W23 Day 112 of Nana's Internship

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Week 23 Day 112 (09 September 2025)


Activity


- Continued working on and completing the audit schedule.

- Learned to perform the valuation test and Net Realizable Value (NRV) test to ensure the stock price and selling price are accurate and on track.

- Issued, printed, and sorted journal vouchers, and searched for supporting documents to attach with them.

- Followed Mr. Lim to another office (also used as a storeroom for his business stock) to check whether the physical stock tallied with the stock listing.


Key Learning


- The valuation test and NRV test are important to confirm that inventory is not overstated and reflects fair value.

- Journal vouchers must be properly supported by documents to strengthen accountability and audit trails.

- Stocktaking in a storeroom environment taught me how important it is to reconcile records with physical stock.

- Audit schedules, stock valuation, and stock check all tie back to ensuring accuracy and transparency in financial reporting.


Reflection


Today felt like one of the more diverse days of my internship because I got to learn and experience several different tasks. Continuing with the audit schedule was familiar, but learning about the valuation test and NRV test gave me a clearer picture of how companies ensure that their stock value is realistic and compliant with accounting standards. It was also a good reminder that numbers on paper must always match reality. Issuing and sorting journal vouchers made me realise how important supporting documents are in building a complete financial trail. Without them, it would be very hard to prove or justify transactions later. 

The most interesting part of the day was following Mr. Lim to the storeroom to check the physical stock. It gave me a more hands-on understanding of how accounting records are directly linked to what actually exists in the business. Seeing how stock records and listings need to tally made me appreciate the importance of accuracy not just in the system, but also in real life. By the end of the day, I felt like I had connected both the technical side and the practical side of accounting.


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