THE INSTITUTE OF FINANCE MANAGEMENT

FACULTY OF ACCOUNTING, BANKING & FINANCE

DEPARTMENT OF ACOUNTANCY & FINANCE

BACHELOR OF ACCOUNTANCY

YEAR II 2018/2019

SUBJECT: A FIELD REPORT ON ACCOUNTING PRACTICES

PLACE: TANZANIA INTERNATIONAL PETROLEUM RESERVE’S (TIPER’S)

NAME: GLORY EUSTACE MASAKI

REG NO: IMC/BAC/17/81829

SUPERVISOR: DR MWIGA WILJONSI MBESI

 ACKNOWLEDGEMENT

Report writing is association of a number of individual’s effort; with this reason the assembling
of this work has involved a number of individuals who gave their precious time to help me
accomplishing this work

I therefore would like to offer my sincere appreciation for the invaluable support of the
following:

First, I thank God who is my creator for the life and strength that he provided me with by
rescuing me from misfortunes

Secondly: I would like to express my sincere thanks to my supervisor Dr Mwiga Wiljonsi

Mbesi for his guidance which enabled me to improve and shape this work up to this point. It was
not possible for me to produce this field report alone but under my supervisor’s guidance this
work has been accomplished.

Thirdly, I owe my profound to my field work guide Mr. Andrew Lind Finance Manager, Mr.
Geoffrey Chief Accountant, Mrs. Mary Kabelwa, Mr. Bakari Maluma, Mrs. Dativa Vestus, Mr
Mackarius Malinga and Mr. Peter Kwaye Human resources Manager who took keen interest on
my field work and guide me all along, till the completion of my field work by providing all the
necessary information for developing a good skills and knowledge.

Lastly, I would like to thank my family, IFM staff and my colleagues for their cooperation,
encouragement and good relationship shown to me during the whole period of my field work.
 ABSTRACT

The important of field work to institute students has made me to develop this field report. This
field report applies the basic information about the company and necessary things that I
undertake in field work at TIPER Company.

The report starts on over viewing the field placement in the account department. In my field
work I have engaged in different task relating to accounting and finance management, such as
preparation of cheque and how to handle different cheque which are in going and outgoing
Cheque, Cheque recording in Cheque Book and preparing collection order, issuing receipts to
different debtor who settles their payment to TIPER Company, Bank reconciliation Statement,
Accounting packaging the system, suppliers and creditors accounting reconciliation. I have done
on Microsoft excel and record data that are of finance transaction such as posting or stock
movement in pastel, posting collection order in the system, Preparation of company cash book,
evaluation of bank statement, bank reconciliation statement, preparation of Finance statements,
which are Income statement, balance sheet and cash flow, evaluation and I participate on fixed
asset evaluation of the company.

I leaned on how to prepare cheque and how to manage them, to Microsoft excel and to record
data on it, prepare invoice, collection order, posting order, payment voucher and filling them in
different files, to prepare company cash book, to prepare bank reconciliation statement, company
financial statement and to identifying fixed assets.
Table of Contents
ACKNOWLEDGEMENT................................................................................................................i

Abstract............................................................................................................................................ii

List of figures and tables..................................................................................................................v

List of acronyms/abbreviations......................................................................................................vi

CHAPTER ONE: INTRODUCTION..............................................................................................1

1.0 OVER VIEW OF FIELD WORK PLACEMENT....................................................................1

1.1 OBJECTIVES............................................................................................................................1

1.2 BACKGROUND OF THE TANZANIA INTERNATIONAL PETROLEUM RESERVES

LIMITED.........................................................................................................................................2

1.3 THE VISION AND MISSION OF TIPER................................................................................2

1.3.1 The Company’s vision........................................................................................................2

1.3.2 The Company’s Mission.....................................................................................................2

1.3.3 TIPER’s Aim......................................................................................................................2

1.3.4 TIPER’s Culture.................................................................................................................2

1.3.5 TIPER’s values...................................................................................................................3

1.4 TYPE OF ORGANIZATION....................................................................................................3

