Scenario specific Questionnair for cooper corp

P Basic

Sr No

GLQ 1 2 3 4 5 6 7 8 9 10 APQ 1 2 3 4 5 6 7 8 9 10 ARQ 1 2 3 4 BAQ 1 2 3 4 5 AAQ 1 2

3 4 5 6 7 8 TAXQ 1 2 3 4 1 2 3 4 5 6 7 8 REQ 1 2 3 4 5 6 7 8 AUQ 1 2 3

48 49 50

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estionnair for cooper corp

Questions What is the legal structure of an entity(company,subsidiary,Branch ,partnership firm,propritory busniess) What is the core business of the cooper corp (mfg,trading,mfg&trading) What is your Organisation Structure?(company-mfgplant-sales office-purchase office

What is your Accounting year? What all kind of accounts (assets, liabilities, etc) are maintained in your system? How many and what kind of accounting documents are created in your present system? E.g. Receipts, Payments, JV What are the details you compulsory entered for each & every document? Do you do any kind of changes to the posted document e.g. changes to text ? Do you have any authoirsation procedure to allow the entries beyond specific limit? E.g. Document above 1 lacs can not be posted by accounting clerk? How do you handel any document reversal. Do you do any kind of transactions involving foreign exchange ? If yes, give the kind of foreign exchange transactions you ent How do you record your foreign exchange transaction such as using fixed foreign exchange rate, Avg exchange rate,etc? Do you have any requirment to record any kind of recurring entries. E.g. Accounting for monthly loan instolment

How do you categorise your suppliers/vendors? E g State vendors, Interstate vendors Can you highlight the important things you need to be recorded from the invoice you received from your suppliers? Such as Taxes, Freight, etc Do you issue and record debit/ credit notes ? Can you highlight any specific requirements in the same such as reference to th What procedure is followed to authorise the payments? Do you have any specific payment structure say payments to be done in 40 days? How do you handles cash discounts if any from your vendors? Do you match each payments against an invoices to the invoice it relate. Do you have case where the same person/entity is your customer and vendor? How these are handled in present system? How do you do any differntiation in the special transaction (e.g. Advances Given) & day to day transactions with the Vendors? Similarly do you have any gurantees to be reorded off balance sheet? How do you categorise your customers Can you highlight the important things you need to be recorded from the invoice you issue to customers? How do you track cash discounts to your customers? What is the discount structure. Do you want any business transactions to be recorded separately from routine sale transactions? How does the payments are done to vendors/employees? Via Cheque, Direct Transfers etc. How is the cheque process managed in your organisation, manually/electrnoically? How is the bank reconciliation carried out? What is procedure carried in your organisation to record cash transactions? Does your system assured about the cash balance at any point before making the payments? Do you maintain Fixed Asset Registers? How many different kind of Fixed Asset valuations you need

such as under Companies Act, Income Tax Law Give specifications for each of depreciation carried out for different type of assets. How do you diffrentiate your assets? List of reports you required for Fixed assets Do you carry out post capitalisation in your current system? How do you handles write ups and retirements for assets? How do you control Assets Under Constructions? How is the Excise on Sales is calculated & posted in current system? How is the Excise on Purchases is checked & posted in current system? How is Cenvat Credit is handled? How the Cenvat registers are updated? What kind of payments are liable for TDS in your business transaction? Give TDS related organisation details such as TAN Do you need the TDS certificate to be printed? Do you have any legal format for the same? Does the other parties do your TDS? What is current procedure to fill up TDS Challans & Returns? Is VAT applicable to your organisation? If yes, give VAT related organisation details such as, registration no, etc Give the dtails of each and every VAT Input/ Output tax involved in your business transactions? What is procedure to file VAT Returns? Trial Balances GL Balances Report Customer/ Vendor Balances Open item reports Overdue item reports Asset balances report for Company Act for Income Tax Act TDS related reports and certificates VAT related reports Do you need any foreign exchange valuation as per the laws or accounting standards? How do you carry Reserve for bad debts? Is there any specific format required for your balance sheet preparation?

Accruals Cash Journal

ge transactions you entered into? xchange rate,etc?

our suppliers?

such as reference to the original invoice.

d in present system? tions with the Vendors?