A. INTRODUCTION
The Internship Program
It cannot be denied that success does not determine by what one has learned
inside the four corners of a classroom alone, but also outside of it. Nowadays, many firms
not only look on academic achievements of applicants but also consider experiences on
actual work, thus experience is an important factor to be considered by a person in
achieving his dream.
Imagine an accountant who knows every concept related to his field and almost
solves every problem given to him but is totally unaware on how to put these theories on
actual practice, then that accountant is no different from expensive device without an
important function.
Through training and practice, trainees could be able to apply the theories and
knowledge they have learned and acquired from school to their business application.
They could be able to incorporate the standards to the actual operation and determined
the effects of those transactions. In addition they could fully understand the basis of the
applications of the procedures and principles.
The Practicum Program of College of Business Administration and Accountancy
in Central Luzon State University is more than a requirement. Since, it gives the students
an opportunity to apply the knowledge they have learned in the classroom, able to work
in the actual corporate setting, and also to observe the work place setting, scenarios and
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processes. It helps them to gain the applicable knowledge and skills which they can apply
in the future.
On-the-job training generally gives the trainees the opportunity to work in the
same place and with the same equipment that will be used regularly which can make it an
efficient approach to learn new things. It has a specific goal of improving the trainees’
capability, capacity and performance. Through the on-the-job training, the trainees
acquire and sharpen knowledge, skills and competencies.
Definition
Internship is a period of work for practical experience as part of an academic
course (Microsoft Encarta, 2010). It is a realization of the knowledge gained inside the
classroom. An activity in which the students are given the chance to apply the learning
accumulated during their study. Furthermore, students are given the opportunity to do
actual operation in the organization that gives them additional information and better
understanding of the relationships of theories and their application in business.
Importance of Internship
The internship program enables the trainees to easily relate the theories that they
have learned in the classroom with what really happens in the business world. With the
knowledge and skills learned from the classroom, the internship is a very good
opportunity to apply the concepts and learn from the program as well. It prepares the
trainees to the corporate world in which industriousness, effectiveness, efficiency,
independence, responsibility, confidence, self-esteem, integrity and professionalism must
be practiced in order to cope with the demands of the industry.
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Furthermore, the internship program helps the trainees to improve their
interpersonal and communicating skills as they deal with people surrounding them in the
corporate world, especially in establishing good relationship with co-employees and in
entertaining clients personally. They could also learn to abide with the proper business
ethics and follow the rules and regulations of their preferred company. The internship
program gives them the chance to share the best of what they have and expresses their
opinions and insights in the cooperating agencies.
Through the skills and knowledge obtained by the students in the field practice,
they become more competitive and this proves to be an edge over other graduates.
Company Background
The Dela Cruz Accounting Office (Formerly, Dela Cruz, Dela Cruz and Co.
CPAs) is one of the leading auditing/accounting firms in Nueva Ecija. The company
offers auditing, accounting, tax services and management and financial consultancy.
Among its services, auditing has become its identity because of some prominent
companies in Nueva Ecija, Metro Manila and other nearby provinces in Central and
Northern Luzon, which are being served by the company.
Mr. Arthur J. Dela Cruz is a Certified Public Accountant. He is also a
management consultant involving accounting system improvement and financial
management, a tax practioner and is involved in other tax planning services. He has
started an accounting firm as a single proprietorship professional business in 1998 under
the name Dela Cruz Accounting and Financial Consultancy Office and later converted the
firm as a General Professional Partnership on March 06, 2002 registered with the
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Securities and Exchange Commission under the name DC and Co., CPAs and
Consultants.
Ms. Dina Bautista-Dela Cruz is a Certified Public Accountant. She was a
previous banker and has enough experience in all bank transactions. She was practicing
auditing on a part-time basis at DC and Co., CPAs and Consultants until she retired from
the bank on June 01, 2003 after her ten (10) fruitful years. She holds accreditations from
Securities and Exchange Commission (SEC) and Cooperative Development Authority
(CDA) as external auditor and from Bureau of Internal Revenue (BIR) as Tax Practioner.
Mr. Wilson J. Dela Cruz is a Certified Public Accountant. He specialized on
setting up Accounting System Design in various types of business. Being with the
company for a long time enhanced his supervision skills in dealing with different areas of
commerce. He is accredited by the Bureau of Internal Revenue (BIR) as Tax Practitioner
and holds accreditations from Board of Accountancy as a CPA engaged in the practice of
public accountancy. He is now the Chief Executive Officer of the firm.
The Dela Cruz Accounting Office has been established in 1998 and was registered
as a sole proprietorship professional service entity at the Department of Trade and
Industry in the year 2000 under the name Dela Cruz Accounting and Financial
Consultancy Office. The company was then run by Mr. Arthur J. dela Cruz and Ms. Dina
Bautista-dela Cruz. To formalize the partnership of the owners, the company was
converted into a general professional partnership and was registered at the Securities and
Exchange Commission on March 6, 2002. It was then the DC and Co., CPAs and
Consultants was born. Its new registration prompted the improvement of its
organizational structure as well as its office to fit its professional business. Its name (DC
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and Co., or short for Dela Cruz and Co.) was changed into Dela Cruz, Dela Cruz and Co.,
CPAs on January 26, 2005 upon the order of the Board of Accountancy not to use
acronyms. Last September 2011, Mr. Wilson Dela Cruz changed the name of the firm to
Dela Cruz Accounting Office and registered it to Department of Trade Industry as a sole
proprietorship professional service entity.
Company Vision
To become the most respected and famous in the field of Accounting, Auditing and
Taxation in Central and Northern Luzon.
Company Mission
To uplift the awareness of the people particularly those in the business sector,
about the importance of proper accounting in their business and their duties and
responsibilities for the government.
Key services
Dela Cruz Accounting Office focuses on audit, tax services, management
consultancy and bookkeeping services as follows:
Auditing
Dela Cruz Accounting Office independent examination of Financial Statement to
ensure the fairness and reliability of the reports that management submits to users outside
the business entity and expresses opinions on clients’ Financial Statement taken as a
whole.
Tax Services
Dela Cruz Accounting Office advices the clients on proper income tax reporting.
This service includes preparation of ITRs, rendering of professional advice on how the
client can legitimately reduce tax and consideration of tax consequences of purposed
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business transactions or alternative courses of action, accomplishment of the annual
renewal of client’s tax registration, securing of the BIR stamp of books of accounts,
preparation of BIR Forms and VAT Relief.
