Level of Knowledge in Financial Recording and Reporting of Student Organizations' Treasurers in Saint Mary'S University

1
LEVEL OF KNOWLEDGE IN FINANCIAL RECORDING AND REPORTING OF STUDENT

ORGANIZATIONS TREASURERS IN SAINT MARYS UNIVERSITY
Presented by:
Glaiza Mariz V. Caranto
Bachelor of Science in Accountancy 5
ziankaiz@gmail.com
Katrina Karla S. Gonzales

katrina_karla02@yahoo.com
Jovani B. Laa
inavoj401@gmail.com
Abbygaile M. Mannag
abby_04100@yahoo.com
Alyssa Gail M. Meneses

agmmeneses@yahoo.com
Adviser:
Mrs. Jeanette R. Mania
Faculty, School of Accountancy
Saint Marys University
ABSTRACT
This quantitative-correlational study was undertaken to determine the level of knowledge in financial
recording (controlling of cash, recording of transactions, gathering of source documents) and financial
reporting (preparation of Statement of Fund Balance and Liquidation Report) of student organizations
treasurers in Saint Marys University. It also aimed to find out the significant differences when grouped
according to courses, the number of relevant trainings attended and number of times being a treasurer.
Primary tool used in data gathering was two-part exam- type questionnaires; Part I on the profile and
Part II on the knowledge of student treasurers on financial recording and reporting which were first
subjected to a pilot test for validation. Percentages and frequency counts were used to describe the profile
of the respondents. Mean, median and standard deviations were also used to determine the respondents
level of knowledge in financial recording and reporting. Pearson Correlation Statistics, Pairwise
Comparison and Kruskall-Wallis test were also employed in the determination of significant differences
in the treasurers level of knowledge. Results revealed that over-all, the respondents have a below
average level of knowledge in financial recording and reporting. The study also revealed that in each
area of knowledge, there is a significant relationship when group according to course and number of
relevant trainings whereas no significant relationship exists when grouped according to number of times
being a treasurer.
Keywords: Knowledge, Treasurers, Financial Recording, Financial Reporting, Student Organizations
INTRODUCTION
Financial recording and reporting are both essential for effective functioning and
management of an organization. Whether the organization is a profit or non-profit one, big or
small, these two activities must be properly observed since the transactions organizations
undergo involves money, one of the most important resources of an organization (Hamid,
2013).
Financial recording and reporting are among the vital roles of treasurers in an
organization. In small and not- for- profit organizations, the treasurers role of managing the
organization's funds and resources come with their duty to follow the correct procedure of
collecting and recording all necessary financial transactions. They must responsibly keep and
maintain up-to-date and accurate records. In accounting the organization's fund, a cashbook
must be maintained for all the cash transactions of the organizations. This reflects all the cash
receipts and cash payments transactions. The source documents issued and received must
reconcile with the balances shown in the cashbook. At the end of the period, the treasurers must
prepare financial reports supported by the documents recorded and kept
(www.sportsengland.org).
In Saint Marys University (SMU), the role of the student organizations treasurer are:
(a) to collect membership fees and other dues from each member of the organization through
different class treasurers, (b) to handle and safeguard financial affairs of the organization, (c) to
prepare financial statements at least twice a school year for the Board's review and (d) to
perform all other duties assigned to him by the Board of Advisers. Their work are highly
technical, requiring them to have an in- depth understanding and mastery of their function. The
duties required are stated in the by-laws formulated by the body.
Their function largely comprises financial reporting and recording. Their role includes
the submission of financial reports, such as Statement of Fund Balances, with attachments of
Liquidation Reports and source documents. At the end of the period, auditors examine the
financial reports prepared by student treasurers. This is to ensure the reliability,
understandability and accuracy of the reports. An interview last September 8, 2014 with some
CPAs who audited some financial reports last semester was conducted and it was discovered
that there are errors committed. A review of the submitted report of Association of Hotel and
Restaurant Management Students revealed the following errors: (1) balances in the
organizations record do not reconcile with the balances of the Accounting office (2) they pass
insufficient documents (3) correct format is not used in the reports.
These problems were further supported by a study conducted by Jolley (n.d.).It was
found out that in most schools, the system of handling and recording of school funds,
performed by treasurers, is very unbusiness-like and inefficient since they make separate and
different accounts and forms of financial reports. It is also difficult to access, since it is in the
hands of people in various places of the school. Moreover, most reports are not audited at all.
In order to effectively address these issues, Jolley suggested that a set-up of uniform
accounting information system (AIS) can be established to be used by the school organizations
in financial recording and reporting. Moreover, in a study conducted by Grudi (n.d.), he said
that one of the most crucial steps in establishing AIS is to determine the knowledge of the users.
For this study, they are the treasurers. Moreover, the skills and knowledge of the student
treasurers should be improved in order to fulfil their roles and effectively utilize and adapt to
the AIS well.
In summary, there are problems in source documents, recording transactions, cash
control, preparation of liquidation reports and statement of fund balances which falls under
financial recording and reporting. These problems arise due to the failure to observe and
practice proper procedures and activities which are in majority within the scope of the
treasurers responsibility.
In order to effectively address these issues, there is a need to improve the skills and
knowledge of the student treasurers in fulfilling their roles. As an initial step, a study should be
conducted to determine the characteristics, profiles and knowledge of the student treasurers as
a basis for improving their weak points. This shall also serve as baseline information for the
conduct of training programs by the concerned organizations and become a basis for
implementing regulations for qualifications for the seat of a treasurer. Finally, it can be an input
for the development of an information system for school organizations in SMU.
METHODOLOGY
Research Design
The descriptive-normative research method was used in this study in order to determine
the profiles and the level of knowledge of student organizations treasurers in SMU. On the
other hand, to determine the significant relationship between the profiles of the student
treasurers and their level of knowledge in financial recording and reporting the descriptivecorrelational research method was used as well while the descriptive-comparative research
method was employed to determine the significant differences of the selected profile variables
of the student treasurers and their level of knowledge in financial recording and reporting
Research Environment
The study was conducted in Saint Marys University of Bayombong, Nueva Vizcaya.
Saint Marys University is a Catholic and Missionary educational institution composed of three
educational departments, the Grade School department, High School department and the
College department. The respondent of the study will come from the College department which
is composed of eight schools, namely, (1) School of Accountancy, (2) School of Arts and
Sciences, (3) School of Business, (4) School of Computer and Information Technology, (5) School
of Education, (6) School of Engineering and Architecture, (7) School of Health Science and (8)
School of Public Administration and Governance. Each school has student organizations that
provide services and projects to the students which are in line with their respective courses.
There are also university-wide student organizations that cater to the needs of all students. All
in all, there are 55 student organizations currently operating and officially recognized by the
school. These organizations have been established aligned with mission and vision of the
school. They must have a sound purpose and shall not degrade the universities academic
program. They should also contribute to the general well-being and development of the
students. Within each organization are student officers that lead and carry-out the functions of
the organization. They shall be held responsible for all the activities the organizations may
undertake. Though every position is not the same to all organizations, the position of treasurer
is always present to all (Saint Marys Universitys Undergraduate Student Handbook, 2014).
Subject Respondents
This study dealt with the treasurers of student organizations in SMU as respondents.
The following presents the student organizations where the respondents will come from. They
will be sorted by department for easier presentation.
Table 1. The Student Organizations Recognized by SMU for the SY 2014-2015
University-wide Organizations
School of Accountancy (SOA)
School of Arts and Sciences (SAS)
School of Business (SOB)
Student Central Council

