CONSTRUCTS & VARIABLES IN RESEARCH

Group 2
Constructs - Mental abstraction derived from combination of concepts concepts, or your
mental representation of the world around you.
Variables – Constructs that can be understood differently because of their differences in
values can be observed directly or indirectly.
KINDS OF VARIABLES
 Independent Variables – cause a change in another variable, Usually, these are
treatments or condition that produce a varied response or effect.
 Dependent Variables – affected by independent variable, simply put, they are the
responses or effects that result the treatment or conditions employed.
 Confounding or Extraneous Variables – variables usually indicated in an
experimental research, they are not included in the study but in one way or another
causes effect on the dependent variable.
 Discrete Variables – quantitative or numeric variables that are obtain by counting the
number of family members, number of voted, number of respondents and number of
subjects enrolled are examples of discrete variables
 Continuous Variables – quantitative or numeric variables that are obtains by
measuring or computation, examples are: height, weight, length, electric or water
consumption etc.
 Quantitative Variables – variables that gives details regarding the number or level of
something, these variable count the frequency of responses or effect.
 Qualitative Variables – variables that represent kinds or types of object. They are
synonymous with categorial variables, they are often categorized into names, labels or
groups.
 Categorical Variables - characterized and describe the quality of data, they are often
classified into mutually exclusive categories and extensive categories, the former
comprises those that take on specific values, they do not follow sequences, they just
want to describe the data into the given options.
LEVELS OF MEASUREMENT
a. Proper interpretation of data related to the variable
b. Decision about the proper statistical analysis to be used
4 LEVELS OF MEASUREMENTS
 Nominal Scales – concerned with the names and categories or responses.
 Ordinal Scales – used for data that intends to be ranked.
 Interval Scales – use equal units of measurement and intervals to know the distance
between them more than the sequence, interval scale does not use zero as its base
point.
 Ratio Scales – The highest level of measurement, variables will be more accurately
measured because a ratio scale uses zero as its base point.
 DESCRIPTIVE AND CORRELATIONAL RESEARCH DESIGN
Group 1

Descriptive Research Design

• Descriptive research studies are those concerned with characterizing the features of a certain
individual or group of individuals (Kothari and Garg. 2019).
• The Descriptive Research Design is utilized when the goal of the study is to discover who,
what, when, where, and how a variable works.
• The researcher must be able to clearly identify what he wants to assess and discover
adequate techniques for measuring it, as well as have a clear characterization of the
population he wants to analyze (kothari and garg.2019)
The descriptive research design must be unbiased, dependable, and rigid.

Purpose and Objectives of Descriptive Research

1. The purpose of descriptive research is to characterize a population, situation, or

phenomenon accurately and comprehensively
2. Descriptive studies describe, explain, and justify research findings
3. Descriptive research seeks to provide a detailed description of individuals, events, or
circumstances by observing subjects in their natural environment
4. The goal of a descriptive statistic is to summarize data. Descriptive statistics only
make statements about the set of data used to construct them; they never go beyond
what you have
5. The descriptive design is the simplest. It allows the researcher to study and describe
the distribution of one or more variables, without regard to any causal or other
hypotheses
 6. Descriptive research paints a complete picture of the traits and behaviors of a specific
population or phenomenon, helping researchers to acquire a better knowledge of the
subject
7. The basic goal of descriptive research is to characterize the traits, behaviors, and
characteristics of a certain group or phenomenon
What are the advantages of descriptive research design?
1. Multiple Methods of Data collection - Research can use a wide range of methods for
data collection, such as case studies, observational, and survey methods. They can
also decide how they want to collect the data, online, offline, or via phone.
2. Fast and Cost-effective - As the descriptive research design often employs the use of
surveys, data can be collected from a very large sample size quickly and cost-
effectively.
3. Comprehensive - Descriptive research often uses quantitative and qualitative
research in amalgamation, providing a more holistic understanding of the research
topic.
4. External Validity - Results obtained through the descriptive method of research often
have high external validity as research is conducted in the respondent’s natural
environment and no variables are manipulated.

What Are the Different Methods of Descriptive Research Design?

Survey - In survey research, questionnaires or polls are used to collect information on a
specific topic from respondents.
Observation method - In this method, researchers observe respondents in their natural
environment, from a distance, and therefore do not influence the variables being studied. This
allows them to gather information on the behaviors and characteristics being studied without
having to rely on respondents for honest and accurate responses.

Correlational Research
is a type of non-experimental research method in which a researcher measures two
variables and understands and assesses the statistical relationship between them with no
influence from any extraneous variable? Gather research insights.

What is the purpose of Correlational Research Design?

A correlational research design investigates relationships between variables without the
researcher controlling or manipulating any of them. A correlation reflects the strength and/or
direction of the relationship between two (or more) variables.

What are the Advantages of it?

The benefit of a correlational research study is that it can uncover relationships that may have
not been previously known. What it does not provide is a conclusive reason for why that
connection exists in the first place.

The Characteristic of Correlational Non-Experimental

Correlational study is non-experimental. It means that researchers need not manipulate
variables with a scientific methodology to either agree or disagree with a hypothesis.
To investigate ‘the extent to which differences in one characteristic or variable are related to
differences in one or more other characteristics or variables’

There are three types of Correlational Research

Naturalistic Observation - Is a correlational research methodology that involves observing
people’s behaviors as shown in the natural environment where they exist, over a period of
time.
The Survey Method - The most commonly used correlational method is the survey method.
Surveys containing questions about the subject of interest are administered to a random
sampling of subjects (variables).
Archival Research - Is a type of correlational research method that involves making use of
already gathered information about the variables in correlational research. Since this method
involves using data that is already gathered and analyzed, it is usually straight to the point.

Experimental Research
To research casual relationships, “experiments” are used. You manipulate one or more
independent variables and then evaluate their impact on one or more dependent variables.
An experimental design is a set of procedures used to methodically evaluate a hypothesis. A
solid understanding of the system under research is required for a good experimental design.
Five key steps in an Experiment
Step 1: Define your Variables
Step 2: Write your Hypothesis
Step 3: Design your Experimental Treatments
Step 4: Assign your subjects to treatment group
Step 5: Measure your dependent variable

Quasi-experimental research design

A quasi-experimental design aims to establish a connection between independent and
dependent variables without random assignment by using non-random factors. This approach
is useful in situations where true experiments are not feasible due to ethical or practical
reasons.

