Practicality Of Entity Concept Research Paper Chapter 1

PRACTICALITY OF ENTITY CONCEPT IN RECORDING GRADE 12 ABM STUDENTS’ CASH BUSINESS TRANSACTIONS IN GMATHSA Thesis is Presented to theFaculty of the Senior High School DepartmentGeneral Mariano Alvarez Technical High SchoolGeneral Mariano Alvarez, Cavite In Partial FulfillmentOf the requirements forPractical Research 1PEÑA, AIRA MAE A.MEMBERCALINAO, HONEY L.SOCORRO, HANNAH B. April 13, 2023 CHAPTER 1The Problem and Its BackgroundIntroduction The accounting concept has a significant impact on businesses when it comes to calculating their income, expenses, assets, and liabilities for financial reporting. Companies can use this to make their financial statements consistent and complete. These prepared financial statements assist investors in analyzing data. However, companies need to figure out the best accounting concept they will use to record their transactions. Accounting, according to Weygandt, J. et al. (2017), is the process of identifying, recording, and communicating the economic events of an organization to interested users. This phenomenological issue can be solved by conducting an interview to collect data in the municipality of General Mariano