Management Consultancy
Dela Cruz Accounting Office provides consultation services to their clients on
risks and return analysis relating to investment activities, installation or modification of
accounting system, financial planning, inventory control system, advice regarding
budgeting, financing, general planning, regulatory compliance, fraud and other trading
entities.
Bookkeeping
Dela Cruz Accounting Office designs and operates bookkeeping services to
clients having difficulty in preparing Financial Statement to be submitted to regulatory
bodies.
Accreditations
Board of Accountancy
Bureau of Internal Revenue
Brief Industry
Those engaged in public practice are accountants who render services in a fee
basis and staff accountants employed by an accounting firms. Practitioners of public
accounting should be Certified Public Accountants. While some practice public
accounting individually, many full their talent and work together in a single firm.
This practitioners offer auditing, taxation, and management advisory services to
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the public. Auditing is one that accounting firms focus well on since the quality of their
auditor determines to the large extent their integrity and credibility.
The Philippine Institute of Public Accountants, a national organization whose role
is to ensure the continuous improvement of the accountancy profession, created the
Accounting Standards Council (ASC) to established and to improve accounting standards
that will be generally accepted in the Philippines. The creation of ASC received the
support of the Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas
(BSP), Philippine Regulatory Commission (PRC) and the Financial Executives Institutes
of the Philippines (FINEX).
The ASC was organized to established and promulgate suitable financial
accounting standards in the Philippines. This function involves the enriching and
maintenance of the accounting profession at its highest possible level.
The condition of the Philippine Accountancy profession, methods and standards is
taking a constant change brought by the regular updates and improvements made by the
ASC. Service offered by accounting firms also expands to meet the changing needs of the
users of financial information.
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Organizational Structure
Dela Cruz Accounting Office has a simple organizational structure. It is
customary for a company to define every employees work description to avoid work
overlaps and to be able to work efficiently. DC and CO has a total of six personnel each
performs specific functions and responsibility within the scope of his service to maintain
job accountability and efficiency.
Figure 1. Organizational Structure
The Proprietor/Chief Executive Officer is the chief decision maker of a firm. He
attends meetings and represents the company with different regulatory bodies. He also
discusses with the client the accounting and audit procedures to be undertaken as a part of
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the engagement. He is also in charge of the operations of the company including the
responsibility on human resources. The Senior Account Officer is the one responsible on
monitoring Account Assistant, performs accounting and audit procedures on clients
assigned to her. The Auditor visits and independently examines the Financial Statement
of clients to ensure the fairness and reliability of the reports that the management submits
to users outside the business entity and expresses opinions on clients’ Financial Statement
taken as a whole. The Account Assistants are responsible to perform accounting and audit
procedures in accordance with audit programs, prepares financial statement, prepare
clients’ income tax returns and other related forms needed to be submitted to regulatory
agencies. They are also responsible for handling petty cash box and preparing petty cash
vouchers. The Liaison Officer is the one responsible for submitting audited reports and
financial statements, BIR forms and other related documents of different government
agencies. He delivers letters to regulatory bodies and statements of accounts of clients.
He also maintains the cleanliness and orderliness of the office.
The company has a line and staff type of an organizational structure. This means
that any problem that the management needs to know can be immediately reached by the
management. Also, using this kind of structure can improve the execution of actions
between personnel. The result is that, each personnel can perform any of those services
provided by the company. Each employee then can get the most out of their full
capacities in accomplishing various services. They can also gain and improve their
knowledge and skills through engaging in those various services provided by the
company however the downside is that mastery and expertise in a certain service is given
up.
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Geographical Location
The field practice was conducted in Dela Cruz Accounting Office located at 2nd
Floor, Moreno Building, H. Concepcion, Cabanatuan City. The company is strategically
located because it is adjacent to Phil Health Service Center, Social Security System –
Cabanatuan branch, prominent private banks, business establishments and the NE Pacific
Mall, the most patronized shopping mall in the province.
Figure 2. Vicinity Map of Dela Cruz Accounting Office
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Office Layout
Figure 2 shows the office layout of Dela Cruz Accounting Office. At the right
side of the entrance is the receiving area which has one round glass table and two stylish
chairs where magazines are available for clients to read. Upon entering the office it can
be clearly seen the working areas of the personnel and the interns. After the working
place of the office, the conference table can be found where the company’s meeting is
held. At the back portion of the office is the office of the chief executive accountant. At
the right side of the chief executive accountant’s office is the storage for clients’
documents, pantry and comfort room.
The Dela Cruz Accounting Office has problems on its small working place which
causes inconvenience.
Figure 3. Office Layout of Dela Cruz Accounting Office
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Facilities and Equipment
Office facilities and equipment are important in the day-to-day operation of the
company to make the job of the employees’ become more efficient and reliable. Dela
Cruz Accounting Office has office facilities and equipment that make the tasks easier.
The following are the facilities and equipments of the cooperating agency.
Air Conditioning Unit – Dela Cruz Accounting Office has two air conditioning
units, each unit is used to provide a conducive workplace for the personnel and
interns.
Personal Computer – the company has five units of computers, each is used to
encode and store data or information about its clients.
Electric Fan – the firm uses their electric fan to aid the air-conditioning unit in
providing a conducive workplace.
Fax Machine – the fax machine is used for sending and receiving documents to
and from various clients.
Filing Cabinets – the company uses three filing cabinets for keeping and
organizing folders and documents of clients.
Laptops – the cooperating agency uses five units of laptop especially used for
field audits. It is also used whenever the personal computers were unavailable.
Printers – the agency has three units of printer, each is used for printing different
documents in providing service to its clients.
Ring Bind Machine – the ring binder is used to make the different statements of
the clients organize and presentable
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Scanners – the firm uses three scanners for copying and scanning documents to
keep it in a digital format. They also use this as a photocopying machine for small
number of documents.
Swivel Chairs – the company uses six units of swivel chairs, each chair is used
for conveniently sitting while the personnel and interns do their duties.
Telephones – the firm has four units of telephones used for communication
purposes with different clients.
Typewriter – the typewriter is used for typing various documents.
Conference Table –it is an area where the personnel conduct their meetings.
Customer Service Area – it is a space in the office where clients are received.
Pantry- it is a small place where plates, spoons and forks are located. The sink
can also be find in this part of the office.
Working Area- it is a place where the employees do their duties.
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B. TRAINING
Tasks Performed and Responsibilities Assumed
During the field practice, the trainees accomplished the following activities:
FRANCES ANN M. FRANCISCO
April 16-20, 2012
Was oriented about the company's policy, dress codes, time of work, possible
things to do and got acquainted with the staff and employees of the company and
also with their co-interns from other universities.