3 Types of Experimental Research

 True Experimental
 Pre – Experimental
 Quasi – Experimental
 Ethical Considerations in Research
Group 3

Ethics – moral principles that govern a person's behavior or the conducting of an activity.

Ethical considerations – a set of principles that guide your research designs and practices.

Ethical considerations are crucial when conducting research to ensure that the rights, well-
being, and dignity of participants and stakeholders are upheld. These considerations help
maintain the integrity of the research process and the quality of the results. Here are some key
ethical considerations to keep in mind:

1. *Informed Consent:* Participants should be fully informed about the purpose,

procedures, potential risks, and benefits of the research before they agree to participate. They
should provide informed consent voluntarily, without any coercion or pressure.

2. *Voluntary Participation:* Participation in research should be entirely voluntary.

Participants should have the freedom to withdraw from the study at any point without facing
negative consequences.

3. *Confidentiality and Anonymity:* Researchers must protect the privacy of participants

by keeping their identities and responses confidential. Anonymity should be maintained
whenever possible, so that individual participants cannot be identified from the research data.

4. *Minimization of Harm:* Researchers should take steps to minimize potential physical,

psychological, or emotional harm to participants. If the research involves any risks, these
risks should be carefully assessed and mitigated.

5. *Beneficence:* Researchers should strive to maximize benefits and minimize harm to both
individual participants and society as a whole. The potential benefits of the research should
outweigh any potential risks.

6. *Respect for Autonomy:* Researchers should respect participants' autonomy, including

their right to make decisions about their involvement in the research. This is closely tied to
obtaining informed consent.

7. *Fair Selection:* Participants should be selected fairly and without bias. Research should
not disproportionately involve vulnerable populations or exploit certain groups.
8. *Transparent Reporting:* Researchers should accurately and honestly report their
methods, results, and conclusions. This includes disclosing any conflicts of interest and
acknowledging limitations of the study.

9. *Respect for Cultural Sensitivities:* Researchers should be aware of and respectful of

cultural norms and sensitivities, especially when conducting research in diverse or unfamiliar
settings.

10. *Benefit Sharing:* In some cases, particularly when conducting research in developing
countries or with indigenous communities, there should be a consideration of how the
research outcomes will benefit those involved.

11. *Approval from Ethical Review Boards:* Many research institutions require
researchers to obtain ethical approval from review boards or committees that assess the
ethical aspects of proposed research projects.

12. *Long-Term Consequences:* Consider the potential long-term consequences of the

research, including any unintended impacts on participants or communities.

13. *Research with Minors:* Special care should be taken when involving minors in
research. Consent should be obtained from their legal guardians, and the research should be
designed with their well-being in mind.

14. *Plagiarism and Data Manipulation:* Researchers should uphold standards of

academic integrity, avoiding plagiarism and accurately representing their findings without
manipulation.

15. *Open Science:* Sharing data, methodologies, and results openly can contribute to
scientific integrity and reproducibility.

It's important to note that ethical considerations can vary across disciplines, research
contexts, and cultural backgrounds. Researchers should adhere to relevant ethical guidelines,
seek guidance from institutional review boards, and prioritize the well-being of participants
and the integrity of the research process.
 Business Finance (Group 1)

Careers in Finance

1. Banker/Investment banker
- Banking is probably the most common career path for a finance professional
2. Insurance Agent/Broker
- Finance professionals have the option of becoming insurance agents or brokers. Insurance
agents and brokers do not merely sell insurance products. They also give financial advice to
clients
3. Financial Advisor
- Companies that are engaged in the selling of investment products employ financial advisors
who give financial planning advice to both individual and corporate clients.
4. Stockbroker
- A stockbroker is similar to a financial advisor in the sense that he or she advises his or her
clients on matters pertaining to financial products, market and industry trends, and other
investment options.
5. Fund Manager
- Fund managers are employed by mutual fund companies. They are called fund managers
because that is what they do-they manage funds pooled by several investors.

6. Academe

- If a finance professional chooses to be in the academe and teach, he or she will be required to
obtain a master's degree from a Higher Educational Institution (HEI) offering an accredited
program.

7. Corporate consultant

- A corporate consultant is not employed by a particular organization. Rather, he or she is

commissioned to do work on a temporary or per project basis.

8. Country manager

- A country manager is employed by a multinational firm. He or she is tasked to oversee the

operations of an affiliate in the host (foreign) country.

9. Corporate finance manager/officer

- The core of a finance manager's job is financial analysis, which encompasses risk assessment,
return on different investment options, and preparation and analysis of financial statements (and
reporting the results to top management

10. Chief Finance Officer

- The CFO is one of the members of the top management team. He or she is often referred to as an
executive. The CFO is responsible for managing all the financial aspects of the business-
investments, capital expenditures, budget allocation, cost control measures, cash flow, and
sourcing of funds
 Qualities of a Finance Professional

1. Competence
- Finance professionals are expected to have the qualifications to handle their jobs.

2. Integrity

- Given that both internal and external stakeholders rely on the financial information gathered,
prepared, and analyzed by finance professionals, it only follows that finance professionals must
adhere to the highest ethical standards.

3. Analytical thinking

- Most finance jobs are analytical in nature so it is important that finance professionals are also
analytical. They should be able to interpret and analyze financial data and use findings to
understand and solve problems.

4. Ability to think strategically

- Although finance professionals make decisions every day, they also need to think in the long
term. They should always find the connection between the decisions made and today's trends, and
their impact on the attainment of the overall goals and objectives of an organization.

5. Leadership

- At some point in his or her career in finance, a finance professional will handle people either on
a permanent or on an ad hoc basis

- In addition to the given qualities, it is also valuable for finance professionals to be attentive to
details, have the ability to multitask, be technology-savvy, and be flexible in terms of adapting
to the ever-changing business environment.

Standards in Financial Reporting

Financial Statement

- A financial statement is a record that gives a picture or description of how an individual, a

business, or an organization looks in terms of financial health.

The Generally Accepted Accounting Principles

 - Finance managers follow the Generally Accepted Accounting Principles (GAAP) in the
preparation, analysis, and reporting of financial statements to intended users. According to
Investopedia, GAAP is a standard practice for businesses in presenting financial statements to
maintain the continuity of information and uniformity of presentation across international
borders.

