TANZANIA INSTITUTE OF ACCOUNTANCY

CAMPUS: DAR ES SALAAM

DEPARTMENT OF: ACCOUNTANCY MANAGEMENT

DIPLOMA IN: ACCOUNTANCY

YEAR: SECOND YEAR

A FIELD REPORT ON ACCOUNTANCY MANAGEMENT

NAME: SCOLASTICA M. DAMIAN

REG.NO: DSM/DA/20/70368

ACADEMIC YEAR:

SUPERVISOR:

SUBMISSION DATE:

DURATION:. 22/2/-22/4/2021
 ACKNOWLEDGEMENTS

First and foremost, I would like to express my sincere appreciation to my Supervisor Nipaeli
N.kiraya for supporting me in all stages of report writing activity. He’s the cooperative advisor
and one of the smartest people I know. I hope that I could be as lively, enthusiastic, and energetic
as to someday be able to command an audience as well as he can.

I am also very grateful to my fellow predecessor student’s advice and knowledge and many
insightful discussions and suggestions especially………….. Some of them availed me with
primary resource for getting my inquisitive questions and answered to crank out this report.

Many thanks have to be directed to different people for their assistance in providing advice many
times during my school career and challenges. They should remain my best role model may
request for some more help another time as a human being.

Finally, I feel that we have learned a lot on knowledge and skills for life and that we are
strengthened in terms of commitment and determination to each other and to live life to its
fullest.

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 DEDICATION

This work is dedicated to my beloved ones for taking care of me and much contribution through
finance, advice and prayers. The work is also dedicated to my fellow students and my lecture.
May God bless all abundantly.

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 DECLARATION

I SCHOLASTICA M. DAMIAN I declare that this project report below is my own work
carried out by myself under the guidance of my supervisor and it has not been previously
submitted for the award of any academic qualification elsewhere.

Date ……………………………………….
Signature.....................................................

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 EXECUTIVE SUMMARY
This is a report for practical training which was conducted for the thirty days at Mastermind
Tobacco Tanzania Limited purposefully submitting it to the Tanzania institute of Accountancy of
partial fulfillment of the award of Bachelor degree of Accounting. The main themes of this report
are the significance of finance and its procedure case study is finance department Mastermind
Tobacco Tanzania Limited This report has main four chapters; the first chapter is introduction
which introduces the meaning of the topic and the historical background of host organization as a
private organization concentrating on the services of tobacco and tobacco products. And other
duties and how was its establishment and its pioneer. This part also explain the objectives and all
major services provided by the Mastermind Tobacco Tanzania Limited

Chapter two concerns the analysis of various activities conducted at finance department
Mastermind Tobacco Tanzania Limited and lesson learnt from each activity. The activities
conduct here includes all duties conducted daily in finance office since I worked under finance
department

Chapter three is about the analysis of the work done and lesson leant. In this chapter the analysis
has been provided in accordance to the work done during the field work training and the work
done in the respective field.

Chapter four is the conclusion and recommendations. The conclusion talks of the significance
practical training to the learner, the higher learning institution like TIA, and to the organization
where PT is under taken like Mastermind Tobacco Tanzania Limited Recommendation provides
suggestion

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 Table of Contents
ACKNOWLEDGEMENTS..............................................................................................................i

DEDICATION................................................................................................................................ii

DECLARATION............................................................................................................................iii

EXECUTIVE SUMMARY............................................................................................................iv

CHAPTER ONE..............................................................................................................................1

1.1 Introduction.......................................................................................................................................1
1.2 Overview of field placement..............................................................................................................1
1.3 Historical background of the organization.........................................................................................1
1.4 Major product/services.....................................................................................................................3
1.5 Activities............................................................................................................................................3
1.6 Number of employees.......................................................................................................................3
1.7 Customer...........................................................................................................................................3
1.10 Organization core value...................................................................................................................4
1.11 Organization department................................................................................................................4
1.12 Review of the organization that the company works within...........................................................5
1.13 Mastermind Tobacco Tanzania Limited organization structure.......................................................5
CHAPTER TWO.............................................................................................................................6

2.1. WORKDONE AND LESSON LEARNT...................................................................................................6