BIBAK Organization
Library Working Scholars Organization
Marian Boarders Association
Marian Coalition of Sons and Daughters of OFWs
Marian Emergency Response Team
Marian Peer Councilor
Marian Guild of Arts and Crafts
Marian Volunteers Campus Ministry
Marian Working Scholars Organization
SMU Artists Circle
SMU Band
SMU Choral Society
SMU Dance Troupe
Accountancy Students Council
Junior Philippine Institute of Accountants SMU Chapter
Society of Management Accounting
Arts and Sciences Central Council
English Club
Marian Biological Society
Marian Psychological Society
Marian Literature Circle
Students United in Mathematics
Marians Allied in Philosophy and Social Science
Marian Society of Future Journalists
Marian Toasters Club
Marian United in Sciences and Technology
Filipino Club
School of Business Central Council
School of Computer Science and

Information Technology (SCSIT)
School of Education (SOE)
School of Engineering and

Architecture (SOEA)
School of Health Sciences (SHS)

School of Public Administration and
Governance (SPAG)
Junior Financial Executives of the Philippines

Hotel and Restaurant Management Society
Marian Association of Tourism Students
Marketing Society
Philippine Association of Students in Office Administration SMU Chapter
Information Technology General Council
Marian Integrated Computer Organization
Education Central Board of Students
Marian Sowers Organization
Music, Arts, Physical Education and Health Club
Student Teachers Organization
Young Educators Club
Engineering and Architecture Students Central Council
Association of Civil Engineering Students/ Junior Philippines Institute of
Civil Engineers SMU Chapter
Association of Competent Computer Engineering Students
Engineering and Architecture Student Mathematics Association
Institute of Electronics and Communications Engineers/ Innovative
Electronics and Communications Engineers Students Society SMU
Chapter
Institute of Integrated Electrical Engineers at the Philippines, Inc. Council of
Student Chapter SMU Chapter
United Architects of the Philippines Student Auxiliary SMU Chapter
Marian Health Sciences Student Council
Community Extension Student Program
Executive Council of Students of Public Administration and Governance
Cogito Politico
Criminology Student Organization
Public Administration Students Society
Based on the table, there are 14 university-wide organizations. However, SMU Artists
Circle did not elect officers for the school year. SOA have three organizations; SAS have 11
organizations; SOB have six; SCSIT have two; six from the SOE; seven from the SOEA; two from
the SHS; and four from SPAG. The Marian Health Sciences Student Council from School of
Health Sciences has two treasurers, the Executive Treasurer and Assistant Treasurer,
respectively. Moreover, due to the low number of enrollees, the Public Administration
Students Society did not elect officers for the year. Totally, 54 students are currently the
treasurers of their respective organizations and will be considered the subject-respondents of
this study. Since all of them were included, this study is therefore a population study.
Research Instruments
A questionnaire, consisting of two parts, was used to gather data on the profile and
knowledge on financial recording and reporting of the student treasurers. Part I composes of
the profile variables of the student-respondents in terms of course, trainings attended, and
number of times being a treasurer. Part II gauges the knowledge of the respondents in financial
recording and reporting. It is composed of 30 items multiple choice questions constructed by
the researchers through reading of organization manuals and reports, observation and
interview of the work of a treasurer.
To verify the validity of the questionnaire, a pilot study was conducted to the student
organizations treasurers of Nueva Vizcaya State University Bayombong Campus. The results
were then submitted to the university statistician for validation of the questions and the results.
It was found out that the population groups qualities and environment exposure was not the
same with the targeted respondents. The university statistician recommended a second pilot
study with the previous treasurers of SMU as subjects. It posted 66.64% reliability and
subsequently, five items were improved. For the final gathering of data, the questionnaire
posted a reliability of 75.10% based on Cronbachs Alpha Based on Standardized Items.
Data Gathering Procedure
The researchers secured permission from the Office of the Dean of Student Affairs and
Services (ODSAS) to post notices around the school campus regarding the data gathering (see
Appendix X). The researchers conducted the data gathering from April 23-30, 2015 at D
Pavilion, SMU during 7:30-11:30 AM and 1:30-6:00 PM. From April 27 to 30, the researchers
personally approached some of the respondents who werent able to come to the designated
place and they administered the tests at the respondents most convenient time.
Moreover, interviews were also conducted to the authorized persons to gather data
about the financial reports of the student organizations as a part of problem identification and
data interpretation. The researchers also utilized books from the SMU library and browse the
internet to gather data about the subject matter of the study
Data Analyses
The following tools were used in the statistical treatment of data; all of which were
computer processed using the software Statistical Package for the Social Sciences, for the
Personal Computer (SPSS/PC). (1) Frequencies were used to describe the profile of the
respondents. (2) Weighted mean ratings were used to determine the level of knowledge on
financial recording and reporting. (3) The Kruskal-Wallis Test was used to determine the any
significant difference on in their knowledge in each area and as whole when grouped in by
course. (4) The Pairwise Comparison was used to determine significant pairs when significant
differences on in their knowledge in each area and as whole when grouped in by course were
found out. (5) The Person Correlation was used to determine the significant relationship
between the profiles in terms of number of trainings and seminars attended and number of
times being a treasurer of the respondents and their knowledge in financial recording and
reporting.
RESULTS AND DISCUSSION

