Conclusion

Through an extensive analysis of the data gathered, the researchers have concluded
the following:
1. Most of the bookstores sampled have been operating for 6-10 years as of date of the
data gathering.
2. In overall, it can be concluded that bookstores sampled have high level of
adherence to the prescribed consignment practices as given by LegalZoom in terms of:
delivery of goods; risk of loss, damages and confusions; payment, sales and commission;
return of products; termination; and legal items. On the other hand, bookstores sampled have
moderate level of adherence to the prescribed consignment practices as given by LegalZoom
in terms of efforts to sell.
3. In overall, it can be concluded that bookstores sampled have high level of
adherence to the prescribed consignment practices as given by LegalZoom in terms of:
delivery of goods; risk of loss, damages and confusions; payment, sales and commission;
return of products; termination; and legal items; regardless of their years of operation. On the
other hand, bookstores sampled have moderate level of adherence to the prescribed
consignment practices as given by LegalZoom in terms of efforts to sell, regardless of their
years of operation.
To the accounting industry specifically the accounting standard-giving body
The additional knowledge from the research open doors for the industry to focus their
works on consignment business, as this became one of the defining dimensions of every
retailing business around the country. Different internal control and accounting procedure
pronouncements and issuances can be formulated to improve sufficiency of corroborating

evidence to the results of the current and preceding study, as they are the ones having the
authority and capacity to do more accurate and high volume surveys, feasibility and even
research studies. They should also take a look at the relation of marketing to accounting and
internal control and strengthen the relation therein. It is now time for the industry to pave way
to firming the accounting, internal control, and marketing dimensions of the Philippine
consignment business industry. In addition, most of the MSMEs are involved in large number
of consigning and conversely, MSMEs form bigger part than established big enterprises in the
current economic activity. It is the industrys duty to harmonize all types of business in all
different sectors of the national economic business activity; in return, it is the duty of the
businesses to follow what are given by them, as prescribed.
Background of the Study
Consignment is an important topic in accounting but is barely tackled by the students.
The researchers want to have a specific study about the consignment topic and help other
persons to raise awareness about the entire system. The fact that MSMEs (Micro, Small, and
Medium Enterprises) form greater part of the GDP (Gross Domestic Product) than big
enterprises is not new to the accounting industry as well as the fact that big enterprises have
already a roster of established accounting and internal control policy as worked by different
accounting standards organization. It is now time to take a look at the bigger picture. MSME
although earning smaller income than big enterprises, contribute more than the latter when
combined. And sadly, there is none yet established accounting and internal control policy for
MSMEs except from the PFRS for MSMEs, which is up to now unclear to most of the
readers. So what is with MSMEs? According to DTI (Department of Trade and Industry), out
of 942,925, 437,205 (or 46.4%) are engage in the wholesale and retail trade sector
distribution. In addition, most of these, or 210,039 establishments came from the NCR.
Conversely, 23.42% of the wholesale and retail establishments are involve in doing

consignment. It is not surprising that the researchers need to explore the deep and immense
sea of unmapped consignment business. Accounting will form greater part to the
establishment of greater form of knowledge as all businesses, specially consignment, needs a
standard to follow on. According to SGV & Co. (Sycip, Gorres, Velayo and Company), an
audit firm, in one of their published article, consignment is one of the fields of the national
economic business activity that needs complete accounting promulgation authority, as the
author said, the industry lack knowledge of its current status to make improvements.
The researchers got curious about how the consignment business works in real world. It is not
enough for them, to see only the theoretical and surface accounting and internal control
procedures in their books. With this, they think of a starting platform that is most convenient
for them and incidentally, it is their foremost query from roughly the past two years of their
stay in college. Their willingness to know what really is happening inside their own
bookstore and conversely, encountering issues relating to the processing of book, are not new
to the researchers. They encounter problems like out of stock and pricing issues. Therefore,
they believe that studying university bookstores, where larger volumes of consigning is
evident, will help them know what happened, what is happening and what should happened
in the duration of their research.
[ADD OBJECTIVES]