2.2. Introduction......................................................................................................................................6
2.3. Descriptions of task undertaken and lesson learnt...........................................................................6
2.3.1. Reconciliation of the bank statement & updating the cash book..................................................6
2.3.2. Introduction to accounting package..............................................................................................7
3.1. ANALYSIS..........................................................................................................................................9
3.2. Introduction......................................................................................................................................9
3.3. Placement of organization at Mastermind Tobacco Tanzania Limited.............................................9
3.4. Expectation and nature of work performed.....................................................................................9

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 3.5. Performance of work assigned and challenges faces........................................................................9
3.5.1. Performance of work.....................................................................................................................9
3.5.2. Challenges faced during field work................................................................................................9
3.6. New things learned at Mastermind Tobacco Tanzania Limited......................................................10
3.7. Theory, practical and gape analysis................................................................................................10
3.8 Relevance of practical they assigned...............................................................................................11
CHAPTER FOUR.........................................................................................................................12

CONCLUSION AND RECOMMENDATION...............................................................................................12

4.1. Introduction....................................................................................................................................12
4.2. Conclusion......................................................................................................................................12
4.3 Recommendations...........................................................................................................................12
4.3.1 Recommendations to TIA.............................................................................................................12
4.3.2 Recommendations to host organizations Mastermind Tobacco Tanzania Limited.......................12
4.3.3 Recommendation To Academic Institution..................................................................13

4.3.4 At the Organization (TPA)..............................................................................................14

REFERENCE................................................................................................................................15

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 CHAPTER ONE

1.1 Introduction
This chapter show and explain the overview of field placement, background of the TPA,
establishment of the host organization, function of the organization, structure, mission, vision
and core value also explain or review of the industry that the company works within.

1.2 Overview of field placement

My training task take place at Mastermind Tobacco Tanzania Limited department of finance
during my field practical training I performed different tasks under the department of finance
deal with. Such tasks based on different sections such preparation of voucher, registry and
examination section. This practical training is conducted as a practical fulfillment of my bachelor
degree of Accounting.

The aim of the practical training is to complete the TIA syllabus and to get exposure to practical
issue related to different lessons learnt in classes as well as to get work experience. The whole
practical training was facilitated by the knowledge obtained from my theory studies at the
Tanzania institute of Accountancy such as computer application, theory studies about
Mastermind Tobacco Tanzania Limited and most of the task performed under the direction and
supervision of finance officers.

1.3 Historical background of the organization

At the age of 39, the entrepreneur Eng.Wilfred Murungi having worked in British American
tobacco, a company largely dominated by expatriates set out to find his sail to establish his own
firm dealing with tobacco and tobacco products in Kenya.

This vision was not embraced by the Regulators in Kenya as the industry was in the hands of the
multinational BAT.

His journey started in Democratic Republic of Congo, then Zaire where he mastered his trade as
a distributor for locally manufactured cigarettes.

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Undeterred, Eng. Murungi successfully incorporated Mastermind Tobacco (K) Limited on the
13th day of April 1987. The company outlined its objective as that of growing, producing,
processing, blending, packing and exporting tobacco leaf and by-products as well as
manufacturing and marketing cigarettes.

The company was however not yet ready to fly on its own and had to be nurtured under the
Kenya Industrial Estates in Nakuru. This humble abode did not dampen Eng. Murungi’s quest to
build a successful Kenyan owned manufacturing giant it is today.

The first few years of MTK illustrious journey was spent carving out its niche. This included
contracting tobacco farmers, building a leaf processing plant and cigarette manufacturing
factory. Long and odd hours were put together by the pioneer team under Eng. Murungi’s
guidance to build the company.

It was not until the 19thof May 1989 that the company launched its first brand of Supermatch
Kings cigarettes. This marked the start of new challenges. Initially, the flagship brand
Supermatch Kings faced rejection from consumers before they became used to its taste. The
marketing department had to craft new strategies to address the challenges.

By 1994, the brand was enjoying a market run in all parts of the country to the extent that it
could not meet the demand. We had to quickly raise our production capacity and enhance our
marketing operations. This marked a significant point in the growth of the company as it
ventured into the cigarette export market.