1.5 BOARD OF DIRECTORS........................................................................................................3

1.6 MAJOR SERVICES/PRODUCTS............................................................................................3

1.7 THE COMPANY STRUCTURE..............................................................................................4

1.8 LEVEL OF TECHNOLOGIES.................................................................................................7

1.9 TIPER CLIENTS/CUSTOMERS..............................................................................................7

CHAPTER TWO: WORK DONE AND LESSONS LEARNT .....................................................8

2.0 PLACEMENT OF ORAGANIZATION I HAVE TRAINED..................................................8

2.1: DESCRIPTION OF TASKS PERFOMED AND LESSONS LEARNED…………..……….8

2.1.1 Prepare Cheque...................................................................................................................8

2.1.2 Recording Data...................................................................................................................9

2.1.3 Preparation of Cash book....................................................................................................9

2.1.4 Bank Reconciliation Statement.........................................................................................10

2.1.5 Preparation of Financial Statement,..................................................................................12

Statement of financial position:.............................................................................................12

Statement of comprehensive income:....................................................................................12

Cash flow:..............................................................................................................................12

2.1.6 Fixed Asset.......................................................................................................................14

CHAPTER THREE: ANALYSIS.................................................................................................16

3.0 ANALYSIS..........................................................................................................................16

3.1 SKILLS LEARNT AND ENHANCED..............................................................................16

3.1.1 Business Communication skills………………………………………………..........16

3.1.2 Accounting Skills…………………………………………………………………...16

3.2 SKILLS LACKING AND PROBLEMS EXPERIENCED.................................................16

3.2.1 System operation…………………………………………………………………...17

3.4 HOW THE PROBLEMS WERE HANDLED........................................................................17

CHAPTER FOUR: CONCLUTION AND RECOMMENDATION............................................18

4.0 CONCLUTION.......................................................................................................................18

4.1 RECOMMENDATION……………………………………………………………………...18

REFERENCE................................................................................................................................20

APPENDICES...............................................................................................................................21
List of figures and tables
Figure 1: Organization structure………………………………………………5

Table 1: Abbreviation of organization structure………………………….…..6

List of acronyms/abbreviations

TIPER- Tanzania International Petroleum Reserves Limited

TPDC-Tanzania Petroleum Development Corporation

IMF- International Monetary Fund

HSSE-Health, safety, security and environment

ICT- Information and Communication Technology

 CHAPTER ONE: INTRODUCTION

1.0 OVERVIEW OF THE FIELD WORK PLACEMENT

The report describes about practical training conducted at Tanzania International Petroleum
Reserves Limited (TIPER) Temeke district, Region located at Dar es Salaam in Kigamboni
from June 25th to August 3rd, 2018. TIPER is the private company owned by Swiss Oryx
Energy’s but they make a joint venture with the Tanzanian Government with the agreed share
of 50% each.

However my practical training at TIPER was very interesting as most of its activities
conducted at accounts section directly relates to the theories learned at the Institute such as
the preparation of cash books, petty cash books, vouchers, bank reconciliation and other
tasks. Its main objective is to provide an opportunity for a student to integrate theory and
practice. The program expose students to actual working environment thus bridge the gap
between teaching theory and practice.

1.1 OBJECTIVES

a. Objective of the field attachment is to enable students to understand various ways on

treatment of accounts spheres in case of practical. Thus field attachment programme
should enable students to transform their theory knowledge into practice.
b. To gain experience on how to perform various duties done in the labour market world
which is quite different from those performed in classes. At the end of field
attachment period a student should be able to explain what he/she has learned and
performed during the period.
c. Also it’s a part of academic requirement for the award of Bachelor degree students

1.2 BACKGROUND OF THE TANZANIA INTERNATIONAL

PETROLEUM RESERVES LIMITED
Before establishment of Tanzania International Petroleum Reserves limited in the year
2000(s), the organization was known as Tanzanian and Italian Petroleum Refining Company
limited which started in the year of 1960(s). After the signing of the agreement in 1963, it
was built by the Italian state-owned Eni. In 1969, the Government of Tanzania purchased half
of the share and become owned jointly by GoT and Agip (Tanzania) limited. Prior to the
liberalization of the petroleum industry in 1997, TIPER produced 30 percent of the local
requirements and the rest was imported by the state-owned Tanzania Petroleum Development
Corporation (TPDC).

