Final Practicum Report New

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College of Management and Accountancy

Business Practicum

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Acknowledgement

I would like to thank the following persons who helped me in different ways during

my internship. This internship would not be possible without the help and guidance of

several individuals who contributed in the preparation and completion of this work.

Above all, to our Almighty God for all His blessings and guidance He showered upon

me. I would like to express my appreciation to those who helped me accomplish my

practicum report. I want to thank Mr. Noel B. Puno and Mr. Warley L. Concepcion for

providing me access to the training equipment, facilities and materials, and for assigning

specific jobs related to my field of specialization. I also acknowledge all the staff of Puno

Ortaleza Associates and Company; namely, Ms. Betty E. Peralta, Ms. Hazel J. Amoroso,

Ms. Madeleine R. Agustin, Ms. Angela M. Sto. Domingo, Ms. Jasmin Bernardo, Ms.

Remylinda Fabian and Mr. Gracito Lising, for helping me during the internship.

A special thanks to our practicum coordinator, Mr. Ronald S. Leabres for diligently

guiding us during this internship. Most especially to my loving parents, for their moral and

financial supports, who works hard to provide for my education.

To all my co-trainees, thank you for becoming my companions and friends as I

accomplish the assigned responsibilities.

All of the skills and knowledge that I had acquired during this internship will surely be

used during my job after I graduated and become a CPA. And it is all thanks to all of the

people that help me. This internship will not be possible without the help of all of this people.


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CHAPTER ONE


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Company Profiles

History

was earlier established as a single proprietorship entity on June 15, 1999. It was converted

to a company in May 2004 comprising of three contributors. The company was primarily

conceived to provide quality accounting, audit, bookkeeping, tax consultancy and other

related services to businesses located in Nueva Ecija, Tarlac, Pampanga, Bulacan,

Metropolitan Manila and other provinces in the country. Manpower complement for the

organization includes a managing consultant plus seven and able competitive personnel

with sufficient educational credits, proficiency and experiences.

The firm caters to a number of business enterprises engaged in the fields of

trading/merchandising of different commercial/industrial products on wholesale/retail basis,

motor vehicle sales & services, manufacturing, tolling, agri-ventures, lending investors,

financing companies, hotel and restaurants, real estates, professional, community and

management services, educational institutions, review centers, cooperatives, companies,

private corporations, foundations and associations. As of December 2013, there are 20

active client companies and corporations, and 180 individual entrepreneurs being handled

by the company on a regular retainer basis.

MISSION


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Our mission is to enhance our clients quality of life by following our basic goals to:

Maintain a firm philosophy of professional independence and absolute integrity.

Practice at the highest possible level of professional expertise.

Help our clients with the ever-increasing compliance demands in both tax and other

financial reporting areas.

Serve small and mid-sized businesses and their owners, high net worth individuals

and other taxpayers.

Provide our services in a timely and efficient manner.

Provide an environment for our employees in whom they can flourish while improving

themselves and the services they provide.

Make a contribution to improving our profession by serving on professional volunteer

organizations.

VISION

Our primary purpose as an organization is to deliver high quality financial

products both in appearance and content. We will continue to be known as the firm

where personal attention will never become obsolete. We want to employ people

who are extremely satisfied and who go the extra mile for clients. We want a culture

of growth, profitability and enthusiasm throughout the firm.


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Figure 1 Company Organizational Chart

Managing Consultant

- Obtain and maintain relationship with clients and attend clients meetings.

- Have final say on accounting and auditing issues

- Sign the reports and approve the billing for fees

- Have a line authority to all of the companys staff

Accounts Consultant

Technical / Operations

- Perform detailed audit work, preparation of financial statements, and income tax

returns.

NOEL B. PUNOManaging Consultant

WARLEY L.CONCEPCION, CPA

Accounts Consultant -Technical / Operations

BETTY E. PERALTAAccounts Consultant -

Admin / Finance

HAZEL J. AMOROSOAccounts Officer - PAG-

IBIG/PHIC

MADELEINE R.