In the area of Leaf growing, the company had by 1993 recruited 2,869 tobacco farmers in all the
tobacco growing zones producing 1,540 tons of tobacco. This trend continued and by 1996 the
company had expanded its farmers’ base to 8,324, growing and controlling 35 per cent of
Kenya’s tobacco leaf industry.

By 1997, the contracted farmers had almost doubled to 15,507. Today, the company has major
tobacco growing operations in Kenya, Uganda and Democratic Republic of Congo to meet
demand for domestic and external markets. The firm has also invested in an ultra-modern leaf
processing plant located at Head office in the Kenyan capital city of Nairobi. The plant has a
capacity of processing up to fifty (50) million kilograms of tobacco every year.

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27 years on and with over 1000 employees, Eng. Murungi is still leading Mastermind Tobacco
Kenya Ltd to greater heights as the Managing Director and Chairman of Continental Group of
Companies and a celebrated local investor. His undeterred determination in 1986 saw Kenya’s
history of tobacco industry rewritten.

1.4 Major product/services

The major services offered by Mastermind Tobacco Tanzania Limited are all about the Tobacco
and tobacco products.

Major exports

Mastermind Tobacco Tanzania Limited also handles a number of key export products including
Super match Kings – Soft Pack, Super match Menthol – Soft Pack Rocket – Soft Pack Super
match Kings – Hinge Lid (HLP)

1.5 Activities.
The activities performed by Mastermind Tobacco Tanzania Limited are to provide services to the
public especially in export, import of tobacco products.

The major activities is to produce the tobacco products like cigarettes The only major activities
are tobacco products such of Super match Kings – Soft Pack, Super match Menthol – Soft Pack
Rocket – Soft Pack Super match Kings – Hinge Lid (HLP)

1.6 Number of employees.

The number of employees at the Mastermind Tobacco Tanzania Limited are categorize into two
parts, permanent employees and temporary employees, the number of employee at Mastermind
Tobacco Tanzania Limited is all about 90 permanent staff. The number of the temporary
employees in Mastermind Tobacco Tanzania Limited is difficult to identify because can be
change day to day or sometimes can increase or decrease due to the tasks to perform at the
Mastermind Tobacco Tanzania Limited.

1.7 Customer.
Customer is the one who is consume the products/services or end user, the customer is the one
who can be interrupt with market or at a particular organization for the purpose of facilitate the
business. In Mastermind Tobacco Tanzania Limited we have number of customer approximate
of 36 companies.

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1.8 Organization mission.

“To satisfy our Customer needs by producing consistently high quality products through
continued investment in new technologies and in people whilst safeguarding the interests and
concerns of the various stake holders in the industry.

1.9 Organization vision

“To be the leading provider of quality tobacco and tobacco products in the region”

1.10 Organization core value

We are committed to continuously improving our products and processes in line with our
stakeholders’ expectations. We understand that the long-term well-being of the community, of
our employees, the strength of our economy, and the continuing success of our own business
depend on our commitment to a sustainable business environment.

A key part of fulfilling the promise is by engaging our communities in a significant and positive
manner. Not only do we work hard to support our tobacco farmers but we also advance our
society

1.11 Organization department.

Mastermind Tobacco Tanzania Limited is located at district, Mastermind Tobacco Tanzania
Limited is headed by director general who is responsible for all day to day operation of the
headquarter and its entire department.

There are various departments under the headquarter of Tanzania ports authority such as follow

 Finance department
 Operation department
 Internal audit department
 Human resources department
 Procurement and supplies department
 Marketing department
 Security department

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 These departments operate with various sections which help the day to day operation of the
headquarter to take place smoothly such as payroll section, cash and bank section, third part
section, budget section, ledger section, stores section and record section.

1.12 Review of the organization that the company works within

Mastermind Tobacco Tanzania Limited is a private organization, the organization is an
independence organization and work without any doubt from the government, also the aims of
organization is to sell tobacco products to the citizens, so the mostly company work with this
organization is those company that have been registrar by the laws also the organization deals or
works with those employee, employer, businessman, farmers and other citizens

1.13 Mastermind Tobacco Tanzania Limited organization structure

The Mastermind Tobacco Tanzania Limited organization structure is a wide one highly
centralized structure starting with the Director General at the top followed by the other directors.

