Acknowledgement: College of Management and Accountancy

College of Management and Accountancy
Business Practicum

Page 1 of 28

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.

Business Practicum

Page 2 of 28

CHAPTER ONE

Business Practicum

Page 3 of 28

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
Business Practicum

Page 4 of 28

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.

Business Practicum

Page 5 of 28

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. PUNO
Managing Consultant

WARLEY L.
CONCEPCION, CPA
Accounts Consultant -
Technical / Operations
BETTY E. PERALTA
Accounts Consultant -
Admin / Finance

HAZEL J. AMOROSO
Accounts Officer - PAG-
IBIG/PHIC

MADELEINE R.
AGUSTIN
Accounts Officer -
Permits

ANGELA M. STO
DOMINGO
Accounts Officer -
SSS/SEC

JASMIN BERNARDO
Liaison Officer

REMYLINDA FABIAN
Liaison Officer

GRACITO LISING
Liaison Officer

Business Practicum

Page 6 of 28

- 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.
Business Practicum

Page 7 of 28

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.

Business Practicum

Page 8 of 28

CHAPTER TWO:

Weekly Tasks Report Compilation

Business Practicum

Page 9 of 28

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 & RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday
Tuesday
- Familiarization of different jobs in the office.
- Fill up the deposit slip for the payment of the return
of the client that will be paid at UCPB.
- Xerox the return of the client that will file to their
respective folder which shall be retained by the firm.
- Fill out and print 2551M or monthly value added tax
8 hours & 30
minutes
(8.5)
Wednesday
- Submission of return with no payment or tax credits
to BIR for the receiving
8 hours & 40
minutes
(8.67)
Thursday
of the client that will be paid at UCPB. Went to the
Bank to pay the return.
- Xerox the file of the client and file them to their
respective 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 the
undeleted tax liabilities which is caused by invalid
TIN.
8 hours & 30
minutes
(8.5)
Total Number of Hours
34 hours & 40
minutes (34.67)
Noted by:

Business Practicum

Page 10 of 28

[Supervisor]

WEEKLY TASK REPORT

Course &
Section:
AND ACOMPANY

DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday

- Fill the SSS, Pag-Ibig and PhilHealth Contribution.
Sort them from past to present so that the staff can
easily find the file. Arranged alphabetically the
folder 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 payment
form (0605) for the registration.
8 hours & 30
minutes
(8.5)
Wednesday - Holiday 0
Thursday
of the client that will be paid at Land bank. Went to
the Bank to pay the return.
- Sort document of the client
- Fill up annual income tax return or 1701
9 hours
(9)
Friday

credits to BIR for the receiving
9 hours
(9)
Saturday - Fill up annual income tax return or 1701
9 hours & 15
minutes
(9.25)
Sunday - Fill up annual income tax return or 1701
5 hours
(5)
49 hours & 45
minutes
(49.75)

Noted by:
Business Practicum

Page 11 of 28

WEEKLY TASK REPORT

[Supervisor]
DAYS
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday
- 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 various
individuals, corporation and association that will
be filed to BIR.

9 hours & 15
minutes
(9.25)
Wednesday
- Xerox some Income tax return that will be filed to
their respective folder in case it will be the client
needed it.
4 & 30 minutes
(4.5)
Thursday - Holy week 0
Friday - Holy week 0

22 hours & 45
minutes
(22.75)
Course &
Section:
AND ACOMPANY
Noted by:

[Supervisor]
Business Practicum

Page 12 of 28

WEEKLY TASK REPORT

Course &
Section:
AND ACOMPANY
DAYS
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday
- Went to DTI to process the Permit of the client.
- Arranged the file of the clients.
9 hours & 30
minutes
(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 for
releasing.
- File the return of the client to their respective
folder which shall be retained by the firm.
8 hours & 45
minutes
(8.75)
Thursday
- Fill up the certificate of final income tax withheld
or 2306
Submission of return with no payment or tax
8 hours & 40
minutes
(8.67)
Friday
credits to BIR for the receiving Went to Evergreen
Corporation to get the check that will be used to
pay their returns.
8 hours & 45
minutes
(8.75)

44 hours and 40
minutes
(44.67)
Noted by:

[Supervisor]
Business Practicum

Page 13 of 28

WEEKLY TASK REPORT

Student Name: MONIQUE R. FLORES Period Covered: APRIL 28-30 & MAY 1-2
Course &
Section:
AND ACOMPANY
NO. OF
HOURS
RENDERED
Monday

- Xerox some Income tax returns that will be picked
up by the client and file some ITR to their
respective folder which shall be retained by the
firm.
8 hours & 40
minutes
(8.67)
Tuesday

- Went to BIR to give that the document that is will be
needed to delete the liabilities of the client and give
them to one of the examiner.
8 hours & 30
minutes
(8.5)
Wednesday

- Arranged the Annual income tax return
alphabetically and file the return that has been
Xerox.
of the client
- Get form to the BIR.
8 hours & 40
minutes
(8.67)
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)

34 hours & 50
minutes
(34.83)
Noted by:

[Supervisor]
Business Practicum

Page 14 of 28

WEEKLY TASK REPORT

Student Name: MONIQUE R. FLORES Period Covered: MAY 5-9
Course &
Section:
AND ACOMPANY
DAYS
RESPONSIBILITIES
NO. OF HOURS
RENDERED
Monday
- Fill the SSS, Pag-Ibig and PhilHealth
Contribution. Sort them alphabetically so that
the staff can easily find the file. Arranged
alphabetically the folder of SSS, Pag-Ibig and
PhilHealth.
9 hours
(9)
Tuesday
- Sort PhilHealth Contribution alphabetically so
that the staff can easily find the file.
- Went to Notary Public
8 hours & 45
minutes
(8.75)
Wednesday
- Went to the bank to withdraw and deposit
money
- Arranged the files of the client and Xerox some
files.
8 hours & 45
minutes
(8.75)
Thursday
- Went to Tarlac to pay the return of some client.
- Went to the client to get the checks.
credits to BIR Tarlac for the receiving
9 hours
(9)
Friday
- Went to BIR to find the missing Annual Income
tax return of the firm. But unfortunately, they
couldnt find it.