AGUSTINAccounts Officer -

Permits

ANGELA M. STO

DOMINGOAccounts Officer -

SSS/SEC

JASMIN BERNARDOLiaison Officer

REMYLINDA FABIANLiaison Officer

GRACITO LISINGLiaison Officer


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- Assume over all responsibilities on his issued financial statements

- Have a line authority to the Accounts and Liaison Officer and a staff authority in

regards with the Accounts Consultant for Admin and Finance

Admin / Finance

- Accept phone calls and clients payment

- Over all in charge in the distribution of payroll

- Maintains companys financial records

- Have a line authority to the Accounts and Liaison Officer and a staff authority in

regards with the Accounts Consultant for Technical / Operations

Accounts Officers

- Officer in charge with transacting to different government services in performance of

the services of the company other than tax consultation and preparation.

- Have a line authority over the Liaison Officers

Liaison Officers

- Receiving the tax returns to the BIR and paying these to the banks.

- Filling and Sorting of companys files

- Assists all other companys staff

Puno Ortaleza Associates and company offers the following services

TAX PREPARATION & CONSULTATION

Register business with the BIR.

Register and maintain Books of Accounts of the business.

Securing an authority to print receipts/invoices (ATP)

Data encoding for BIR requirements.


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Withhold taxes on compensation of employees and on payments subject to final

and expanded withholding tax and remit the correct tax as withheld

File the necessary returns and pay corresponding correct taxes promptly at the

time/s required by law.

Assist and help taxpayer in any audit or investigation necessary to determine any

delinquent or unpaid tax liabilities.

Be available for consultation with directors, officers and staff.

BOOKKEEPING AND AUDITING

Installation of accounting system and procedures using computerized and/or

manual accounting system.

Yearly, quarterly and monthly audit of the books of accounts in accordance with

the Philippines Standards on Auditing.

BUSINESS PERMITS AND OTHER SERVICES

Securing business name with the Department of Trade and Industry.

Securing business/municipal permit and license to operate a business in city

and/or municipality.

Registration of corporations and partnerships at the SEC.

Reportorial requirements of corporations registered with the SEC i.e. hard

copies/diskette of General Information Sheet (GIS) and Audited Financial

Statements (AFS).

SSS, Philhealth and Pag-Ibig monthly remittance and quarterly reporting.


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CHAPTER TWO:

Weekly Tasks Report Compilation


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WEEKLY TASK REPORT

Student Name: MONIQUE R. FLORES Period Covered: APRIL 1-4

Course &Section:

4BSA-1 Partner Company:PUNO, ORTALEZA ASSOCIATES

AND ACOMPANY

DAYS SUMMARY OF WORK, DUTIES & RESPONSIBILITIESNO. OF HOURS

RENDERED

Monday

Tuesday

- Familiarization of different jobs in the office.- Fill up the deposit slip for the payment of the returnof the client that will be paid at UCPB.

- Xerox the return of the client that will file to theirrespective folder which shall be retained by the firm.

- Fill out and print 2551M or monthly value added tax

8 hours & 30minutes

(8.5)

Wednesday

- Fill up the deposit slip for the payment of the returnof the client that will be paid at UCPB.

- Submission of return with no payment or tax creditsto BIR for the receiving

8 hours & 40minutes(8.67)

Thursday

- Fill up the deposit slip for the payment of the returnof the client that will be paid at UCPB. Went to theBank to pay the return.

- Xerox the file of the client and file them to theirrespective folder

9 hours(9)

Friday

- Deposited money to the bank- Sort the return of the client by type and from past to

present.- Find the return that has been paid to delete the tax

liabilities given by BIR; find the reason of theundeleted tax liabilities which is caused by invalidTIN.

8 hours & 30minutes

(8.5)

Total Number of Hours34 hours & 40

minutes (34.67)

Noted by:


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[Supervisor]

WEEKLY TASK REPORT


Course &Section:


AND ACOMPANY

DAYSSUMMARY OF WORK, DUTIES &

RESPONSIBILITIESNO. OF HOURS

RENDERED

Monday

- Fill the SSS, Pag-Ibig and PhilHealth Contribution.Sort them from past to present so that the staff caneasily find the file. Arranged alphabetically thefolder of SSS, Pag-Ibig and PhilHealth.