1.3 THE VISION AND MISSION OF TIPER

I.3.1 THE COMPANY’S VISSION

To remain the largest storage facility in East Africa and the first choice of customers of its
QUALITY of SERVICES and SAFETY

1.3.2 THE COMPANY’S MISSION

TIPERS Mission is to store Oil products to its customers (Oil Market Company’s) such as Oil
com, Augusta, Cobil, Total, British petroleum, and Engine. In an environment where
operations are conducted in the most professional and in a safe manner.

1.3.3 TIPER’s AIM

 Achieve zero accidents everywhere. We want to be listed among the best companies
in terms of work safety.
 Mitigate the technical risks associated with our operations by applying industry best
practices to ensure the integrity and safety of our installations.

1.3.4 TIPER’s CULTURE

Ensure that Health, Safety, Security and Environmental considerations are natural part of
daily activities and decision- making for every employee within our organization

1.3.5 TIPER’s VALUES

INTEGRITY: Honest with other and ourselves and comply with the highest ethical standards.
HIGH PERFORMANCE: Committed to excellence in everything we do, strive to continually
improve, exceed expectation and get the sense of urgency.

1.4 TYPE OF ORGANIZATION

The Tanzania International Petroleum Reserves Limited (TIPER) is a joint venture between
the Government of Tanzania (GoT) and Oryx Energy’s. It operates the largest oil terminal in
the country and will have a storage capacity of 213,200 m3 by 2015.

1.5 BOARD OF DIRECTORS

TIPER has Board of directors consist of five (5) non-executive directors and one (1)
executive director who is the Managing director. The Board of directors take over all
responsibility for the company including responsibility for identify risk areas considering and
monitoring investment decisions, mostly in financial matters, reviewing the performance of
the Management business plan and budgets. The Board meets at least four times in a year.

Shareholder of the Company/Ownership structure

The total numbers of shareholders during the year was two and are as follows;

S/N Shareholder Number of ordinary

shares

1. The Government of Tanzania Treasury Registrar 50%

2. Addax and Oryx oil group 50%

1.6 MAJOR SERVICES/PRODUCTS

Tanzania International Petroleum Reserves limited are aims to respond to the fuel storage
needs of customers and businesses who are in and out of country by providing a series of
reliable and quality services which including storage fee and KOJ charges.

The products which are stored or charged at KOJ/SPM are as following;

 Fuel oil
 Gasoil (AGO)/Diesel
 Mogas/petrol/gasoline
 Jet Al/kerosene
  Liquefied Petroleum Gas(LPG)/Gas

1.7 THE COMPANY STRUCTURE

Organization structure; it is defined as an established paten or network of relationship among

the parts of the organization. It is the shape or design of the organization depends on how
they do and how they are designed to do what they do. Or

According to TIPER Company;

Diagram to show the structure of our organization and the relationships and relative ranks of
its parts and position/jobs BS

