Accounting provides quantitative financial information involving economic decisions in order to make reasoned choices. It serves that functions of recording, summarizing, and interpreting financial information. It aims to direct and control the limited resources of the business, both human and non-human. The users and beneficiaries of the financial information include business owners, managers, government, potential investors, creditors, consumers, general public, economic planners, and labor unions. They benefit from the varied fields of accounting like auditing, accounting systems, budgeting, tax, management consulting, cost, financial, government and education. The accounting profession in its practice is guided by the accounting principles (GAAP) which are established by the Accounting Standard Council, under the umbrella of the Philippines Institute of Certified Public Accountants, the national organization of CPAs in the Philippines. Among others, these principles include entity, objectivity, cost, going concern, materiality, and matching principles. Accounting is a service activity. Through the accounting records and the financial reports derived therefrom, efficient acquisition and use of the limited resources as planned are achieved. The individuals and group to achieve the goals set and appraisals of their performance are facilitated by comparing the goals set and the result of business operations as reflected the financial data.