Foundation of Accounting

Foundations of Accounting: Philippine Settings and Applications is designed specifically for the Philippine setting. It blends the universal language of business with the unique landscape of local commerce. Grounded strictly in the Philippine Financial Reporting Standards (PFRS), this book walks the student step-by-step through the accounting cycle while directly integrating the practical business documentations, compliance demands, and business structures unique to our country.
Furthermore, accounting does not exist in a vacuum. It is heavily intertwined with the law. By introducing foundational legal concepts early on—such as the regulatory roles of the Department of Trade and Industry (DTI), the Securities and Exchange Commission (SEC), and the crucial tax compliance mandates of the Bureau of Internal Revenue (BIR)—this textbook prepares students not just to pass exams, but to confidently step into the local corporate and legal arena.

To the students using this book: accounting is not merely about memorizing debits and credits. It is about understanding the narrative of a business and ensuring accountability. Approach this subject with discipline, patience, and absolute perseverance. The journey to reaching your full potential begins with mastering these foundations.