Paper in My Practicum Experience

2740 Words Aug 13th, 2007 11 Pages
University of the Philippines in the Visayas
Tacloban College

Into the Shoes of a CPA
A 150-hour practicum experience as a requirement in
BA 123 course – Public Accounting Office

INTRODUCTION
What I expect to get from the Practicum

When Professor Bernadette Lorenzo, our BA 123 (Public Accounting Office) adviser told us to look for accounting firms for our practicum, I got excited because I never had the experience to work in an office or company before. Practicum is defined as a school or college course, especially one in a specialized field of study that is designed to give students supervised practical application of previously studied theory.

The first firm that popped into my mind was SGV. Maybe I could work in Cebu or Manila. Yet
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The managing partner is Sir Telesforo Sales. Most of its clients are cooperatives.

Eleven of us in our class chose FSF because one of our classmates was a friend of Mr. Sales. We started working in the last week of December and we have to complete a total of a hundred and fifty hours for the whole course of the training.

Sir Sales assigned each one of us a particular client to work on. He gave us all the necessary files and documents and gave us instructions on what to do. XMB Great foods was assigned to me together with another classmate, Kristine Pelingon. Hand In hand, we did the bookkeeping stuff and Taxation.

Working with XMB Great Foods…

XMB Great foods is a merchandising company – both a wholesaler and a retailer of well-renowned products of processed foods. It is a single proprietorship owned and managed by Mr. Alex Belleza, located at Apitong, Tacloban. The business started in the mid 2006. Since it was just starting, it kept no books. It just filed official and delivery receipts, invoices, cash remittance reports and other source documents. With this kind of system, we needed to organize books for the firm. We had to record everything from July 2006 to January 2007. Not only that, we also needed to file income tax return for the third quarter and file percentage tax returns from July. Also, XMB had not yet applied for the renewal of business permit for the year 2007.

Bookkeeping…

The first thing I did was to make a
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