D
FIGURE 1: ORGANAZATION STRUCTURE
M M
D D

P P
A D
TM FAM

CAM IA

PE MOP CA
S HR
A
 HSSE MS ITS
MOP C MA
M

SA PO

MOP SS
RA TA AP

HSS
EA

TC CO
MOP O MT SAO
HR
AD

BC D
FTD WPAA

ET MECH IT BS
T

FM

D
BS

TABLE 1: The meaning of abbreviation from the chart above

MD-managing director MT-maintenance technician

PA-personal assistant SAO-store administration officer

PD-personal assistant TC-cashier

DMD-Depute managing director ET-electrical technician

CAM-corporate affair manager MECHT-mechanical technician

TM-terminal manager IT-instrument technician

IA-internal auditor BC-boat captain

FAM-finance and administration manager D-drivers

PE-project engineer BS-boat sailor

MOPS-mop supervisor FM-fire management

CA-chief accountant MOPO-mop operator

HRA-Human resource officer TA- taxes accountant

HSSEM-health safety security and environment manager MOPSS-mop supervisor

MS-maintenance supervisor PO-procurement officer

RA-revenue accountant

AP-accountant payable

HSSEA-health safety security and environment assistant

HRAD-human resource management

Note

Mop means the movement of product

1.8 LEVEL OF TECHNOLOGIES

The use of Information and Communication Technology ICT facilities has a great potential to
support development and is a key contributor to productivity growth in an organization.
Employees are vital players in changing work practices and contribute to the growth of the
Authority by utilizing fully the available ICT facilities. TIPER uses software which is
PASTEL (accounting package), outlook for email communication but also they have a server
for storing data and to share.

1.9 TIPER CLIENTS/CUSTOMERS

TIPER clients are those who benefit from services provided by TIPER and everyone who has
the services at the delivery point from ships for opening and calculating their fuel to deliver.
Those customers are as following in few lists:

• GAPCO limited

• Total limited

• GBP company

• ENGEN

• Oryx limited

• Financial Institution (Banks)

CHAPTER TWO: WORK DONE AND LESSONS

LEARNED

2.0: PLACEMENT OF ORAGANIZATION I HAVE TRAINED

During my field work period at TIPER, I was taught, learn and practiced what I have done in
my college by participating in doing work at TIPER Company in accounting and finance
administration. In Finance administrative department, the section in which I was doing work
was of accounting and is divided in five parts which are Accounting payable and fixed
asset, accounting receivable, Taxations and bounded warehouse and financial reporting.

Both five parts are under chief accountants who was my field coordinator; I was allocated to
do my accounting field work and taught different work by chief accountant’s assistance.
Pleasantly i was taught in almost all section regarding my interest which I express to my
coordinator that was in accounting and finance in the time accordance without affecting the
company Time table.

Among the activities/task I have done and lessons I learned from those activities (Task) at
TIPER company from 25th June 2018 to 03rd august 2018 are as follows;-

2.1: DESCRIPTION OF TASKS PERFOMED AND LESSONS LEARNED

2.1.1 Prepare Cheque.

Cheque is a document prepared commonly for domestic payment but not satisfactory method
of setting with an overseas supplier. How they are prepared is as follows; first, payment
voucher is issued then list of payee report of their amount required then after that cheque is
written. Cheque is prepared to employee, creditors and Banks when you want to pay a certain
amount of money for the aim of paying wages or liability to creditors. There are two kinds of
Cheque which are mostly used, and they are of Open Cheque and Crossed Cheque. Open
Cheque are paid to the bearer of the Cheque while open Cheque are paid to the payee only.

Lesson Learnt.

The lesson I have learned, is on how to issuing and writing cheque of different kind including
closed cheque and open cheque, means Cheque are prepared of different amount but not
acceding ten million and mostly to person with Bank account. Cheque is valid only within six
month but above that it become stale cheque which means outdated cheque.

2.1.2 Recording Data

I prepared and recording collection, posting order and record to the Microsoft excel. Posting
order is prepared to create liability and charging the respective expenses. In preparation of
posting order we debit expenses and credit creditors. When the bill is sent by the creditors is
when the collection order is prepared especially to know the amount which supposed to be
paid to creditors in future.

They are recorded to the excel sheet to store their reference in their chronological order to
avoid confusion when you want to make reference and used during auditing process. I
prepared collection order and record them to the excel sheet.
Collection order is prepared mostly to indicate that cash had received by customers or from
Bank. The cash may be directly in cash or in cheque. Collection order prepared and stored in
hard copy and in the Microsoft excel just for reference and auditing process, also they are
used as a prove whether the cash was received.

Lesson Learnt

I learnt on how data are being managed by using computer system, this was done through
Microsoft excel, so I learnt two things at a time which are use of Microsoft excel and using it
to record financial data or information.

