ASSESSMENT OF ACCOUNTING KNOWLEDGE, PRACTICES AND CONTROL OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs) OF KORONADAL CITY AND TUPI, SOUTH COTABATO: A COMPARATIVE STUDY

Micro, small, and medium-sized (MSMEs) businesses account for 99.54% of all businesses in the Philippines. They are governed by Magna Carta of Small Enterprises and subject to the Bureau of Internal Revenue's income declaration laws and other regulations, which include proper accounting per accounting standards. The accounting knowledge, practices, and controls of MSMEs in the City of Koronadal and Municipality of Tupi were examined in this paper. The study aims to assess the MSMEs' knowledge of accounting principles and concepts, accounting practices and controls. The vast majority of MSMEs have a good understanding of accounting principles and concepts. Cash, accrual, and installment accounting are the most common accounting methods. Also, bad debt estimation, depreciation method, net receivable estimation, business documents used, and payment methods are all examples of standard accounting practices. MSMEs use basic accounting controls, but computers are not widely used. The T-test and chi-square technique reveals significant differences in accounting principles, accounting practices, and controls knowledge between MSMEs in Koronadal City and Tupi, South Cotabato.