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REPORT
ON
STUDENT INDUSTRIAL WORK EXPERIENCE SCHEME
(SIWES)
UNDERTAKEN AT
BY
SUBMITTED TO
DEPARTMENT OF ACCOUNTANCY
SCHOOL OF MANAGEMENT STUDIES
THE POLYTECHNIC OF IRESI.
MARCH 2024.
CERTIFICATION
This is to certify that this SIWES report is the original work of ABOLANLE TOYIN
DAMOLA with matric number ACN2200027 in the department of Accountancy of THE
POLYTECHNIC IRESI, IRESI, OSUN STATE.
This report was compiled and written by during 2023/2024 SIWES program at KRISTAL
VOUNTEIN LIMITED, SALATA VILLAGE, IPETU, IJESA, OSUN STATE.
_______________________ ________________
MR. ADESINA A.T.
Institution based Supervisor Date
_____________________ __________________
MR. ODEJIDE O.S.
HOD Accountancy Date
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ACKNOWLEDGEMENT
All praises and adoration is duly given unto almighty God for his benevolence upon me, He
who made me start the programme of SIWES.
More so, my parent is duly acknowledging for their financial support, care toward my
Academic, may their life be spared till they reap their labor.
I highly convey my gratitude to all the lecturers, HODs and Deans in the school, most
especially the HOD of accountancy MR. ODEJIDE O.S. and my supervisor MR.
ADESINA A.T.
Also, my friends, my brothers, my siblings are not to be left out unacknowledged, may
Almighty GOD be with you all. AMEN.
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SUMMARY
The students’ work experience program (SIWES) is a scheme designed by the federal
Government to expose ND1/ND2 level Accountancy student of tertiary institution to
acquisition of skills relevant to their course of study as well as industrial is experience.
In view of this, this SIWES project is academic summary of all events that unfold within the
period of the program. However, the summary is derived and limited to the experience gotten
at the organization where I underwent the SIWES.
The students with SIWES experience are more equipped and preferentially considered when
there is job vacancy situation. The problems hindering the programme of the scheme should
be keenly addressed by the government and other relevant stakeholders.
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TABLE OF CONTENTS
Certification
Dedication
Acknowledgement
Abstract
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CHAPTER ONE
INTRODUCTION
Industrial training programme known as student industrial work Experience scheme (SIWES) was
established by industrial training fund (ITF) in 1973, this is a skill training programme created and
designed to purely expose students to industrial work situation which are likely to meet after
graduation and improve their Practice knowledge.
The scheme exposes student to industry base skills necessary for a smooth transition from the class
room to the world. It affords student of tertiary institution the opportunity to familiarize and be
exposed to the needed experience in handling machinery and equipment which are usually not
available in institution.
The scheme is also the accepted skill programme which formed part of the approved minimum
academic standard in the various degree programmes for all Nigeria students, in accordance with
the education policy of Government. This programme also inculcates the student ability to
appreciate and relate what she/he learnt in school real life situation in the industries.
The Students Industrial Work Experience Scheme (SIWES) is a unit under the Vice-Chancellor’s
Office. It was established in 2016. The Students Industrial Work Experience Scheme (SIWES) is a
skills training programme designed to expose and prepare students of universities and other tertiary
institutions for the Industrial Work situation they are likely to meet after graduation.
The Students Industrial Work Experience Scheme (SIWES), is the accepted training programme,
which is part of the approved Minimum Academic Standard in the various degree programmes for
all Nigerian Universities. The scheme is aimed at bridging the existing gap between theory and
practice of Sciences, Agriculture, Medical Sciences (including Nursing), Engineering and
Technology, Management, Information and Communication Technology, and other professional
educational programmes in the Nigerian tertiary institutions.
Mafe (2009) outlined several benefits than can accrue to students who participate in industrial
training. These include the following:
1. Opportunity for students to blend theoretical knowledge acquired in the classroom with
practical hands-on application of knowledge required to perform work in industry.
