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Transcript of Group Brain Accounting
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GROUP BRAIN STORMERS
MUNEEB UR RHEMAN
SAMI ULLAH KHAN
SAAD AHMED
MUHAMMAD SAAD
Submitted to: Ms Mehnaz Khan
Date: 28.12.2011
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Brain stormers
"Year end is approaching - Keep calm and carry on accounting"
Project: Management practices
Submitted to: Ms Mehnaz Khan
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Appendix
1: Acknowledgement . . . . . . . . . . . . . . . . . . . . . . . . Page 3
2: Accounting definition . . . . . . . . . . . . . . . . . . . . Page 4
3:Accounting Equation. . . . . . . . . . . . . . . . . . . . . . Page 5
4: Accounting cycle. . . . . . . . . . . . . . . . . . . . . . . . . . Page 5
5: Manager Information . . . . . . . . . . . . . . . . . . . . . Page 11
6: Questionnaire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 12
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ACKNOWLEDGEMENT
DEAR ALLAH, thank you for blessing us with the gift of knowledge to celebrate your
glory with love and devotion, perhaps this is the modest way for us to thank.
Ms Mehnaz khan our respectable teacher and well known personality at Bahria University, thanks
for being with us in all difficult and hard times. We really thank to her for help and
guidance. Due to her co-operation we are able to do this project in more decent and
quintessence way.We are also very much thankful to our parents for their co-operation inall aspects of life. We are here due to their pray, due to their co-operation and in all
obstacle time they are
with us. Also thanks to our friends for encouraging us in difficult time, and supporting us
whenever we need them, Thank You.
In last, we pray to Almighty that loves listening to our prayers, please accept this humble
thank from us with gratitude and devotion.
Thank You !
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Accounting
“Accounting is the art of, classifying and summarizing in a
significant manner. And in terms of money, transaction and events
which are, in part of at least, of a financial character, and interpreting
result thereof ”.
Accounting equation:
The expression ofEquality of entity assets with the claims
Against them is referred to as “Accounting cycle”.
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”
Accounting cycle:
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“Source document”:A source document is the document
which is made for recording the clinical and as well as accounting
data in it for preparation of journal. The data is usually entered inthe case report form.
“Journal”:
The book in which transactions are first to berecorded chronologically together with its short description is called
journal. It is also called book of original entry or “primary entry” or
“preliminary entry”.
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“Ledger”:The book in which all the transactions of the
business concern are finally recorded in the concerned accounts in asummarized and classified form is called ledger.
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“Trial balance”: An informal accounting schedule or statement
that lists the ledger account balances at a point in time and
compares the total
Adjustment:At the end of accounting period when final
accounts prepared, some items of revenue and expenses require
adjustment e.g. outstanding expenses, prepaid expenses etc. Entries are
necessary to record these adjustments and are known adjustments.
Closing accounts and stock valuation:Stock
valuation is the method in which we calculate the theoretical values of
the companies.
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Final Account:
Balance sheet:It is the statement of asset, liabilities and owners
equity which shows the financial position of the business on a particular
date. It is called position statement, and statement of financial condition.
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SOCIETY FOR THE PROTECTION OF THE RIGHTS OF THE CHILD
Manager information:
Badar Nouman
House # 151, Street # 37 Sector
F-10/1, Islamabad
Telephone # 051-2291559
Mobile # 0333-5539366
Designation: Finance Officer
Supervision :
Badar Nouman has prolonged, sustained and
boundless experience of more than 20 years both national and
international levels in the field of Accounting
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Questionnaire
Q1.Which segment do you use for the Book keeping?
Q2.Are the software of book keeping the same as we study in our
course/book?
Q3.who keeps a check between physical cash and records? Q4.Dur ing audi t which is the most important account which gets
more audit team focus/attenti on?
Q5.Which accounting system you foll ow?
Q6.Which accounting system you follow?
Q7.What is the tenure of your accounting period? Why?
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Q8.What is the ratio of manual and computer ized book keeping
in your organization?
Q9.Do you keep any data backup if incase your computer f inds
any problem or the data is erased?