2.1.3 Preparation of Cash book.

Cash book is the financial journals that contain all cash receipts and payments, including
Bank deposits and withdrawals. It is periodically reconciled with Bank statements as an
internal method of auditing.

Cash book in large firms usually divided in two parts which are; -

1. Cash disbursement journal that record all cash payments, such as account payable
and operating expenses.
2. Cash receipts journal, which records all cash receipts, such as account receivable and
cash sales.

Cash book is where we record the firm’s cash and cheque transaction that shows record of all
payment coming in and out of the company.

In Order to prepare cash book we need the following Cheque book counterfoils and paying in
book stubs for all transaction which involve the Bank account or any Bank advice slips, the
Bank statement or other information received from Bank from time to time.

Cash purchase invoice, receipts cash paid out and copies of receipt given for cash paid in.
Any payment advice slips which arrived with cheque or cash received. Cash or cheque
received is entered in the debit of the cash book and cash or cheque given out is recorded in
credit side of the cash book.

Bank statements are record compile by a Bank to show terms like balance and activity within
the account. It is common for most people with checking accounts to receive a monthly
Banks statement. Most statement will lost all transactions that have accrued in the account
and the date upon which they occurred transaction including deposited and withdraws also
charges

Lesson Learnt

I learnt on how cash book are prepared particularly the details which are supposed to be put
in cash book, when you want to know how transaction took place during the accounting
period. It shows the outgoing and ingoing cash in the company. Also I realize that transaction
calculation to go smoothly, one must show creatively and critically how the cash circulate in
and out of the company.

2.1.4 Bank Reconciliation Statement.

Bank reconciliation statement is the form resolves and explains any differences that occur
between your monthly financial book records and Bank statement or it involves comparing
your record of transaction and balances to the Bank transaction and balances.

To prepare bank reconciliation one must have Bank statement to make comparison with
his/her financial books records (cash book). After having Bank statement, a person is
carefully tracking the cash in and out of their business compared to what actually happened
and that is how Bank reconciliation is prepared. Therefore companies have to carry out bank
reconciliation process which prepares a statement accounting for the difference between the
cash balance in company's cash account and the cash balance according to its bank statement.

Following are the transactions which usually appear in company's records but not in the bank
statement:

 Deposits in Transit

Deposits which have been sent by the company to the bank but have not yet been received by
the bank at proper time before the issuance of bank statement.

 Checks Outstanding

Checks which have been issued by the company but were not presented or cleared before the
issuance of bank statement.

Following are the transactions which usually appear in bank statement but not in company's
cash account:
  Service Charges:

Service charges may have been deducted by the bank. Such charges are usually not known to
the company before the issuance of bank statement.

 Interest Income:

If any interest income has been earned by the company on its bank account, it is not usually
entered in company's cash account before the issuance of bank statement.

 NSF Checks:

NSF stands for "not sufficient funds". These are the checks deposited by the company in bank
account but the bank is unable to receive payment on those checks due to insufficient funds in
the payer's account.

Lesson Learned

I learn on how to prepare Bank reconciliation statement and its procedure. This is done after
making comparison between Bank statement and company cash book to obtain update cash
book. Also I learn on the important of Bank reconciliation statement such as tracking the cash
flow in and out of the business compared to the actually happened, also it show the details of
cash account, company cheque Book and account payable

2.1.5 Preparation of Financial Statement,

Financial statement is the statement that summarizes all of the revenue and expenses
incurred by a business during a year or fiscal or a financial statement (or financial report) is a
formal record of the financial activities of a business, person, or other entity. The audience
for the financial statements includes Company officers, Investors, Creditors ,Customers,
Government, Public and the financial statement comprises of three separate reports which
are:-

 Income statement /comprehensive statement,

 Balance sheet/financial position,
 Cash flow, Statement of change in Equity
Relevant financial information is presented in a structured manner and in a form easy to
understand. They typically include basic financial statements, accompanied by a management
discussion and analysis:

Statement of financial position:

Also referred to as a balance sheet, reports on a company's assets, liabilities, and ownership
equity at a given point in time.