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2. Exposure of students to the environment in which they will eventually work, thereby
enabling them to see how their future professions are organized in practice.
3. Minimization of the bewilderment experienced by students, particularly those from a non-
technological background, pursuing courses in science, engineering and technology with
regard to different equipment, processes, tools etc, available in industry.
4. Enabling students appreciate work methods and gain experience in handling equipment and
machinery which may not be available in their institutions.
1. Provide an avenue for students in Institutions of higher learning to acquire industrial skills
and experience in their respective courses of study.
2. Prepare students for the Industrial Work situation they are likely to experience after
graduation.
3. Expose students to work methods and techniques of handling equipment and machinery that
may not be available in their Institutions.
4. Make the transition from school to the world of work easier; and enhance students’
networks for later job placements.
5. Provide students with an opportunity to apply their knowledge to real work situations,
thereby bridging the gap between theory and practice; and
6. Enlist and strengthen Employers’ involvement in the entire educational process; thereby
preparing the students for employment in Industry and Commerce.
1. Formulate policies and guidelines on SIWES for distribution to all the SIWES participating
bodies;
2. Provide logistic material needed to administer the scheme;
3. Organise orientation programmes for students prior to attachment;
4. Provide information on companies for attachment and assist in industrial placement of
students;
5. Supervise students on Industrial attachment;
6. Accept and process Master and Placement lists from institutions and supervising agencies;
7. Vet and process students’ logbooks and ITF Form 8
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1.4 The Role of Institution in SIWES Administration
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CHAPTER TWO
Kristal Vountein Limited, located in Osun State. Established in 2008, the company ventured into
full-scale production in 2010, specializing in the manufacturing of different products.
C.E.O
STORE MANAGER
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CHAPTER THREE
Lubricant is a substance which is used to control friction and wear of the surface in a contact if the bodies
in relative motion. Depending on its nature, lubricant are also used to eliminate heat and wear debris,
supply additives into the contact, transmit power, protect, seal.
Crusher
Crusher machines are used for crushing of a wide variety of materials in the mining, iron and steel,
and quarry industries. In quarry industry, they are used for crushing of rocks into granites for road
building and civil works.
What is a receipt?
A receipt is a document issued from a business to a customer after the customer has paid for items
or services. It acts as a proof of payment for both your business and the customer.
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Payment receipts should include your business details, the date of payment, the amount paid and
any remaining balance.
Any time a payment is received from a customer, a receipt should be issued. This includes deposits
or partial payments.
Invoices and receipts have different purposes as they’re issued at different stages of the sales
process. Invoices are issued prior to the customer sending the payment, whereas a receipt is issued
after the payment has been received. The invoice acts as a request for payment, and the receipt acts
as a proof of payment.
This also means that each document requires different information. The invoice should include a
detailed breakdown of the products and services, whereas the payment receipt only needs to show
the amount paid and any balance due. Both documents should be clearly labelled as “Invoice” or
“Receipt”.
Depending on your business location, industry and business structure, you may not need to issue
both an invoice and a receipt.
Invoices are only mandatory in certain circumstances. However, most businesses opt to issue
invoices for all sales to keep a thorough record of their income for tax purposes.
If you’re unsure if it’s mandatory for your business to issue invoices, you should check your
government’s website or speak to a qualified accountant.
Receipts, however, should be issued any time a payment is received from a customer.
This is both for the customer's benefit, and your own. It reassures the customer that they've paid
correctly, ensures your business keeps track of which payments have been made and keeps your
business compliant with regulations.
SumUp offers a variety of different business solutions, including invoices and payment receipts.
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With SumUp Invoices, you can create professional invoices in seconds and issue them directly to
your customer’s email address. You can include your bank information to accept bank transfers, or
choose to include a payment link to accept online payments.
SumUp offers several different payment options including card readers and online payment links.
Each time you accept payment from a customer, you have the option to send a receipt to the
customer’s email or print it with a card reader printer.
SumUp is therefore ready to offer a solution for every business, whether you issue invoices or not.
