Record Keeping Practices of Sari-sari Store Owners in Tawang, La Trinidad, Benguet

Abstract

This study was conducted from January to February 2016. This was conducted to determine the sari-sari store owners knowledgeable on record keeping, their record keeping practices and their record keeping problems. The data was gathered with the use of survey questionnaire supported by follow-up interview. The finding reveals that majority of the sari-sari store owners in barangay Tawang are elementary level and not knowledgeable on accounting. Majority also did not attend any trainings or seminars on record keeping. Those who have knowledge on bookkeeping and accounting are applying it in their store but a few of them are not applying. The finding also reveals that majority of the store owners are not practicing record keeping, their reasons are: laborious and time consuming, no knowledge, records have no use in the business. Among those who practice recording, most of them record in notebooks, very few record in journals. Majority record their transactions daily. Some of them use their records to determine their sales, expenses, receivables and profitability of their business. The major problem encountered by the respondents in relation to record keeping is their lack of knowledge in bookkeeping and accounting. Most of them are willing to attend training on bookkeeping and accounting but indicated that they are willing to attend if the training is free.