Statement of comprehensive income:

Reports on a company's income, expenses, and profits over a period of time. A profit and loss
statement provides information on the operation of the enterprise. These include sales and the
various expenses incurred during the processing state.

Cash flow:

Reports on a company's cash flow activities, particularly its operating, investing and
financing activities.

All of the three reports provide detailed view of the company operation, volume of sales and
overall management.

"The objective of financial statements is to provide information about the financial position,
performance and changes in financial position of an enterprise that is useful to a wide range
of users in making economic decisions." Financial statements should be understandable,
relevant, reliable and comparable.

Reported assets, liabilities, equity, income and expenses are directly related to an
organization's financial position. Financial statements may be used by users for different
purposes:

Employees also need these reports in making collective bargaining agreements (CBA) with
the management, in the case of labor unions or for individuals in discussing their
compensation, promotion and rankings.

Lesson Learnt

I learnt on how financial statements such as comprehensive income and Balance sheet are
prepared and their important particularly to the company at large, such that it show financial
position and Performance of the company and it is also used by the audience of the financial
statements which includes, Company officers, Investors, Creditors, Customers, Government
and Public. Financial statement is prepared in every accounting period which is one year.

Statement of Cash Flow

Statement of cash flow is used to illustrate the current cash position, liquid assets and
accounts receivable. It is good indicator of the operational management of the company and
the impact of their account receivable collection activities. Is the movement of money into or
out of a business, project, or financial product and it is measured during a specified, finite
period of time. The measurement of cash flow can be used for calculating other parameters
that give information on a company’s value and situation. Also it is generic term used
differently depending on the context. The purpose of the cash flow statement or statement of
cash flows is to provide information about a company’s gross receipts and gross payments for
a specified period of time.

NB, The financial statement of the company provides a great opportunity to learn about the
company’s finances.

2.1.6 Fixed Asset

Fixed asset in other word is called Non-current asset. A long term tangible piece of property
that a firm owns and uses in the production of its income and is not expected to be consumed
or converted into cash any sooner that at least five years’ time. Are also collectively referred
to as plant. Example, building, real estate, equipment and furniture are good are good
example of fixed assets. Fixed asset of the TIPER are classified in a company’s balance sheet
as intangible or investments. They are also known as a non-current asset or a property, plant,
and equipment (PP&E) is a term used in accounting for asset and property which cannot
easily convert into cash.

Fixed asset can be depreciated but to determining the best method for depreciating tangible
fixed asset can be difficult. The article discusses three of the most common methods which
are:-Straight line method, Units-of-production method and Double deducting. In order to
begging depreciating an asset, three things must first be determined, The initial cost of the
asset, The expected useful life of asset, The estimate value of the asset at the end of its useful
life.
Lessons Learnt

I learn o how to differentiate between fixed or non-current asset and current asset. Fixed asset
are term that a company purchases for long term use in their business. Examples are
Equipment, furniture, machinery, and tools are example of tangible assets. Fixed asset are
physically counted and evaluated if decision is made.

2.1.7 Creditor accounting reconciliation

It is done in order to confirm whether the transaction done is correct or not. Mostly is done to
in order to know if the transaction which was supposed to be paid is already done or not. This
also helps the company to fulfill their obligation clearly and accurately at the right time. It is
done in accounting department to insure suppliers and creditors are paid.

Preparation of payment vouchers

Payment vouchers are used to certify payment of cash from TIPER to others such as
employees or outsiders. The process of completing a payment voucher starts by an accountant
issuing the voucher and signing before going to the manager for approving. The duty was to
check the correctness and record the types of payment in a book before they are finally sent
to the manager for final signing. After the manager passes the voucher the final process is to
print the cheques and deliver them to the payees.

Lesson learned:

I have learned how to prepare vouchers using the TIPER computerized system such as how to
retrieve the voucher page by using special program (PASTEL), how to fill details such as
voucher numbers, names of the beneficiary, date and amount payable.
 CHAPTER THREE: ANALYSIS

3.0 ANALYSIS

In this chapter it is concern most of what I have being learning during my field training at
TIPER including skills lacking and problems experienced.