Qualitative Characteristics of Financial Statements

1. Materiality is a practical rule in accounting which dictates that strict adherence to the GAAP
is not required when the items are not significant enough to affect the evaluation decision and
fairness of the financial statements
2. Faithful representation requires proper accounting for all transactions. The amount that
should be reflected on record should be the actual amount involved in the transaction that
took place.
3. Substance over form means relevance of information should be prioritized over format in the
presentation of financial information
4. Conservatism means that when decision makers have to choose between alternatives, the
alternative that has the least effect on equity should be chosen.
5. Understandability means that if financial information is to be useful, it needs to be
comprehensive and reported in an easy-to-understand manner.
6. Comparability means that information about a reporting entity is more useful if it can be
compared with similar information about other entities and with similar information about the
same entity for another period or another date
- Comparability within an entity-also known as horizontal comparability or intracomparability-
is the quality of information that allows comparisons within a single entity from one
accounting period to the next.
7. Consistency requires that accounting methods and principles used by the firm should be
uniform from one accounting period to another
8. Verifiability means that users of financial statements, all knowledgeable but independent
from one another, are able to arrive at a consensus that a financial record is a faithful
representation
 9. Timeliness means that financial information should be made available to the users in a
timely manner.
10. Cost constraint means that the benefit gained by a firm from the information should
outweigh the cost associated with obtaining the information.

International Accounting Standards

- The International Accounting Standards (IAS) is the standards set on how financial
transactions should be recorded and reflected in financial statements. The IAS was developed
by the International Accounting Standards Committee (IASC).

International Financial Reporting Standards

- The IFRS was established in order to have common standards that will be followed by
organizations across international boundaries.

Different factors were considered by the Philippines in its decision to adhere to international
accounting standards. These factors were the following:

- Support of international accounting standards by local organizations such as the Securities

and Exchange Commission (SEC), the Board of Accountancy (BOA), and the Philippine
Institute of Certified Public Accountants (PICPA)
- Increasing internationalization of business which has heightened the interest in a common
language for financial reporting
- Improvement of international accounting standards-removal of free choices of accounting
treatments.
- Increasing recognition of international accounting standards by the World Bank, Asian
Development Bank, and World Trade Organization

The benefits of adhering to a single set of global accounting standards are the following:

- Companies gain access to foreign capital markets.

 - Domestic capital markets gain credibility and become more attractive to foreign investors.
- Compliance with standards increases a company's credibility, thus letting it gain access to
better financing terms.
- For companies that operate in different countries, the preparation of financial statements is
organized such that consolidated statements and country or subsidiary statements adhere to
the same global accounting standards.
- Financial data is easily understood by users across countries.
- Processing of data becomes less costly.
- Sharing of financial data between or among users is more transparent.
- Compliance with standards makes reports more acceptable from the perspective of regulatory
agencies.
- It is easier to ensure continuity.
- Knowledge is easily shared across countries. Training and development workshops are easily
coordinated as well.
- Credentials of professionals are comparable across locations.

The following are the reasons why there are accounting variations among countries:

- Companies have to meet both political and economic constraints in their host countries.
Political and economic conditions such as tax laws and labor laws (laws on wages and
nonwage benefits which affect a firm's cost structure) affect how laws and regulations are
enforced on businesses.
- Accounting practices vary from one country to another.

o There are differences in the following:

a. Economic and social frameworks-language, culture, currency exchange, inflation, and other
variables that affect how financial data is obtained and processed

b. Quality of education obtained by accounting professionals

c. How capital markets in certain countries operate

- Each company (depending on the country of origin) has its own set of practices and ways of
handling/processing financial data.

Philippine Financial Reporting Standards

 The Financial Reporting Standards Council issued its standards in a series of pronouncements
called the Philippine Financial Reporting Standards (PFRS). The PFRS include the following:

- PFRS which correspond to IFRS

- Philippine Accounting Standards which correspond to IAS
- Philippine Interpretations which correspond to interpretations of the International Financial
Reporting Interpretations Committee (IFRIC) and the Standing Interpretations
Committee, and interpretations developed by the Philippine Interpretations Committee

In the Philippines, the following accounting standards required for publicly accountable entities
(listed companies and financial institutions) shall apply:

- Listed companies - Large and/or publicly accountable entities (including all listed companies
and financial institutions) must use the PFRS which was adapted by the Financial Reporting
Standards Council (FRSC), the Philippine institution that oversees financial reporting standards in
the country. In accordance with the Implementing Rules and Regulations of the Philippine
Accountancy Act of 2004, the FRSC was established by the Professional Regulatory Commission
(PRC) to assist the Board of Accountancy (BOA) in the exercise of its power and function to
enact accounting standards in the Philippines. The FRSC is basically the IFRS with several
limited modifications

- Financial Institutions - The PFRS is required

- Separate Company Financial Statements - Companies that use the IFRS adapted as PFRS are
required to use the standards in their separate financial statements.

The IFRS Endorsement.

- Which standards do companies follow? They follow the PFRS

- The auditor's report asserts compliance with. It must comply with the PFRS.
- Modifications to IFRS: The limited modifications made to the IFRS in adopting the standards
as PFRS relate to revenue recognition by real estate companies and some guidance for
insurance (preneed) companies, banks, mining companies, and recipients of government
grants that are not entirely consistent with the IFRS.
- Endorsement process for new or amended standards: The process includes the FRSC, BOA,
and SEC.

A stockholder is a person who bought shares of stocks of a publicly traded corporation. Because
stocks represent ownership of a company, stockholders become part owners of the business.
Stockholders are alternatively referred to as "shareholders". On the other hand, stakeholders
include not only shareholders but everyone who has an interest or a stake on how the business is
performing or how it is managed. Stakeholders may be largely classified into internal or external
stakeholders.