Profiles of the Respondents
Table 2.Frequency Distribution of the Respondents Courses
School from which the courses belongs
Percentage
SOA
11.10
SAS
14.80
SOB
12
22.20
SCSIT
5.60
SOE
14.80
SOEA
14.80
SHS
9.30
SPAG
7.40
Total
54
100.00
The table shows the frequency distribution of the respondents in terms of their courses
as grouped into their respective departments. The SOB has the most number of treasurerrespondents (f=12, perc.=22.20%). They are followed by SAS, SOE and SOEA (f=8, perc.=14.80%).
Meanwhile, the SCSIT has the least number of treasurers (f=3, perc.=5.60%). These figures may
be attributed to the number of organizations established within the respective schools.
Relatedly, the number of organizations present in a department can be due to the number of
enrolees and courses offered in that specific department. Moreover, some organizations are of
university-wide status where students from any course may be elected as a treasurer.
Table 3. Frequency Distribution of the Number of Related Trainings and Seminars Attended
Number of times
Percentage
None
37
68.50
Once
13
24.10
Twice
7.40
Thrice or more
0.00
Total
54
100.00
Table 3 presents the number of trainings and seminars attended by the respondents.
More than half of the respondents (f=37, perc.=68.50%) never have undergone trainings and
seminars related to financial recording and reporting. Almost a quarter of the respondents (f=13,
perc.=24.10%) attended once and less than 10% attended twice (f=4, perc.=7.40%). This reveals
that the respondents generally lack trainings and seminars related to financial recording and
reporting with more than half of the respondents never attended trainings and seminars at all.
Table 4. Frequency Distribution of the Number of Times Being a Treasurer

Number of times
Percentage
Once (First-timers)
34
63.00
Twice
14
25.90
Thrice or more
11.10
Total
54
100.00
Table 4 presents the number of times the respondents became a treasurer. More than
one-half of them are first-timers (f=34, perc.=63%) which may imply that they are new to their
functions and roles. Slightly more than one-fourth (f=14, perc.=25.90%) became treasurers twice
while only more than a tenth became treasurers thrice or more (f=6, perc.=11.10%). This could
imply the respondents lack in experience and exposure to the works and functions of a
treasurer.
Level of Knowledge in Financial Recording and Reporting
Table 5. Frequency Distribution on the Level of Knowledge of Respondents in Financial Recording in
Terms of Source Documents
Level of knowledge
Percentage
Low1
16.70
Below average2
28
51.90
Average
14.80
Above average
13.00
High5
3.70
Total
54
100.00
Mean = 2.319, Median = 2, SD=1.021

Legend: 1=Low (0%-20% of PS)
3=Average (41% - 60% of PS)
5=High (81%-100% of PS)
=Below ave. (21%- 40% of PS)

=Above ave. (61%- 80% of PS)
PS = perfect score
2
4
Based on Table 5, slightly more than two-thirds (68.60%) of the respondents have a
knowledge level from below average and lower. Thus, roughly below a third of the respondents
(31.50%) can be considered having an adequate knowledge in performing functions related to
source documents. As a result, the respondents mean level of knowledge in financial recording
in terms of source documents fall under the qualitative description of below average
(mean=2.319, median=2).
The results may indicate that majority of treasurers lack knowledge and familiarity in
using different types of related source documents especially in presentation of deposit and
withdrawal slip to the bank, issuance of voucher, obtaining acknowledgement receipt, issuance
of acknowledgment letter for donations, and identification of uses of source documents. This
may be due to the minimal transactions, requiring such source documents, entered into by the
treasurers. As stated by one of the respondents:
10
Konti lang po kasi yong mga transaction ng organization namin. Minsan sa

collection at buying lang.
This may also be due to the limited orientation and learning on source documents as
supported by the data presented in Table 3.
Consequently, according to ICAC website (2014), low level of familiarity and knowledge
on source documents may lead to poor record keeping, reporting and misappropriations of
assets.
Terms of Recording Transactions
Level of knowledge
f
25
Percentage
46.30
Below average2
17
31.50
Average
11.10
Above average4
11.10
High5
0.00
Total
54
100.00
Low1
3
Mean = 1.870, Median = 2, SD=1.000

5=High (81%-100% of PS)

PS = perfect score
2
4
Based on Table 6, none of the respondents (f=0) has a high level of knowledge in this
area. A closer look at the table reveals that slightly more than three-fourths (77.8%) have
knowledge level from below average and lower. Thus, only 27.2% could be considered with
adequate knowledge to perform proper recording of transaction. Overall, the respondents level
of knowledge falls under the qualitative description of below average (mean=1.870, median=2).
The result may be attributed to their lack of practice of this knowledge area or they may
not have been given enough orientation, guidance and supervision regarding their
responsibilities and the organizations policies and procedures as supported by an interview
with some of the treasurers. One of them stated:
Wala namang nagsusupervise [sa amin sa paggawang reports] kasi kung sino yung
nagkaroon ng transactions ikaw mismo accountable na [mag-prepare ng report] pero
pagkatapos gawin yung mga reports, ipaparecheck sa president kung na-account
lahat ng dapat i-account sa mga reports.
Notably, most of them are not familiar on how to record collections andidentify
characteristics of an acceptable record book as one of the treasurers said when asked about their
record book:
11
Walang kaming specific [na pinag-susulatan ng records of transactions]. Basta sa

notebook lang.
Relatedly, a study conducted by Jolley (n.d.) states that lack of uniform policies on
record-keeping caused treasurers in the subject school to produce different forms of records,
which is also hard to access and is very inconvenient.
Terms of Controlling of Cash
Level of knowledge
Low
Percentage
11.10
Below average2
10
18.50
Average
15
27.80
17
31.50
Above average
High
Total
Mean = 3.130, Median = 3, SD=1.171
5=High (81%-100% of PS)
11.10
54
100.00