3.1 SKILLS LEARNT AND ENHANCED

During my field training they were some new skills which I have learnt and others I have
already learnt at the Institute. Some of the skills are as follows

3.1.1 Business Communication Skills

I have learned how to process correspondences through different department and how to
record and file outgoing and incoming correspondences. All correspondences within the
office are cleared off from the sender department to the receiver department directly where by
outgoing or incoming correspondences must pass through the district finance managers
office.

3.1.2 Accounting Skills

I have learned several skills most of them I have learned at the institute but during my field I
was practicing them. I have learned how to prepare and file report of receipt and payment,
trial balance provided under IAS

3.2 SKILLS LACKING AND PROBLEMS EXPERIENCED

The Challenges that I faced during my field practical is that, same of work were sensitive that
I couldn’t afford to perform them due to the experience and enough knowledge I had, so most
of those works were done by workers themselves. Most data’s were not stored in hard copy
or in accounting software such as tally but they use Microsoft excel to store their data hence
it hinder my practice

3.2.1 System operation

PASTEL and OUTLOOK are systems mostly used by the organization in the accounting
department. Not being familiar to these systems was a challenge because at first it was
difficult to accomplish the tasks given and sometimes when a wrong entry was posted into
the systems it was hard to retrieve the previous data for corrections.

The organization accepts more field students than it can accommodate. Although the
organization has a good number of computer sets, the number of field students exceeded the
number of computers available, thus sharing of computers was a constraint.

3.4 HOW THE PROBLEMS WERE HANDLED

Financial support from our internal supervisor at TIPER and my family. Our internal
supervisor at TIPER coordinated with the management concerning the pay to field students
which eventually was successful and reduced financial problem. Also financial support from
parents was a great help in accomplishing the field study.

Learn and understand the system of operation of the organization and when encountering
problems seeking for assistance from my supervisor and other employees in my department.
 CHAPTER FOUR: CONCLUSION AND
RECOMMENDATION

4.0 CONCLUSION

Most of my expectation I had before coming for my field work was fulfilled during my field
work period at TIPER Company, such as writing cheque, recording invoices in excel sheet,
preparation of cash book, Bank reconciliation, preparation Posting Order, Evaluating of Fixed
asset of the company and learn brief on computer programs and applications.

In addition to that, I learn on how different Management skills such as Human skills and
conceptual/analytical skill are applied in the management especially to employees and other
contractors. The challenges that I faced during my field practical is that, same of work were
sensitive that I couldn’t afford to perform them due to the experience and enough knowledge
I had, so most of those works were done by workers themselves.

4.1 RECOMMENDATION

I had a pleasant opportunity to do my field work closely with TIPER employments mostly in
finance Administration department in section of accounting and finance for two months.
During my two months in accounts the department and do collaborate on several project
together as explained above. I am pleased to say that the administration at large tried their
best level to make sure that I understand and do same of work regarding in accounting
although there was shortage of equipment such as computer, Since practical knowledge have
to be supplemented by practice so that student can improve the understanding material fact
learnt in classrooms.

My recommendation is;
Institute lectures and teachers should teach the student different program in computer, this is
due to the change of science and technology, most of work is done through computer.
Emphasis should be put on computer subject as other core-subject because more knowledge
on computer programs more opportunities to be employed.

Extension of practical training, the time period of field work does not enough to recover the
preference of student for it given limited time for field training, the institute should negotiate
with those firm accepting student to do their field work in at least three months so that they
get enough time to learn and practices as they prefer in practical so that they can make
themselves more experience of doing work. Many things are being discovered when we are
in field work, so the time which given is not enough.
REFERENCE

TIPER (2017) TIPER.Available at: http://www.tiper.go.tz/.

TIPER Financial statement report for 2008, 2009, 2010 and 2011.Tiper.

Frank woods and Alan Songster. (1999).Business Accounting. (8th edition)Great Britain.

Don Wight and Wally Valentine.(1988).Business of Banking, (2nd Edition).

APPENDICES

Log book

Arrival note

Certificate of successful completion of the practical training