UNIVERSITY OF SAN CARLOS

School of Business and Economics

Department of Accountancy

Student Trainee Weekly Report

Name of Student Trainee: ________Alegado, Ava V.______Course: ______BSMA_____________

Faculty Adviser: __ Mr. Janssen Jay Tongco, CPA___

Name of Company/Institution/Organization: _____Waterfront Cebu Hotels and Casinos______

Name of Supervisor: _Mr. Edelson De La Cerna Jr.___Area Assigned: _Finance Dept. - Income Audit

Period Covered: _____November 2-4, 2011_____ No. of Hours: __24__

What I Did
Date What Did I Learn? Deficiency/ Concerns
(Activities)

 Checked if the no. of My knowledge of parking I was alarmed by the

hours & amount paid tickets became broad
November 2, by customers that are because in the past, I
reported by the haven't thought much of
2011 security coincide with them as substantial
those written on the supporting documents for
Valet Parking the income generated by
Vouchers & tickets the valet parking. I have
learned more about the
 Manually logged lifestyles of the rich and
numerous PAGCOR how they easily spend
& restaurant receipts thousands of money on a
for audit single night just for food
and gambling. Recording
 Printed Journal by the receipt made me
Cashier & checked if realize the value of money
its details coincide and how I should be wise
with their respective on spending them. I also
vouchers learned that each
employee, down to the low
rank, should practice
honesty because they can
never escape their wrong
deeds because of audit.
narrow knowledge that I
had before in regards to
parking tickets and how
they are important to the
audit of a company's
income. I was also
concerned by the fact that
I had lesser encounters in
the recording of
transactions since I
haven't thought much of
them as important since
during school days I
concentrated more on
calculations and not the
right entries. I hope that
through this internship, I
would learn to value all
the lessons imparted by
my teachers.

This day once again I have yet to learn much

proved to me that honesty from the cycle of issuing
 Checked if the should be the first trait that receipts and vouchers,
Journal by Cashier an employee must have. since they are crucial to
November 3, details coincide with Supporting documents audit.
their respective would definitely make
2011 vouchers their transactions
transparent and this is why
 Distribution of they should think twice if
 income audit copies they choose to commit
of receipts to fraud. I also learned the
numbered captain's complexity of audit
pad procedures since
numerous substantial
 Distribution of audit evidences are needed, both
memos to employees manually and computer-
of concern generated. The distribution
of memos made me
 Reconciliation of explore more about the
books & transaction other areas and
reports of Alamo departments of a company.
Transport leasing & And my most important
Waterfront Cebu learning through the day
was on how to reconcile
the books of an outside
company with Waterfront
books and how to balance
them.

November 4,  Documentation of I learned how transactions I should know more about

Waterfront of Waterfront with their
2011 transactions and suppliers work and how
payments through they strictly regulate their
checks to suppliers check issuances to both
and customers their suppliers and
customers. I also came to
 Distribution of audit know how the company's
memos to employees procedures require their
of concern employees to strictly
adhere to their rules and
regulations since their
actions reflect their loyalty
to the company.
gathering many suppliers
and bidding so as to
reduce cost of raw
materials through the
lesser prices offered by a
certain company. I also
would like to get an
opportunity to issue an
audit memo.

Reflections for the Week:

This week, a great number of experiences widened my knowledge about accounting procedures and
ethics. First, I came to know that each employee should account for their actions since if an error is
detected by the auditors, one should be ready to justify his deed. I have also realized many things in
regards to living flushed lifestyles, that these shouldn't be practiced. Over the night, casinos and
restaurants are flooded with customers who easily spend thousands just for pleasure. It contradicts to my
beliefs where one should invest money on the needy and not their wants.

Prepared by: ____Ava V. Alegado___

Note(s):

1. Students are required to write their journal daily or they may use electronic means in encoding the
daily tasks. After one (1) week, this report will be sent by the students to the Adviser, as well as to the
Coordinator.

2. The content of your journal should include: areas of personal growth; types of clients you find
interesting to work with and those you find difficult to work with; issues that you have with co-workers
and supervisors; feelings that you are experiencing such as inadequacy or areas in which you are
improving. It is a personal reflection of how you reacted to the day’s experience. Do not allow yourself
to get behind with your journal entries – you will be missing the piece! It is difficult to remember days
later what happened a week ago.

3. This form is used only for the weekly submission of the report to the Adviser. At the end of your
practicum, you are to use the format indicated in Annex 6 of your Practicum Manual for your Weekly
Progress Report, which is submitted together with your written report.