Q10.Do you maintain the pri vacy of your accounting records?
Q11.Do you make a bank reconcil iation statement? I f you do
then how often you make them?
Q12.Which depreciation method you use whi le depreciating yourassets?
Q13.Do you depreciate them on there book value or fair value?
Q15.When often you conduct your audi t?
Q16.Which f irm you prefer to conduct audi t?
Q17.Do you maintain accounting equation separately?
Q18 Do you have meetings with your counterparts in other
branches of “SPARC”?If yes how often?
Q19.As a manager accounts how do you al locate the funds for
dif ferent projects?
Q20.What method you use for the stock evaluation in your
organization?
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Q1.Which software do you use for the Book keeping?
Ans: We are using “Quick book enterprise” instead of “Quick book
categorized” since 2008.in old versions like “Quick book categorized”
we were having problems. With the help of this new software even moreusers can login in.
(Chapter-3-The Accounting: Captur ing
Economic Events).
Q2.Are the software of book keeping the same as we study in our
course/book?
Ans: The procedures and methods that you follow are almost the same
as we have in the software like “Quick book”. In these kind of software
we record entries in journal which are automatically posted to ledger and
afterwards in to trial balance etc.
(Chapter-3-The Accounting cycle: information for
decision making)
Q3.who keeps a check between physical cash and records?
Ans: In (NPO) organizations like “SPARC” the physical cash is
generally in the possession and supervision admin officer and he deals in
all financial matters
(Book Keeping)
Q4.During audit which is the most important account which getsmore audit team focus/attention?
Ans: According to me each and every account is important. Because
auditors get in to each and every account and it check thoroughly. Every
account has its own importance and can not be given the
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status of less important.
(General question)
Q5.Which accounting system you follow?
Ans: We basically use accrual system to record the entries.
( Chapter -4- Accounting cycle: Accrual and Deferrals)
Q6.Which accounting system you follow?
Ans: We follow matching principle for Book keeping.
(Chapter-4- Accounting: Accrual and Deferrals)
Q7.What is the tenure of your accounting period? Why?
Ans: Some “Non- profit organizations”(NPO) have the accounting tenure
from June 1st to July 31
st. But our organization has a tenure from Jan 1
st
to Dec 31st.
(Chapter-3-Captur ing Economic Events).
Q8.What is the ratio of manual and computerized book keeping in
your organization?
Ans: We have a total computerized book keeping system. Because
manual book keeping system is far difficult to maintain and is less
reliable then the computerized book keeping system.
(Chapter-3-Captur ing Economic Events).
Q9.Do you keep any data backup if incase your computer finds any
problem or the data is erased?
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Ans: Yes off course! We keep back up data. But in the CD’s and keep
the CD’s at a secure place. And only required and authorized peo ple can
access the data in the CD.
(Chapter-3-Captur ing Economic Events)
Q10.Do you maintain the privacy of your accounting records?
Ans: Yes! We do keep our data secure with the help of passwords and
only the authorized the access to these passwords and restricted data.
(Chapter-5-Accounting Cycle: Reporting
F inancial Resul ts)
Q11.Do you make a bank reconciliation statement? If you do then
how often you make them?
Ans: Yes off course! We do make bank reconciliation statement but on
monthly basis.
(Chapter -7- Financial Assets)
Q12.Which depreciation method you use while depreciating your
assets?
Ans: We depreciate our assets on the basis of reducing balance method.
(Chapter-9-Plants and I ntangible assets)
Q13.Do you depreciate them on there book value or fair value?
Ans: We depreciate our assets on there book value instead of their fair
value.
(Chapter-9-Plants and I ntangible assets)
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(General question).
Q20.What method you use for the stock evaluation in your
organization?
Ans: We practice perpetual inventory in which use First in first out
method (FIFO).
(Chapter -6-Merchandizing Activi ties)
Conclusion:From this interview we learned that accounts management practices like;
Soft wares used
Conducting Audit
Accounting System
Accounting Equation
Meeting with Counterparts
Methods for stock evaluation Allocation of funds
Method of depreciation
Method of Bank reconciliation
In practical life are applicable in several organizations.