A Study on “Accounting Systems of Petrobangla”

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CHAPTER-ONE

INTRODUCTION

1. INTRODUCTION

BBA program of Dhaka University, department of accounting and information system is Organized and tailored to provide the students with the conceptual, theoretical and practical tools of analysis. Special stresses are given on theory and practice them under an organization. Therefore as an internee I have completed my practice session and prepared this required report Based on investigations carried out by me in PETROBANGLA. The main vision of PETROBANGLA is to provide Energy for the sustainable development growth and maintain Energy security of the country. Bangladesh oil, gas and mineral corporation (PETROBANGLA) was created through PO# 27 on March 26, 1972.Since 1972, this corporation is performing its Activities with credit.

2. OBJECTIVES OF THE REPORT

The basic focus of the report is to explain the accounting system of PETROBANGLA and the different problem of this system and some recommendation for those problems

GENERAL OBJECTIVES

• To gain practical job experiences and view the application of theoretical knowledge in the real life.

• To further expand my knowledge, improve my skills and build on my work experiences.

• To ultimately develop and advance my career.

REPORT TOPICS OBJECTIVES

• To know the accounting system of PETROBANGLA.

• To know all the sub-division of accounting division of PETROBANGLA.

• To identify the problems of its accounting system.

• To suggest ways of improving the present procedures of accounting systems.

3. SCOPE OF THE STUDY

This report will cover all the accounting systems of only PETROBANGLA but not its subordinates companies. Over the years, the activities of PETROBANGLA has expanded and diversified to a great extent. To manage these activities, PETROBANGLA has created specialized companies to perform specific operations. Currently, there are eleven companies operating under PETROBANGLA, dealing in oil and gas exploration, transmission, distribution, Conversion as well as development and marketing of coal and hard rock. Accounting section of PETROBANGLA is divided into 8 sub-sections. They are 1. Management accounting section 2. Fund accounts section 3. Provident fund section 4. Pension Section 5. Payroll section 6. Bill Section 7. Insurance section 8. General section. This study will explain how those sub-sections are Maintaining their accounts and how general section accounts is merging all the activities of others sub-sections. This report is written from practical work experiences and consulting with the related division officers.

4. METHODOLOGY

The internship report generally starts with visits and observation. However, in respective areas of the study different methods can be used where necessary. No single method is method is appropriate for the report. This is a cost study both primary & secondary sources of data are used to complete study. These two sources are explained below_____________

1.4.1 PRIMARY SOURCES

Among the primary sources the main sources are-

• Interview and conversation with respected personnel of PETROBANGLA. • Officials records & documents of PETROBANGLA
• Practical work experiences with different section of PETROBANGLA especially accounts section.

1.4.2 SECONDARY SOURCES

Among the secondary sources the main sources are-

• Annual report-2007 of PETROBANGLA.

• Journals & relevant books.
1.5 LIMITATIONS OF THE STUDY

• Lack of comprehension of the respondents was the major problem that created much confusion regarding verification of conceptual question.

• Sufficient books and publication & journals were not available.

• Insufficiency of necessary information & data.

• Huge mismanagement in this corporation that’s why collecting information is very tough.

• Most of the employees are not much cooperative as expected.

• Rush hours and business was another reason that acts as an...
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