Filled up BIR tax payment deposit slips for clients who paid through BIR
accredited banks.
Went to RCBC to filed Income Tax Returns to be paid using checks and have
filled up the BTR-BIR Deposit Slips.
Filled up ITR 1701 of their client named Mr. Moreno.
Went to BIR (RDO 23B) to file the Income Tax Returns of Clients.
Scanned the financial statements with the prepared income tax return of their
clients which were used for the e-filing in BIR.
Checked the amounts on the financial position, income statement and statement in
changes in equity to what was in the notes of the financial statements of one of
their client.
Recorded the sales and purchases of T&T Home Improvements.
Recorded the taxes of their clients that were paid by Dela Cruz Accounting
Office.
Filled up the GFFS form of the two clients of Dela Cruz Accounting Office.
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Filled up the LCFS form for their LSMBIZ Credit Corporation.
Compared the figures on the notes to financial statements with what is on the
statement of changes in equity, income statement and statement in financial
position.
Compiled and sorted the files/documents of their clients.
Prepared the original copy of the received ITR and its receipts to be given to their
clients and photocopied it that will serve as a duplicate of the firm.
Arranged sales and purchases receipts of Mr. Willie Ong, Rolando Chua and
Grace Lim and entered these sales and purchases to the BIR Output VAT Relief
(Reconciliation of Listings for Enforcement).
Prepared the monthly schedule of sales for the year 2011 of Anupol Hardware.
Went to the City Treasurer’s Office and paid the business permits of the
cooperating agency and its clients.
April 23-27, 2012
Continued on preparing a separate schedule of monthly sales of their client
Anupol for its Hardware, Hotel and Hauling business.
Continued in arranging sales and purchases receipts of Mr. Willie Ong Rolando
Chua and Grace Lim and entered these sales and purchases to the BIR Output
VAT Relief (Reconciliation of Listings for Enforcement).
Arranged sales and purchases receipts of Alta Team and entered these sales and
purchases to the BIR Output VAT Relief (Reconciliation of Listings for
Enforcement).
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Prepared a summary of monthly expenses of Nueva Ecija Good Samaritan
Hospital for the year 2011. The expense includes lights and water, professional
fees, taxes and licenses, salaries wages, interest expense and depreciation.
Scanned documents.
Recorded the bank debits from the month of December 2011 to February 2012 of
Bowling and Redpin on Peachtree Accounting system on the Payments task.
Audited their client Bowling and Redpin.
Prepared bank reconciliation of Bowling and Redpin as a summary or schedule
for those bank credits that were not yet recorded.
April 30-May 4, 2012
Recorded in Peachtree the expenses of Bowling from January 1 to January 13.
Recorded in Peachtree the daily expenses of Bowling and Redpin from the
months of January to April.
Prepared a summary of monthly liabilities of Nueva Ecija Good Samaritan
Hospital for the year 2011.
Prepared a summary of monthly assets of Nueva Ecija Good Samaritan Hospital
starting from April 2011 to March 2012.
Prepared schedule of sales, purchases and equity of Nueva Ecija Good Samaritan
Hospital for the month of April 2010 to March 2012.
Scanned and photocopied documents.
Recorded in Peachtree the daily sales of Bowling for the month of January to
April.
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Arranged and made a list of all the employees who are registered by Conradiance
Enterprises on SSS and Pag-Ibig.
May 08-12, 2012
Audited their client Bowling and Redpin.
Recorded all the transactions which are not clear and those that needed cash and
check vouchers to trace the nature of transactions.
Recorded in Peachtree the deposits of Bowling from January 19 to March 31 with
an indicated description on what sales and collections it comprises.
Recorded in Peachtree the sales of Redpin from its catering, soft drinks and junk
foods sales.
Recorded in Peachtree the expenses of Redpin and Bowling paid using cash sales
which were not yet deposited in bank.
Recorded the cash and on account sales of Bowling and Redpin for the Month of
April in Peachtree Accounting.
Adjusted the entries in Peachtree on the transactions of Redpin on payments for
expenses from debit on Supplies Expense to debit on Inventory.
Prepared a schedule of all the purchases of their client T&T Home Improvements
for the year 2011.
Prepared a schedule of all the purchases of Conradiance for the month of March.
Recorded some of the bank credits of Bowling and Redpin in the months of
January to April in Peach tree as debit Cash in Bank and credit Cash on Hand.
Recorded all the collections from the credit sales of Bowling and RedPin in
Peachtree from January to April.
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Continued on making a list of all of purchases of Conradiance for the month of
March and purchases for the month of February.
Photocopied and scanned documents.
Send an e-mail to their client with an attached GFFS to ask for the signature of the
chief financial officer of the company.
Prepared financial ratios for LSMBIZ Credit Corporation.
May 14-18, 2012
Printed the revised the GFFS of NujNuj Foods Corporation.
Arranged tax returns of their clients and compiled it into respective folders.
Prepared copies of tax returns of their clients in which one copy was kept by Dela
Cruz Accounting Office and the other copy is for their client.
Prepared the LCFS of LSMBIZ Credit Corporation.
Audited their client Bowling and Redpin.
Recorded the purchases of Redpin on its liquefied petroleum gas from the month
of December to January 2010 and April 2011.
Recorded some of their inventories for the month of December 2011 and made an
entry for the payments of these inventories on the month of January 2012.
Revised the GFFS of Conradiance Enterprises because of some amendments on
its FS.
Photocopied the financial statement of their client. These copies were to be
submitted in SEC.
Filed and binded the financial statements of NUJNUJ Foods Corporation.
Audited their client Bowling and Redpin.
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o Checked all the presented cash and check vouchers, and assured that all of
these transactions were all recorded in the Peachtree.
o Corrected the transactions already recorded in Peachtree.
o Adjusted the entries made in Peachtree on some of the payments made by
used of checks rentals of chairs and tables of Redpin.
o Prepared journal entries on the residual cash used to pay for expenses and
other payables.
May 21-25, 2012
Prepared an adjustment on the transactions of Redpin in its remaining cash from
petty cash fund that was used to buy inventories and expenses.
Went to Land Bank and filed the value added tax return for the month of April of
their clients and also paid its tax due.
Filed to BIR the monthly declaration of value added tax return for the month of
April of their clients who are VAT registered but have no VAT payables.