9 Hours (9)

Tuesday- Submission of return with no payment or tax

credits to BIR for the receiving Fill up paymentform (0605) for the registration.

8 hours & 30minutes

(8.5)

Wednesday - Holiday 0

Thursday

- Fill up the deposit slip for the payment of the return

of the client that will be paid at Land bank. Went tothe Bank to pay the return.

- Sort document of the client- Fill up annual income tax return or 1701

9 hours(9)

Friday- Fill up annual income tax return or 1701- Submission of return with no payment or tax

credits to BIR for the receiving

9 hours(9)

Saturday - Fill up annual income tax return or 17019 hours & 15

minutes(9.25)

Sunday - Fill up annual income tax return or 17015 hours

(5)

Total Number of Hours


Noted by:


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WEEKLY TASK REPORT[Supervisor]



RENDERED

Monday

- Fill up annual income tax return or 1701- Fill up annual income tax return for corporation

or 1702- Pay the annual income tax return or 1701 the

bank.

9 hours(9)

Tuesday

- Preparation of income tax return of variousindividuals, corporation and association that will

be filed to BIR.


Wednesday- Xerox some Income tax return that will be filed to

their respective folder in case it will be the clientneeded it.

4 & 30 minutes(4.5)

Thursday - Holy week 0

Friday - Holy week 0

Total Number of Hours 22 hours & 45minutes(22.75)


Course &Section:


AND ACOMPANY

Noted by:

[Supervisor]


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WEEKLY TASK REPORT


Course &Section:


AND ACOMPANY



RENDERED

Monday

- Went to DTI to process the Permit of the client.- Arranged the file of the clients.- Submission of return with no payment or tax


9 hours & 30minutes

(9.5)

Tuesday- Arranged the file of the clients and file them.- Xerox some Income tax return that will be picked

up by the client.

9 hours(9)

Wednesday

- Went to BIR to get the return that is ready forreleasing.

- File the return of the client to their respectivefolder which shall be retained by the firm.


Thursday

- Fill up the certificate of final income tax withheldor 2306Submission of return with no payment or tax



Friday

- Submission of return with no payment or taxcredits to BIR for the receiving Went to EvergreenCorporation to get the check that will be used topay their returns.


Total Number of Hours44 hours and 40

minutes(44.67)

Noted by:

[Supervisor]


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WEEKLY TASK REPORT

Student Name: MONIQUE R. FLORES Period Covered: APRIL 28-30 & MAY 1-2

Course &

Section: 4BSA-1 Partner Company:

PUNO, ORTALEZA ASSOCIATES

AND ACOMPANY

DAYS SUMMARY OF WORK, DUTIES & RESPONSIBILITIESNO. OFHOURS

RENDERED

Monday- Xerox some Income tax returns that will be picked

up by the client and file some ITR to theirrespective folder which shall be retained by thefirm.


Tuesday - Went to BIR to give that the document that is will beneeded to delete the liabilities of the client and givethem to one of the examiner.

8 hours & 30

minutes(8.5)

Wednesday

- Arranged the Annual income tax returnalphabetically and file the return that has beenXerox.

- Fill up the deposit slip for the payment of the returnof the client

- Get form to the BIR.


Thursday - Holiday

Friday- Went to look for some file of the client that will be

needed to delete its tax liabilities- Sort the SSS file alphabetically and by quarter.

9hours(9)


minutes(34.83)

Noted by:

[Supervisor]


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WEEKLY TASK REPORT

Student Name: MONIQUE R. FLORES Period Covered: MAY 5-9

Course &Section:


AND ACOMPANY



RENDERED

Monday

- Fill the SSS, Pag-Ibig and PhilHealthContribution. Sort them alphabetically so thatthe staff can easily find the file. Arrangedalphabetically the folder of SSS, Pag-Ibig andPhilHealth.

9 hours(9)

Tuesday

- Sort PhilHealth Contribution alphabetically sothat the staff can easily find the file.

