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Plagiarism’s Collusion

Plagiarism is an action is which one person passes someone else’s work, ideas, reports, presentation as their own report. It could be intentionally or intentionally. Plagiarism is a serious offence, it is totally unprofessional and the person could be penalized for it too (Duska, Duska, Ragatz, 2011). Plagiarism could be generate by paraphrasing, cutting, copying or pasting the other’s work and deliver it as their own reports (Plagiarism.org, 2017).

Plagiarism’s Collusion:

The collusion of plagiarism is against the honest student due to its rules. Collusion allows the students who have done work with the help of other Person without even knowing to their teacher. It helps the dishonest student to reduce the plagiarism rate in comparison of honest student and thus the dishonest student get extra marks.

Excel spreadsheet could be copied from the excel into word file by using the options of copy and paste. With the help of these options, reports could be pasted in formula view as well as with rows and columns.

  • In this method, excel’s special formulas are taken care of while pasting the files. First of all, user must use a short key (Ctrl+~) to enable the formula view. Then user must enable the print box by clicking on the page layout and than heading tab. After it, the table must be copied and paste in the word doc files as a “paste special option”. For it, the picture option, under the table must be clicked and “paste as picture” option must be chose (Accountingexplained, 2017). 
  • In other method, a print screen shot of the excel file could be taken and paste it into the word doc file as a picture. For this method, formula menu must be enabled as described above. Screenshot could be taken through using the print screen key.

Website

Comment

URL

FASB  Website

It provides the basic knowledge of accounting rules and regulations to private companies in order to help them to prepare the final reports.

https://www.fasb.org/home

Deloitte Website

It provides the wide knowledge of IASB and IFRS rules and regulations to the users in order to help them to develop the work of accounting and auditing.

https://www.iasplus.com/en

AICPA

It provides the wide range of knowledge of ethical standards and techniques to the accounting professional to develop the professional work (Kieso, Weygandt & Warfield, 2010).

https://www.aicpa.org

Chartered professional accountant of Canada

It provides the support for government companies, business and NGOs to set the standards of auditing and accounting. It also assures the companies about the accuracy.  

https://www.cpacanada.ca/

The Institute of Public accountant Australia is one of the top leading professional bodies of accounting in Australia. This is accountable for supervise and develop the accounting professional in Australia. Many resources could be found on the website of institute of public accountants for the accounting professional students. It provides the material for the accounting career seeking students (IPA, 2017).

This website offers material on many subjects such as corporate low, taxation, financial planning, accounting etc. Such as the toolkit of accounting offered by the website could be a handy resource. It includes many concerned tools such as planner, calculator, guide, practice manual etc.

Computing environment of an organization is a combination of many software and hardware resources. Many processes have been done through these software and hardware to accomplish a particular task. Basic hardware used in an organization are monitor, modem, scanner, CPU, mouse, printer, data cables etc. CPU is the most important hardware among all. It helps the software to enable and accomplish the performed task. More, modem, data cable, printer and scanner is also important for the organization as company could only prepare a report with the help of it.

In my previous workplace, organizational computing environment was up to data and helpful for the employees to accomplish the entire task at time. For operating the computer, Vista 7 was the operating system. Software used in the company to accomplish the task were Microsoft word, Power point, Spreadsheet, database management etc.  

Websites for Accounting Information

Word software used to help the employees in preparing all the reports about the business operations and it helped us to manage, store, update the information. This software helped me to track over the supplies, stock and customers. Spreadsheet software used to help all the employees in preparing the final reports of the company such as income statement, balance sheet, fund and cash flow statement, business plan etc (Zimmerman & Yahya-Zadeh, 2011).

Power point software was most used software. It used to help all the employees in presenting the work they have done and presenting about the new plans, project and financial statements to the stakeholders and top level management. This used to help in an effective manner to present the thoughts and information. Data base management used to help in managing all the information.

The innovations and update of all the software had significantly contributed in my workplace. It helped all the employees in simplifying the work and the result used to be very effective and efficient. Hence, the computing environment at my previous workplace was totally effective and safe.