Internal stakeholders are directly involved in the management or operation of the business.
They include the following:

 Employees - They are concerned with the way things are run in the organization-from
policies and procedure, hiring and retention, to compensation and benefits, which is their
most important concern.
 Stockholders - As defined earlier, stockholders are those who bought shares of stocks of a
publicly traded corporation.
- They are also entitled to dividends, which are per share payments made to
stockholders out of the earnings or income of a corporation for a specific period of time.
 Top Management - Members of the top management team are employees as well, but from
the financial management perspective, they are most concerned with the quality of financial
data that are made available to them
 Department Managers - Various internal users may use financial statements differently.
While top management use them for high-level decision-making, department managers may
use them to assess operational efficiency
 Board of Directors - This is a group of individuals who were elected by the stockholders to
represent them.
 Labor Unions - A labor union is an organization of employees whose mission is to represent
the employees in negotiations with employers

- A collective bargaining agreement (CBA) is a contract between the

employer and the labor union.

An external stakeholder is someone who is not directly involved in the business but, in one way or
another, has a stake on how the business is managed or how it is performing

 Customers - They are the most important external stakeholders. They are the lifeblood of the
business. Companies across industries, regardless of size, devote a considerable amount of
 resources for customer acquisition and retention, making sure that their needs and demands
are met and satisfied.
 Suppliers - The relationship between suppliers and business organizations has evolved over
time, from being merely supplier-customer relationship to a more sustainable partnership
 Government - The government through its various agencies is another external stakeholder.
The Bureau of Internal Revenue (BIR), for instance, review the financial statements of firms
to determine payment of income taxes or the applicability of certain exemptions
 Competitors - Competing firms within an industry monitor one another's activities and
overall performance (e.g., product offerings, pricing strategies, investments made,
relationships with external stakeholders, and movement of prices of stocks for publicly traded
corporations).
 Financial Institutions - Financial institutions review financial statements to see if a firm
applying for a loan is creditworthy
 Potential Investors - Similar to stockholders, potential investors review financial statements
to assess the potential return if they invest in a business versus the risks associated with such
investment.

Contemporary Art (Group 1)

What is Contemporary Art?

CONTEMPORARY ART" REFERS TO ART MADE AND PRODUCED BY ARTISTS
LIVING TODAY THE "CONTEMPORARY IS THEREFORE A FLUID TERM, AND
ITS USE CAN CHANGE DEPENDING ON THE CONTEXTS, IN THIS CASE
HISTORICAL AND STYLISTIC. AT TIMES, THE MODERN AND CONTEMPORARY
CAN BE USED
SIMULTANEOUSLY OR INTERCHANGEABLY; HOWEVER. THERE IS ALSO
DANGER OF USING THEM CARELESSLY OR LOOSELY. THUS, IT IS IMPORTANT
TO KNOW THE HISTORICAL, AND STYLISTIC CONTEXTS OF THE TERMS

o Man in the Stairs by Xyza Bacani

- The picture of a man on the stairs by xyza Bacani
and the painting by HR Ocampo have the same
subject matter: the poor and ordinary people on the
streets.
 - The photo by Xyza Bacani was shot in Hong Kong where the photographer, who hails
from Nueva Vizcaya, worked as a domestic helper

o The Poor and Ordinary People on the Streets BY HR OCAMPO

- It was painted in early 1960s. At that time, the painting was
considered contemporary.
- HR OCAMPO'S CONTRAST-This narrative reflects the
differences and barriers between social classes in the Philippine
setting. It remains relevant in the contemporary context as
citizens remain underprivileged amid the continuous progress
that only benefits a few.

Modern Art
- Modern Art - is an art movement that emerged in the late 19th and early 20th centuries. It
was characterized by a shift away from traditional styles to a more abstract, experimental
approach to creating works of art
- Today, Modern Art is referred to as "traditional, compared to Contemporary Art.
Contemporary Art is the art of the present, which is continuously in process and in flux.

Victorio Edades
- is credited for initiating the Modern Art movement that challenged the
Neoclassic style, which was dominant at the time he came home from
studying in America before the war.
Neoclassic Style - depicts reality as closely as possible and idealizes it.

Similarities and differences between Contemporary Art and Modern Art

Contemporary Art
- aims to be thought-provoking and often depicts a broader range of social, economic, and
political issues. Topics such as racism, globalization, terrorism oppression, poverty, and
feminism are common themes of contemporary artists

Contemporary Art
- aims to be thought-provoking and often depicts a broader range of social, economic, and
political issues. Topics such as racism, globalization, terrorism, oppression, poverty, and
feminism are common themes of contemporary artists.

Modern Art
Modern art denotes one or more of the styles and philosophies prevalent in the art produced
during that era. Some artwork produced during this period followed more traditional or
classical styles.

Similarities
both be considered revolutionary, but Contemporary Art is more about cxperimentation and
freedom

Magpupukot
- Magpupukot - is a hearty depiction of fishermen reeling in
the nets to avail the catch of the-day
- 1957 - the year "Magpupukot" was painted,
- Carlos Francisco - the person who painted “Magpupukot"
-is known for murals religious theme, voluptuous figure and
genre painting.

Fishing Scene By Fernando Amorsolo

- Fishing Scene or Mangingisda
- portrays the sturdy lives of fishermen with nary a hint of
belligerence
- 1955 - the year "Fishing Scene" was painted
- Fernando Amorsolo - he painted "Fishing Scene or Mangingisda
-modern and contemporary painter was a portraitist and painter of
rural Philippine Landscapes. Nicknamed the "Grand Old Man of Philippine Art"
The Contrast
- The Contrast - the painting speaks of the alienation of a destitute
man eating from an empty plate.
- 1940 - the year "The Contrast" was painted
- Hemando Ruiz Ocampo - he painted "The Contrast"
- best known for his abstract paintings.

The Builders
- The Builders - exemplified the dark side of progress and industrialization that would be
built on the backs of anonymous men who will never receive gratification
- 1928 - the year "The Builders" was painted
- Victorio Edades - the one who painted
"The Builders"
- he was named a national artist in 1976
- the history names Victorio Edades as "The
Father of Modern Philippine Art".

Characteristics of Contemporary Art

Diversity
- may use an infinity of materials, sources and styles to create art
Reflect on Society - provides an opportunity to reflect on current
social issues relevant to humanity, and the world that surrounds us
- Eliminate stereotypes
- Use real locations as inspiration sources
- Design realistic characters

Innovation
- it tends to make use of new media such as photography, video, and computer-generated
imagery

Redefining Art
- relates to practices and aesthetic designs that convey ideas or concepts, such as conceptual
art.