A sales receipt is a transaction record that the seller issues at the time of sale to verify the provided
product or service and the amount the buyer paid. You'll often need sales receipts for tax
calculation and inventory management, while your customers can use them for reimbursement or
accounting purposes.
Invoices and receipts have different purposes as they're issued at different stages of the sales
process. Invoices are issued prior to the customer sending the payment, whereas a receipt is issued
after the payment has been received. The invoice acts as a request for payment, and the receipt acts
as a proof of payment.
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What are the types of receipts?
Sales receipts can be either physical or digital. Both fulfill the same purpose and include several
receipt types, such as:
Cash register receipts: This is your regular grocery store receipt — a printed slip of paper
you get with a purchase.
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Handwritten receipts: Service providers write these receipts outside a retail environment.
For example, a plumber might give you a handwritten receipt after unclogging your sink.
Carbon copies: These often accompany handwritten receipts. Most receipt notebooks have
a carbon layer that traces the writing onto another sheet, removing the hassle of writing two
separate receipts.
Packing slips: Online retailers usually send you both an email receipt and a packing slip
that you find in the delivered package. The packing slip often includes additional
information, like a return policy.
Itemized receipts vs. regular receipts: While they do have their differences, both can be used to
show proof of your purchase.
The main difference between these receipt types is in their formats. A typical receipt records the
total cost of the purchase that was made while an itemized receipt goes more in-depth — covering
the cost of each line item, good, or service.
Both can be used as a reference or proof for any audits. However, an itemized receipt is generally
preferred, allowing you to see exactly where each dollar is going. Itemized receipts are common
when someone makes a large purchase or purchases a service.
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Digital receipts are faster to write than paper ones, and they also save trees and ink. Acrobat Sign
integrates with many sales tools and lets you send receipts to multiple recipients, track
documents, request e-signatures, and more.
Cash books are used to track the transactions between a business and its bank. They are an important
part of effective cash management. This could include money that is received, paid out, and even
deposited into or withdrawn from a bank account. Depending on how the transactions are recorded, a
cash book can be either a debit or credit book.
Businesses or individuals can both use cash books. Businesses may use a cash book to track their
income and expenses. Individuals may use a cash book to track their finances. Cash books come in a
single column and can have an additional column.
There are a few different types of cash books which all work slightly differently. The next section of
this article will discuss more about each one.
In order for a cash book to be accurate and up-to-date, it is important to record all transactions as soon
as they happen. This includes both cash payments and cash receipts. If money is received on Monday,
but not recorded until Wednesday, the cash book will be inaccurate.
Here are some other common questions surrounding cash book transactions.
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What is Cash Balance in a Cash Book?
The balance of cash in a cash book is the total amount of money that is currently in the account. This
includes both the money that has been deposited and the money that has been withdrawn. The cash
flows will change with every transaction that is recorded in the petty cash book.
1. The first way is to simply write the total amount of cash that is currently in the account.
2. The second way is to show the net cash balance. This is the total amount of cash that is
currently in the account, minus any outstanding debts.
1. Single column
2. Double column
3. Triple column
A detailed cash book has its own unique way of recording transactions. Keep reading to learn which
type would make the most sense for you or your business.
A passbook, on the other hand, is typically kept by the bank and provided to the customer. Passbooks
will track all of the payments and receipts that have been made to and from the account. This includes
a payment of cash made by the customer and payments made by the bank.
All of this information is very important for accounting and tax records. It is essential for businesses to
keep track of their finances in order to stay compliant with the law.
The petty cash book is a book of vouchers which are made each time an expense is made from
petty cash (money). Always the voucher would show the amount, purpose, recipient, general ledger
account number and date relating to the expenses. If person receiving the petty cash and the person
giving out the petty cash would sign the voucher and any supporting certification (such as revenue)
would be involved.
The petty cash book is normally maintained on a columned foundation - the separate column being
allotted for each kind of outlay and is only 1 money column on the debit entry side and all sum got
at times by the petty cashier from the chief bank clerk are entered in cash. Credit side consists of
more analysis columns in the petty cash book.