Key lessons:

ABC learning used to be the most growing companies in the country before 2008-09. In 2008-09 company became insolvent. The company was operating its business for the maintenance and running the childcare centers in the country. Operations of the company were increasing rapidly. In 2006, company has showed a great amount of profit in the financial statements. And further, company has expanded its operations in other countries too. Company had also acquired many other firms engaging in the same business.

Company had experienced a great goodwill in the market. But the financial statement of the company had been prepared without considering the fundamentals principles of accounting. It affected the company and thus the company got failed. In 2008-09, the stock of the company had been recorded $0.54 and due to it company became liquidate (IPA, 2017). This case study offers the main lesson is a company should not ignore the fundamental concept of accounting to prepare the final reports of the company. It could put the company in danger.

The main financial reports of an organization are income statement, cash flow statement and balance sheet. Income statement considers all the income and expenditure incurred in the company in a particular period. It shows the profitability condition of the organization. Balance sheet is prepared with considering all the assets and liabilities of a company to analyze the strength of the company. Cash Flows are prepared by considering all the cash inflow and outflow to analyze the cash position in the company.

It is important for every organization to identify the total profit as it is the essential element to analyze the profitability of the organization. Though, the profits don’t show the liquid state of an organization so cash flow statements are prepared by the companies. Cash flow statement depict about the company’s liquid condition (Sciencedaily, 2017).

Ethical Issues:

ABC learning’s ethical issues are as follows:

  • Company does not consider the fundamental concepts of accounting.
  • Cash generated by the company is always reachable by the owner.
  • Company does not focus on updating of the accounting standards.

S. No.

Account Title

Type of Account

1

Prepaid Expenses

Asset

2

Accounts Receivable

Asset

3

Cash

Asset

4

Accounts Payable

Liability

5

Investments

Asset

6

Salary Payable

Liability

7

Property Tax Expense

Expense

8

Office Supplies

Asset

9

Office Furniture

Asset

10

Electricity and Gas Expense

Expense

11

Rent Expense

Expense

12

Davis, Capital

Proprietorship

13

Service Revenue

Revenue

14

Salary Expense

Expense

15

Supplier Expense

Expense

16

Loan Payable

Liability

Data Section: Bruce Design Studio

$

$

Loan Payable

                          17,300.00

Office Furniture

     28,000.00

Rent Expense

                          23,000.00

Electricity and Gas Expense

       6,500.00

Cash

                            4,600.00

Accounts Payable

       2,400.00

Office Supplies

                            3,300.00

Davis, Capital

     35,000.00

Salary Expense

                          49,000.00

Service Revenue

  1,55,800.00

Salary Payable

                            3,400.00

Accounts Receivable

       9,200.00

Property Tax Expense

                            1,700.00

Supplier Expense

     33,600.00

Prepaid Expenses

                            8,000.00

Investments

       5,000.00

Report

Income Statement of Bruce Design Studio for Year ended on December 31, 2016

Description

Amount ($)

Amount ($)

Service Revenue

                       1,55,800.00

Less: Expenses

Rent Expense

                          23,000.00

Salary Expense

                          49,000.00

Property Tax Expense

                            1,700.00

Electricity and Gas Expense

                            6,500.00

Supplier Expense

                          33,600.00

Total

                       1,13,800.00

Profit/(Loss)

                          42,000.00

This table depict that the BHP Billiton has received a net profit of $42000 in 2016.

Report

Statement Showing Drawings of Owner: Bruce Design Studio for Year ended on December 31, 2016

Description

Amount ($)

Amount ($)

Opening capital balance

                          40,000.00

Add: Capital investment

                          15,000.00

Less: Withdrawls

                          20,000.00

Closing capital balance

                          35,000.00

Report

Balance Sheet of Bruce Design Studio for Year ended on December 31, 2016

Description

Amount ($)

Amount ($)