PS = perfect score
2
4
Based on the Table 7, more than two thirds of the respondents (70.4%) have enough
knowledge in performing their cash control function as they have a knowledge level of average
and higher. The remaining 29.60% could be considered to be having an inadequate knowledge
to perform such function. Thus, generally, the respondents have a mean level of knowledge in
cash control falling under the average level (mean=3.130, median=3). It can also be noted that
among the discussed knowledge areas, it has highest mean rating.
The general average level may be due to the treasurers major involvement in this
particular function since they are the chief financial officer which is supported by an interview
conducted with some treasurers. One of them stated:
Part po kasi ng [organization] funds namin eh hawak ko at minamanage. Ako po
yung nagde- deposit at withdraw [sa banko] at ako din po yung in- charge sa
disbursements nito.
Notably, most of them have high familiarity in deposit of collections to the bank,
signatory of acknowledgement receipt and treatment of excess money from pledges and
identification of purpose of proper control of cash. Moreover, it can also be attributed to the
practical nature and application of controlling of cash function.
This notion is similar with the article of McNamara (2004) which states that cash control
function is very practical in nature and is one of the most basic areas of cash management and
12
bookkeeping. An understanding of certain financial controls is essential prior to the preparation

of reports and records.
Consequently, adequate knowledge in financial control leads to a more efficient cash
management and reduces risk and irregularities in recording transaction.
Table 8. Frequency Distribution on the Over-all Level of Knowledge of Respondents in Financial
Recording
Level of knowledge
Percentage
Low
11.10
24
44.40
18
33.30
11.10
0.00
54
100.00
Below average
Average3
Above average
High
Total
Mean = 2.444, Median = 2, SD=0.831
5=High (81%-100% of PS)

PS = perfect score
2
4
Based on the Table 8, more than half of the respondents (55.50%) have knowledge level
of below average and lower. Thus, roughly less than half (44.40%) can be considered to have an
adequate knowledge to perform the functions required in financial recording. In totality, the
respondents have an over-all knowledge level of below average (mean=2.444, median=2).
The result may be attributed to the lack of formal education, trainings and seminars of
the respondents in proper financial recording as supported by the data presented in Table 4.
Furthermore, it may also be due to the minimal proper supervision and support given to
treasurers on such matters. This is supported by one treasurer which stated that:
Hindi masyadong nachecheck ng president yong notebook na nasa akin so hindi na
kami nagjo-journal entries.
This is also supported by an article of MindTools website (2015), which states that low
performance of key officers may be caused by lack of ability to perform tasks. Poor performance
of task is due to lack of trainings and resources provided by the organization and the
insufficient incentive given to the person.
Consequently, according to RecordNations (2015), different problems may occur when
poor recordkeeping is practiced. These include inaccurate, incomplete and unreliable
information reported, misappropriation of assets and additional costs to the organization.
13
Table 9. Frequency Distribution on the Level of Knowledge of Respondents in Financial Reporting in

Terms of Preparing Liquidation Reports
Level of knowledge
Low1
f
20
Percentage
37.00
Below average2
21
38.90
Average
14.80
Above average
7.40
High5
1.90
Total
54
100.00
Mean = 1.981, Median = 2, SD=0.991

5=High (81%-100% of PS)

PS = perfect score
2
4
Based on Table 9, slightly over three-fourths of the respondents (75.90%) can be

considered having inadequate knowledge in preparing liquidation reports as their knowledge
level falls under below average and lower. Hence, the 24.10% can be considered having an
adequate level of knowledge in the specified knowledge area. This results to the respondents
having a below average mean level of knowledge (mean=1.981, median=2).
Notably, most of them have low familiarity in reporting of liquidation report,
identification of total fund allocated in a project, computation of expenses and computation of
ending cash balance. The result may be due to their lack of actual practice of their function in
preparing liquidation reports since some of them belong to small student organizations which
may have minimal projects to report. This is supported by one statement of the treasurers:
Kung sino naman yung nag enter ng transactions eh siya yong gagawa. Eh konti
lang naman kasi yong transactions namin kaya madalang ako mag- prepare.
This is also supported by the survey conducted by Singapore Business Review (2014)
which states that corporate officers generally tend to underperform on their tasks and it affects
their level of knowledge, skills and competence on various related areas of knowledge. Other
reasons may be due to the lack of proper learning and training as supported by the data in
Table 3.
Consequently, according to Elmaleh (2007), by having a low knowledge level in
preparing liquidation reports, officers assigned in financial reporting may prepare inaccurate
and low quality reports which are to be used for decision-making and resource management.
Table 10. Frequency Distribution on the Level of Knowledge of Respondents in Financial Reporting in
Terms of Preparing Statement of Fund Balance
Level of knowledge
Percentage
Low
29
53.70
12
22.20
Below average2
14
Continuation of Table 10
Average3
9.30
Above average
7.40
High5
7.40
Total
54
100.00
Mean = 1.926, Median = 1, SD=1.260

5=High (81%-100% of PS)

PS = perfect score
2
4
Based on the Table 10, less than a quarter of the respondents (24.10%) have a knowledge
level of average and higher. The slightly over three-fourths of the respondents (75.90%) can be
considered to be having an inadequate knowledge in preparing statement of fund balances.
Thus, the respondents have a knowledge level having a qualitative description of below
average (mean=1.926, median=1).
Notably, most of them have low familiarity in presentation of expenses, responsibilities
of related parties, meaning of deficit/negative Ending Fund Balance, when to prepare such
statement, Identification of uses of SFB and computation of Total Cash Receipts, Total Fund
Available, Ending Fund Balance and Expenses.
The result may be due to the treasurers lack of actual practice of their function in
preparing statement of fund balance because no uniform format in preparing such report is
provided by the school. This is supported by one of the respondents which stated that:
Binibigay yong [liquidation] reports na prinepare ng ibang officers sa President
tapos siya na yong nagcon- consolidate para Makita yong Fund balance.
Moreover, it can also be attributed to insufficient trainings attended by treasurers as
supported by the data presented in Table 3.
In effect, low knowledge in performing function on preparing statement of fund
balances may lead to inaccurate and unreliable reporting. Moreover, irregularities such as
concealment of cash overage or shortage may also be perpetrated.
Reporting
Level of knowledge
Low
Percentage
22
40.70
Below average2
15
27.80
Average
10
18.50
7.40
Above average
High
Total
5.60
54
100.00
15
Mean = 2.093, Median = 2, SD=1.175
5=High (81%-100% of PS)