Doing Philosophy
Introduction to the Philosophy of the Human Person
Objectives:
 Holistic Perspective from a partial point of view
 Philosophical reflection on a concrete situation from holistic perspective
 Human activities that emanated from deliberate reflection.
What is Philosophy?
 • Doing philosophy helps you think many things, including those that leave you
confused or without an acceptable answer. You can do philosophy by yourself,
with a partner, or with a group
• Ex. Treat others how you want to be treated.
Philosophical Reflection
- Philosophical reflection is the process by which a person undergoes a reflective state or
evaluates his or her experiences first before making any related action.

- The use of philosophical reflection is important as it enables thought to be looked into using
a deeper, holistic perspective. In effect, actions are directed towards greater sources of
wisdom and truth.

Activities Emanated from Deliberate Reflection

• In the process, one can learn more about himself or herself, including
personal beliefs, ideals, or values.
• Previous experiences may be seen as important aspects of making reflections
because they facilitate deeper thinking and understanding of the self.
• Aside from knowing the self, many other activities also emanate from
reflection.
Human Activities Emanated from Deliberate Reflection Examples:
• learning from your previous mistakes and not repeating them again
• evaluating and knowing the best choice from a set of options
• gaining a holistic point of view first before making any conclusion
Holistic and Partial Points of View
- Before engaging in philosophical inquiry, one must be able to distinguish between a holistic
and partial point of view.
- Looking at the characteristics of holistic and partial points of view, it can be concluded that
using a holistic perspective is more desirable in doing philosophy than using a partial
perspective. Partial points of view only promote limited knowledge on the situation. This
leads to wrong conclusions.

Meaning and Process of Doing Philosophy

- Doing philosophy means engaging oneself in “matters of utility” and methodologies to
eliminate any practical problem or abstract idea.
- In the process of doing philosophy, it is critical to have a holistic point of view. The
perception of looking at all aspects of a situation first before making a conclusion.
- Some other skills involved in doing philosophy are critical, logical, and analytical
thinking, observation, and communicative skills

Importance of Doing Philosophy

- Learning philosophy requires learning to look into all available perspectives and work on
their relationship to come up with sound, logical, and valid conclusions. In the process, doing
philosophy helps one to develop the skill of broadly looking at the situation first before
concluding anything.
- Doing philosophy can be applied in day-to-day activities and life perspectives. Because it
involves an evaluative process, doing philosophy allows a person to make better decisions
and act accordingly to situations with the help of various philosophical skills.

TIPS
- In doing philosophy, a holistic perspective on the subject is always required. Failure to do so
or only using a partial point of view may lead to illogical or incorrect conclusions.

Branches of Philosophy
 Ethics
 Epistemology
 Aesthetic
 Metaphysics
 Logic

Metaphysics
 supposedly derived from the greek words "ta meta ta physica" which means
“ the work after Physics”
 an extension of a fundamental and necessary drive in every human being to know
what is real.
 The question is how to account for this unreal thing in terms of what you can accept
as real.
Aristotle's Metaphysics
 which he himself called: “ First Philosophy”
  It is one of the earliest treatises on the subject and has had immense influence on the
entire history of western philosophy.
Examples of Metaphysics
- What is existence, and what sort of things exist in the world?
- How can things continue to exist and yet undergo the change we see about us in the
natural world?
- How can this world be understood?

Ethics -> Ethos = custom or character

• Studies the rightness ang wrongness of human actions.
• The branch of philosophy that explores the nature of moral virtue and evaluates
human actions.

What Constitutes a Human Person?

• For Socrates, to be happy, a person has to live a virtuous life. Virtue is not
something to be taught or acquired through education, but rather, it is merely
an awakening of the seeds of good deeds that lay dormant in the mind and
heart of a person.

Epistemology
Epistemological questions are basic to all other philosophical inquiries.
Epistemology Explains;
Epistemological questions are basic to all other philosophical
inquiries. Epistemology explains;
1. How we know what we claim to know:
2. How we can find out what we wish to know; and
3. How we can differentiate truth from falsehood

Empiricism is the view that knowledge can be attained only through sense experience
 • Some philosophers think that the particular things seen, heard, and touched are
more important. They believe that general ideas are formed from the
examination of Particular facts. This method is called induction, and
philosophers who feel that knowledge is acquired in this way is called
empiricists

Logic
• Reasoning is the concern of the logician, this could be reasoning in science
and medicine, in ethics and law, in politics and commerce, in sports and
games, and in the mundane affairs of everyday living.
• The term "Logic” comes from the Greek word "logike"'
• Etymologically, it means a treatise on matters pertaining to the human thought.

Philo

Methods of Philosophizing
Group 2

Philosophizing - means to think or express oneself in a philosophical manner.

Logic - it is a truth which is based on reasoning and critical thinking.
- Logic is also one of the major branches of Philosophy which increases one’s ability to
reason correctly and distinguish irrational reasoning.
Existentialism - it is a philosophy that emphasizes the importance of free individual choice,
regardless of the power of other people to influence and coerce our desires, beliefs, and
decisions.
Analytic Tradition – Analytic Philosophy is also called linguistic philosophy, a related set
of approaches to philosophical problems. This philosophy means the using common
experience and ordinary language to analyze concepts and language in philosophy.
Phenomenology – is a broad discipline and methods of inquiry in philosophy which is based
on the premise that reality consists of objects and events (“phenomena”) as they are perceived
or understood in the human consciousness and not of anything independent of human
consciousness.

DISTINGUISHING TRUTH FROM OPINION

PROPOSITION - is a statement about the world or reality. It may or not carry truth.
Propositions are usually stated as short statements or sentences.
KNOWLEDGE - is the clear awareness and understanding of something. It is product of
questions that allow for clear answers provided by facts.
FACTS - are propositions or statement which are observed to be real or truthful.
CLAIM - is a statement that is not evidently or immediately known to be true. This means
that any claim can be proven by verification and experimentation.

HOW DO WE KNOW IF SOMETHING IS TRUTH?

One perspective on truth
- a belief is true if it can be justified or proven through the use of one's senses.
EXAMPLE:
“I am a Filipino.”

Can we use our senses to prove this statement as fact?