Assets

Cash

      4,600.00

Office Supplies

      3,300.00

Prepaid Expenses

      8,000.00

Office Furniture

    28,000.00

Accounts Receivable

      9,200.00

Investments

      5,000.00

Total

                          58,100.00

Liabilities

Loan Payable

    17,300.00

Salary Payable

      3,400.00

Accounts Payable

      2,400.00

Total

                          23,100.00

Capital

                          35,000.00

Total Liabilities and Capital

                          58,100.00

Data Section: Balance Sheet Equation

Case-1

Case-2

Case-3

Revenue

900

A

3800

Expenses

600

700

1256

Dividend declared

0

160

B

Additional Investment by stockholders

0

180

340

Net income

C

560

D

Retained earning

Beginning of year

200

195

2260

End of year

E

F

2450

Paid-in Capital

Beginning of year

160

345

G

End of year

I

H

5600

Total assets

Beginning of year

480

J

K

End of year

600

1200

L

Total liabilities

Beginning of year

M

270

1200

End of year

N

O

740

Report Section: Balance Sheet Equation

Comments

Case-1

Case-2

Case-3

Revenue

900

A

1260

3800

A= Net income+ expenses

Expenses

600

700

1256

Dividend declared

0

160

B

2354

B= Beginning retained earnings - ending retained earnigs+ net income

Additional Investment by stockholders

0

180

340

Net income

c

300

560

D

2544

C and D= Revenues - expense

Retained earning

0

Beginning of year

200

195

2260

End of year

E

500

F

595

2450

E and F= beginning Retained earning + net income - dividend declared

Paid-in Capital

Beginning of year

160

345

G

5260

N= Total assets beginning less liabilities beginning less retained earnings beginning

End of year

I

160

H

525

5600

I and H= Total assets ending less liabilities ending less retained earnings ending

Total assets

Beginning of year

480

J

810

K

8720

J and K= Paid in capital beginning + retained earning beginnng + liabilities beginning

End of year

600

1200

L

8790

L= Paid in capital ending+ retained ending + liabilities ending

Total liabilities

Beginning of year

M

120

270

1200

M= Total assets beginning - paid in capital beginning - retained earnings beginning

End of year

N

-60

O

80

740

N and O= Total assets ending- paid in capital ending -retained earnings ending

Report Section: Balance Sheet Equation

Comments

Case-1

Case-2

Case-3

Revenue

=D6

A

=F31+F28

=H6

A= Net income+ expenses

Expenses

=D7

=F7

=H7

Dividend declared

=D8

=F8

B

=H33+H31-H34

B= Beginning retained earnings - ending retained earnigs+ net income

Additional Investment by stockholders

=D9

=F9

=H9

Net income

c

=D27-D28

=F10

D

=H27-H28

C and D= Revenues - expense

Retained earning

=D11

Beginning of year

=D12

=F12

=H12

End of year

E

=D33+D31-D29

F

=F33+F31-F29

=H13

E and F= beginning Retained earning + net income - dividend declared

Paid-in Capital

Beginning of year

=D15

=F15

G

=H37-H30

N= Total assets beginning less liabilities beginning less retained earnings beginning

End of year

I

=D36+D30

H

=F36+F30

=H16

I and H= Total assets ending less liabilities ending less retained earnings ending

Total assets

Beginning of year

=D18

J

=F42+F36+F33

K

=H36+H42+H33

J and K= Paid in capital beginning + retained earning beginnng + liabilities beginning

End of year

=D19

=F19

L

=H37+H43+H34

L= Paid in capital ending+ retained ending + liabilities ending

Total liabilities

Beginning of year

M

=D39-(D33+D36)

=F21

=H21

M= Total assets beginning - paid in capital beginning - retained earnings beginning

End of year

N

=D40-(D34+D37)

O

=F40-(F37+F34)

=H22

N and O= Total assets ending- paid in capital ending -retained earnings ending

Normal Debit balances:

  • Purchase Account
  • Owner’s Drawing Account
  • Cash Account
  • Furniture Account
  • Bad Debts Account

Normal Credit balances:

  • Interest Account
  • Capital Account
  • Unearned revenues
  • Bills payable account
  • Sales Account (Nobes & Parker, 2008)

