IMS is a management training organization with over 30 years of experience helping students achieve career success globally. It has over 80 centers across India and has helped over 50,000 students. IMS maintains accounting records using Tally software, which follows double-entry accounting to record all transactions and eliminate errors. Accounts are prepared on an accrual basis to reflect a true financial picture by including all settled and unsettled transactions. Major accounting concepts like the business entity, money measurement, and going concern concepts are followed.

1. Report on IMS BY- AASHWIN SINGHAL FYBMS-43

2. ABOUT IMS VISION IMS will be an organization recognized globally by employees, students, shareholders, educational institutes, industry and the public as a Mentor, Motivator and Guide. Our credo will be excellence through innovation, empathy, ethical values and teamwork. IMS will help all those who interact with it, to achieve the best career opportunities to realize their dreams and succeed globally. ? COMPANY PROFILE More than 30 years of shaping success stories. Undisputed Market leader in the field of Management Entrance training. Ranked 4th in the Education sector and 44th amongst the Top 50 Most Trusted Service Brands across India in the December 2003 survey conducted by AC-Neilson & Brand Equity (Economic Times). More than 80+ centres across India. More than 50000 students passing through the prestigious institutes all over India and abroad. This is the world of IMS, where our FOCUS is our student, TRUST our primary concern and CAREER BUILDING our job. Mentoring, motivating and guiding all those who interact with us. Keeping our values dear to us at all times.

3. MAINTAIENCE OF ACCOUNTING RECORDS In IMS the day to day transactions are recorded on a computer by using a software called tally. What is tally ? Tally is a software which maintains all Books of accounts starting from records of vouchers, ledgers etc. Tally handles different types of vouchers like Payment, receipt, adjustment entries like Journals, Debit notes, Credit notes, Sales, Purchases, Receipt notes, Delivery notes etc. Tally follows the double entry system of accounting and hence will eliminate any possible errors

4. BASIS OF ACCOUNTING In IMS the accounts are prepared on the accrual basis, whereby all the transactions of events that are yet to be settled in cash are also taken Into account. This is done so that the accounts reflect a true picture

5. MAJOR CONCEPTS FOLLOWED Business entity concept Whereby a business is treated as distinct from the persons who own it. Money measurement concept Here only those transactions are recorded which have the ability of being expressed in monetary term Going concern concept In this it is assumed that the business will continue for a foreseeable future and transactions are recorded from this point of view