CAREER COLLEGE, BHOPAL (M.P)

A

PROJECT

REPORT ON THE MAINTENANCE OF ACCOUNTS BOOK BY THE

ACCOUNTANT

YEAR-2013-2014

UNDER

BARKATULLAH UNIVERSITY BHOPAL

GUIDANCE BY: SUBMITTED BY:

DR. KAVITA RATNAPARKHI DEEPAK MOHE

B.COM (PLAIN) VIth SEM

CERTIFICATE

This is to certify that DEEPAK MOHE student of CAREER

COLLEGE, BHEL BHOPAL (M.P) has completed his project titled

“THE MAINTENANCE OF ACCOUNTS “ Under our guidance and

supervision. The project report is approved for submission to words

partial fulfillment of the Degree of B.com (Plain) granted by Barkatullah

University, Bhopal.

This is to certify that above statement made by candidate is

correct to the best of my Knowledge.

PROJECT GUIDE

DR. KAVITA RATNAPARKHI

(H.O.D)

DECLARATION

I here by declare that the project report which is being presented on

the project entitled “THE MAINTENANCE OF ACCOUNTS” for titled as

project for partial fulfillment of B.COM (PLAIN) is an authentic record

of my own work carried under the guidance DR. KAVITA RATNAPARKHI

and was not submitted for the award of any other degree, diploma of

certificate.

I here by declare that above statement is correct to the best

of my knowledge.

DEEPAK MOHE

B.COM(PLAIN)6thsem

ACKNOWLEDGEMENT

I sincerely acknowledge with a deep heart full gratitude to project

Incharge DR. KAVITA RATNAPARKHI for her valuable and faithful

guidance, encouragement & suggestions throughout the completion of

this work. She generously shared his immense knowledge with me. Her

personal attention brought the project to be completed successfully.

Last but not the least gratitude to all those, who extended

their co-operation directly or indirectly in completion of this project

work .

DEEPAK MOHE

B.COM(PLAIN)6thSEM

CONTENTS

S.NO PARTICULARS P.NO

1 ABOUT THE ORGANIZATION

2 CAREER OPPORTUNITIES

CAREER INTEREST

CAREER PLAN

EMPLOYMENT

3 IF EMPLOYMENT OPTION

ACADEMIC ELIGIBILITY TRAINING AND OTHER

REQUIREMENTS

4 THE FUTURE CHALLENGES IN THE EMPLOYMENT

5 THE STEPS TAKEN TO FACE THOSE CHALLENGESBY THE

ORGANIZATION

6 ANALYSIS OF THE WORKING OF ORGANIZATION

7 SUGGESTIONS

8 ROAD MAP OF MY CAREER PLAN

9 CONCLUSION

10 APPLICATION OF CLASS ROOM LEERING DURING INTERNSHIP

11 HOW DID THE INTERNSHIP HELP

12 SUMMARY

ABOUT THE ORGANIZATION

COMPANY PROFIL

HISTORY

ask any indian consumer to name a Battery and the first brand that comes to mind is Eveready. Not just among batteries, Eveready is a powerful brand across categories.

Eveready has a portfolio comprising dry cell batteries (carbon zine batteries, rechargeable batteries and alkaline batteries), flashlights (torches), CFLs (Compact Fluorescent Lamp) and packet tea. Recently it has also forayed into the mosquito repellant industry.

Eveready`s strength is the result of a continuous and well-orchestrated brand development strategy that maximizes the value from each consumer touch-point.

Give me RED is the iconic urban face of Eveready. The advertising byline of the

popular Red series of batteries, it is today symbolic of the empowered urban lifestyle

that the brand reflects. The original, path-breaking campaign won as many as 11

advertising awards.

The current television commercial on Eveready Ultima, which has explored and

demonstrated the technique of light painting (through the TVC) has been very well

received and is a one of its kind commercial in the entire batteries segment.

The unmatched consumer confidence is also reflected through the various accolades

that the company has got over the year.

Few highlights have been listed below:

In the confederation of indian industry (CII)`s ‘Brand of the year’ 2005 short list ,

Eveready made the top ten finalists list, along with brands like Nokia, HP, Titan,

Dabar and five other Hindustan Lever Brands.

