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

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.
2

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

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

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
5

business transactions or alternative courses of action, accomplishment of the annual renewal of clients 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
6

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.

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

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.

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

10

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 companys 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 accountants 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

11

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

12

 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.

13

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.

14

Filled up the GFFS form of the two clients of Dela Cruz Accounting Office. 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 Treasurers 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).
15

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.

16

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.

17

Recorded all the collections from the credit sales of Bowling and RedPin in Peachtree from January to April.

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.
18

Filed and binded the financial statements of NUJNUJ Foods Corporation. Audited their client Bowling and Redpin. 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 Bowlings 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.
19

Prepared a summary of all the issued checks by Redpin which were issued for petty cash fund.

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 Redpins 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.

20

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 Landbanks 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.
21

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 Anupols Hardware and Lumber. Prepared schedule of inventories at year-end 2010 of Anupols Hardware and Lumber. Started preparing worksheet using the different schedule prepared in the last few days of Anupols Hardware and Lumber.
22

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.

23

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 branchs 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 Companys 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.

24

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

25

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.

26

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.

27

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 clients inventory, cash disbursement, cash receipts, sales/invoicing, and purchases using the companys accounting system Peachtree Accounting System. The trainees also used this accounting system in adjusting clients 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 companys client.

Deposited Cash and Check Payments - The trainees deposited cash and checks in the companys bank partners such as the Land Bank of the Philippines, Metropolitan and

28

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 companys 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 companys clients. They are also assigned to prepare clients worksheet which is a requirement of BIR.

Paid Various Bills The trainees were also asked to pay the clients tax dues in BIR and employees 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

29

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, taxpayers 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 companys employees and co-interns as well as with the companys 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.

30

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.

31

To be that person, there are certain things that you must BE, KNOW and DO. According 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 days 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.

32

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 clients 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
33

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 agencys 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.

34

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 companys 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 dont 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.
35

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 companys 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

36

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 staffs 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.

37

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.

38

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 BIRs 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
39

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

40

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
41

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 Peachtrees 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.

42

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
43

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 Students 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

44

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.

45

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

46

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.

47