PS = perfect score
2
4
Based on Table 11, roughly less than a third of the respondents (31.5%) have a
knowledge level of average and higher. The more than two-thirds remaining (68.50%) can be
considered to have an inadequate knowledge in performing their functions on financial
reporting. Thus, the respondents have a mean knowledge level with a qualitative description of
below average (mean=2.093, median=2).
The result may be due to the lack of formal training and proper supervision given to the
treasurers resulting to low quality reports prepared. Moreover, it may also be due to the lack of
exposure and actual practice of preparing such reports since according to interviews conducted
by the researchers, some of the respondents do not independently prepare the reports but ask
aid to the more knowledgeable persons in the organization.
Consequently, according to Miller (2002), low skills and negative work ethics in
preparing financial reports affect quality of financial reports and results to additional cost to the
organization. Moreover, the non-segregation of duties may lead to inaccurate reports and easy
circumvention of internal controls which may cause asset mismanagement.
Consequently, having a low knowledge may result to inaccurate and low quality reports
which may adversely affect the decisions to be made by the concerned users who are depending
on the reports.
Reporting and Recording
Level of knowledge
Percentage
0%-20%
13.00
21%- 40%
26
48.10
41% - 60% 3
17
31.50
61%- 80% 4
7.40
81%-100%
Total
0
54
0.00
100.00
Mean = 2.333, Median = 2, SD=0.793

5=High (81%-100% of PS)

PS = perfect score
2
4
Based on Table 12, roughly more than one-third of the respondents (38.90%) have an
adequate knowledge level in performing their functions on financial recording and reporting.
The slightly less than two-thirds remaining (61.10%) can be considered to be having inadequate
knowledge as they have under below average and lower knowledge levels. Over-all, the
16
respondents have a knowledge level on financial recording and reporting under the qualitative
description of below average (mean=2.333, median=2).
The result is consistent with the survey study conducted by Abousher, et. al (2007)
which reveals that 50% of the total number of participants expressed none or weak financial
knowledge while 45% of the participants expressed that they had a moderate rate of financial
knowledge. According to the study, one of the reasons for such knowledge level is the lack of
formal education and trainings of the respondents.
Meanwhile, the result may also be due to the insufficient financial education and
trainings given to the treasurers. This is supported by one of the interviews conducted with the
treasurers:
wala namin akong seminar na napuntuhan na related dito [financial recording
and reporting].
This may also be attributed to lack of schools uniform accounting and internal control
system. This is supported by the conducted interview with som treasurers. One treasurer stated
that:
Yong pera namin nasa adviser. Lahat naman ng members ng organization namin
included sa cash control.
Whereas, another treasurer stated that:
Hawak ko yong pera. Pag may disbursement kailangan muna sabihin sa in- charge
samin. Hindi kailangan i- authorize ng President.
Consequently, according to Elmaleh (2007), having a low knowledge on financial
reporting and recording adversely affects the organization since proper control and guidelines
on financial matters may not be implemented correctly. The organization may rely on
inaccurate reports for important decision-making and resource management. Furthermore,
misappropriation and unauthorized use of assets may be perpetrated thus, affecting the services
of the organization.
Comparison of the Respondents Level of Knowledge in Financial Reporting when Grouped
According to their Profiles
Table 13. Comparison of the Respondents Level of Knowledge in Financial Recording in Terms of Source
Documents When Grouped According to Course
N
Mean rank
Kruskal-Wallis Test
SOA
SAS
SOB
SCSIT
SOE
SOEA
SHS
SPAG
12
47.83
18.63
26.71
27.83
25.56
27.81
11.7
39.88
chi-sq (7 ) = 21.393 ,p = 0.003
17
Pairwise comparison
Based on the data in Table 13, Accountancy have the highest number of treasurers who
have higher knowledge levels in source documents relative to other courses (mean rank=47.38).
They are followed by the Public Administration and Governance treasurers (mean rank=39.88).
On the other hand, Health Sciences have the highest number of treasurers who have lower
knowledge levels relative to other courses (mean rank=11.70) and are followed by Arts and
Sciences treasurers.
The Kruskal-Wallis test, used to determine if there is any significant difference among
the groups, yields significant (chi-sq (7) = 21.393, p = 0.003). To determine significantly different
pairs, Pair-wise Comparison was applied. The results showed that Accountancy treasurers have
a significantly higher level of knowledge in source documents than Arts and Sciences treasurers
and Health Sciences treasurers.
The results may imply that course can influence the level of knowledge of treasurers in
source documents. This may be due to different degrees of orientation to source documents
related to financial recording and reporting of the Accountancy treasurers compared to the
treasurers of Arts and Sciences and Health Sciences. Moreover, greater exposure of
Accountancy treasurers in transactions where source documents are involved can be a factor to
this result.
Table 14. Comparison of the Respondents Level of Knowledge in Financial Recording in Terms of
Recording of Transactions When Grouped According to Course
N
Mean rank
Kruskal-Wallis test
Paire-wise comparison
SOA
SAS
SOB
SCSIT
SOE
SOEA
SHS
SPAG
12
49.5
36.25
23.67
9.17
16.94
28.44
27.4
21.63
chi-sq (7 ) = 24.78 ,p = 0.001

