieved from research paper;
https://wikifinancepedia.com/finance/financial-
advisor/accounting/accounting-process-accounting- The Panel of Examiners, chairperson, Dr.
cycle Angelica Ramos- Manalo, panel members Ms.
Ida Kristina D. Ramos, and Mr. Jayson B.
[38] Sherman, F. (2021, November 20). What is
Reyes, for their insights and suggestions, and for
classifying in accounting? Bizfluent. Retrieved
December 6, 2022, from https://bizfluent.com/info- patiently guiding the researchers in the
preparation and fulfillment of the study;
Dr. Imelda M. Flores, their statistician, for helping
the researchers in the analysis of data and for her
sharing of knowledge;

To Micro Business Enterprises, for their cooperation

and allotting their time to answer the questionnaire,
without whom this study would not have been
completed;

Their parents, Mr. and Mrs. Cueto, Mr. and Mrs.

Jusay, and Mr. and Mrs. Manalo, for the
unconditional love, financial, moral and spiritual
support, allowing the researchers to overcome
hardships encountered throughout the course of this
study;

To our classmates and friends, for sharing knowledge

and giving support during the research period;

The rest that had been unintentionally missed out

here, for directly or indirectly lending their hand in
this research;

Above all, to our Almighty God, for blessing them

with strength, wisdom, faith and perseverance in
carrying out this research and making everything
possible.

It would have been tough without your help. We the

researchers will truly be grateful and appreciate your
presence, Thank you very much!