We can look at a dictionary
Filipino (noun):
- A native of the Philippine Island.
- A citizen of the Republic of the Philippines

Another basis for determining the truth

- a belief for statement is true if it is based on facts.
Getting consensus or having people agree on a common belief is another way of determining
what is true.

HOW CAN PHILOSOPHY GUIDE US IN DISTINGUISHING TRUTH FROM

OPINION?
Opinion - Statements go beyond providing facts. They also provide conclusions or
perspectives regarding certain situations.
Conclusions - is a judgement based on certain facts.
Beliefs - are statements that express convictions that are not easily clearly explained by facts.
Arguments - are a series of statements that provide reasons to convince the reader or listener
that a claim or opinion is truthful.
Bias - are not necessarily errors in reasoning but refer to tendencies or influences which
affect the views of people.
Logic - is the branch of philosophy that focuses on the analysis of arguments.

Truth Vs Opinion
FACT OPINION
- A fact is a statement that can - An opinion is a statement of belief which may or may not
be proven true or false be backed up by facts but cannot be proven true or false.

- Is objective - Is subjective
- Is discovered - Is created
- States reality - Interprets reality
- Can be verified - Cannot be verified

HOW CAN AN UNDERSTANDING OF THE DIFFERNCE BETWEEN TRUTH AND

OPINION LEAD US TO WISDOM?
Methods of Philosophy Leads to Wisdom and Truth
(Or philosophical methodology) is the study and description of how to "do" Philosophy.The
basic feature of such a method is the questioning of "given" things, or things assumed to be
true.
There are four philosophical didactic methods (which are the classical philosophical
methods)
1) the phenomenological method,
2) the analytical method,
3) the hermeneutic method, and
4) the dialectic method.
5) the scientific method
6) socratic method
1. Phenomenological Method

 the study of things as they appear (phenomena).

 to provide a clear, undistorted description of the ways things appear
 descriptive rather than explanatory
 based on the premise that reality consists of objects and events as they are perceived
or understood in human consciousness and not of anything independent of human
consciousness.

2. Analytical Method
 a philosophy method based on the idea that philosophical problems can be solved
through an analysis of their terms, and pure, systematic logic.
3. Hermeneutic Method

 is the study of interpretation

 concerns the meaning of interpretation- its basic nature, scope, and validity, as well as
its place within and implications for human existence; and
 it treats interpretation in the context of fundamental philosophical questions about
being and knowing, language and history, art and aesthetic experience, and practical
life

4. Dialectic Method

 used to describe a method of philosophical argument that involves some sort of

contradictory process between opposing sides
 it is when two seemingly conflicting things are true at the same time. For example,
"It's snowing, and it is spring".

5. The Scientific Method

 the term “science” is derived from the Latin word “Scientia” that means “to produce
knowledge”
 determine the truth or knowledge through experimentation, inductive and deducting,
reasoning, and hypothesis or theory testing.

6. Socratic Method
  Socrates engaged in “dialect dialogue” of questioning that is expressed in the critical
examination and cross examination of the position of every participant to the
conversation
 it is when two seemingly conflicting things are true at the same time. For example,
"It's snowing, and it is spring".

THE EVOLUTION OF TRADITIONAL AND NEW MEDIA

BODY ART
• The term "Body art" describes a type of contemporary art, in which the artist's own
body becomes the "canvas" or "artwork". Although closely related to conceptual
art and performance art, Body art embraces a wide range of disciplines,
including: Body-Painting; Tattoo art; Face-Painting; Nail art; Piercings; Make-
up; Mime and Living Statues; and Photography.
ANCIENT ERA
Ancient History. 6000 BCE - 650 CE or 3000 BCE – 100 CE
Ancient history is the time period in history between the origins of human civilization and
the fall of ancient empires. The Bronze Age begins here, around 3000 BC. This marks a
movement from humans using stone tools, to bronze.

ANCIENT WRITINGS
CUNEIFORM SCRIPT
• How is cuneiform written?
• Cuneiform is one of the oldest forms of writing known. It means “wedge-shaped,”
because people wrote it using a reed stylus cut to make a wedge-shaped mark on a
clay tablet. Letters enclosed in clay envelopes, as well as works of literature, such as
the Epic of Gilgamesh have been found.
EGYPTIAN HIEROGLYPHS

• a character used in a system of pictorial writing, particularly that form used on ancient
Egyptian monuments. Hieroglyphic symbols may represent the objects that they
depict but usually stand for particular sounds or groups of sounds.

PHOENICIAN ALPHABET

• The Phoenician alphabet is also called the Early Linear script the Proto- or Old
Canaanite or Proto-Sinaitic script, into a linear, purely alphabetic script, also marking
the transfer from a multi-directional writing .It contains 22 letters all which are
consonants.
• Drama

ANCIENT DRAMA
 • The earliest origins of drama are to be found in Athens where ancient hymns, called
dithyrambs, were sung in honor of the god Dionysus. These hymns were later adapted
for choral processions in which participants would dress up in costumes and masks.

INDUSTRIAL ERA (1440 - 1890)

PRINTING PRESS

 The printing press was invented in the Holy Roman Empire by the German Johannes
Gutenberg around 1440, based on existing screw presses on existing screw presses
TELEPHONE
A significant invention of the late period of the Industrial Revolution was
the telephone, which was invented by Alexander Graham Bell in 1876.
Alexander Graham Bell was a Scottish inventor although he lived and
worked in both Canada and the United States during the majority of his life
and time inventing.

PHONOGRAPH - invented in 1877, is a device designed for the power-driven recording and
reproduction of sound. Also called a “gramophone”
ELECTRICAL TELEGRAPH – Samuel Morse. The long-distance broadcast of textual or
symbolic (as opposed to verbal or audio) messages.
DRY PLATES – work of Desire van Monckhoven, the Collodion dry plates had been
accessible since 1855.
FILM – called as movie, motion picture, theatrical film or photoplay, is a series of immobile
images that, when shown in screen, generates the continuous motion.

INFORMATION ERA (1906 - present)

RADIO
A technology of using radio waves to convey information,
such as sound, by modulating some property of electro-
magnetic energy waves transferred through space.

TELEVISION

Television or TV is a telecommunication medium used

for transmitting sound with moving pictures in monochrome, or in color, and in two or three
dimensions. It is a mass medium, for entertainment, education, news, and advertising.
COMPUTER
A personal computer (PC) is a general-purpose computer.
Its sizes capabilities, and novel sale prize make it
beneficial for individuals.

