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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
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Table of Contents

I nt r oduct i on . . 2
Company Pr of i l e . . . . . 2
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 Corporations 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, re-
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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
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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

Maam Jo Anne Balitaosan, the accounting department head, with Sir Joel
Fernandez and Maam 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
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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.