Reviewed the entries in Peachtree of all the transactions of Bowling. Double
checked the figures and the journal entry of the recorded sales and expenses in
Peachtree and made a mark on the list of sales and expenses that have correct
entries and figures.
Reviewed the journal entries that have entered on Bowling’s bank transactions
and found out that some of the account title used was not appropriate because
there was more specific account name for that transaction.
Prepared a summary of all the issued checks by Redpin which were issued for
petty cash fund.
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Continued in preparing the worksheet of NEGSH.
Updated the Bank Reconciliation Statement of RedPin and Bowling from the
months of December to February.
Prepared a Bank Reconciliation Statement of RedPin and Bowling from the
months of March and April.
Reviewed the report on Aged Receivable of Redpin and Bowling. This was used
to reconcile the balances of A/R on General Journal and in the Subsidiary Ledger.
Prepared a statement of purchases of CKC Grocery for the months of March and
July to December 2010.
Prepared an entry in Peachtree on the Depreciation Expense of Redpin’s Kitchen
Tools.
Prepared the statement of cash flow of Mr. Anupol for the year 2011.
Checked the figures in notes to FS 2011 of Mr. Anupol if it is the same with what
is in the financial statement.
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MICHAEL G. VILLACORTA
April 16-20, 2012
Was oriented about the company's policy, dress codes, time of work, possible
things to do and got acquainted with the staff and employees of the company and
also with their co-interns from other universities.
Filled Landbank’s BIR tax payment deposit slip of various clients.
Went to Landbank Extension Office in front of NIA-Cabanatuan and helped in
filing different tax returns.
Arranged and filed clients' income tax records.
Prepared LCFS for First Goldheart Lending Corporation, a lending investor based
in Santiago City, Isabela, for the years 2010 and 2011.
Filed Income Tax Returns at RCBC-Burgos.
Prepared LCFS for Microlane Credit Union Inc., a lending investor located at H.
Concepcion, Cabanatuan City, for the year 2011
Analyzed and created a report about the details of Value Added Tax (VAT)
transactions Mrs. Melinda de Leon for the first quarter of the current year.
Prepared comparative financial ratios of First Goldheart Lending Corporation,
EGM Credit Corporation and Jaecob Arms Credit Corporation for the years 2010
and 2011. These ratios are also a part of requirements when filing annual reports
to SEC.
Prepared financial ratio for the year 2011 of Microlane Credit Union Inc.
Filled and paid various clients’ tax returns at Landbank Extension Office.
Prepared a schedule of sales of every months of the year 2010 of Mr. Anupol.
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Went to SSS - Cabanatuan to file documents of various clients.
Binded various reports of Starline Security Agency. These reports are to be
submitted at SEC.
Answered phone calls.
April 23-27, 2012
Prepared schedule of depreciation and taxes and licenses of Mr. Anupol for the
year 2010.
Prepared schedule of VAT expenses for the year 2010 of Mr. Anupol.
Prepared schedule of petty cash voucher exceptions of Just Marketing Operations
Cooperative, a company located at Gapan whose business activities includes
production and marketing Veterinary feeds, for the months of October,
November, and December 2010.
Prepared BIR - Relief of Mr. Anupol, Edna Pantaleon, Oliver Bulandos and Grace
Lim which includes the first quarter of the current year.
Prepared acknowledgement receipt of the four individuals above which includes
their name / trade name of the individual, their Tax Identification Number, their
address and the number of files attached to the CD.
Prepared for each month of the year 2010 schedule of purchases of Anupol’s
Hardware and Lumber.
Prepared schedule of inventories at year-end 2010 of Anupol’s Hardware and
Lumber.
Started preparing worksheet using the different schedule prepared in the last few
days of Anupol’s Hardware and Lumber.
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Went to SSS-Cabanatuan Service Office to pass documents and pay monthly
contribution of various clients.
Went to PhilHealth-Cabanatuan Service Office to pass documents and pay
monthly contribution of various clients
April 30-May 4, 2012
Continued the completed the worksheet of Anupol Hardware and Lumber and
afterwards presented it to Sir Wilson for some corrections, if there are mistakes
found.
Went to Nampicuan, Neuva Ecija with Sir Wilson. We went there to renew the
permit of Global Alliance, a business engaged in trading veterinary products.
Corrected the mistakes found on the worksheet but they were only minor one.
Analyzed and computed variances on the inventory record of Just Marketing
Operation Cooperative, which includes data from Peachtree Accounting System
of the Company, the ones prepared on the different branches and the one prepared
by the Head Office.
Prepared schedules of variances of inventories of Just Marketing Operation.
Prepared four reports - Inventories posted in Peachtree but no record on the Head
Office, nor on the particular branch, inventories with variances in Peachtree
compared with the particular branch and that of the records of the Head Office.
Went to SSS-Cabanatuan Service Office to pass documents of IBest Corporation
and Dr. Amorin Medical Clinic and paide monthly contribution of various clients.
Went to PhilHealth-Cabanatuan Service Office to pass documents and paid
monthly contribution of various clients.
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May 08-12, 2012
Prepared Schedule of Purchases and VAT expenses for the months of February
and March 2012 of Conradiance Ent. , a company engaged in trading grocery
items which input came from the check disbursement vouchers of the company.
Prepared Schedule of Purchases and VAT expenses of Conradiance Enterprise –
Bulacan for the months of January, February and March 2012 which inputs came
from the branch’s petty cash voucher disbursement and check disbursement
vouchers.
Prepared LCFS of Jaecob Arms Credit Corporation for the year 2010 and 2012,
which is a requirement in filing annual reports to SEC.
Prepared Schedule of Purchases and VAT expenses of Conradiance Ent. -
Cabanatuan Branch for the months of February and March using petty cash
voucher replenishment forms.
Went to Just Marketing Operation Cooperative – Head Office located at Gapan
City. The task was to make adjustments on the Company’s inventory items so that
the records on the Peachtree, on the different branches and on the Head Office.
The record of the Head Office is the correct one. So the Final quantity of each
item in the Peachtree Accounting System must match with that of the records of
the Head Office. Once the variance has been seen, corresponding adjustments
must be made.
Prepared Schedule of Purchase and VAT expenses of Conradiance Ent. - Sun
Cellular for the first quarter of the current year using information from their petty
cash voucher replenishment forms.
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Went to SSS-Cabanatuan Service Office to pass documents and pay monthly
contribution of various clients.
Went to PhilHealth-Cabanatuan Service Office to pass documents and pay
monthly contribution of various clients
May 14-18, 2012
Arranged tax returns of various clients. When filing the returns, the company
(Dela Cruz Accounting Office) makes four copies, two of that four will return to
DC and CO, one for BIR and for the Bank.
