Angel Louis Pardillo 1ST YEAR BSA (468-474) EVENING SESSION

ACTIVITY 3

1. Which area or areas of accounting you prefer to practice and why?

- The area of accounting that I prefer to practice is the government accounting because I want to
record government’s funds.

2. Is globalization an advantage or disadvantage for a Filipino Accountant?

- Globalization is opening up the economy for world market thus it involves economic
transactions, production and trading. Moreover, it is an advantage for a Filipino accountant for
the reason that Philippines is one of the country that has been affected by the globalization.
There is an increase in international trade and investment therefore there are a need for a set of
accountants to record and harmonize company financial information, improve the transparency
of accounting, and ensure that investors receive more accurate and concise financial
information.

3. Compared with other professions, what features in the ethics for accountant which is not true
to, say Doctors, Engineers, Lawyers etc. and why do you think this is unique to other
professions?
- The ethics for accountant which is not true to other profession is, personally, the objectivity
because it states that being an accountant should avoid being bias. It is unique in a sense that,
other professions need to be bias in order to perform their job well to be able to render their
services to their clients effectively. For instance, a lawyer needs to cooperate and be on the side
of his/her client in order to win a certain case.

4. Give examples of business transactions, identify what type of business activities (investing,
financing or operating) and if this is to be recorded or not. (Give at least 5 different transactions
and follow the prescribed format)

Business Transactions Type of Activity (x) for not (/) for

yes
Selling goods to a consumer Operating /
Paying wages to employees Financing /
Obtained a loan to buy equipment for the business Investing /
Purchase of an asset Financing /