MOBILE PHONE
is a portable telephone which can produce and
receive calls over a radio frequency carrier. Most
services use a cellular network manner, and therefore
they are often call “cellular telephones or cell
phones”

INTERNET
- is the worldwide system of unified computer networks that use the Internet protocol suite
(TCP/IP) that links billions of devices across the planet.

1. Pre – Historical Era (200 000 BCE – 4 000 BCE)

 Petroglyphs – created by abolishing part of a rock surface by incising/carving
as a form of rock art.
 Cave Painting – “parietal art” painted drawings on cave walls/ceilings, to
some 40 000 years ago (around 38 000 BCE)
 Dance – in Egypt, the priest and priestesses, guided by harps, pipes, to
perform ceremonial movements
  Body Art – body painting was temporary, painted in human skin, lasted for
one day or at must the case of Mehndi “henna” or temporary tattoo a couple of
weeks
- momentous part of social, spiritual, and personal expressions.
2. Ancient Era (3 000 BCE – 100 CE)
a. Cuneiform Script
- wedge-shaped marks on clay tablets
b. Egyptian Hieroglyphs
- combined anagrammed and alphabetic elements

 Alphabet – Phoenician Alphabet called “Proto-Canaanite Alphabet”

- it contains 22 letters, all of which are consonants.
 Drama- clear cut mode of narrative commonly fictional, served in performance
 Paper – derived from “papyros”, Ancient Greek for the Cyperus papyrus plant.
Careers in Finance

6. Banker/Investment banker
- Banking is probably the most common career path for a finance professional
7. Insurance Agent/Broker
- Finance professionals have the option of becoming insurance agents or brokers. Insurance
agents and brokers do not merely sell insurance products. They also give financial advice to
clients
8. Financial Advisor
- Companies that are engaged in the selling of investment products employ financial advisors
who give financial planning advice to both individual and corporate clients.
9. Stockbroker
- A stockbroker is similar to a financial advisor in the sense that he or she advises his or her
clients on matters pertaining to financial products, market and industry trends, and other
investment options.
10. Fund Manager
- Fund managers are employed by mutual fund companies. They are called fund managers
because that is what they do-they manage funds pooled by several investors.

6. Academe

- If a finance professional chooses to be in the academe and teach, he or she will be required to
obtain a master's degree from a Higher Educational Institution (HEI) offering an accredited
program.

7. Corporate consultant

- A corporate consultant is not employed by a particular organization. Rather, he or she is

commissioned to do work on a temporary or per project basis.

8. Country manager

- A country manager is employed by a multinational firm. He or she is tasked to oversee the

operations of an affiliate in the host (foreign) country.

9. Corporate finance manager/officer

- The core of a finance manager's job is financial analysis, which encompasses risk assessment,
return on different investment options, and preparation and analysis of financial statements (and
reporting the results to top management

10. Chief Finance Officer

- The CFO is one of the members of the top management team. He or she is often referred to as an
executive. The CFO is responsible for managing all the financial aspects of the business-
investments, capital expenditures, budget allocation, cost control measures, cash flow, and
sourcing of funds

Qualities of a Finance Professional

1. Competence
- Finance professionals are expected to have the qualifications to handle their jobs.

2. Integrity

- Given that both internal and external stakeholders rely on the financial information gathered,
prepared, and analyzed by finance professionals, it only follows that finance professionals must
adhere to the highest ethical standards.

3. Analytical thinking

- Most finance jobs are analytical in nature so it is important that finance professionals are also
analytical. They should be able to interpret and analyze financial data and use findings to
understand and solve problems.

4. Ability to think strategically

- Although finance professionals make decisions every day, they also need to think in the long
term. They should always find the connection between the decisions made and today's trends, and
their impact on the attainment of the overall goals and objectives of an organization.

5. Leadership
 - At some point in his or her career in finance, a finance professional will handle people either on
a permanent or on an ad hoc basis

- In addition to the given qualities, it is also valuable for finance professionals to be attentive to
details, have the ability to multitask, be technology-savvy, and be flexible in terms of adapting
to the ever-changing business environment.

Standards in Financial Reporting

Financial Statement

- A financial statement is a record that gives a picture or description of how an individual, a

business, or an organization looks in terms of financial health.

The Generally Accepted Accounting Principles

- Finance managers follow the Generally Accepted Accounting Principles (GAAP) in the
preparation, analysis, and reporting of financial statements to intended users. According to
Investopedia, GAAP is a standard practice for businesses in presenting financial statements to
maintain the continuity of information and uniformity of presentation across international
borders.

Qualitative Characteristics of Financial Statements

1. Materiality is a practical rule in accounting which dictates that strict adherence to the GAAP
is not required when the items are not significant enough to affect the evaluation decision and
fairness of the financial statements
2. Faithful representation requires proper accounting for all transactions. The amount that
should be reflected on record should be the actual amount involved in the transaction that
took place.
3. Substance over form means relevance of information should be prioritized over format in the
presentation of financial information
 4. Conservatism means that when decision makers have to choose between alternatives, the
alternative that has the least effect on equity should be chosen.
5. Understandability means that if financial information is to be useful, it needs to be
comprehensive and reported in an easy-to-understand manner.
6. Comparability means that information about a reporting entity is more useful if it can be
compared with similar information about other entities and with similar information about the
same entity for another period or another date
- Comparability within an entity-also known as horizontal comparability or intracomparability-
is the quality of information that allows comparisons within a single entity from one
accounting period to the next.
7. Consistency requires that accounting methods and principles used by the firm should be
uniform from one accounting period to another
8. Verifiability means that users of financial statements, all knowledgeable but independent
from one another, are able to arrive at a consensus that a financial record is a faithful
representation
9. Timeliness means that financial information should be made available to the users in a
timely manner.
10. Cost constraint means that the benefit gained by a firm from the information should
outweigh the cost associated with obtaining the information.

International Accounting Standards

- The International Accounting Standards (IAS) is the standards set on how financial
transactions should be recorded and reflected in financial statements. The IAS was developed
by the International Accounting Standards Committee (IASC).

