Students Experience Hands-On Learning in the Tuason’s Annual Yearend Inventory Taking and Audit
TUASON INVENTORY TAKING
Together with some members of the executive board of JPIA, selected fifth year BS Accounting and fourth year BS Accounting Technology students participated in the Annual Yearend Inventory Taking of Tuason Community Center Foundation, Inc. last 30th of April at St. Scholastica’s Academy – Marikina (SSAM).
The participants were given the chance to experience a hands-on encounter with the accounting cycle especially the year – end inventory count where they were separated into pairs or groups of three’s and four’s to help the staff of St. Scholastica’s College – Marikina in counting their various inventories which will be an integral part of their financial statements for the current year.
They were grouped and assigned to the different facilities of TCCFI to do the physical count which included the raw materials, work-in-progress inventory and finished goods as well as equipment.
In addition, after finishing the physical count, the students were able to write for themselves their findings in pre-numbered vouchers and encode them as well.
This annual activity is part of the School of Accountancy’s and JPIA’s commitment to serve the community by sharing their time and talent.
5th year BS Accountancy students together with a selected officers of the Junior Philippine Institute of Accountancy (JPIA) participated in the annual Auditing activity (vouching) of the Tuason Community Center Foundation, Inc. (TCCFI) at St. Scholastica’s Academy – Marikina held last 17th of July, 2015.
Said participants together with Prof. Aquilino Soriano and Prof. Ronaldo Quiambao, School of Accountancy Chairperson and JPIA Moderator, helped the TCCFI in conducting their year-end audit by letting the students experience vouching activity as part of the annual audit of the financial records of TCCFI.
Students were also given the chance to partake in the audit of the petty cash fund of TCCFI through inspecting the source documents accompanying the list of transactions of said account.
The annual activity was conducted as part of the School of Accountancy and JPIA’s commitment to serve the community.
By: Pia Angela Elemos