The Bookkeeping Practices of Mini Grocery Store Owners Operating in Vigan Public Market

Abstract

Despite the crucial role of bookkeeping in financial management, limited research has been conducted on the bookkeeping practices of the business owners of mini grocery stores, locally known as sari-sari stores, in Vigan City, Ilocos Sur. The study determined the level of bookkeeping practices among mini grocery store owners in Vigan Public Market. It assessed the bookkeeping practices in terms of chart of accounts, source documents, journal entries, ledgers, trial balances, adjusting entries, financial statements, and financial statement analysis. The study also examined whether the bookkeeping practices and the respondents' profiles are significantly related. A descriptive-correlational research design was used, with 98 mini grocery store owners as respondents. Data were gathered using a structured questionnaire checklist, validated with a 5.00 index. The statistical tools used for data analysis were frequency count, percentage, mean, and simple correlational analysis. The study found a high level of bookkeeping practices among respondents. However, financial statement analysis had the lowest level of practice, indicating a need for improved financial interpretation skills. No significant relationship was found between the bookkeeping practices and the respondents' profile. The study suggests respondents have a solid adherence to bookkeeping standards, which may be because bookkeeping serves as the foundation of sound financial management, enabling businesses to track, analyze, and report financial transactions accurately. Targeted programs should be conducted that emphasize financial literacy and practical applications, such as "Accounting for Non-Accountants," to enhance their financial management skills and decision-making capabilities.