a
Table 14 presents the summary of the comparison in the treasurers level of knowledge
of the treasurers in recording transactions when grouped according to their course/department.
A careful examination of the table reveals that Accountancy constitutes the highest number of
treasurers having a relatively higher knowledge levels compared to other courses (mean
rank=49.5). The table also shows that most of the treasurers from Information Technology have
lower knowledge level than the rest of the groups (mean rank=9.17).
Statistically, the Kruskal-Wallis Test revealed that when grouped according to
course/department, the respondents level of knowledge differ significantly (chi-sq (7)= 24.78 ,p
= 0.001). Moreover, the Pair-wise Comparison applied to determine significant pairs indicates
that Accountancy treasurers exhibit significantly higher level of knowledge in terms of
recording transaction than that of the treasurers belonging to Business, Information Technology
and Education.
18
Thus, the result may imply that course can influence the level of knowledge of
treasurers in recording of transactions. This may be due to the different educational background
and environment of the respondents. In similarity, Accountancy, Business and Information
Technology treasurers have accounting and finance- related subjects. Two factors that may
contribute to this result are (1) the number of accounting subjects taken by the Accountancy
treasurers and (2) the retention policy observed in their course which may influence them to
strictly learn the concepts related to recording of transactions.
Controlling of Cash When Grouped According to Course
N
Mean rank
Kruskal-Wallis test
SOA
SAS
SOB
SCSIT
SOE
SOEA
SHS
SPAG
12
18.67
31.19
26.88
15.8
42.75
40.67
21.19
25.08
chi-sq (7 ) = 14.569 ,p = 0.042
Based on Table 15, the Public Administration and Governance have the highest number
of treasurers having higher knowledge levels than the other courses (mean rank=42.75) and they
are followed by the Accountancy treasurers (mean rank=40.67). Meanwhile, Health Sciences
treasurers have the most number that have lower knowledge levels (mean rank=15.80).
Statistically, Kruskal-Wallis Test reveals that there are no significant differences on the
respondents level of knowledge in terms of controlling of cash when grouped according to
course (chi-sq (7) = 14.569 ,p = 0.042).
The results may imply that course does not influence the level of knowledge of
treasurers in cash control. This may be due to the practical application and basic nature of the
said function since most of their task in such functions includes their direct involvement.
Moreover, according to Cabrera (2014), cash control is one of the most fundamental and
important aspect of organization which is based on organizational ethics, policies and
guidelines.
Table 16. Comparison of the Respondents Over-all Level of Knowledge in Financial Recording When
Grouped According to Course
N
Mean rank
Kruskal-Wallis test
Pair-wise comparison
SOA
SAS
SOB
SCSIT
SOE
SOEA
SHS
SPAG
12
50.08
23.69
24.67
17.67
25.50
27.19
13.40
39.38
chi-sq (7 ) = 21.309 ,p = 0.003

a
Based on Table 16, Accountancy have the most treasurers having higher knowledge
levels than the other courses (mean rank=50.08) and they are followed by the Public
Administration and Governance treasurers (mean rank=39.38). Meanwhile, Health Sciences
treasurers have the most number that have lower knowledge levels in cash control (mean
rank=13.40).
19
Statistically, Kruskal-Wallis Test revealed that there is a significant difference on the

respondents level of knowledge in financial recording when grouped according to course (chisq(7)= 21.309, p= 0.003). Pair-wise Comparison results showed that the Accountancy treasurers
have a significantly higher knowledge level than Arts and Sciences, Business, Information
Technology, Education, Engineering and Architecture and Health Sciences treasurers.
The results may imply that course can influence the level of knowledge of treasurers in
financial recording. This may be due to the different degrees of exposure, educational
background, environment and supervision among different courses. Accountancy, Business and
Information Technology courses have accounting and finance-related subjects in their
curriculum. However, Accountancy treasurers may have gained greater exposure to financial
recording from their subjects taken as this are their major subjects.
Preparing Liquidation Reports When Grouped According to Course
N
Mean rank
Kruskal-Wallis Test
SOA
SAS
SOB
SCSIT
SOE
SOEA
SHS
SPAG
12
38.42
25.63
27.29
24.5
23.69
29.38
19.3
31.88
chi-sq (7 ) = 5.956 ,p = 0.545
Based on Table 17, Accountancy have the most number of treasurers who have higher
knowledge levels than the other courses (mean rank=38.42) and they are followed by the Public
Administration and Governance treasurers (mean rank=31.88). Meanwhile, Health Sciences
have the most number of treasurers who have low knowledge level in preparing liquidation
reports (mean rank=19.30). Meanwhile, statistics showed that the Kruskal-Wallis Test does not
yield any significant difference among the variables (chi-sq(7)= 5.956, p = 0.545).
The result may imply that course does not influence the level of knowledge of
treasurers in preparing liquidation reports. This may be due to the over-all lack of supervision
given to the them as stated by some treasurers when preparing liquidation reports since some
of them belong to small student organizations which may have minimal projects to report.
Preparing Statement of Fund Balances When Grouped According to Course
SOA
SAS
SOB
SCSIT
SOE
SOEA
SHS
SPAG
12
Mean Rank
33
32.13
25.75
15.5
22.5
34.56
25.7
22.38
Kruskal-Wallis test
chi-sq (7) = 6.64 ,p = 0.467
Based on Table 18, Engineering and Architecture have the most number of treasurers
who have higher knowledge levels than the other courses (mean rank=34.56) and they are
followed by the Accountancy treasurers (mean rank=33). Meanwhile, the Information
Technology have the most number of treasurers who have low knowledge level in preparing
20
liquidation reports (mean rank=15.50). Statistics showed that the Kruskal-Wallis Test does not
yield any significant differences among the variables (chi-sq(7)= 6.64, p= 0.467). Moreover, the
Pair-wise Comparison results revealed no significantly-different pairs.
The result may imply that course does not influence the level of knowledge of treasurers
in preparing statement of fund balances. This may be due to the over-all lack of supervision and
guidance given to the them as stated by some treasurers when preparing statement of fund
balances because no uniform format in preparing such report is provided by the school.
Table 19. Comparison of the Respondents Over-all Level of Knowledge in Financial Reporting When
Grouped According to Course
N
Mean rank
Kruskal-Wallis Test
SOA
SAS
SOB
SCSIT
SOE
SOEA
SHS
SPAG
12
36.17
30.19
25.62
16.33
21.81
33.69
22.40
28.50
chi-sq (7 ) = 6.924 ,p = .437
knowledge levels than the other courses (mean rank=33) and they are followed by the
Engineering and Architecture treasurers (mean rank=34.56). Meanwhile, the Information
Technology have the most number of treasurers who have low knowledge level (mean
rank=15.50). Statistics showed that the Kruskal-Wallis Test does not yield any significant
difference among the variables (chi-sq (7) = 6.64, p = 0.467).
The result may imply that course does not influence the level of knowledge of treasurers
in financial reporting. This may be due to lack of exposure and actual practice of preparing such
report since some of the organizations have minimal projects and transactions to be reported.
Moreover, insufficient supervision and orientation in preparing financial reports may be a
factor to this as stated by some treasurers since the school does not impose uniform format for
some of the reports to be submitted.
Table 20. Comparison of the Respondents Over-all Level of Knowledge in Financial Recording and
Reporting When Grouped According to Course
N
Mean Rank
Kruskal-Wallis Test
Pair-wise Comparison
SOA
SAS
SOB
SCSIT
SOE
SOEA
SHS
SPAG
12
47.5
26.5
25.29
13.17
22.81
30.44
15.4
35.5
chi-sq (7 ) = 17.552 ,p = 0.014

