STUDENT ORGANIZATION CONSULTATION

BUSINESS AND MANAGEMENT ASSOCIATION OF THE PHILIPPINES

CENTRAL MINDANAO UNIVERSITY

KENT P. CONDINO
KRISTIAN KADELL D. PAGOBO

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR

ACCY 43: FINANCIAL ACCOUNTING 3

2018
 Narrative Report

As a requirement for the Financial Accounting 3 subject, an organization

consultation is conducted by the proponents. As an organization established in the

College of Business and Management (CBM), Business and Management Association of

the Philippines (BMAP) is considered one of its core student organizations. The

consultants chose BMAP because they are very approachable and later on, discovered

that they are very transparent and cooperative with the consultation.

The consultation started on the latter half of 1st semester of school year 2018-2019

and lasted until the end of the semester. The original documents were acquired on the

first week of consultation and was later on retrieved back for organizational purposes, but

another set of documents were given in exchange and these were the photocopies of the

original documents. Even the photocopies were their initiative, much to the consultants’

delight.
Problems Encountered and Solutions (Kent P. Condino)

Although I have been an officer for two different student organizations, I did not

handle financial matters and was thus unfamiliar with some of the small differences in the

preparation of financial statements between regular business entities and student

organizations. I had to search for multiple examples of student organizations’ financial

statements to compare them with BMAP financial statements and find out if they really

did follow the usual practices. I also consulted my fellow classmates who are familiar with

the preparation for student organizations. An example of the differences is that “net

assets” are used instead of owners’/shareholders’ equity. Although there were

differences, it was relatively small and I was able to work on their documents immediately.

Another problem would be the lack of time available of the consultants and the

BMAP officers, since we have different schedules and activities and because the

consultants also has a plethora of requirements to consider. The 4th year students’ fieldtrip

also caused us some trouble since the schedule for their fieldtrip was moved a week later,

effectively throwing away the planned consultation schedule beforehand. This problem

was solved by the cooperation of the BMAP officers with a new schedule 2 weeks later

than the previous schedule.

Problems Encountered and Solutions (Kristian Kadell D. Pagobo)

During my past college years, I have never been an officer of an organization, it is

because I don’t want to have any responsibilities to handle. In line with that, one of the

greatest problems I encountered is the first-hand experience in preparing financial

statements of selected organization. I may have knowledge about preparing financial

statements of Not-for-Profit Organizations (NPOs), due to Advance Accounting II, but

application may be different from what I have in this task.

Also, problems encountered are minimal because the organization is a business

related course and has a course on basic accounting. As students, I and the officers have

our own free schedules, conflict of these are one of the barriers that is established during

the consultation, but as a business minded people who are very responsive on a

pressured time basis we managed to set a free time for the task. As to the interaction with

the officers, we don’t have problems because some of the officers are our friends, which

is also the reason why we chose this organization, and also the officers are very

approachable and willing to help us in our requirements.

Lastly, time pressure is the great problem of this requirement. Since I am already

a 5th year Accountancy Student, requirements are already dumped in my schedule, such

as Feasibility Study, Accounting Systems and Design Analysis Requirement and

Portfolio. These requirements is also dumped due to some relax time, which leads me to

all relax time, at the end no works done. But as to overall problems encountered are very

minimal and the great problem was the time.

Statement of Financial Position

Before:
CENTRAL MINDANAO UNIVERSITY
OFFICE OF STUDENT AFFAIRS

BUSINESS MANAGEMENT ASSOCIATION OF THE PHILIPPINES

Name of Student Organization
STATEMENT OF FINANCIAL POSITION
As of October 31, 2018

Note
ASSETS
Cash P 68,499.80
Receivables 4,730.00
Office Supplies
Office Equipment 12,821.50
Sports Equipment
Tools & Other Equipment
Other Assets
TOTAL ASSETS P 86,051.30

LIABILITIES AND NET ASSETS

Liabilities
Due to Members P -
Due to Officers
Due to Other Organizations
Due to Affiliate Organizations
Due to Suppliers
Other Liabilities
Total Liabilities P -
Net Assets
Net Assets, Beginning P 35,053.00
Increase (Decrease) in Net Assets 50,998.30
Net Assets, End P 86,051.30
TOTAL LIABILITIES AND NET ASSETS P 86,051.30

Prepared by: Approved:

Treasurer President

Noted:

Adviser Adviser
After:

CENTRAL MINDANAO UNIVERSITY

OFFICE OF STUDENT AFFAIRS

BUSINESS MANAGEMENT ASSOCIATION OF THE PHILIPPINES

Name of Student Organization
STATEMENT OF FINANCIAL POSITION
As of October 31, 2018

