The document discusses the accounting practices of ACI Limited, a large Bangladeshi conglomerate. It outlines the company's history, objectives to analyze its accounting style, and lists group members. It also covers ACI's products, competitors, mission, vision and values. The document analyzes ACI's accounting standards, transactions recording, accounting system, error resolution, basis of accounting, accounts entries, inventory, costs, controls, fraud prevention, depreciation, and dividend policy.

1. AC COUNTING PRAC TISES IN
ADVANCED CHEMICAL INDUSTRY

2. OBJECTIVES
Learn About ACI Ltd.
Learn About Their History, Mission, Vision And Views.
Learn About Their Style Of Using Accounting.
Analyze Their Ways Of Using Accounting.

3. A S I F M A H M U D B 1 5 0 6 0 2 8
KO W S H I K A Z A D B 1 5 0 6 0 5 1
M A H I R S H A H R I A R B 1 5 0 6 1 0 9
TA N V I R A H M E D B 1 5 0 6 1 7 6
TA R E K M U S A N N A B 1 5 0 6 0 6 4
MEMBERS

4. CONTENTS
C O M P A N Y
O V E R V I E W
T I M E L I N E P R O D U C T S
C O M P E T I T O R
A N A L Y S I S

5. C
O
N
T
E
N
T
S
M I S S I O N
V I S I O N
VA LU E S

6. C
O
N
T
E
N
T
S
A C C O U N T I N G S TA N D A R D
R E C O R D I N G T R A N S E C T I O N S
A C C O U N T I N G S Y S T E M

7. C
O
N
T
E
N
T
S
E R R O R S O L U T I O N
B A S I S O F A C C O U N T I N G
A C C O U N T I N G E N T R I E S

8. C
O
N
T
E
N
T
S
I N V E N T O R Y S Y S T E M
C O S T F L O W A S S U M P T I O N
C O N T R O L P R O C E D U R E S

9. C
O
N
T
E
N
T
S
F R A U D C O N T R O L
D E P R E C I AT I O N
D I V I D E N D P O L I C Y

10. COMPANY OVERVIEW
1 9 9 2 : ACQUIS ITIO N F RO M ICI A CONGLOME RATE NOW

11. 1 9 6 8 ESTABLISHED
1 9 9 5 ISO 9001:2000
1 9 9 2ACI LTD.
TIMELINE

12. 2 0 0 6 ISO 9002
2 0 0 0ISO 14000
NOW
ONE OF THE
BIGGEST BD
CONGLOMERATES
VENTURING INTO THE
INTERNATIONAL SCENE

13. PRODUCTS
Agribusiness Pharmaceuticals Consumer
Products
17 DIFFERENT SUBSIDIERIES

14. COMPETITORS ANALYSIS
SQUARE PHARMA PRAN FOOD

15. MISSION
“… to enrich the quality of life of people through
responsible application of knowledge, skills and
technology.
…committed to the pursuit of excellence through world -
class products, innovative processes and empowered
employees to provide the highest level of satisfaction to
its customers. “

16. VISION
• Attain a position of leadership in each category of its businesses.
• Promote an environment for learning and personal growth of its employees.
• Attain a high level of productivity in all its operations through effective and
efficient use of resources, adoption of appropriate technology and alignment
with our core competencies.
• Provide products and services of high and consistent quality, ensuring value for
money to its customers.

17. VALUES
Quality.
Customer Focus.
Fairness.
Transparency.
Continuous Improvement.
Innovation.

18. SWOT ANALYSIS
S T R E N G T H W EA K N E S S O P P O R T U N I T Y T H R E AT
re d u c e d l a b o r c o s t s
g ro w t h ra t e
d o m e s t i c m a r ke t
f u t u re
p ro f i t a b i l i t y
c o s t s
t a x s t r u c t u re
g ro w i n g
d e m a n d
n e w
a c q u i s i t i o n s
g l o b a l e c o n o my
f i n a n c i a l
c a p a b i l i t y

19. ANALYSIS AND FINDINGS

20. ACCOUNTING STANDARD
IFRS
 a set of accounting standards developed by International Accounting
Standards Board (IASB).
 The goal of IFRS is to provide a global framework for how public companies
prepare and disclose their financial statements.
 IFRS provides general guidance for the preparation of financial statements,
rather than setting rules for industry-specific reporting.

21. RECORDING TRANSECTION
 Double Entry System through T-Accounts
 Monetary Unit Assumption
 Economic Entity Assumption

22. ACCOUNTING SYSTEM
 Too Many Transections to Handle Manually
 Fully Customized Software
 Allows to Set Up and Prepare all kinds of Accounting
Documents

23. ERROR SOLUTION
 ACI Limited uses Adjusting entry for Error Solution.

24. ACCRUAL BASIS ACCOUNTING
 The company solely depends on the accrual basis accounting as it
follows IFRS.

25. ACCOUNTS ENTRIES
 Three Column Entry
 Compound Entry

26. FISCAL YEAR
 Calendar Year
 1 January – 31 December
 Will Switch to July – June From Next Year in
Accordance with to Govt. Regulations

27. INVENTORY SYSTEM
 Perpetual Inventory System
 Better Control Over Periodic System
 Keeping Track of Inventory All The Time

28. COST FLOW ASSUMPTION
 Average Cost Assumption Theory
 In Accordance with IFRS
 Advantageous For Such a Large Company

29. CONTROL PROCEDURES
 Qualified Employees in a Restricted
Environment
 “Mirror” – Customized Software For ACI Only
Developed by MIS Engineers
 Hackproof

30. FRAUD CONTROL
 Physical and Virtual Safeguards
 Usage of Checks for Cash Control
 Usage of Cash for Petty Cash Funds

31. DEPRECIATION
 Straight Line Method
 Rate Varying from 2.5-20%
 No Depreciation Charged For Land And
Capital Work-in-progress

32. DIVIDEND POLICY
 Cash Dividend at 100%
 Stock Dividend at 15%

33. CONCLUSION