a
knowledge levels than the other courses (mean rank=47.50) and they are followed by the Public
Administration and Governance treasurers (mean rank=35.50). Meanwhile, the Information
Technology have the most number of treasurers who have low knowledge levels in financial
reporting and recording (mean rank=13.17).
21
Statistics showed that the Kruskal-Wallis Test yield a significant difference among the
courses (chi-sq (7) = 17.552, p = 0.014). Moreover, the Pair-wise Comparison results revealed that
Accountancy treasurers are significantly more knowledgeable in financial recording and
reporting than Health Science treasurers.
The result may imply that course can be a factor that affects over-all level of knowledge
in financial recording and reporting especially when Accountancy and Health Sciences courses
are considered. This may be due to the Accountancy course being in line with finance whereas
Heath Sciences courses focusing in the fields of medicine and health.
This notion is supported by the study of Tikka, P.M., et al. (2010) which states that
courses cause major variations in knowledge, attitudes and activity levels in various knowledge
areas. It concludes that educational background and courses are some factors that affect
knowledge. Moreover, in the study of Rodrigues, et. al (2012) where they group the
respondents course in terms of engineering and information technology, business-related, and
health and fine arts, it was found out that respondents enrolled in business-related and
management courses have significantly higher knowledge in financial matters than health and
fine arts.
Table 21. Relationship of the Respondents Number of Related Trainings and Seminars Attended and
Their Level of Knowledge in Financial Recording and Reporting
Areas of knowledge
Source documents
Recording transactions
Controlling of cash
Financial recording
Preparing liquidations report
Preparing statements of fund balance
Financial reporting
Over-all
Pearson Correlation
.373**
Sig. (2-tailed)
0.005
Pearson Correlation
.479**
Sig. (2-tailed)
0.000
Pearson Correlation
0.178
Sig. (2-tailed)
0.199
Pearson Correlation
.439**
Sig. (2-tailed)
.001
Pearson Correlation
0.262
Sig. (2-tailed)
0.056
Pearson Correlation
0.11
Sig. (2-tailed)
0.428
Pearson Correlation
.209
Sig. (2-tailed)
.129
Pearson Correlation
Sig. (2-tailed)
.404**
0.002
** Correlation is significant at the 0.01 level (2-tailed).
Table 21 presents the relationship of the respondents number of trainings and seminars
attended to their level of knowledge in the various knowledge areas of financial recording and
reporting. Using the Pearson Correlation statistics, it was found out that there is a significant
22
correlation between the number of trainings and seminars attended by the respondents and
their level of knowledge in financial recording and reporting in terms of source documents
(r=0.373, p=0.005), recording transactions (r=0.479, p=0.000) and their over-all knowledge in
financial recording (r=0.439, p=0.001). Moreover, a significant correlation also exists with their
over-all knowledge in financial recording and reporting (r=.404, p=0.002). Therefore, the below
average over-all level of knowledge of the treasurers can be attributed to the lack of trainings
and seminars attended by most of the respondents as presented in Table 4.
The result is supported by the study conducted by Abousher, et.al (2007) with the goal
of examining whether educating adults through seminars have any effect in financial literacy.
The findings of the study states that the seminar approach was effective in educating adults and
have improved their level of financial knowledge.
Table 22. Relationship of the Respondents Number of Times Being a Treasurer and Their Level of
Knowledge in Financial Recording and Reporting
Areas of knowledge
Source documents
Recording transactions
Controlling of cash
Financial recording
Preparing liquidations report
Preparing statements of fund balance
Financial reporting
Over-all
Pearson Correlation
-0.152
Sig. (2-tailed)
0.273
Pearson Correlation
0.106
Sig. (2-tailed)
0.445
Pearson Correlation
0.002
Sig. (2-tailed)
0.987
Pearson Correlation
-.035
Sig. (2-tailed)
.799
Pearson Correlation
-0.04
Sig. (2-tailed)
0.773
Pearson Correlation
-0.057
Sig. (2-tailed)
0.685
Pearson Correlation
-.061
Sig. (2-tailed)
0.661
Pearson Correlation
Sig. (2-tailed)
-0.053
0.703
Table 22 presents the relationship of the respondents number of times being a treasurer
to their level of knowledge in the various knowledge areas of financial recording and reporting.
The Pearson Correlation statistics revealed that there is no significant relationship between the
number of times the respondents became a treasurer, their level of knowledge in each
knowledge areas and their over-all level of knowledge in financial recording and reporting.
The result implies that the number of times the respondents have become a treasurer
does not have an influence on their level of knowledge in financial recording and reporting. It is
supported by the study conducted by Damitio, et. al (1991) which determines factors that affects
controllers performance in the areas and skills related to their work. It states that years of
23
experience do not affect their ratings and performance. On the other hand, it is partly in
contrast with the study conducted by Wilk, et. al. (2014), which states that previous experience
positively affects the level of knowledge and skills of an individual. However, in the same
study, it was stated that there are also disadvantages of previous experience which contributes
to low performance and knowledge. One of this is the retention of old negative habits and
incorrect learning which may be applied in their new work.
CONCLUSIONS
The following conclusions are drawn from the findings of this study:
1. The number of treasurers greatly depends on the number of organizations existing in
the school and in each department. Moreover, they lack proper learning related to financial
recording and reporting and experience on the functions of a treasurer.
2. The treasurers have an inadequate knowledge in performing their functions in terms
of financial recording and reporting. Same is true for their specific functions in source
documents, recording of transactions, over-all financial recording, preparation of liquidation
reports and statement of fund balances and over-all financial reporting. However, they have an
adequate knowledge in terms of controlling of cash.
3. The treasurers course influences their over-all level of knowledge in financial
recording and reporting. This is also true for their knowledge level in terms of source
documents, recording of transactions and over-all financial recording.
4. The treasurers number of related trainings and seminars attended in financial
reporting and recording influence their over-all level of knowledge in financial recording and
reporting. Same is true for their level of knowledge in terms of source documents, recording of
transactions and over-all financial recording. This means that the more related trainings and
seminars they have attended, the higher their knowledge in the correlated knowledge areas.
5. The number of times being a treasurer does not affect the treasurers level of
knowledge in each area of knowledge discussed and as a whole. This means that whether they
have been treasurer once, twice or more, it does not affect their knowledge level in the
discussed knowledge areas.
RECOMMENDATIONS
The following recommendations may be found useful along with this study:
To the school administration:
1. The result can be an input in the development of an internal control and accounting
information system especially designed for the school organizations. This will greatly improve
24
the recording and reporting outputs of the treasurers. From this, they can improve the
universitys management of cash flows related to funds disbursed to student organizations.
2. A uniform format of reports must be implemented by the administration to be used
by the treasurers to ensure the consistency and comprehensibility of the reports.
3. The course of the treasurers influences their over-all level of knowledge in financial
recording and reporting. This is also true for their knowledge level in terms of source
documents, recording of transactions and over-all financial recording. Thus, Accountancy
students are highly recommended to sit in the position of Treasurer for the university- wide
organizations.
4. Orientation of the new set of treasurers should be conducted regarding on their duties
and functions stated in the by-laws of the organizations.
5. The school organizations are recommended to set some standards and impose
qualification criterion for the incoming treasurers.
To the School of Accountancy:
1. The treasurers number of related trainings and seminars attended in financial
reporting and recording are positively related to their over-all level of knowledge in financial
recording and reporting: hence, seminars and trainings on financial recording and reporting
should be conducted for the treasurers. This will improve their knowledge by increasing
awareness and familiarity in performing their functions. Moreover, an assessment on the
effectiveness of the trainings and seminars conducted should be done.
To the student treasurers:
1. The findings should help the treasurers evaluate their level of knowledge in the areas
of financial recording and reporting required in the fulfilment of their function in the
organization. Upon evaluating and realizing that they lack knowledge, they should be
motivated to seek improvement to better fulfil their roles.
2. Large part of this study discusses the roles of a treasurer. Thus, future treasurers
should realize that as officers, their role is to render the best quality service to their co- students.
This should motivate them to learn more about their functions. Moreover, they should be
oriented on the importance of their role in the effective operations of the organization.
To the future researches:
1. From the findings of this study, future researches can make a study on the treasurers
level of competencies - how they apply their knowledge against a set of standards - in financial
25
reporting and recording in order to better improve the treasurers capabilities and skills in
performing their functions.
2. It is hoped that future researches conduct studies to explore other factors that affects
knowledge of the treasurers in financial recording and reporting.
REFERENCES
Abousher, A., Clayton, B., Kerry, M. and Olynyk Marc (2007). The effectiveness of seminars in educating adults in
financial literacy. International Journal of Knowledge, Culture and Change, vol. 7, no. 2, pp. 93-102.
Dealing with poor performance, lack of ability, or low motivation (2014).Retrieved April 29, 2015 from
http://www.mindtools.com/pages/article/newTMM_80.htm
Elmaleh M.S. (2007). The Reliability and Accuracy of Financial Statements. Retrieved April 29, 2015 from
http://www.understand-accounting.net/TheReliabilityandAccuracyoffinancialstatements.html
Jolley, L. F. (n.d). An Accounting System for High-School Organizations. The School Review Vol. 31, No.pp. 136142.Chicago:
The
University
of
Chicago
Press.
Retrieved
August
25
2014
from
http://www.jstor.org/stable/1078633
McNamara , C. (2014). All About Financial Management in Business. Retrieved April 29, 2015 from
http://managementhelp.org/businessfinance/
Miller,
P.B.W.
(2002).
Quality
Financial
Reporting.
Retrieved
April
fromhttp://www.journalofaccountancy.com/issues/2002/apr/qualityfinancialreporting.html
29,
2015
Problems that can arise from bad business record keeping (2014). Retrieved April 29, 2015 from
http://www.recordnations.com/articles/bad-record-keeping-problems/
Saint Marys University: Undergraduate student handbook. (2013). Bayombong, Nueva Vizcaya: SMU Publishing House.
The Importance of Record keeping. (2014). Retrieved August 16, 2014, from www.ird.gov.div.
Tysiac K. (2012). Corporate treasurers face cash-management, structural hurdles, reports say. Retrieved April 29,
2015
from
http://m.sbr.com.sg/financial-services/news/singapore-executives-lack-skill-knowledge-andexperience-balance-survey
Wilk (2014). Previous work experience not always a positive for a new job. Retrieved April 29, 2015 from
http://m.phys.org/news/2009-02-previous-positive-job.html