- Submission of return with no payment or taxcredits to BIR for the receiving

- Went to Notary Public


Wednesday

- Went to the bank to withdraw and depositmoney

- Arranged the files of the client and Xerox somefiles.


Thursday

- Went to Tarlac to pay the return of some client.

- Went to the client to get the checks.- Submission of return with no payment or tax

credits to BIR Tarlac for the receiving

9 hours(9)

Friday

- Went to BIR to find the missing Annual Incometax return of the firm. But unfortunately, theycouldnt find it.



minutes(44.08)

Noted by:

[Supervisor]


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WEEKLY TASK REPORT


Course &Section:


AND ACOMPANY


RENDERED

Monday

- Xerox the business permit to be retained by the firm- Fill up the 0605 or payment form for the payment of

fines and penalties for late registration

- Went to land bank to pay the return.- Went to PLDT to pay the bill of the firm

9 hours(9)

Tuesday- Went to SSS for the payment of contribution and for

the receiving of some file.- Went to DTI to register the client of the firm

8 hours & 30minutes

(8.5)

Wednesday

- Went to SSS to give them the payment forcontribution that will be picked up tomorrow.

- Went to Philhealth for the payment of contribution- Submission of return with no payment or tax credits

to BIR for the receiving

8 hours and 35minutes(8.58)

Thursday- Went to SSS to get the receipt of contributions that

has been paid yesterday.- Submission of return with no payment or tax credits



Friday


- Went to DTI to ask for the copy of the BusinessPermit of one of the client.



43 hours and

10 minutes(43.17)

Noted by:

[Supervisor]


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WEEKLY TASK REPORT


Course &Section:


AND ACOMPANY


RENDERED

Monday

- Went to Philhealth for the payment of contribution.- Submission of return with no payment or tax credits


8 hours and 30minutes

(8.5)

Tuesday

- Xerox some Income tax returns that will be pickedup by the client and file some ITR to theirrespective folder which shall be retained by thefirm.

- Went to Notary public

9 hours

Wednesday


- Fill up the deposit slip for the payment of the return

of the client that will be paid at UCPB.


(8.5)

Thursday




Friday- Xerox some return that will be filed later

Went to BIR to hand over the receipt to one of thestaff to give it to the client



43 hours and

20 minutes(43.34)

Noted by:

[Supervisor]


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WEEKLY TASK REPORT


Course &

Section: 4BSA-1 Partner Company:

PUNO, ORTALEZA ASSOCIATES

AND ACOMPANY


RENDERED

Monday

- Went to look for some file of the client that will beneeded to delete its tax liabilities

- Sort the SSS file alphabetically and by quarter.


Tuesday

- Xerox some Income tax returns that will be picked

up by the client and file some ITR to theirrespective folder which shall be retained by thefirm.

- Fill up the deposit slip for the payment of the returnof the client that will be paid at UCPB.


Wednesday- Submission of return with no payment or tax credits

to BIR for the receiving8 hours and 30

minutes

Thursday

Friday

Total Number of Hours25c hours and

35 minutes(25.58)

Noted by:

[Supervisor]


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CHAPTER THREE


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Narrative Report

On-the-job training (OJT) is one of the best training methods because it is conducted

at the employees worksite. The students are given a chance to apply theories and

computations that they have learned from the school. It helps the students to acquire

relevant knowledge and skills by performing in the actual work setting.

What have I learned from the experience?

I am so satisfied and happy for what I had experience during my internship. I had

experience a lot of things that will help me during my actual job. I learned the basic office

works, and the operation of office equipment. I also learned how to prepare actual income

tax returns of different individuals, corporations and associations. I learned the deadlines of

the payment and filing of different returns and learn the flow of the work.

Also, I was able to build a good relationship with the staff of the company and with

my co-trainees. All of the things that I had experienced during this internship will surely help

me in the future.

All of the skills and knowledge that I had acquired during this internship will surely be

used during my job after I graduated and become a CPA. And it is all thanks to all of the

people that help me.

My experiences with the peoplearound m e.