Prepared coversheet of EGM Lending Corporation, First Goldheart Lending
Corporation and LSMBIZ Credit Corporation.
Edited pages 7-15 of the LCFS of first Goldheart Lending Corporation because
there was information that only becomes available today.
Prepared schedule of taxes withheld by Conradiance Ent. Corp. for the last quarter
of 2011 which input came from the company's petty cash vouchers.
Posted on the Peachtree Accounting System of Just Marketing Operation
Cooperative petty cash vouchers (checks disbursed) that have not been recorded.
Accomplished LCFS of LSMBIZ Credit Corporation required for filing annual
report to SEC.
Went to SSS-Cabanatuan Service Office to pass documents and pay monthly
contribution of various clients.
Went to PhilHealth-Cabanatuan Service Office to pass documents and pay
monthly contribution of various clients
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Prepared and arranged files of EGM Lending Corporation, First Goldheart
Lending Corporation and Microlane Credit Union Incorporated to be submitted at
SEC tomorrow which includes its LCFS, Audited Financial Statement and
coversheet.
Went to RCBC-Burgos branch to pay NujNuj Foods Corporation and Bien Cruz
monthly VAT Declaration.
Went to the administration office of NE Pacific and filed Income Tax Withheld of
NujNuj Foods Corporation, the operator of Joey's snack house.
May 21-25, 2012
Prepared LCFS of First Goldheart Lending Corporation for the year 2010.
Prepared the coversheet of First Goldheart Corporation for its LCFS for 2010.
Prepared schedule of Accounts Payable and Accounts Receivable of Eric
Terminez of Just Marketing Operation for the months April - June 2010. The
inputs came from the Peachtree of JMO.
Used SEC`s I-new to verify the receiving dates of College of the Immaculate
Sheet for the years 1996-2008.
Used SEC`s Reserve Company Name to check proposed Corporate names.
Used Peachtree Accounting System to prepare Costumer Ledger and Vendor
Ledger of Just Marketing Operation of Eric Terminez for the months of April -
June 2010.
Went to SSS-Cabanatuan Service Office to pass documents and pay monthly
contribution of various clients. Followed up the application of IBest Corporation.
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Went to PhilHealth-Cabanatuan Service Office to pass documents and pay
monthly contribution of various clients
Went to Just Marketing Operation - CLSU branch to compare quantity of
different inventory recorded on the Peachtree Accounting System compared to
what was recorded on the inventory books of the branch.
Reconciled the records on the books of Just Marketing Operations - CLSU Branch
to that of the records on the Peachtree Accounting System. Reconciling items
include typographical errors and non-recording of losses on the production.
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Learning Insights
These were the different tasks and responsibilities done by the trainees during the
internship period.
Represented the Firm – The trainees were able to experienced being an auditor for an
inventory count in its client Just Marketing Operations and Multi-Purpose Cooperative,
located at CLSU at Science City of Munoz and Malimba, Gapan, Nueva Ecija. The
trainees also experienced to audit the petty cash vouchers, check disbursement vouchers
and daily sales and expenses of Bowling and Red Pin in Fort Magsaysay, Nueva Ecija.
Data Processing and Accounting - The trainees were assigned to perform different
accounting functions. They posted the transactions of a specified client’s inventory, cash
disbursement, cash receipts, sales/invoicing, and purchases using the company’s
accounting system — Peachtree Accounting System. The trainees also used this
accounting system in adjusting client’s inventory costing. They were also assigned the
trainee to make a bank reconciliation of a client with regards to the cash on hand from
sales that was deposited in bank but not yet recorded in the Accounting Software as cash
in bank. The trainees were also tasked to enter in the Value Added Tax (VAT) Relief
(Reconciliation of Listings for Enforcement) System software of the BIR the VAT sales
and purchases of the company’s client.
Deposited Cash and Check Payments - The trainees deposited cash and checks in the
company’s bank partners such as the Land Bank of the Philippines, Metropolitan and
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Trust Bank, Producer Savings Bank Corporation and Rizal Commercial Bank
Corporation. They exercised due care in handling those cash and checks.
Prepared Clients’ Acknowledgement Receipts – The trainees were also tasked to prepare
acknowledgement receipts of clients since it is providing advisory and taxation services.
Prepared Compliance Reports and Forms - The trainees prepared compliance reports and
forms for the company’s clients. That compliance reports and forms includes the income
tax returns for Bureau of Internal Revenue (BIR), and GFFS and LCFS for Securities and
Exchange Commission (SEC).
Prepared Schedules and Worksheet – The trainees prepared different schedule like
Schedule of Sales, Purchases, Expenses, Liabilities and Assets of company’s clients.
They are also assigned to prepare client’s worksheet which is a requirement of BIR.
Paid Various Bills – The trainees were also asked to pay the client’s tax dues in BIR and
employee’s contributions in Social Security System (SSS), Philippine Health Insurance
Corporation and Pag- Ibig.
Answering Phone Calls and Faxed – The trainees were also tasked to answer phone calls,
facsimile documents to clients and used the electronic mail to send documents to clients.
When receiving calls, the trainees must greet first, introduce there self and ask how the
trainee can help the caller. If the call is about a particular service of the company or
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looking for particular personnel, then the trainee will forward the call to the person
concerned.
Managing Records of the Company – The trainees were also tasked to arrange, sort and
compile the important documents of the clients. The important documents include the
income tax return, monthly VAT declaration, SSS and Phil Health Contribution slips
among others. These documents are then filed in its respective clients’ folders.
Clerical works - Trainees were asked to photocopy and scan documents like audited
financial statements, income tax returns, taxpayer’s copy of payment slip to different
banks and other important documents. Sometimes, trainees were tasked to make a soft
copy of some important records like the summary of payments made for the clients’
taxes. The trainees are asked to ring bind documents of clients like audited financial
statement to be submitted at SEC. The interns were also asked to facsimile documents to
clients.
Human Relation
The trainees have experienced working with company’s employees and co-interns
as well as with the company’s clients. The trainees learned how to interact and deal with
various types of people inside and outside of the working place. The workplace has an
ambiance that can be describe as very conducive working environment for the company.
The personnel and trainees had an excellent relationship with each other. Courteousness
was always observed especially when giving task and making requests to their trainees.
