Accounting

INITIAL ASSIGNMENT

I am an Accounting major student. Currently, I got internship in the field of accounting. I do have theoretical knowledge about accounting that I expect the internship will help me to build on. With that being said, I want clear understanding about the inventory valuation like LIFO and FIFO methods which I studied in my intermediate accounting courses. Journal entry is the foundation of Accounting, I am hoping that with the completion of the intern I will know the mechanism of Journal in real life bookkeeping. I want to learn more on how the financial statements are prepared in the real world. I am expecting that I will become able to prepare the all three financial statements- income statement, balance sheet, and statement of cash flows with comprehend journal entries procedure.

I believe the reconciliation of every report is very essential role that Accountant needs to possess, so I am positive that I will be taught the hierarchy of reconciling the reports that are involved in making the financial statement. I don’t have complete knowledge on what kind of software are used in accounting process. We have Sage Intacct and Quick Book that are being used in our company for accounting purpose. Skills with the understanding of technology is very important in this booming era of technology. So, I am anticipating that I will have some knowledge about both the software and will have some knowledge about how technology works for accounting. This will help me to work as a full-time accountant after the completion of my degree too.

My goal is to grasp all the knowledge that I will be offered at the intern and do it with full concentration. Also, I want to give some output to the company that I am working on. My motive as an Accounting Intern to determine the expenses that we are making quarterly and compare with