We all know that it wasnt easy to meet and find the people who will like you for who

you are so I was really nervous by just thinking of the people that we will be working with for

two months. At first we barely talked with them but as times go by we become comfortable

with the staff and our co-trainees and were able to joke around with them. We laugh

together even for just a silly little things. It was really helpful for me when I become

comfortable with them because it makes it easier for me to ask question when I dont know


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what to do, do my job with ease because all of the staffs are willing to help me and be at

ease even if Im at the office.

I was grateful to meet all of them and be with them. I know even though it was only a

short time I will not be able to forget them because they are the one who teach me all of the

things that I can use during my work.

The most memo rable event dur ing my p ract icum.

The most memorable event during my practicum is when one of the staff, Sir Warley

L. Concepcion share his experience or you can say hardship when he was reviewing for the

board exam, I know for some it might not be consider memorable but for me, having

someone who are willing to share his experience with us without being shy about it is really

heart-warming. I learned that he had taken two exams to be a CPA, he have experienced

many hardships in his life and one his second licensure board exam the accounting

standard had been revised and he is back to zero because he have to learn the new

standard but at the end of the day he was able to pass the exam and be a CPA even with all

of the hardship that he experienced.

I was really happy when he always says to us, that we should be able to pass the

board exam and have a three letters added to our name, which are the C, P and A which

make our name Monique R. Flores CPA.

What I can recommend for the improv ement of the Pract icum Program?

I recommend that all of the student should prepare all of the needed documents

before starting the internship. The student should pass the weekly report every week and let

the practicum coordinator checked it and make an evaluation about it. I recommend that

student should find a firm where they want to be train before the end of second semester for

them to finish it earlier.


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My advice to tho se who wi l l take their pract icum in the near future.

To those who will take the practicum in the future, you have to be prepared because

in the internship, you will learn all of the things that will be used on your future work. You

should build good relationship with the staff of the firm and almost be honest for all the

things that you do. You need to get their trust and follow the entire job that will be given by

the staff. Follow all of the instructions of the practicum coordinator. Always wear the proper

attire, smile and be early at work. Do your job efficiently and listen intently to the instruction

of the staff, learn the right way to answer the phone, learn to greet the client and learn to

respect all of the people around you.

Case Study

Statement of the Problems

Are the entity organizational structure appropriate?

A company with a strong organizational structure benefits from improved

communication, a well-defined hierarchy and the ability to create a unified company

message. As efficient as organizational structure can be, it can also create problems that

can lead to loss of productivity and internal conflict. In order to maintain a strong company

framework, you need to be able to identify the problems within an organizational structure

and deal with them as they occur. I observed that the staffs are not fully knowledgeable as

regard to their organizational structure that cause confusion to some of the staff as to whom

they should follow when their superior gives commands. As you can see, at figure 1, the

organizational chart at not arrange properly that will make the staff work efficiently because

the managing consultant have line authority to all of the staff and his immediate subordinate

also have line authority towards the staff below them, so the staff that has low position like

the liaison officer are confuse on who they should follow, there should be one person who

will give orders to the liaison officer.


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The alternative courses of action are the following:

They should properly define all of the following authority and responsibility of

the entire employee.

They should appoint one person or certain person to manage the liaison

officer.

They can change their organizational structure

NOEL B. PUNO

Managing Consultant

WARLEY L.CONCEPCION,

CPA

BETTY E.PERALTA

AccountsConsultant -

AccountsConsultant -

Technical /Operations

Admin / Finance

HAZEL J.AMOROSO

MADELEINE R.AGUSTIN

ANGELA M.STO DOMINGO

Accounts Officer- PAG-

IBIG/PHIC

Accounts Officer- Permits

Accounts Officer- SSS/SEC

REMYLINDAFABIAN

JASMINBERNARDO

GRACITOLISING

Liaison Officer Liaison Officer Liaison Officer

Figure 2 Proposed Organizational structure


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Recommendat ions

The possible recommendation to solve the problem of PUNO ORTALEZA

ASSOCIATES AND COMPANYis to adapt a new organizational structure; they can appoint

a person that can manage the liaison officer. For Mr. Warley L. Concepcion can manage Ms.