As per AC Nielsen, Eveready stood 7th among all FMCG companies in terms of

growth in the year 2004-2005.

The Economic Times Brand Equity Survey of Brand by sales, Aprill 2004, put

Eveready at no. 22 across brands in all categories.

Scores in the CII survey done by the independent brand consultancy

Vertebrands, show Eveready scoring a near-perfect 99% total awareness among

Target Consumers.

As per Vertebrands’ survey, on a 10-point scale, Eveready scored 8 on popularity

and 7.7 on contemporariness. Of all consumers surveyed , 41% called it “the only

Brand for me”.

In the AAUTS (Awareness, Attitude, Undership Tracking study) conducted by AC

Nielsen in the year 2007-08, Eveready emerged with a Brand Equity of 7.5 out of

10 and the nearest competitor came up with 3.7.

The same study by AC Nielsen showed Eveready having 45% market share vis a

vis its nearest competitor having 30% (2007-2008).

Eveready products are available under the mother brand name EVEREADY (Batteries

and Lighting Solution) and also extended brand names like.

EVEREADY ULTIMA (Alkaline Batteries), EVEREADY RECHARGE (Rechargeable Batteries), EVEREADY JEEVAN-SATHI (Brass Torches), EVEREADY DIGI LED (LED Flash Lights), EVEREADY CFL (Compact fluoreseent lamps), EVEREADY POWER ON (Home care products) and EVEREADY PREMIUM GOLD/JAAGO/ TEZ(Packaged Tea) etc.

More variety of sizes in the Ultima range will be available very soon.

Advertisement

Distribution

Eveready has a wide distribution network all over the country with 15 branches, 40 god owns and 4,000 distributors. Our

products are available at grocery, general provision, music, electrical, hardware, stationery, gift/novelty stores, at the chemists’ shops and at photo studios and printing centers. So much so, that many of our products are even available at the paan and cigarette shops.

According to AC Nielsen, Eveready batteries are available in 3.3 million outlets out of a total univers4e of 7.3 million FMCG outlets. The distribution structure extends coverage out to 5000 population villages.

The company employs a strong sales force so that they can operate the extensive sales network successfully.

As Eveready walks ahead in second century of existence, we have the following objectives-

To consolidate our benchmark supplier position in all traditional outlets for batteries and flashlights.

Employ a systematic and scientific approach towards increasing our reach and quality of reach.

To leverage our sales & distribution competencies into identified newer channels

To service the outlets with a diversified range of products. This includes batteries, flashlights, home lights, packet tea, mosquito repellents, CRLs and bulbs.

To constantly explo0re new selling arrangements in identified markets to improve effectiveness of servicing.

Range of Eveready Alkaline Batteries

Alkaline Batteries

Eveready Ultima Alkaline battery is the ultimate energy solution to the power-hungry electronic gadgets of modern times. It is undoubtedly a new benchmark of quality & performance in the category of alkaline batteries. The promise of performance comes with an affordable price tag, making it truly an ultimate choice.

Eveready Ultima Alkaline Batteries are best suited for power-hungry new age gadgets like:

Digital cameras Remote-controlled toys Certain MP3 players High-end portable audio-recording systems etc.

CAREER OPPORTUNITIESA bachelor`s degree is the minimum prerequisite for most careers in the accounting industry. The industry is growing and is expected to continue to

grow as laws and policies change and as more companies have their finances closely inspected. This means that there are good prospects for those entering the industry and those opportunities can be maximized by showing expertise in computer applications, gaining a license or certification from a professional organization, or earning a master`s or doctorate degree.

The main job of an accountant or auditor is to make sure that businesses maximize production, pay taxes correctly, and keep public records. They do this in a number of ways including keeping accounts for governments, administration, and the public; and also performing auditing services inside organizations. Accounts review, draft, and authenticate documents containing financial information for clients. In addition, accountants are finding it increasing valuable to posses associated knowledge in areas like information technology, the law, analyzing budgets, and planning investments.

