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CHAPTER I
Introduction
In the Philippines, among all the subsectors of retail segment, grocery stores continue to
have the most impact in the economy. A 2017 Oxford Business Group report noted that grocery
stores continue to have the most impact on the economy due to its more diverse offerings to day-
to-day essentials, which satisfy the bulk of consumption needs for the vast majority of Filipino
consumers According to the 2017 Food Retail Sectoral Report by Global Agricultural
Information Network, the largest grocery retails in the country, SM Supermarket, Robinsons
Supermarket and Puregold, still dominate the business that contributed to the robust growth of
the industry in the last five years. Grocery stores are pursuing smaller store formats to provide
local consumers more convenience and accessibility. Big grocery stores continue to grow and
small grocery stores continue its aggressive expansion in different sectors of the country to cater
In Ilocos Norte, there are also numerous grocery stores that people go to buy. Robinsons
Supermarket, SM Hypermarket, SaveMore are known to have the biggest grocery stores in the
province. They almost share the same strategies and offer the same goods, except that one offers
goods in a cheaper price, while one offers it more expensive. With such big businesses, it is
already known that there are complete accounting practices and system that are being used. The
most convenient store where people usually go because of its low prices is the Laoag Public
Market. Sellers only rent for a space to sell on and is informal when it comes to business
transactions.
In Bacarra, there aren’t many grocery stores that can be seen compared to the city. Since
Bacarra is one of the municipalities that has the smallest land area in the province, only a few
grocery stores are built in the town, enough to provide goods and services that can sustain the
needs of the people for their daily living. There are several grocery stores, but only few are
known. Moreover, not all grocery stores existing have proper or complete accounting system and
practices. Such as those small stores that don’t really do bookkeeping and don’t record every
There are different factors in managing a business and why accounting practices are
needed. This is the most important thing in the field of business. In order for a business to grow
and flourish, proper accounting practices must be observed. These can be used to record all
transactions that occur daily. These are also needed to have accurate records of how the cash
flows inside the business. By having an accounting system, owners can track the performance of
the business, if it has increasing profit or is already failing. These system and practices give a big
help to the business in gathering, storing, and processing financial and accounting data that is
needed by the owners in making decisions for the future of the business.
In line with the problem given above, the researchers will be conducting a research study
in different selected grocery stores to know their accounting practices and if it is observed. This
study will seek for answers if grocery stores, particularly in Bacarra, have in place proper book
of accounts to generate the needed accounting information that the owners and other financial
providers require and to determine the existence of accounting system and practices in grocery
stores. This study will also seek to find out reasons why grocery stores are keeping accounting
records or not.
This study will focus on the accounting practices of selected grocery stores in Bacarra.
This study will determine the system of procedures and controls the used of accounting practices
a. Age
b. Gender
2. What are the existing accounting system and practices of selected grocery stores
in Bacarra?
5. What are the reasons why grocery stores don’t keep accounting records?
This study will analyze and focus on the accounting practices of selected grocery stores
in Bacarra. The respondents of the study will be composed of selected grocery owners. All
materials that will be used will be strictly and properly supervised by the research teacher. This
study will be done in Bacarra, Ilocos Norte during the first semester.
Significance of the Study
This study will be relevant to business owners. This study will be very helpful in different
kinds of business, especially grocery stores for it will show the importance of accounting
accounting system and practices in a business and its role on making grocery stores successful
Future Entrepreneurs. The result of the study will be beneficial to those who start a business
similar to grocery store, for they will have a background knowledge on how to run a business.
Consumers. The result of the study will be significant to grocery consumers for they will know
how a business runs and how significant their simple transactions are in the business that they are
accounting system and practices to the business, and also to be aware of what to do with the