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Accounting Internship Suggestions and Review

May I have any suggestions abut the following points: a)The most helpful skills or knowledge that you learned in your accounting courses and how they were or were not relevant to your internship experience. b) What additional preparation could have helped you do a better job as an intern. c) The types of technology use during your internship and what you have learned about technology in the accounting profession from your experience. d) The experience you gained during your internship that is applicable to the business world and your career. c) Was your internship experience what you expected? How it met or did not meet your expectations.

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a) The most relevant skills that I learned in my accounting courses were the introduction to the three important financial reports, namely the balance sheet, income statement, and the statement of cash flows. I learned about the interrelationship between them. These were helpful during my internship. I also learned the two ways of constructing financial reports that is the accounting equation method and the T Account method. The functions of the financial statements, the recording of business transactions, and journal entries of different types were helpful to me during my internship. There are many basic functions that I learned during my accounting courses that helped me during my internship. Specifically, these were the balancing basics, developing a cash budget, and making closing entries. Other important topics that I learned during my accounting courses and were used in my internship were accounting for depreciation, bad debts, and adjustment entries. I also learned about capital structure, financial ratios, and break even analysis.

b) Additional preparation that could have helped me do a better job as an intern knows the accounts payable function better. The preparation for accounts payable function was inadequate. If I had been taught more about internal audit it would have helped me. When I was an intern, I was asked to prepare fixed asset monthly roll forward reports. From accounting courses I knew what were fixed assets but I did not know how these reports were to be prepared. During the accounting courses I was taught how to make journal entries but as an intern I was asked to prepare bills and invoices, I realized that I had not learned much about this. During ...

Solution Summary

The answer to this problem explains the value of accounting internship. The references related to the answer are also included.