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The trainees observed the employees on how they handle company problems and
clients’ complaints which displays their professionalism as shown on their company tag
‘DC and Co., A Professional Company’. They also observed that even before the
internship period, the personnel have a good relationship and they are working
harmoniously with each other which they extended it with the interns.
The trainees had a lot of unforgettable experiences and memories that were
worthy to be treasured. Sometimes, the trainees were able to have conversations and
delivered jokes with the employees of Dela Cruz Accounting Office and yet they still
observed politeness and respectfulness. Moreover, the trainees have been part of snacks
and lunch treats and even to their recreational activities like swimming at Stone 8,
Gabaldon, Nueva Ecija. These brought relaxing atmosphere and strengthen friendships
among employees and trainees.
The personnel and the interns had created a strong bond with each other and are
willing to co-mingle with each other even after the internship period. It cannot be denied
that they had great human relations with the Dela Cruz Accounting Office family which
become a reason for the trainees to consider their internship period at the company worth
to cherish.
Leadership and Management Skills
Leadership Skills
Successful management requires more than just assigning tasks to the team. It
calls for a leader who can inspire team members to achieve their full potential. People
want to be guided by a person they respect, someone who has a clear sense of direction.
To be that person, there are certain things that you must BE, KNOW and DO. According
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to Prof. Bruce Woodcock of University of Kent, leadership involves taking the initiative,
persevering when things are not working out, taking a positive attitude to
frustration/failure, and accepting responsibility for mistakes/wrong decisions.
The trainees took initiative in doing their jobs in Dela Cruz Accounting Office.
During idle time, the interns always ask the personnel if they are giving them a particular
task. The interns also offer help on fellow interns when they have problems on the task
assigned to them.
Whenever the trainees encounter challenges on particular tasks assigned to them,
they persevere to continue and try to finish the tasks. Whenever they cannot finish the job
anymore, they will find help on the staff or to their co-interns.
Frustration in the office cannot be avoided, these also occur to the trainees.
Whenever the trainees presented their work and errors had occurred, frustration happens
because they need to start all over again. But the trainees learned to be optimistic that
those errors are for the betterment of their works.
Management Skills
The trainees learned three important management skills as follows:
It is as the old adage says, to never put off for later what can be done right now.
The trainees learned to recognize and solve time management problems by planning the
tasks to be done for the day. The trainees take the time to plan the day’s activities and
practice the discipline of following the daily plans and they developed the ability to start
and finish projects when they are supposed to.
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In real business world, financial management has something to do with creating
income and expenses reports that will picture the financial situation of the company. The
trainees observed that the cooperating agency has been monitoring their expenses by
having a budget request form which needs to be approved by the chief accountant. The
company also recorded their expenses regularly so that they are able to know where there
money is going.
Through this, the trainees learned to manage their daily allowance. The trainees
manage their finances by having daily budgets, monitoring cash expenses and know how
to cut their spending during their internship period.
Management would be incomplete without the ability to stay organized. We
cannot accomplish any goals without organized resources to get the job done. Dela Cruz
Accounting Office has drawers that contain client’s documents. They adapt a systematic
way of organizing important documents that the trainees have learned.
It cannot be avoided having a desk cluttered with papers and junks. Thus, to
reduce the time in trying to find important documents, the trainees file paper works away
in a manner that is consistent and can be easily found.
In addition to that, the trainees take initiative to clean and organize the office to
make it a better place to work.
Team Work as Opposed to Individual Work
To succeed at the task in hand everyone involved needs to combine their efforts.
If everyone does their job well, then it increases what the team can accomplish. This
teamwork has to be recognized by everyone and know that great things can happen if
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individuals master the fundamentals and work together as one unit. Everyone has their
own unique role, but each person's individual role must be recognized and appreciated.
Individual work should not be discounted. Working individually, especially if you
have the expertise, can accomplish the tasks in hand in short period of time.
Teamwork and individual work can be used depending on the tasks on hand.
The trainees have experienced working as a team with their co-interns. When they
visited a client to conduct an inventory audit, the trainees and their co-trainees counted
the inventory as a team. This proves that many hands can accomplish a task on hand
efficiently. If only one will do this daunting task, the whole day is not enough to finish it.
Another manifestation of teamwork is when the interns and their co-interns arranged and
filed records of the agency’s clients. The overwhelming number of clients and their
corresponding documents will make it hard for an individual to complete the task.
Individual work was also manifested through individual tasks given by the
personnel. Each interns where given daily tasks to be accomplished on their own during
the day.
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Technical, Intellectual, Physical and Social Challenges
During the internship of the trainees they have identified the following problems:
Technical Challenges
Unfamiliar Accounting Software
The trainees were challenge in using the company’s accounting software which is
the Peachtree Accounting System. But they easily overcome this difficulty because they
have already experienced handling Integrated Accounting Software.
Non familiarity with different Government Agency Forms
The trainees encountered problems in filling up forms of different private and
government agency like Land Bank and RCBC BIR Tax Deposit Payment Slip, SSS and
PhilHealth Various Payment Slip and the new BIR forms because of non-familiarity with
different private and government agency forms. Because of this problem it consumed the
time of the trainees due to the errors they made in filling up the necessary information on
the forms.
Intellectual Challenges
The trainees have problem in remembering accounting concepts that leads them to
review accounting textbooks. Also, they don’t have enough background in Auditing
process that gives them disadvantages when auditing clients.
Physical Challenges
Equipment Units Problems
The company has equipment used to serve their clients fast and efficient, but the
trainees noticed some problems with regards to these units. The company has three
networked printers but problem commonly occurs, like paper jammed inside the printer,
these units are overused even though they are just bought two months ago.
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Another problem that the trainees observe in the workplace is on the personal
computer units. They must be upgraded because of its slow performance and is already
obsolete in comparison with new but cheap computer units available in the market.
The company also have reprographics problem because they do not have a
photocopying machine. The interns and the staffs use either the fax machine or the
scanner to photocopy small number of files. But in case of large number of documents,
they need to acquire an outside service.
These equipment problems greatly affect the performance of the workers and time
consuming on their part.
Disorganized Files
The important files and documents of a particular client is filed and maintained on
his own folder. Each folder is then filed in a file cabinet alphabetically, supposedly. But
most of the time, those folders are not arranged alphabetically, thus making the files
unorganized. The trainees also observed during the transition of the year the folders are
not yet changed anew thus documents of the year are still placed on the clients’ previous
year folder. This requires refilling the documents on a new folder for the current year.
This is inefficiency and commonly time consuming. Some of the folders are just placed
under or beside of the table which worsen the management of the company’s files and
documents.
