Epiphanies Gannaban, Finals

GANNABAN, RICHELL B.
BSAC1-AAB
BSSLAW1
9.d. Final requirement: In not less that 1000 words,

write an essay, entitled EPIPHANIES FOR 2nd SEM 2019
2020, where you will evaluate the activities this
semester vis-à-vis the VMO of the University of
Baguio.
EPIPHANIES
Business Law subject is very exciting wherein
students like me learned a lot from this subject
regarding on my course which is Accountancy. The
activities we have done in this semester helps me a
lot that I was able to know more about our country’s
civil law and how can it be applied in our daily
life. As a student, In the beginning of the semester,
we are usually asked about one's expectations from
this subject. I expected our subjects to widen our
knowledge about the topics being taught in these
subjects wherein In this way, I can express your
intention to learn more about the subject. I expected
that this subject provide us a holistic approach,
real-life examples, and hands-on training so that I
can express my intention to relate our learning to my
own experiences and circumstances and lastly, I
expected our subject to make us well-equipped not
only for examinations, but also for the real worl and
in this way, I can express my intention to apply our
learning even outside the classroom. And at the end
I think it was came true. Regarding on our
University’s VMO which the University of Baguio, I
think the activities that we had through the semester
has achieved regarding on it’s VMO.
As an accountancy student, business law subject
is very important in our field because Business law
covers a lot of areas that an accountant needs to
know. The laws governing corporations and
partnerships, contracts, commercial paper,
intellectual property, income tax, and many other
areas. Business Law for Accountants is the study of
professional and legal responsibilities and legal
implications of business transactions. The subject
requires application of this knowledge to common
business situations and transactions.It provides
knowledge of the general business environment and
general business concepts needed to understand the
underlying legal reasons applicable to particular
situations and transactions. Professional
responsibility and ethics issues are considered
throughout the subject. For today’s accountants,
understanding the law is crucial. This includes
having knowledge of the legal standards and
guidelines that impact accounting practices for
individual clients and businesses alike. Much of the
work that accountants do is tied to specific legal
practices, and those in this field may need to
consult with clients about certain regulatory issues
and situations. There are a number of
responsibilities that come along with typical
accounting processes, including making preparations
and computations for tax returns, organizing and
maintaining financial records, and assessing current
financial operations to implement new best practices.
It’s also up to accountants to keep up with current
bookkeeping laws and compliance regulations, and
ensure that their organization’s financial
statements, partner and customer transactions, and
all other accounting processes align with these laws.
Having in-depth knowledge of certain business laws,
as well as emerging compliance and other standards,
is not only beneficial for today’s accountants, but
is a key requirement and this was made the importance
of studying business law to accountant and students.
What is the relevance of business law to business
students? Business law encompasses all of the laws
that dictate the way to type and run a business. This
includes all of the laws that govern the way to
begin, buy, manage and shut or sell any form of
business. Business laws establish the principles that
each one businesses ought to follow. A savvy
bourgeois are typically at home with business laws
and recognize once to hunt the recommendation of a
authorized professional person. The business law
includes state and federal laws, still as body rules.
Business law subject is Highly important! We live in
a highly litigious society. On top of that, there are
thousands of business regulations out there that
affect whatever business you have. You need to have a
basic awareness of them so that the government
doesn’t fine you or throw you in jail. Plus, you need
to know basics of employment law. It is very easy
these days to be sued by someone you didn’t even hire
because they allege you violated some aspect of
employment law. Ignorance of the law is no defense.
Then you need to understand basic contract law. For
some reason, a lot of people believe that if isn’t in
writing, it isn’t a contract. That is true in some
circumstances, but for many others it is not. If you
don’t understand that, you can be sued for breach of
contract and not even know why. You don’t have to
become a lawyer, but you need to know when you should
seek one. Business law is NOT about common sense,
it’s about legal restrictions and obligations, many
of which do not seem to make sense. But I assure you,
to the aggrieved party, they will make plenty of
sense.
Throughout the semester, I enjoyed the subject’s
activities wherein we are able to define the word
that we do not really understand and we are able to
find the meanings and we able to elaborate more using
our own word that makes my mind and knowledge widens
about the unfamiliar words relating to the civil law
and in business. As a student, learning or studying
Business law can improve the writing, problem-
solving, and analytical abilities, as well as the
listening, negotiating, and presentation skills and I
witnessed all that because I take the subject. You
will also learn to understand and articulate
complicated information orally and in writing, which
is an important skill in the business world. As a
business law student, we can get the chance to put
these important qualities to the test in real-world
situations, enhancing our potential employability.
This is Business law 1 and I just feel that I learned
so many things in this subject and I know that there
are prerequisites of the subject and this is only the
beginning of our journey learning business law and I
hope that it is more fun and exciting to learn on the
next chapter.
***Thank you Ma’am for all your efforts in explaining

the lessons in our subject so that we your students
will be able to understand. Learning from you has
been a pleasure.
-rbg-

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GANNABAN, RICHELL B.

9.d. Final requirement: In not less that 1000 words,

***Thank you Ma’am for all your efforts in explaining

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