Guideline for Actual Accounting Practices Review and Report PDF

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Set by Er Ermias mias Abera (PhD – DBL, AC ACCA, CA, MBA & BA in A Acct cct and Finance Finance))

Actual Accounting Practices Review and Report guideline Remark: Before you move for the practical world, you should read and understand the theoretical frameworks on accounting processes discussed in the class. Part I (point 10%) 

Name of the Actual Company being selected i.e the business company being profitmaking should be a manufacturing, merchandising or service rendering company that has the high-scale operations from the city the company operates.

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Reviewer and Reporter: This is you!

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Purpose of the work: that really gives you the opportunity to consider and appreciate the actual accounting processes in the Company.

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Actual data obtained: witness for the reliability and validity of the actual works.

Part II (point 40%)  Analysis and Review Reporting: Here is where you really "review" the actual accounting practices of the selected company. o How the accounting system is organized as functional unit in the company? o What are the most common and significant forms of business transactions and accounting functions in the company? o Which forms of “Chart of Accounts” are in use: o Which of the theoretical accounting processes i.e., Journalizing: preparation of journal entries, Posting to the ledger, Trial Balance, Worksheet for adjustments at period/year end, and the common forms of transactions (being accrued and deferred) adjusted actually, Preparation of Financial Statements (drafted), Closing process (how and which accounts are closed) at the end  Discuss the elements in the Financial Statements (often audited) Presented in the year ended, near to this report. (Please attach the financial statements with the notes thereon).  Review the Applicability of the basic accounting principles and qualitative characteristics of the financial information. 1

Set by Er Ermias mias Abera (PhD – DBL, AC ACCA, CA, MBA & BA in A Acct cct and Finance Finance))

Part III (point 30%) Analysis and Review Reporting: on the cost accounting practices and the management accounting practices in the Company.  Cost Accounting functions, Forms and nature of Costs maintain in the accounting system (if manufacturing: DM, DL and Overheads)  What forms of management accounting functions are practices in the Company: o Cost Behavior Analysis: Break-Even Analysis, CVP Analysis or Target Profit Analysis o Budgeting Process and Control: Master Budget and/or Flexible Budgets o Standard Costing and Variance Analysis

Part IV (point 10%)  Provide summary and conclusions, include specially issues you considered and reported in the practical visit related to the accounting processes.

Part V (point 10%) Proper writing and reporting format: 

Utmost Good English applicable for report writing including editions, page setting and punctuation.

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Suitable paragraph and table use with the annex indication as needed.

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Fonts: Arial or Times New Roman; Size- Titles (14) and other (12)

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Line and paragraph spacing: 1.5

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Page margins: Left (1 out), Right (upto 6.5 in), Top(1 out), and Down (9 in),

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