SUBJECT: ACHIEVEMENTS FROM THE INTERNSHIP PROGRAM.

Introduction.

I am grateful to the college for giving me the chance to go for an internship in a Chartered Accountancy firm. Please find below the relevant knowledge and skills gained on the practical side of accountancy and its comparison with the theoretical aspects of tuition.

Knowledge and Skills gained.

I was able to learn a lot of aspects used in the practical side of accounting. It is useful to gain practical experience while studying if there is a chance as one able to appreciate the theoretical aspects of accountancy and how it is used in the practical side.

During my internship, I have learnt on various areas related and used in the preparation of accounts. They are bank analysis, VAT returns, and preparation of draft accounts for sole traders, partnerships and limited companies.

The experience gained from analyzing financial information is really helpful as one is able to learn the areas related to each other, for example, when analyzing a bank account, one needs to establish the various payments made through a bank such as purchases, advertising, printing, postage, stationery, telephone, cash drawings and others. It is this analysis which is used in the preparation of the accounts.

The Part One of ACCA professional scheme is really useful when it come to preparing accounts while Part Two helps one to understand the aspects of taxation, information systems within the organization and the legal implications and planning for the future.

Comparison between Study and Practical Application.

There are areas where theoretical knowledge is not fully applied in the practical world due to the information available. Taxation aspects used in practice differs from what is in theory. Theory is much detailed thus giving one stronger background to be used in real life situation.

The knowledge gained once from the studies will be useful for the daily life of an accountant because a person can apply the changes in the legal system to his knowledge so as to stay updated and therefore perform his or her duties and responsibilities as an accountant.

Conclusion.

The recommendation to those studying will be to try and if resources permit, take the chance of training as it will help one to gain the experience required by the professional bodies and become a member.

Written by:

Nishit Patel.