Remylinda Fabian and give command to her to sort and find the documents that he will

need, while Ms. Betty E. Peralta can manage Ms. Jasmin Bernardo and Mr. Gracito Lising

and give command to them in withdrawing and depositing money, going to the client, paying

electric bills and going to BIR for any purposes.


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CHAPTER FOUR


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BUSINESS PRACTICUM

INFORMATION SHEET

Student Number: 01-09201 Course/Year Section: 4BSA-1

Name: (Last, First, MI): FLORES, MONIQUE R.

Address: CANTARILLA, VALDEFUENTE CABANATUAN CITY

Cellphone Number: 0905-841-1435 Email Address: [email protected]

Birthday: March 14, 1995 Birthplace: Cabanatuan cityAge: 19 Gender: FEMALE Civil Status: SINGLE Religion: ROMAN

CATHOLIC

Height: Weight:

Last School Attended: ARAULLO UNIVERSITY- PHINMA

Address: BRGY. BITAS, CABANATUAN CITY

Awards/Honors/Citations:

Fathers Name: RAMON FLORES Occupation: ENGINEER

Mothers Name: CRISTINA FLORES Occupation: NONE

Address: CANTARILLA, VALDEFUENTE CABANATUAN CITYContact Number: 0926-396-1916

Person to notify in case of emergency

Name: RAMON FLORES Relationship: FATHER

Address: CANTARILLA, VALDEFUENTE CABANATUAN CITY

Contact number: 0935-988-9559

CURRENTLY ENROLLED SUBJECTS

SUBJECT NO. OF UNITS TIME/DAY ROOM PROFESSO

INTERNSHIP 3 8:30 AM TO 5 PM

MTWThF

FIELD

I hereby certify that the above information is true and correct to the best of my knowledge and

ability.

MONIQUE R. FLORES

Name and Signature of Student Date Accomplished


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MONIQUE R. FLORES#153 Cantarilla Valdefuente Cabanatuan [email protected]

Objective:

I am looking for a suitable on-the-job training and opportunity where I could practicemy knowledge and develop my personality as a career person while utilizing myskills. To bring out and harness the best of my potentials for the glory of God and forthe benefit of my employer, the community and myself in preparation for the futureadvancement to top management.

Personal Information

Name:Monique Rodriguez Flores

Age:18Gender: FemaleDate of Birth: March 14, 1995Place of Birth:Cabanatuan CityCivil Status:SingleCitizenship:FilipinoDialects:English and FilipinoMothers Name: Cristina R. FloresFathersName:Ramon S. FloresOccupation: Engineer

EDUCATION

College:Bachelor of Science in Accountancy

Araullo University - Phinma Education NetworkBitas, Cabanatuan City


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High school:Basic Education

Araullo University - Phinma Education Network

Bitas, Cabanatuan City2011

Elementary:Cabanatuan North Elementary School

Aduas Centro, Cabanatuan City2007

SKILLS

..

Willing to try new things and am interested in improving efficiency on assignedtasks

interpersonal communication skills

Computer Skills

Good oral communication skills

AFFILIATIONS

National Federation of Junior Philippine Institute of accountants2012-present

SEMINARS ATTENDED

Nego-Studyante: unleashing Students' Entrepreneurial skillsAraullo UniversityDecember 6, 2013

Greater at 30: Celebrating a Milestone of integrity, service and excellencetowards a unified NFJPIAMeet the standards contestantCamp John Hay, Baguio CitySeptember 21, 2013


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Outshine! Outrage! Outburst! The R3 all out celebration towards one NFJPIAClub Balai Isabe, Talisay Batangas.September 22, 2012

Seminar on EmploymentClub Balai Isabel, Talisay BatangasSeptember 20, 2012

REFERENCES

Emerita Modesto, CPA, MBA, CIA

Dean- College of Management and AccountancyAraullo University - Phinma Education Network

Ronald Leabres, CPACollege of Management and Accountancy Faculty

Araullo University - Phinma Education Network09061571639

Froy ValinoBusinessman09329210535

Documents

Final Practicum Report New