Working Place
Dela Cruz Accounting Office has a small working place. Before, the company
rents the whole second floor of Moreno Building, but because of cost cutting and new
management, the company opts to rent only the half of the second floor. This fact limits
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the actions of the staffs in terms of the workplace they use. This problem is then
aggravated by the unorganized file that consumes additional space.
Social Challenges
Instructional Problem
The trainees had a problem with regards to some tasks assigned to them because
of absence of clear instructions, thus, leaving behind the trainees to work on their own.
They also experience the difficulty in asking the staffs about the task they assigned to
them because of the staff’s expectations to the trainees.
Other Social Challenges
The trainees experience minor problems like directions and late lunch break
because of task assigned to them. They also experience to work overtime even if they
already want to go home because of the responsibilities they need to accomplish.
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C. ASSESSMENTS AND EVALUATION
Task Performed and Responsibilities Assumed
Before the start of the internship program, the trainees were asked to prepare a
planning form which will guide them during the whole duration of the internship
program. The trainees have their expectations on the tasks that will be performed and
responsibilities to be assumed. The trainees then enumerated in the planning form their
specific content of interest.
Basically, this internship program will help the trainees to adapt on the real
business world. As an auditing firm, the agency provided valuable ideas and honed the
skills of the trainees in various aspects of accounting, auditing and taxation. The agency
also gave the trainees hands-on application of these aspects and allowed the trainees to
apply what they have learned in college. The organization setting provided by the
cooperating agency let the trainees impart their knowledge and skills to the team and
also learn from them as well.
The following are the assessments of the trainees with regards to whether they
achieve their expectations or not and also for those activities which they did not
anticipate to encounter. As can be seen on the task performed of the trainees and to their
planning forms, they were able to achieve some of their activities written on their
planning forms and also there are lots of activities they have accomplished which they
did not expect that they were able to experience in having an internship in Dela Cruz
Accounting Office.
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At first, the trainees experienced to prepare the BIR payment deposit slip, aided in
filing income tax returns, filled up the General Form for Financial Statement (GFFS) and
LCFS, prepared financial ratios and schedule of sales/purchases, and generated a VAT
Reconciliation of Listings for Enforcement (VAT RELIEF). In filling up the BIR tax
payment deposit slip, the important information to be filled up are the date, tax
identification number, revenue district office, tax type, form type, tax period and the
amount. The trainees learned to be competent in filing different kinds of Government
forms like the income tax returns of BIR. They also become proficient and
knowledgeable about the submission to SEC of the of the General Information Sheet
(GIS) and General Form for Financial Statements (GFFS) in electronic format, i.e., on
diskette or compact disc, this memorandum requires domestic stock corporations with
annual gross sales or gross revenues of at least Five Million Pesos (P5,000,000) of
Investment companies, Financing companies and publicly-held companies.
The trainees also applied their knowledge on making financial ratios and
computing input/output tax and net of VAT. The trainees’ familiarity and proficiency on
different financial ratios helps them to accomplish their preparation of financial ratio
analysis of the client which is a requirement of SEC for all secondary licenses of the
commission (financing companies, brokers, dealers of securities and public companies)
and their expertise in computing input tax and net of VAT helps them in the preparation
of schedule of sales with input tax.
They also have experienced and become aware to generate BIR’s RELIEF
System, this is a BIR requirement for VAT taxpayers to submit quarterly Summary List
of Sales for those whose quarterly sales/receipts exceeds two million five hundred
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thousand pesos (P2,500,000) and Summary List of Purchases for those whose quarterly
total purchases exceeds one million pesos (P1,000,000).
The trainees were able to apply knowledge in accounting in the preparation of
financial statements. The cooperating agency gave the interns the task to post
transactions on their accounting system. They eventually asked to prepare the financial
statements. They also helped in the preparation of and updating of various books
accounts and different vouchers using the Peachtree Software.
Although the trainees have not taken up auditing subjects, they were able to cope
up in accomplishing task related to auditing because they are guided in how they will
perform the task. In auditing clients, the trainees practiced being patience to analyze and
understand the book of records of the clients’ transactions. The trainees likewise
experienced to be external auditors of the agency when they conducted an audit on the
inventory of one of its client. Moreover, Dela Cruz Accounting Office, particularly to
Mr. Wilson Dela Cruz, partakes to the trainees his knowledge in auditing and handling
clients. He shared to the trainees the role of an auditor which is to help client to improve
their system of keeping records.
In addition to, auditing clients’ transactions like their expenses, sales, purchases
and accounts receivable/payable made possible for the trainees to achieve their goal to
apply their knowledge in handling and recording of different accounts.
Furthermore, they were tasked to prepare various schedules like schedule of
purchases, sales, inventories, depreciation, taxes and licenses as well as in the preparation
of worksheet. In preparing worksheet, the trainees have fully understood the accounting
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concepts and the relationship in the worksheet of the asset, liabilities and equity reflected
in the financial statement. Especially, in preparing the worksheet retained earnings was
not included, the cash debit is composed of income and sales and the cash credit were the
balances of all the debit and credit accounts from all the asset, liabilities and equity
sections.
The trainees also develop their communication and inter-personal skill through
interactions with persons within and outside Dela Cruz Accounting Office.
The experiences provided by the cooperating agency matched with the
expectations of the trainees. They find everything relevant and very vital for their
growth and improvement.
Most Valuable Challenges Made
The trainees had encountered technical, intellectual, physical and social
challenges. Technical challenges include handling and using accounting systems.
Intellectual problem challenged the capability of the trainees to apply their knowledge
learned in actual practice. Physical challenges tested the trainees on how to used
equipment to accomplish their tasks assumed. Social challenges involve the interaction of
the trainees to different people inside and outside the firm.
For six weeks of training at Dela Cruz Accounting Office, the trainees had
determined that intellectual and technical challenges have a great impact on them.
In technical challenges, the trainees overcome easily the problem they
encountered in using the Peachtree Accounting Software. At first, the software interface
was unfamiliar and different from the Integrated Accounting Software and the trainees
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are unaware on how to post transactions. But with the help of the staff in Dela Cruz
Accounting Office, the trainees learned how to post journal entries on the Peachtree’s
general journal and subsidiary ledgers. However, the trainees have become aware and
experienced in using one of the most commonly used accounting software in business
(Peachtree Accounting) that made it a valuable challenge for the trainees. Also included
in this challenge is the non-familiarity with different government agency forms. The
trainees encountered problems in filling up forms of different private/government agency
like Land Bank and RCBC BIR Tax Deposit Payment Slip, SSS and PhilHealth Various
Payment Slip and BIR forms because of non-familiarity with different government
agency forms. Because of this problem it consumed the time of the trainees due to the
errors they made in filling up the necessary information on the forms but the trainees
have become familiarized in using these different forms.
