Narrative Report Practicum/Apprenticeship
Submitted to the Faculty of College of Economics, Management and Development Studies Cavite State University Indang, Cavite
In Partial Fulfillment of the Requirements for ACTG 200 – Internship
JERREMIAH JOSH R. REMENTILLA June 2014 0
Table of Contents Introduction …………………………………………………………………………….. 2 Company Profile … … … … … … … … … … … … … … … … … … … … … … … … … … . . . . .
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Internship Proper ………………………………………………………....................... 3 Key Tasks and Responsibilities ……………………………………………………….. 4 Duration of the Internship and Assessment of Gained Knowledge ......................... 5 Evaluation and Overall Learning Environment Provided by the Company ............... 6 Evaluation of the Experience and Its Impact on the Career Goal ............................ 6 How Well the Accountancy Program Prepared the Intern Including the Description on How Formal Education and Work Experience Interrelate .................................. 7 Appendices ........................................................................................................... 9
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Introduction Internship is a proactive preparation of accountancy students for future career possibilities whether in public practice, commerce & industry, government or academe. The preliminary experience gained is a valuable qualification in applying for jobs as fresh graduates. On-the-job training is an avenue for application and enrichment of the acquired knowledge in accounting and auditing subjects learned. Furthermore, students develop a new perspective in life through actual involvement within the working environment.
Company Profile Microbase Motorbike Corporation’s head office and motorcycle assembly plant is conveniently located in a secured and controlled environment at the MMC Complex, TASCOR Compound, Pag-Asa Street, Anabu 1-C, Imus City, Cavite. MMC is a duly licensed and registered Filipino corporation engaged as a manufacturer, importer, wholesaler, retailer and distributor and of high quality yet affordable motorcycle with complete line of spare parts. MMC was formed and incorporated as a collaboration of individuals and hard-working entrepreneurs in various business fields, with more than two decades of successful entrepreneurial trading, importation, logistics, brokerage, automotive re-manufacturing, assembly, automotive spare parts importation and distribution and business management. MMC's motorbikes may be new in the market, but the founders and its management team is backboned with solid experience in the manufacturing, re2
conditioning, fabrication, trading, importation and distribution in the automotive industry. MMC is currently geared to establish its own retail and distribution outlets all over the country and establish its name as among the preferred Filipino motorcycle brand carrying a distinct design of robustness apt for durability and reliability for the Filipino masses. MMC, through the financial and business stability of its founders and the leadership of its management team, became a Board of Investments-registered corporation with an initial investment of more than one hundred nine million pesos. The head office of MMC supervises twenty five branches and other dealers around Luzon. Mr. Danilo R. Sayarot, the chief executive officer, Mr. Charlie C. Hui, the chief operations officer and Mr. Erwin L. Olegario, the general manager, are the members of the top management. MMC is directly affiliated with Transport Automotive Sales Corporation (TASCOR) and its banking partners are Philippine Business Bank, Asia United Bank, Philippine National Bank and Sterling Bank of Asia.
Internship Proper The trainee is assigned at the accounting department of Microbase Motorbike Corporation. During the introductory period of training, the tasks were filing of vouchers, preparing worksheets on Microsoft Office Excel and monitoring office supplies. Tasks given on the succeeding week were processing inventory transactions in the Optima accounting system, a business software provided by Sterling Bank of Asia. The intermediate tasks were to process installment sales transactions and prepare sales 3
collection reports of motorcycles sold in Rosario branch. On the final week of training, the tasks were mostly related to auditing such as reconciliation of amounts in the Optima accounting system, manual Excel worksheets and sales collection reports.
Key Tasks & Responsibilities Worksheet Preparation & Voucher Filing
Aside from filing of vouchers, the trainee prepared worksheets for petty cash fund, sales commission and sales collection report
Processing Inventory Transactions
When sales orders were received, the trainee processed stock transfer transactions of motorcycle units from head office to Rosario branch. It involves two steps: the STT inventory transaction and journalizing entries in Optima.
Processing Installments Sales Transactions
Customer folders and official receipts delivered to the head office contain information needed to process installment sales in Optima. When transactions are processed, down payments and monthly installments are automatically itemized in customer ledgers for monitoring of payments.
Internal Audit
Installment sales transactions in Optima should reconcile with the amounts stated on manual Excel worksheets and sales collection reports.
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Duration of the Internship and Assessment of Gained Knowledge In preparation for the final year of the accountancy program, the fourth year students were required to accomplish a 240-hour accounting internship for the summer semester of year 2014. The trainee, Jerremiah Josh R. Rementilla has satisfactorily completed the training at Microbase Motorbike Corporation from April 23 to May 30, 2014 during working days of Monday to Saturdays with working hours of 8:00 AM to 5:00 PM. Substantial knowledge is gained through exposure to the different functions within the accounting department. High-volume transactions are simplified in a modern approach using accounting softwares thus the intern experienced contemporary learning within the company.
Evaluation and Overall Learning Environment Provided by the Company Ma’am Jo Anne Balitaosan, the accounting department head, with Sir Joel Fernandez and Ma’am Sherly Oliveros, are the mentors for this internship. The trainee acquired three hundred sixty degrees of learning experience within the working environment of MMC through hands-on training. The mentors are very supportive in providing instruction and giving access to documents and software necessary for departmental tasks.
Evaluation of the Experience 5
and its Impact on the Career Goal The internship provided by Microbase Motorbike Corporation is a holistic experience for the trainee. Modern application of knowledge learned in classrooms to the actual workplace demonstrated possibilities of acquiring more skills in accounting. The trainee completed tasks through combining methods derived from instruction by the mentors and own techniques progressively learned. Active involvement with the employees and other trainees resulted in enhanced interpersonal skills.
Evaluation of the Accountancy Program And How Formal Education and Work Experience Interrelate The accountancy program of Cavite State University is highly adequate to ensure the preparation of students for internship. Performance on tasks relied on the capability of the trainee to integrate accounting knowledge into the actual workplace. Formal education and work experience are two different lines that intersect halfway. The accountancy program has a conventional approach for consistency and standardized learning. On the other hand, workplace environments have flexible and modern approaches. Theories and principles in accounting interrelate formal education and working experience. However, innovations in technology simplify workspace tasks to minimize manual effort. Both have the same substance but different form. Advancement in technology causes differentiation between formal education and work
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experience but internship serves the purpose of providing students with training to fill the gap.
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