Note
ASSETS
Cash P 68,499.80
Receivables 4,730.00
Office Equipment 12,821.50
TOTAL ASSETS P 86,051.30

LIABILITIES AND NET ASSETS

Other Liabilities P -
Total Liabilities -

Net Assets
Net Assets, Beginning 35,053.00
Increase (Decrease) in Net Assets 50,998.30
Net Assets, End P 86,051.30

TOTAL LIABILITIES AND NET ASSETS P 86,051.30

Prepared by: Approved:

Treasurer President

Noted:

Adviser Adviser
 Statement of Activities
Before:

CENTRAL MINDANAO UNIVERSITY

OFFICE OF STUDENT AFFAIRS
BUSINESS MANAGEMENT ASSOCIATION OF THE PHILIPPINES
Name of Student Organization

STATEMENT OF ACTIVITIES
For the Period Ended October 31, 2018

Note
REVENUES AND GAINS
Members' Contributions P 93,740.00
Receivables 1.b 4,730.00
Solicitations & Donations
Revenue from Fines
Revenue from Fund Raising Activities
Other Revenues
Total Revenues and Gains 1.a P 98,470.00

EXPENSES AND LOSSES

Events & Activities 2 P 44,729.75
Operating Expenses 3 2,741.95
Aids & Grants to Members
Aids and Grants to Other Organizations
Publications
Losses on Uncollectible Fines
Total Expenses and Losses P 47,471.70

Excess of Revenues and Gains over Expenses and Losses P 50,998.30

Net Assets, Beginning 35,053.00

Increase (Decrease) in Net Assets 50,998.30
Net Assets, End P 86,051.30
After:

CENTRAL MINDANAO UNIVERSITY

OFFICE OF STUDENT AFFAIRS
BUSINESS MANAGEMENT ASSOCIATION OF THE PHILIPPINES
Name of Student Organization

STATEMENT OF ACTIVITIES
For the Period Ended October 31, 2018

Note
REVENUES AND OTHER SUPPORT

Members' Contributions P 93,740.00

Receivables 1.b 4,730.00
Total Revenues and Gains 1.a P 98,470.00

EXPENSES AND DEDUCTIONS

Events & Activities 2 P 44,729.75

Other Expenses 3 2,741.95
Total Expenses and Losses P 47,471.70

Excess of Revenues and Gains over Expenses and Losses P 50,998.30

Net Assets, Beginning 35,053.00

Increase (Decrease) in Net Assets 50,998.30
Net Assets, End P 86,051.30
 Statement of Cash Flows
Bedore

CENTRAL MINDANAO UNIVERSITY

OFFICE OF STUDENT AFFAIRS
BUSINESS MANAGEMENT ASSOCIATION OF THE PHILIPPINES
Name of Student Organization

STATEMENT OF CASH FLOWS

For the Period Ended October 31, 2018

Note
CASH INFLOWS/RECEIPTS
Regular contributions from members 1.b P 93,740.00
Fines/Charges received from members
Receipts from solicitations/donations
Receipts from fund raising activities
Other receipts
TOTAL CASH INFLOWS P 93,740.00

CASH OUTFLOWS/PAYMENTS
Events, activities or undertaking P 44,729.75
Disbursements for office supplies/materials 12,821.50
Disbursements for office equipment repairs/purchase
Disbursements for furnitures/fixtures
Disbursements as aid and grants to members
Disbursements for other operating expenses 2,741.95
Other Disbursements
TOTAL CASH OUTFLOWS P 60,293.20

Net increase (decrease) in cash P 33,446.80

Cash, beginning 35,053.00
Cash, end P 68,499.80
After:

CENTRAL MINDANAO UNIVERSITY

OFFICE OF STUDENT AFFAIRS
BUSINESS MANAGEMENT ASSOCIATION OF THE PHILIPPINES
Name of Student Organization

STATEMENT OF CASH FLOWS

For the Period Ended October 31, 2018

Note
CASH INFLOWS/RECEIPTS
Regular contributions from members 1.b P 93,740.00
TOTAL CASH INFLOWS P 93,740.00

CASH OUTFLOWS/PAYMENTS
Events, activities or undertaking 2 P 44,729.75
Disbursements for office supplies/materials 12,821.50
Disbursements for other operating expenses 2,741.95
TOTAL CASH OUTFLOWS 60,293.20

Net increase (decrease) in cash 33,446.80

Cash, beginning 35,053.00
Cash, end P 68,499.80
Documentation