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



Brain stormers

"Year end is approaching - Keep calm and carry on accounting"

Project: Management practices

Submitted to: Ms Mehnaz Khan



Appendix

1: Acknowledgement . . . . . . . . . . . . . . . . . . . . . . . .

2: Accounting definition . . . . . . . . . . . . . . . . . . . . Page 4

3:Accounting Equation. . . . . . . . . . . . . . . . . . . . . . Page 5

4: Accounting cycle. . . . . . . . . . . . . . . . . . . . . . . . . . Page 5

5: Manager Information . . . . . . . . . . . . . . . . . . . . . Page 11

6: Questionnaire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 12



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 !



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”.



”

Accounting cycle:



“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”.



“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.



“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.



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.



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

[email protected] :

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

mailto:[email protected]

mailto:[email protected]



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?



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?



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



status of less important.

(General question)


Ans: We basically use accrual system to record the entries.

( Chapter -4- Accounting cycle: Accrual and Deferrals)


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?



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)



(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.



References and Bibliography: Author:

Name:

Year:

Book Name:

Book Edition:

group brain accounting

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