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 CHAPTER TWO

2.1. WORKDONE AND LESSON LEARNT.

2.2. Introduction
This chapter analyses the task performed during my training and the lesson learnt from my field
training, also this chapter will show the duties performed and all responsibilities taken by the
host organization. The major tasks and minor task all I include on this chapter. So this chapter
will show the tasks undertaken during my training and the lesson I learned from those tasks.

2.3. Descriptions of task undertaken and lesson learnt.

During my practical training conducted at Mastermind Tobacco Tanzania Limited department
Finance from 16.07.2018 to 21.9.2018. I obtained work experience and knowledge concerning
my course due to different tasks I performed at that organization as follows

2.3.1. Reconciliation of the bank statement & updating the cash book.
The bank just like other financial keeps records and document for future uses, also the customer
has the right to keep transaction record for future decision. Bank usually maintain the report
pertaining their customers that is maintained periodically monthly in particular, the report it can
be sent to customer if required so as to compare the real transaction and actual amount shown in
the bank statement and that in the cash book maintained by the accountant. It is expected that the
bank statement and cash book balance to show the same balance. However sometime may found
the two balances too differ, major reasons can be due to; unpresented cheque, bank charges,
direct deposits (credit) as well as the dishonored cheque. The different between the two require
reconciliation of the bank statement through updating the cash book.

Updating cash book.

After determining the differences between cash book and the bank statement. The cash book
balance is updated by recording those transactions appearing in the bank statement but not in the
cash book.

Preparation of the bank reconciliation statement.

After updating cash book, a bank reconciliation statement is prepared. There are two ways in
which can be used to reconcile the updated cash book balance and the bank statements balance

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either by starting with the bank statement and end up with updated cash book balance and finish
with the bank statement balance this is like

Balance as per bank statement xxxx

Add; unaccredited cheque xxxx

Less; unpresented cheque xxxx

Balance as per updated cash book xxxx

The Mastermind Tobacco Tanzania Limited also make reconciliation in their bank statement
since the Mastermind Tobacco Tanzania Limited receives payments and pays their customers in
term of USD as well as Tanzania shillings.

Lesson learnt; Mastermind Tobacco Tanzania Limited being a competitive Organization

requires a daily bank transaction for payment of workers and pertaining the company. So require
a critical review of daily transaction rather than the monthly and annually review of information
for the sake to safeguard the organization revenue.

2.3.2. Introduction to accounting package.

This activities taken place at finance department, where the various document come for payment
from suppliers, employee, farmers and various vendor, we receive the document and process
them through tally accounting package in order to make payment

As an accountant I must check all the document and make sure all are equal, invoice and LPO
are equal, also the delivery note show the goods are receivable and in good condition.

Lesson learnt; I learned how the  application software work and can records and
processes accounting transactions within functional modules such as accounts payable, accounts
receivable, journal, general ledger, payroll, and trial balance. It functions as an accounting
information system. It may be developed in-house by the organization using it, may be purchased
from a third party, or may be a combination of a third-party application software package
with local modifications. Accounting software may be on-line based, accessed anywhere at any
time with any device which is Internet enabled, or may be desktop based. It varies greatly in its
complexity and Cost.

2.3.3 Payroll account.

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If a company has employees, it has to account for payroll and fringe benefits. In this explanation
of payroll accounting I'll introduce payroll, fringe benefits, and the payroll-related accounts that
a typical company will report on its income statement and balance sheet. Payroll and benefits
include items such as salaries, wages, bonus and commission, overtime pay, payroll taxes and
cost, social security

Lesson learnt; I learned Salaries are usually associated with "white-collar" workers such as
office employees, managers, professionals, and executives. Salaried employees are often paid
semi-monthly (e.g., on the 15th and last day of the month) or bi-weekly (e.g., every other Friday)
and their salaries are often stated as a gross annual amount, The "gross" amount refers to the pay
an employee would receive before withholdings are made for such things as taxes, contributions
to Tanzania Way, and savings plans.

