Paper in My Practicum Experience

Topics: Tax, Certified Public Accountant, Accountancy Pages: 9 (2734 words) Published: August 7, 2007
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

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 I thought I was being ambisyosa. There are many accounting firms here in Tacloban anyway, but I fear I won't learn something worthwhile. I asked some of the Management students who have undergone practicum and some of them told me that all they did was file documents, encode or even make coffees for employees! Although they have a different degree program, I feared that their experiences would be the same with what I was about to face.

But somehow, I was hoping for optimistic things in this undertaking. I was looking forward to experiencing what a CPA really does or at least a part and parcel of what they really do. According to Valix in his Financial Accounting book, Certified Public Accountants generally practice their profession in three main areas, namely Public Accounting, Private Accounting and Government Accounting.

Public Accountants usually offer three kinds of services – Auditing, Taxation, and Management Advisory Services. Ricchiute defines Auditing as a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. Taxation services involves the preparation of tax returns and determination of tax consequences of certain proposed business endeavors, while Management Advisory Services, as defined by Roque, is the function of providing professional advisory services, the primary of which is to improve the client's use of capabilities and resources to achieve the objectives of the organization.

A CPA is practicing Private Accounting when s/he is employed in a business enterprise as an accounting staff, chief accountant, internal auditor, or controller.

Government Accounting encompasses the process of accounting transactions involving the receipt and disposition of government funds and property and interpreting the results the results thereof.

From among these three major areas of the Accountancy Profession, I was looking forward to doing public accounting, specifically auditing and taxation services. I also wanted to do bookkeeping because it is the "how" of accounting, so to speak. It is concerned with the development and maintenance of accounting records. I was also thinking of dressing up in executive attire walking from one institution to another doing transactions for our clients. I was imagining sitting down in my office desk doing paper works and all that stuff. But the most important of all the things I was anticipating was that this experience would enhance my sense of responsibility and dedication towards work, build relationships with the people that I will work with, and boost my morale as an individual. This total package, I believe, would aid me in my endeavors as a Certified Public Accountant.

What I experienced and learned

About FSF Accounting Firm…

My experience in the training was far beyond from my pessimisms. I learned a lot, most especially in the field of taxation and bookkeeping where I was assigned. Thanks to FSF & company accounting firm.

FSF stands for Fua, Sales, Fabila. These are the surnames of the...

References: Valix, Conrado and Jose Peralta. 2005. Financial Accounting volume one (rev. ed.). Philippines: GIC Enterprises and co., inc.
Ricchiute, David. 2003. Auditing and Assurance Services (7th ed.). Singapore: Thomson Learning Asia.
Roque, Rodelio. 1990. Management Advisory Services. Philippines: Roque Press, Inc.
Ballada, Win Lu and Susan Galvez. 1999. Basic Accounting Made Easy (rev. ed.). Philippines: Win Education Series.
Ballada, Susan and Win Lu Ballada. 2006. Transfer and Business Taxation Made Easy (8th ed.). Philippines: Domdane Publishers and Made Easy books
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