Types of Accountants and Auditors

Public Accountants: People involved in this area work for a wide range of clients including businesses, governmental organizations, nonprofit organizations, or personal clients. The usually get certification as a certified Accountant (CPA) and work either independently or as a member of an accounting firm. They provide an equally wide range of services, including consulting on taxes, accounting, and auditing. Some might help businesses maximize profits by advising them on taxation, for example suggesting tax deductible expenditures or providing advice to help managements make better decisions. Others might help companies in evaluating employee benefits, insurance , compensation, developing programs for accounting or processing data, or safeguarding assets. Others might audit financial information and prepare stalemates for investors or officials to show that their financial activities have been properly conducted and reported.

Forensic accounting is a branch of public accounting that deals with criminal activities like fraud, embezzlement, legal disputes, money laundering , or bankruptcies. Analyzing and investigating these crimes requires awareness of finance and accounting along with knowledge of the law and investigation skills. Forensic accounts often work with law enforcement officers and attorneys and serve as expert withness in courts of law a number of public scandals involving

accounting have led to new federal legislation. This legislation states that the firm that provides auditing services for a company cannot also provide consultation in other areas like investments, law, human resources, or technology. They can, however, still provide services in taxation, provide those service for other clients, and provide consultation to member of their own firm.

Management Accountants: These accountants provide services in reporting and analyzing financial data for their corporation. They are alternately termed private, corporate, industrial, or cost accountants. They generally work as a specialist in an executive team that makes major decisions about expanding production or strategic planning. They can also be involved in budgeting, maximizing expenditures and production, and evaluating performance of personnel and equipment. They also draft reports for outside interests like stockholders, banks, and authorities. Often they work in accounting departments, where they might be involved in strategic planning, budgeting, accounting for expenditures, or analysis.

Government Accountants/Auditors: they work for government agencies at the federal states, or local level, or for corporation or individuals who are regulated by the government of txed. Those who work directly for the gov. ensure that in come and spending are appropriate and legal. Those who work for the federal government often work for the IRS (Internal Revenue Service) of provide other services like investigation of financial institutions, analyzing budgets, administration, or management of finances.

Internal Auditors: These work for businesses or organizations, and are becoming more and more important. They check their corporation`s records to ensure that they are correct and look for problems such as inefficiency or criminal activities. They look at financial situations, information systems, management, and internal controls to make sure that everything is in order. They also look their corporation`s processes to assess efficiency, legality, appropriateness, and efficacy. Internal auditors can specialize in many different areas like environment, engineering, insurance, healthcare, law, teahnology, or data processing. As more information is made available more quickly, auditors can use computers to make better and more timely decisions. They may even offer advice about the most efficient and reliable use of computers.

Industry Trends

Computers are the biggest agents of change in accounting. They are making almost every area more efficient and accurate. They provide templates and standard forms for transactions and records, and organize the data better. Increasing access to a company`s data allow accountants to have quick access to the information they need to do their hob effectively, and new accounting software makes the work more efficient and enjoyable by eliminating a lot of manual work. They also resolve problems of geography through the world wide web. Thus, the modern accountant needs to be well-versed with computer programs and using the internet. Many accountants even specialixe in writng programs or troubleshooting existing programs. Some accountants are even involved in tehnical aspects like developing of implementing technological systems and maintaining networks.

Personal financial advisors are gaining popularity as more clients need relable, honest, competent individuals of firms, personal financial offiicrs provide sevices in preparing taxes, personal budgets, and retirement plans. They also can help clents develop investment portfolios, effectively utilize asstes, and provide advice on recognizing and minimizing risks. However, regulations prvent accountants from both providing these sevices and preparing financial statements for the same client.

Work Environment:

While self-employed accountants might work from home, the majority of accountants work in a normal office setting. Those employed as public accountants for either firms of government agencies may travel to different businesses of facilities.

Accountants and auditors work a customary forty hours per week, but depending on type of firm and number of clients they may work longer. Also, those who specialize in taxes may have a seasonal increased workload.

CAREER INTEREST

The senior accountant is responsible for applying accounting priniciples and procedures to analyze financial information, prepare accurate and timely financial reports and statements and ensure appropriate accounting control procedures.

Main job tasks and Responsibilities

Compile and analyze financial information to prepare financial statements including monthly and annual accounts.