8 hours & 35
minutes
(8.58)

44 hours & 5
minutes
(44.08)
Noted by:

[Supervisor]
Business Practicum

Page 15 of 28

WEEKLY TASK REPORT

Course &
Section:
AND ACOMPANY
NO. OF
HOURS
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 & 30
minutes
(8.5)
Wednesday

- Went to SSS to give them the payment for
contribution that will be picked up tomorrow.
- Went to Philhealth for the payment of contribution
8 hours and 35
minutes
(8.58)
Thursday

- Went to SSS to get the receipt of contributions that
has been paid yesterday.
8 hours and 45
minutes
(8.75)
Friday
- Went to DTI to ask for the copy of the Business
Permit of one of the client.
8 hours and 40
minutes
(8.67)

43 hours and
10 minutes
(43.17)
Noted by:

[Supervisor]
Business Practicum

Page 16 of 28

WEEKLY TASK REPORT

Course &
Section:
AND ACOMPANY
NO. OF
HOURS
RENDERED
Monday
- Went to Philhealth for the payment of contribution.

8 hours and 30
minutes
(8.5)
Tuesday

firm.
- Went to Notary public
9 hours
Wednesday

firm.

8 hours and 30
minutes
(8.5)
Thursday
firm.
8 hours & 40
minutes
(8.67)
Friday
- Xerox some return that will be filed later
Went to BIR to hand over the receipt to one of the
staff to give it to the client
8 hours & 40
minutes
(8.67)

43 hours and
20 minutes
(43.34)
Noted by:

[Supervisor]
Business Practicum

Page 17 of 28

WEEKLY TASK REPORT

Course &
Section:
AND ACOMPANY
NO. OF
HOURS
RENDERED
Monday
- 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.

8 hours and 35
minutes
(8.58)
Tuesday

firm.

8 hours and 30
minutes
Wednesday

8 hours and 30
minutes
Thursday
Friday

25c hours and
35 minutes
(25.58)
Noted by:

[Supervisor]
Business Practicum

Page 18 of 28

CHAPTER THREE

Business Practicum

Page 19 of 28

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 people around me.
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
Business Practicum

Page 20 of 28

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 memorable event during my practicum.
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 improvement of the Practicum 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.
Business Practicum

Page 21 of 28

My advice to those who will take their practicum 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.
Business Practicum

Page 22 of 28

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

Accounts
Consultant -
Accounts
Consultant -

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

REMYLINDA
FABIAN

JASMIN
BERNARDO

GRACITO
LISING

Liaison Officer

Liaison Officer

Liaison Officer

Figure 2 Proposed Organizational structure

Business Practicum

Page 23 of 28

Recommendations
The possible recommendation to solve the problem of PUNO ORTALEZA
ASSOCIATES AND COMPANY is 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.

Business Practicum

Page 24 of 28

CHAPTER FOUR

Business Practicum

Page 25 of 28

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: mrflores0314@yahoo.com
Birthday: March 14, 1995 Birthplace: Cabanatuan city
Age: 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
Contact Number: 0926-396-1916

Person to notify in case of emergency
Name: RAMON FLORES Relationship: FATHER
Contact number: 0935-988-9559

CURRENTLY ENROLLED SUBJECTS

SUBJECT NO. OF UNITS TIME/DAY ROOM PROFESSOR
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
Business Practicum

Page 26 of 28

MONIQUE R. FLORES
#153 Cantarilla Valdefuente Cabanatuan City
09058411435
mrflores0314@yahoo.com

Objective:

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

Personal Information

Name: Monique Rodriguez Flores
Age: 18
Gender: Female
Date of Birth: March 14, 1995
Place of Birth: Cabanatuan City
Civil Status: Single
Citizenship: Filipino
Dialects: English and Filipino
Mothers Name: Cristina R. Flores
Fathers Name: Ramon S. Flores
Occupation: Engineer

EDUCATION

College:
Bachelor of Science in Accountancy
Araullo University - Phinma Education Network
Bitas, Cabanatuan City

Business Practicum

Page 27 of 28

High school:
Basic Education
Bitas, Cabanatuan City
2011

Elementary:
Cabanatuan North Elementary School
Aduas Centro, Cabanatuan City
2007

SKILLS
..

Willing to try new things and am interested in improving efficiency on assigned
tasks
interpersonal communication skills
Computer Skills
Good oral communication skills

AFFILIATIONS

National Federation of Junior Philippine Institute of accountants
2012-present

SEMINARS ATTENDED

Nego-Studyante: unleashing Students' Entrepreneurial skills
Araullo University
December 6, 2013

Greater at 30: Celebrating a Milestone of integrity, service and excellence
towards a unified NFJPIA
Meet the standards contestant
Camp John Hay, Baguio City
September 21, 2013

Business Practicum

Page 28 of 28

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

Seminar on Employment
Club Balai Isabel, Talisay Batangas
September 20, 2012

REFERENCES

Emerita Modesto, CPA, MBA, CIA
Dean- College of Management and Accountancy

Ronald Leabres, CPA
College of Management and Accountancy Faculty
09061571639

Froy Valino
Businessman
09329210535

Acknowledgement: College of Management and Accountancy

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Acknowledgement: College of Management and Accountancy

Hochgeladen von

Copyright:

Verfügbare Formate

College of Management and Accountancy

Das könnte Ihnen auch gefallen