Rid India of the socialism, corruption, and religious hatred promoted by existing parties

ACCOUNTING QUESTIONS

This is a collection of accounting questions we are trying to address

It is assumed the party is already following a regular accounting procedure. It will be useful if the same could be intimated, particularly in regard to the following aspects.

a. Is there only central accounting at present or each regional/district unit has separate accounting in regard to receipts and expenditure?

b. Are the initial receipts due to donations, membership fee, supply of services/items in kind etc; by cheque/cash/kind accounted centrally and later distributed to units? If so, what is the existing procedure prescribed for distribution?

c. Who is/are the existing executive member/s to accept all kinds of receipts and allow expenditure by cheque/cash

d. Any restrictions on cash receipts, if so what are those restrictions?

e. Is there any accounting procedure prescribed by CEC? If so, are we conforming to the same?

f. What kind of Bank account is being maintained at present i.e Current a/c or S.B a/c? Is it operated through cheques or ATM card as well? Are the Cheques signed by one or more individual/s?

g. Any accounting policy/procedure already prescribed?

h. Any time limit prescribed for intimating the Income and Expenditure to the Party President/Executive committee? If so what is that periodicity?

i. How frequently Income and expenditure is reconciled with Monthly Bank Statements /Cash Book? After reconciliation any system of intimation to party President/ Executive members about discrepancy if any, every month or not?.

j. How frequently the stock of items is physically checked and reconciled with stock register? Do we enter the purchase price of all items in the stock register and depreciate annually? If so, what is the prescribed procedure?

k. What is the existing system of periodical internal audit and statutory audit and who finally approves the internal audit and statutory audit reports?

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