The petty cash is a small amount of discretionary finances in the business firm of cash practiced for
expenditure where it's not sensible to make the expense by check because of the trouble and price
of cashing and writing singing cashing in the check of the bank.
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Uses of Petty Cash Book
It's a cash book used to enter daily petty expenses like cost of stationery, postage and Xerox copy
and so on. The petty cash book will be maintained by a separate cashier known as petty cashier in
the accounting field.
A petty cash is a cash book used to enter all small or petty expenses obtained. For example tea,
Xerox copy etc.
The petty cash book is to enter how the cash available for daily expenses are spent for example
milk, tea, taxi charges and postage.
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This method enhances cost savings. The amount incurred in petty cash expenses is analyzed
carefully and checked periodically to realize how much cash is required and where the company
can cut down on unnecessary expenses in the petty items.
The imprest petty cash system allows staff members to handle cash effectively to prove their worth
to their seniors and be seen as future cash managers.
A trial balance is a financial report showing the closing balances of all accounts in the general
ledger at a point in time. Creating a trial balance is the first step in closing the books at the end of
an accounting period.
The main purpose of a trial balance is to ensure that the list of credit and debit entries in a general
ledger are mathematically correct.
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Ability to cast large numerical figures accurately
Ability to make proper planning of my duties in order to conduct an effective task
in an efficiently and timely manner
FUNCTION OF KEYBOARD
Keyboard is used for typing message for communication.
Keyboard is used for receptacle for anger and frustration techniques.
Keyboard is used for seating, most notable for those of the feline persuasion.
Keyboard is used for entering text.
Keyboard is used to operate some devices.
Ctrl+A These two keys will select all text or other objects.
Ctrl+B Bold highlighted text
Ctrl+C Copy any selected text or another object.
Ctrl+D Bookmark an open web page or open font window in Microsoft word
Ctrl+E Centre text
Ctrl+F Open find window
Ctrl+G Open find in a browser and word processing
Ctrl+H Open the find and replace in notepad, Microsoft word, and WordPad
Ctrl+I Italicize text
Ctrl+J View download in browsers and set justify alignment in Microsoft word.
Ctrl+K create a hyperlink for the highlighted text in Microsoft word and many
HTML editors.
Ctrl+L Select address bar in a browser or left align text in a word processor.
Ctrl+M Indent selected text in word processors and other programs.
Ctrl+N create a new page or document.
Ctrl+O open a file in most programs.
Ctrl+P open a print window to print the page you’re viewing.
Ctrl+R Reload page in browser or right align text in a word processor.
Ctrl+S Save the document or file.
Ctrl+T create a new tab in an internet browser or adjust tabs in word processors.
Ctrl+U Underline selected text.
Ctrl+V Paste any text or another object that has been copied.
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Ctrl+W Close open tab in a browser or close a document in word.
Ctrl+X Cut selected text or another object.
Ctrl+Y these keys will redo any undo any action.
Ctrl+END Moves cursor to the end of a document instead of end of the line.
Ctrl+Z pressing these two keys will undo any action.
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CHAPTER FOUR
4.1 CONCLUSION
The student industrial work experience scheme has provided a training ground where skills
relating to how information can be process, managed, preserved, retrieved and documented, and
also how to conduct a proper audit verification procedure. This has gone a long way in equipping
me in merging what has been learnt in the class room environment to what was actually applicable
in real life.
Finally I will like to conclude by encouraging all students to make use of their time during SIWES
and appreciate his/her profession via training, it’s actually a forum for ushering one into the labour
market.
4.2 RECOMMENDATION
The following recommendation or suggestion are made on how to improve on the problem
1. The polytechnic should establish formidable industry partnership to foster quick absorption
of student into the work force during internships and after graduation.
2. Federal Government should implement policies to both private and public industries to pay
undergraduates on industrial attachment so as help boost their interest for the Siwes.
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