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1

LEVEL OF KNOWLEDGE IN FINANCIAL RECORDING AND REPORTING OF STUDENT

Katrina Karla S. Gonzales

Alyssa Gail M. Meneses

School of Accountancy (SOA)

School of Arts and Sciences (SAS)

School of Business (SOB)

Student Central Council

School of Computer Science and

School of Engineering and

School of Health Sciences (SHS)

Junior Financial Executives of the Philippines

RESULTS AND DISCUSSION

Table 4. Frequency Distribution of the Number of Times Being a Treasurer

Mean = 2.319, Median = 2, SD=1.021

=Below ave. (21%- 40% of PS)

Konti lang po kasi yong mga transaction ng organization namin. Minsan sa

Mean = 1.870, Median = 2, SD=1.000

=Below ave. (21%- 40% of PS)

Walang kaming specific [na pinag-susulatan ng records of transactions]. Basta sa

=Below ave. (21%- 40% of PS)

bookkeeping. An understanding of certain financial controls is essential prior to the preparation

=Below ave. (21%- 40% of PS)

Table 9. Frequency Distribution on the Level of Knowledge of Respondents in Financial Reporting in

Mean = 1.981, Median = 2, SD=0.991

=Below ave. (21%- 40% of PS)

Based on Table 9, slightly over three-fourths of the respondents (75.90%) can be

Mean = 1.926, Median = 1, SD=1.260

=Below ave. (21%- 40% of PS)

=Below ave. (21%- 40% of PS)

Mean = 2.333, Median = 2, SD=0.793

=Below ave. (21%- 40% of PS)

chi-sq (7 ) = 21.393 ,p = 0.003

chi-sq (7 ) = 24.78 ,p = 0.001

chi-sq (7 ) = 14.569 ,p = 0.042

chi-sq (7 ) = 21.309 ,p = 0.003

Statistically, Kruskal-Wallis Test revealed that there is a significant difference on the

chi-sq (7 ) = 5.956 ,p = 0.545

chi-sq (7) = 6.64 ,p = 0.467

chi-sq (7 ) = 6.924 ,p = .437

chi-sq (7 ) = 17.552 ,p = 0.014

** Correlation is significant at the 0.01 level (2-tailed).

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