Skills include interaction with the staffs, clients and co-trainees, communication
skill and inter-relational skill. <=bat biglang gnito? Pwede bng pagisahin paragraph nlng
Values developed from different tasks which include the sense of responsibility,
courteousness, diligence, industriousness and professionalism. Responsibility is improved
because of the different tasks assigned to be finished before the end of the internship.
Courteousness is enhanced through interactions to different kinds of people. Diligence
and industriousness is developed through voluntarily offering to do jobs. Professionalism
is enriched by accepting comments and suggestion and tries to improve oneself.
These skills and values will be very useful once the trainees entered their own
path in the corporate world.
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In intellectual challenges, there are some instances during the internship that the
trainees needed to browse and recall different accounting concepts that are needed for a
particular task. However, this challenge was overcome by trainees and made them realize
that repetitive work will hone their capabilities to handle the same tasks.
Training and Overall Learning Environment Provided by the Cooperating Agency
Training is an essential element that helps to the overall development of the
trainee as an individual in the corporate world. Dela Cruz Accounting Office provided
training and overall learning that match the expectations of the trainees.
The field practice prepares the trainees on the practices that happen in the real
working environment. The personnel of Dela Cruz Accounting Office first oriented the
interns about how. The trainees were well supervised in performing their tasks efficiently.
Before the agency assign a particular task, the personnel will first explain what would be
done and would try to clarify some important concepts needed for the accomplishment of
the tasks. The personnel are sensitive enough to offer a hand in case the trainees were
having a hard time dealing with the errands given. The trainees had able to cope up with
the equipment, like their scanners, fax and network, used by the company through the
assistance of the staffs.
The learning environments provided by Dela Cruz Accounting Office is
conducive enough for the trainees to absorbed and understand every concept behind the
tasks they have given. The personnel gave knowledge to the trainees that are not
commonly discussed on the classroom but are relevant to the persons in the business
world like the Reconciliation of Listings for Enforcement (RELIEF) System software of
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the BIR, the GFFS and LCFS which are requirements of the SEC when submitting annual
reports and the different forms of contribution payments in SSS and Phil Health.
Impact of the Internship Program to the Student’s Career Goal
During the field practice, the trainees were exposed to the different tasks in
relation with their specialization and to company activities. It also exposed them to the
actual happenings in the business world such that, they better understood and appreciated
the lessons that they learned in school. They were able to do computerized bookkeeping,
taxation, office administration and other related social activities. They experience coping
up with pressures and other demands associated with their work. They have learned the
proper work attitude, professionalism, independence, confidence and productiveness to
overcome work pressures. It prepared the trainees to be a competitive certified public
accountant in the future.
How well the Accountancy Program Prepared them for Internship
The College of Business of Administration and Accountancy is known to prepare
world-class students comparable to that of the leading university in the Philippines. The
students must first graduate the 4-year, B.S. Accounting Technology (BSAT) program
before continuing it to B.S. Accountancy (BSAC) program.
As freshmen of the college, the trainees were introduced to the basics of
accounting, management, economics and marketing. The basics in accounting were used
by the trainees in journalizing a particular activity of the client of their cooperating
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agency. They were able to pass a stringent qualifying exam for the Accounting
Technology program. One of the requirements of the qualifying exam is to avoid a grade
of 2.75 on any business subjects and 3.0 for any other major subjects.
During the sophomore year of the trainees, they were forced to study harder to
avoid failing grades on major subjects. A failing grade on any of those subjects will
obstruct the student in continuing the program in CLSU. They were also introduced to the
foundations of accounting which is the Financial Accounting.
At the junior year of the students, they were introduced to the foundations of
business laws which are The Law on Obligations and Contracts and The Law on
Partnership and Corporation. Unlike the other universities in the province, the CBAA
offers law subjects taught by lawyers. The rationale behind this is that the lawyers have
control of the subject and vast experiences that they can share to the students during
classes. They were also introduced to the basics of Management Advisory Services,
which is the cost accounting. The trainees were then trained to use the Integrated
Accounting System. This training prepared the trainees in handling other computerized
accounting software during their internship period.
During the final year as students of the B.S. Accounting technology program, the
trainees were introduced to higher accounting which is the Practical Accounting and
Management Accounting.
Before the start of the internship period, the Department of Accountancy held a
practicum seminar in which they oriented the trainees about telephone ethics, operating
fax and photocopying machines, provided brief background on Audit process, human
relations at work and narrative report preparation.
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D. Recommendation
The internship program exposed the trainees about the reality outside the
classroom. It provided valuable experience needed by the trainees in pursuing their hunt
to be a competent certified public account. For the betterment of the internship program,
the following are the recommendations in response of the different challenges faced by
the trainees during the internship program.
Improvement of the Specific Internship Position
1. Dela Cruz Accounting Office must acquire new printers and computers to speed
up the service they offer and limit the time wasted on unnecessary clogging of
workflow. They may also acquire a photocopying machine because it is an
investment that that will provide long term return for the company.
2. Dela Cruz Accounting Office must develop a new floor plan to efficiently utilize
space. Developing a new floor layout will provide a conducive place for the staffs
to do their work seamlessly.
3. Dela Cruz Accounting Office must follow its filling process or provide a new one.
This will not only improve the service provided to the clients but also it will help
to efficiently utilize the floor space.
Improvement of Accountancy Internship Course in General
1. The college should not be satisfied using only one accounting software. The
college must invest on an accounting system like QuickBooks, SAP or Peachtree
because these are the accounting system commonly used by companies. Even
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though these accounting software are expensive it will surely be a good
investment and for the improvement of the accounting students.
2. The college should offer a subject or incorporate it a subject that will discuss
different requirements of government agencies like SSS, PhilHealth and Pag-ibig.
This should provide samples of different BIR, SSS and other regulatory agency
forms during the field of practice seminar to minimize committing mistakes on
the actual performance of works.
3. The college should offer auditing subjects to the trainees before the internship
period to familiarize them on the auditing concepts and process.
4. The college may provide a list of possible cooperating agencies, including the
place and contact person.
5. The college should give an option to students that will undergo the internship
program to whether have their diploma in BSAT after the BSAC program to
enable them to participate during the so called ‘Tax Season’.
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