International Financial Reporting Standards

- The IFRS was established in order to have common standards that will be followed by
- organizations across international boundaries.
Different factors were considered by the Philippines in its decision to adhere to international
accounting standards. These factors were the following:

- Support of international accounting standards by local organizations such as the Securities

and Exchange Commission (SEC), the Board of Accountancy (BOA), and the Philippine
Institute of Certified Public Accountants (PICPA)
- Increasing internationalization of business which has heightened the interest in a common
language for financial reporting
- Improvement of international accounting standards-removal of free choices of accounting
treatments.
- Increasing recognition of international accounting standards by the World Bank, Asian
Development Bank, and World Trade Organization

The benefits of adhering to a single set of global accounting standards are the following:

- Companies gain access to foreign capital markets.

- Domestic capital markets gain credibility and become more attractive to foreign investors.
- Compliance with standards increases a company's credibility, thus letting it gain access to
better financing terms.
- For companies that operate in different countries, the preparation of financial statements is
organized such that consolidated statements and country or subsidiary statements adhere to
the same global accounting standards.
- Financial data is easily understood by users across countries.
- Processing of data becomes less costly.
- Sharing of financial data between or among users is more transparent.
- Compliance with standards makes reports more acceptable from the perspective of regulatory
agencies.
- It is easier to ensure continuity.
- Knowledge is easily shared across countries. Training and development workshops are easily
coordinated as well.
- Credentials of professionals are comparable across locations.

The following are the reasons why there are accounting variations among countries:

- Companies have to meet both political and economic constraints in their host countries.
Political and economic conditions such as tax laws and labor laws (laws on wages and
nonwage benefits which affect a firm's cost structure) affect how laws and regulations are
enforced on businesses.
- Accounting practices vary from one country to another.
 o There are differences in the following:

a. Economic and social frameworks-language, culture, currency exchange, inflation, and other
variables that affect how financial data is obtained and processed

b. Quality of education obtained by accounting professionals

c. How capital markets in certain countries operate

- Each company (depending on the country of origin) has its own set of practices and ways of
handling/processing financial data.

Philippine Financial Reporting Standards

The Financial Reporting Standards Council issued its standards in a series of pronouncements
called the Philippine Financial Reporting Standards (PFRS). The PFRS include the following:

- PFRS which correspond to IFRS

- Philippine Accounting Standards which correspond to IAS
- Philippine Interpretations which correspond to interpretations of the International Financial
Reporting Interpretations Committee (IFRIC) and the Standing Interpretations
Committee, and interpretations developed by the Philippine Interpretations Committee

In the Philippines, the following accounting standards required for publicly accountable entities
(listed companies and financial institutions) shall apply:

- Listed companies - Large and/or publicly accountable entities (including all listed
companies and financial institutions) must use the PFRS which was adapted by the
Financial Reporting Standards Council (FRSC), the Philippine institution that oversees
financial reporting standards in the country. In accordance with the Implementing Rules
and Regulations of the Philippine Accountancy Act of 2004, the FRSC was established by
the Professional Regulatory Commission (PRC) to assist the Board of Accountancy
(BOA) in the exercise of its power and function to enact accounting standards in the
Philippines. The FRSC is basically the IFRS with several limited modifications
- Financial Institutions - The PFRS is required
- Separate Company Financial Statements - Companies that use the IFRS adapted as PFRS
are required to use the standards in their separate financial statements.

The IFRS Endorsement.

- Which standards do companies follow? They follow the PFRS

 - The auditor's report asserts compliance with. It must comply with the PFRS.
- Modifications to IFRS: The limited modifications made to the IFRS in adopting the standards
as PFRS relate to revenue recognition by real estate companies and some guidance for
insurance (preneed) companies, banks, mining companies, and recipients of government
grants that are not entirely consistent with the IFRS.
- Endorsement process for new or amended standards: The process includes the FRSC, BOA,
and SEC.

A stockholder is a person who bought shares of stocks of a publicly traded corporation. Because
stocks represent ownership of a company, stockholders become part owners of the business.
Stockholders are alternatively referred to as "shareholders". On the other hand, stakeholders
include not only shareholders but everyone who has an interest or a stake on how the business is
performing or how it is managed. Stakeholders may be largely classified into internal or external
stakeholders.

Internal stakeholders are directly involved in the management or operation of the business.
They include the following:

 Employees - They are concerned with the way things are run in the organization-from
policies and procedure, hiring and retention, to compensation and benefits, which is their
most important concern.
 Stockholders - As defined earlier, stockholders are those who bought shares of stocks of a
publicly traded corporation.
- They are also entitled to dividends, which are per share payments made to
stockholders out of the earnings or income of a corporation for a specific period of time.
 Top Management - Members of the top management team are employees as well, but from
the financial management perspective, they are most concerned with the quality of financial
data that are made available to them
 Department Managers - Various internal users may use financial statements differently.
While top management use them for high-level decision-making, department managers may
use them to assess operational efficiency
  Board of Directors - This is a group of individuals who were elected by the stockholders to
represent them.
 Labor Unions - A labor union is an organization of employees whose mission is to represent
the employees in negotiations with employers

- A collective bargaining agreement (CBA) is a contract between the

employer and the labor union.

An external stakeholder is someone who is not directly involved in the business but, in one way or
another, has a stake on how the business is managed or how it is performing

 Customers - They are the most important external stakeholders. They are the lifeblood of the
business. Companies across industries, regardless of size, devote a considerable amount of
resources for customer acquisition and retention, making sure that their needs and demands
are met and satisfied.
 Suppliers - The relationship between suppliers and business organizations has evolved over
time, from being merely supplier-customer relationship to a more sustainable partnership
 Government - The government through its various agencies is another external stakeholder.
The Bureau of Internal Revenue (BIR), for instance, review the financial statements of firms
to determine payment of income taxes or the applicability of certain exemptions
 Competitors - Competing firms within an industry monitor one another's activities and
overall performance (e.g., product offerings, pricing strategies, investments made,
relationships with external stakeholders, and movement of prices of stocks for publicly traded
corporations).
 Financial Institutions - Financial institutions review financial statements to see if a firm
applying for a loan is creditworthy
 Potential Investors - Similar to stockholders, potential investors review financial statements
to assess the potential return if they invest in a business versus the risks associated with such
investment.