Since salaried employees earn a specified annual amount, it is likely that their gross pay for each
pay period is the same recurring amount. For example, if a manager's salary is Tshs 48,000,000
per year and salaries are paid semi-monthly, the manager's gross pay will be Tshs 2,000,000 for
each of the 24 pay periods. (If the manager is paid bi-weekly, the gross pay would be Tshs
1,846,000.15 for each of the 26 pay periods.) A salaried employees work period usually ends on
payday; for example, a paycheck on January 31 usually covers the work period of January 16-31.
This is convenient for accounting purposes if the company prepares financial statements on a
calendar month basis

. 2.3.4 Preparation of Debtors report.

This involves the report from debtors on the debts which involves the collection of receipts from
debtors from the different branch so as to reduce the debts.

Lesson learnt; I learned he report usually sorts the invoices and credit notes by customer and by
date, and groups together unpaid invoices that are due in various time periods. It subtotals
invoices and credit notes by customer and by time period so that you can see how much you can
expect to receive from each customer, and the total amount that should reach you by a specific
date.

If you’re registered for VAT, the report will show your invoices and credit notes inclusive of
VAT because that’s how much money you will receive from your customer – even though you
don’t get to keep it all.

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3.1. ANALYSIS.

3.2. Introduction
This chapter will show the analysis on description of skill leaned and enhanced, review of how
experience has affected the ambition and what skill may the student lack during field training,
and what happening in real class and what happening in the market.

3.3. Placement of organization at Mastermind Tobacco Tanzania Limited

All students in the faculty of Accounting should attend field work training to the organization
assigned for forty two days. The practical training is organized for the purposes of enhancing the
theoretical training obtained in class, so when I reach there, the office assign me in different
section and different task to perform.

3.4. Expectation and nature of work performed

I expect to do more task in the place of field and to learn many thing but the work at the place of
field were limited for some extent, for example they will not allow a student/trainee to work
independent or in a minimum supervision, this reduce some expectation that we have when we
going for field placement.

3.5. Performance of work assigned and challenges faces

3.5.1. Performance of work

Actually performance was not bad we lack some facilities to work so this made some task not to
be performed well also the system of EPICOR. This prevents the trainee to do or to work
independent because every officer of Mastermind Tobacco Tanzania Limited has own account
and they control themselves.

3.5.2. Challenges faced during field work

Problem and challenges faced training during my practical field I faced the following problems

 Every activity is performed in the system of Mastermind Tobacco Tanzania Limited is

automated. Computerize account system (EPICOR). And every officer he or she has own
personal password for it so was very difficult to use the system.
 Only few things we get from classes which correspond with is going in Mastermind
Tobacco Tanzania Limited. It was very difficult to relate knowledge from class.

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3.6. New things learned at Mastermind Tobacco Tanzania Limited
The new thing I learned from TPA is EPICOR 9, this is a system of account packages that
work in support of network, means internet access, this system of account show all details as
tally but this is more develop than tally packages, this system require officer or cashier to
enter details of the customers such as vat registration number, name of the company, tax
identification number and method of payment either by cheque or cash, but now’s day mostly
they use cheque payment methods for those with big company, that they required to pay large
sum of amount.

3.7. Theory, practical and gape analysis

Practical training is very important in providing the workers who will be enough competent, self-
initiative and who can work independently with minimum supervision.

However, there is a huge gap between what we are studying theoretically and what is practiced
in various organizations, we are studying many things in theory but the time allocated for
practical is not enough

There was slightly deferent between in the class and practical training. The gap between theory
and practical is that the theory provides a general and wider base of knowledge to prepare one
for in him or her profession where practical provide one with the specific skills and knowledge to
effective handle whatever it is that he or she is doing as professional. Because of this, will often
equip one with much more than he or she might need effectively caring out of his job. Is
essential in helping one to have broader prospective and hence be able to critical analysis issue
with a wider and deep approach.

Also theory does not include issue such as human relation that human relation that how to relate
with fellow employee while in the practical training most of the time you are dealing with
matters dairy.