Ensure financial records are maintained in compliance with accepted policies and procedures.

Ensure all financial reporting deadlines are met. Prepare financial management reports Ensure accurate and timely monthly, quarterly and year end

close Establish and monitor the implementation and maintenance

of accounting control procedures Resolve accounting discrepancies and irregularities Continuous management and support of budget and forecast

activities Monitor and support taxation issue Develop and maintain financial data bases Financial audit preparation and coordinate the audit

process. Ensure accurate and appropriate recording and analysis of

revenues and expenses. Analyze and advise on business operations including

revenue and expenditure trends, financial commitments and future revenues.

CAREER PLAN

ACCOUNTANT CAREER PATH- ACCOUNTANT AVERAGE

SALARY

If you`re interested in and accountant career path and/or and accountant average salary, this interview with accountant Christine whit crunches the numbers. Christine has gone out of her way to follow her own path as an accountant by continuing her education with online accounting classes, pursuing forensic accounting, and always focusing on excellent customer service. She spoke to us about how she started her accountant career path, the responsibilities of accounting jobs. The education neede for and accountant career and how self-employment vs. working at a firm may impact an accountant`s average salary.

This salary story also covers different jobs for accountants, including tax accountant jobs. And, if you`re already taking steps toward an accountant career path, don`t miss christen`s tips for how to handle the stress of tax season. Don`t put this off until april 15th, read it today!

Took a concentration of accounting in high school and took a couple of positions as book keeper. I finally landed a job as book keeper for a CPA and caught the accounting bug. I started at the local community college and got my Associates in Accounting. Then I went for my BBA.

I am enrolled in a masters of forensic Accounting program. The CPA who hired me was my mentor and he gave me excellent training. I have 10 years experience in public accounting and 10 years in private accounting. I have done accounting for manufacturers, doctors, lawyers, restaurants, retail, and A&E firms.

IF EMPLOYMENT OPTION

ACADEMIC ELIGIBILITY TRAINING AND OTHER

REQUIREMENTS

ACADEMIC ELIGIBILITY

Being and Accountant or Auditor

Almost all positions have a minimum requirements of a bachelor`s degree. The federal government calls for a four-year degree, with twenty-four credit hours of accounting for entry level positions, unless an applicant can prove comparable experience. Many other positions in accounting require a graduate degree in accounting or business administration with accounting emphasis.

Experience is always helpful in getting a position. Many educational institutions provide opportunities for internships at businesses of accounting firms. Also, solid knowledge of how computers can be uses in auditing or accounting is a valuable asset.

Most applicants seek the prestige of certification as a CPA by the state board of Accountancy. Almost all states require at least a college degree, and most of those have followed the advice of the American institute of Certified public Accounts (AICPA) and now require 150 credit hourd, 30 credit hours over what is needed for a college degree, Colorado , Delaware, New Hampshire, and Vermont are the only states which have not. In response to this, many programs have made adjustments so that the program provides the additional 30 hours. A CPA applicant should examine all of the requirements of his/her state.

The AICPA has developed a demanding exam called the uniform CPA Examination that all states use. The exam takes two days to complete and has four parts. Most states don`t require test takers to pass all four parts at once; passing two parts will give you partial credit and the other two parts must be completed within a specified time frame. Only twenty-five percent of test takers receive passing grades. Recently the AICPA has developed a computerized version of the exam. In addition to the exam, most states also expect a degree of practical experience in accounting.

The AICPA also provides other certifications beyond the CPA which show that the holder has expertise in one of the associated fields that are gaining so much importantce. The accredited in Business Valuation(ABV), entails passing a written exam and a demonstration of expertise through ten business valuation projects. A designation as a personal financial specialist (PFS) rates applicants based on a point system, where points are earned based on education, references, passing an exam, and experience. A certified information technology professional (CITP) receives that certification by submitting a letter of intent, paying a fee, and earning

points based on education and experience, or, if they don`t have enough the requisite number of points they can take a written exam instead.

Almost all states require continuing professional or career eduction for renewal of their certification. There are many ways of meeting these requirements as many professional organizations offer classes, seminars, study programs, online courses, and many others.