1.
Money is crucial for students, opening the door to education by covering tuition and books. It
goes beyond just classroom stuff, helping create a good learning environment by supporting living
expenses and joining extracurricular activities. Financial stability acts like a safety net, letting students
focus on studies without extra stress. Now, for accountancy students, money is even more important. It's
not just about class fees; it's about getting specialized books, going to field-related events, and maybe
getting certifications. Practical things like industry software and workshops also need money. If you want
to do internships or go to conferences, you need financial stability for that too. So, for accountancy
students, money isn't just for education fees; it's the key to getting the tools and experiences needed to
do well in the field. In a nutshell, money is more than a fee; it's the way to success for students,
especially those in accountancy.
2.
1. **Durability:** Money needs to be tough and not easily damaged because it goes through a lot of
transactions. Think of it like a sturdy coin that doesn't wear out quickly.
2. **Portability:** Money should be easy to carry around. Imagine if money was really heavy or bulky—
it would be hard to use in everyday situations.
3. **Divisibility:** You should be able to split money into smaller parts without losing its value. It's like
being able to break a big chocolate bar into smaller pieces, and each piece is still worth something.
4. **Uniformity:** Every piece of money should look the same. If money had different designs or sizes, it
might cause confusion.
5. **Limited Supply:** There shouldn't be too much money floating around, or its value would drop. It's
like if everyone had a million cookies; suddenly, one cookie wouldn't be worth much.
6. **Acceptability:** People need to agree that money has value and will be accepted in exchange for
goods or services. It's like everyone deciding that a seashell is valuable and can be used for trade.
7. **Fungibility:** Each unit of money should be the same as any other unit of the same value. If you
trade a $10 bill with someone, both bills should be worth the same.
8. **Store of Value:** Money should keep its value over time. If you save money, it should still buy you
the same amount of stuff in the future.
9. **Recognizability:** It should be easy to tell if money is real or fake. Imagine if fake money looked just
like real money – that would cause a lot of problems.
In simple terms, money needs to be strong, easy to carry, shareable, look the same, not too much of it,
agreed upon by everyone, each piece worth the same, keep its value, and be easily identified as real.
These qualities make money work smoothly in our everyday transactions.
3.
1. **Medium of Exchange:** Imagine an accountancy student, Sarah, needs to buy a set of specialized
accounting books from another student, Alex. Instead of exchanging goods directly, like offering a service
in return for the books, they use money. Sarah pays Alex with cash or through a digital transaction,
making the process of acquiring the necessary study materials straightforward.
2. **Unit of Account:** Sarah is planning her budget for the semester, considering expenses such as
tuition, textbooks, and living costs. Money serves as a unit of account for her, allowing her to express the
costs in a common currency. This helps her compare prices, prioritize spending, and make informed
financial decisions.
3. **Store of Value:** As an accountancy student, Sarah may have a part-time job to cover her expenses.
The money she earns serves as a store of value. She can save some of it for future needs, such as
attending a relevant industry conference or investing in additional accounting certifications. The money
retains its value, enabling her to use it later for these planned expenditures.
In this real-life example, the functions of money simplify transactions between students, provide a
standard measure for budgeting and planning, and offer a means for an accountancy student like Sarah
to save and allocate funds for future educational and career-related goals.
**Pre-Spanish Regime:**
- Trade with China, Java, and Macau existed before the Spanish arrival in 1521.
- Barter was the primary medium of exchange, but some coins circulated as early as the 8th century.
- Commodity money such as gold, silver, coffee, sugar, rice, spices, and carabao were used.
- Penniform gold barter rings and Piloncitos were prevalent between the 8th and 14th centuries.
**Spanish Regime:**
- Coins were introduced when the Spanish colonized the Philippines in 1521.
- Mexican-minted silver coins were predominantly used, and the first mint was established in 1861.
- Standardization of coinage was initiated during this era.
**American Regime:**
- After gaining independence in 1898, the Philippine Peso replaced the Spanish-Filipino Peso.
- The Philippine National Bank and later the Bank of the Philippine Islands issued banknotes.
- These notes were redeemable but not made legal tender.
**Japanese Regime:**
- During World War II, Japan issued Japanese War Notes.
- These notes had no reserves and were colloquially referred to as "mickey mouse" money.
**Post-War Period:**
- In 1944, after defeating Japan, the Philippine Commonwealth was established.
- All Japanese currencies were declared illegal, banks were closed, and Philippine National Bank notes
were withdrawn.
- Victory Money and Central Bank Notes were introduced in 1949.
**Modern Era:**
- In 2010, the Central Bank launched the "New Generation Currency," featuring uniform-sized bills
showcasing significant Philippine historical events, iconic buildings, and heritage sites.
- In 2018, the New Generation Currency Coin series was introduced, continuing the tradition of featuring
historical and cultural elements on Philippine currency.