Another gap between theory and practice is main about coping with the changing with
organization are aspects such as technology. Normally technology charge faster than theory does.
Organization is introducing new technology which is updated as compared to theory response
changes.

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The current institute curriculum provides another gap between theory and practical. An example
of this timing of important subject that are to be applied during practical training for instance tax
auditing and investigation are important for one to know before heading to practice practical
training.

3.8 Relevance of practical they assigned

its relevance for example bank reconciliation this is relevance from what we learn from class,
also auditing its relevance with what I learned from class, but we lack to practical more task
because of time, but those task we performed was enough relevance because it follows the rule
and procedures so whenever you need to access or to make auditing you must see what act guide
you.

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 CHAPTER FOUR

CONCLUSION AND RECOMMENDATION

4.1. Introduction
This chapter will show the conclusion and recommendation to both the host organization and the
Institute Of Finance Management and what area should be improved and what to be done in
order to make things go well, so the chapter will recommend some issue to the Institute and some
issues to the host Organization in order to improve practical training to be good and enjoyable.

4.2. Conclusion
Generally the field practical training together with theoretical training enabled me to perform the
given task as one who already qualified. From these field training I have gained experience and
competent, I can do any activities that will concern my profession, without depending strong
support from the subordinate. So the field study plays a great role toward confidence building as
well as capacity building.

4.3 Recommendations

4.3.1 Recommendations to TIA

Also the Tanzania institute of Accountancy (TIA) should improve the whole process of
supervising practical training or field study. In this, the Institute must have the role of allocating
students in centers of field practical in accordance to their specific field of study. This will
reduce the difficult students are facing during the process.

Apart from that, I advise the institution and organization selected by students as the learning
centers, meaning that student will be able to learn and gather information relevant to his/her field
of study to cooperate with them by giving the real information and timely.

4.3.2 Recommendations to host organizations Mastermind Tobacco Tanzania Limited

The organization should be aware as far as this practical training is concerned. If possible they
should have extra accounting tools and others document for the student to learn more practically,
for instance the use of petty cash for small payment, trainee doesn’t know how it works.

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The organization should computerize its system of accounts in order to avoid existing problem
of storing information in paper files and book of accounts. This will help the student to learn
more practically.
The organization should motivate the workers so as to increase productivity and the organization
should encourage working as team work.

4.3.3 Recommendation To Academic Institution

I have the following recommendations with respect to my field attachment

Different computer programs concerning fleet to be taught in our colleges so as to make student
more competent when face those programs during their field practical training especially when in
an organization like TPA.

Also fleet courses should be taught before students going for field practical training so as to
make them aware and concentrate of the training so as can compare the practices .

Extension of the time of such practical training so as to give a room to learn a lot of things that
within this limited time cannot be learnt effectively and hence make the students without much
understanding some of the training due to time factor.

Also the hosting organization should be encouraged to allow students to work in different
department within an organization so as to help the student to acquire different knowledge from
such different department within an organization.

More education should be provided to tax payers so as to make the whole process of fleet and
tracking easier as they will know their job and follow other instruction as required.

Most of organization is now days using more advanced technology so in order to minimize the
gap between the theory and the practice, performing the duties assigned to the student which
require the application of the higher technology is the hard task. Most of the time this course is
taught theoretically at the institute due to the shortage of facilities from making practical really
lead into the difficulties. This is challenges to the institute to make the course to be done
practically as well as teaching the student through modern way such as used of information and

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communication technology. Teaching by practically is more convenience because it facilitates
the subject understanding

4.3.4 At the Organization (TPA)

On the side of TPA, my recommendation is that the organization should insist to the use of more
advanced technology, for example the use of computerized system in storing client’s files and in
handling different claim. This can enable to minimize customer complaints due to the delayed of
services.

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REFERENCE

TIA, (2018) the Institute Of Finance Management, Guidelines for Practical Training.

Magee, J.O (1978), Basic Accounting 2nd edition.

Cohen, L. Manion, L. and Morrison, K.R.B. (2007) Research methods in education, 6th Edition.
Routledge.EE.

Cooper, D.R. and Schindler, P.S. (2006) Business Research Method, 9th Edition. Boston:
McGraw-Hill Irwin.

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