Data Section: Porto Deliveries

$

$

Capital

     639,760.00

Trucks

  302,348.00

Insurance expense

         3,450.00

Fuel expense

    58,000.00

Accounts payable

       35,640.00

Drawings

    27,500.00

Service revenue

     289,700.00

Electricity expense

      8,760.00

Building

     380,700.00

Accounts receivables

    28,760.00

Supplies expenses

         1,980.00

Bills payable

    34,900.00

Cash

       27,600.00

Supplies

      3,654.00

Salary expense

     129,358.00

Equipment

    27,890.00

Report Section

Porto Deliveries: Trial balance as on 30 June 2016

$

$

Debit

Credit

Cash

       27,600.00

Accounts receivables

       28,760.00

Supplies

         3,654.00

Trucks

     302,348.00

Building

     380,700.00

Equipment

       27,890.00

Accounts payable

                35,640.00

Bills payable

                34,900.00

Capital

              639,760.00

Drawings

       27,500.00

Service revenue

              289,700.00

Fuel expense

       58,000.00

Supplies expenses

         1,980.00

Salary expense

     129,358.00

Insurance expense

         3,450.00

Electricity expense

         8,760.00

Total

  1,000,000.00

           1,000,000.00

 Formula View:

Report Section

Porto Deliveries: Trial balance as on 30 June 2016

$

$

Debit

Credit

Cash

=C12

Accounts receivables

=E10

Supplies

=E12

Trucks

=E6

Building

=C10

Equipment

=E13

Accounts payable

=C8

Bills payable

=E11

Capital

=C6

Drawings

=E8

Service revenue

=C9

Fuel expense

=E7

Supplies expenses

=C11

Salary expense

=C13

Insurance expense

=C7

Electricity expense

=E9

Total

=SUM(C20:C35)

=SUM(D20:D35)

Making Four Changes

$

$

Debit

Credit

Cash

       22,600.00

                            -   

Accounts receivables

       23,760.00

                            -   

Supplies

         3,654.00

                            -   

Trucks

    3,02,348.00

                            -   

Building

    3,80,700.00

                            -   

Equipment

       26,390.00

                            -   

Accounts payable

                   -   

                30,340.00

Bills payable

                   -   

                34,900.00

Capital

                   -   

             6,29,760.00

Drawings

       27,500.00

                            -   

Service revenue

                   -   

             2,93,500.00

Fuel expense

       58,000.00

                            -   

Supplies expenses

         1,980.00

                            -   

Salary expense

    1,29,358.00

                            -   

Insurance expense

         3,450.00

                            -   

Electricity expense

         8,760.00

                            -   

Total

    9,88,500.00

             9,88,500.00

  • The increase of expenses that relate to the revenues being accounted is compulsory because of the ___________ principle.
  • A financial statement which explains that how cash equivalents and cash have distorted during a financial accounting period is the statement of ________ flows.
  • Financial statements which are mattered between a company's annual financial statements are referred to as _____________ financial statements.
  • The accounting ___________ is Assets = Liabilities + Owner's (Stockholders') Equity.
  • Amounts allocated to people and suppliers are accounted as _______________ on the balance sheet.

Adjusting Entries:

Matter

Adjusting Journal Entry

1. Prepaid expense

Prepaid Expense Dr.

expense Cr.

2. Accrued Revenue

Revenue Dr.

Accrued Revenue Cr.

3. Unearned revenue

Unearned Revenue Dr.

Revenues Cr.

4. Revenues remained unearned

Unearned revenues Dr.

Service revenues Cr.

Current Assets and Non Current assets:

Current assets are those assets that would convert in cash in an accounting period such as accounts receivable, inventory, prepaid expenses, cash equivalents etc whereas noncurrent assets are those assets which would convert in cash in more than 1 accounting period such as Equipments, long term investments, building, long term receivables (Lambert, Leuz, & Verrecchia, 2007).

Current ratios of an organization depict about the liquid stage of the organization whereas the debt ratio of an organization depict the leverage stage of the organization. For Example:

Current assets

    8,000.00

Current liabilities

    5,000.00

Current ratio

1.6

Total debt

    8,000.00

Total assets

  12,000.00

Debt ratio

0.67

The table describe that current assets is 1.6 times more than current liabilities. And the debt ratio describes that organization has generated 67% of total assets from the debt amount.

Data Section: Mini Motors

Account

Debit

Credit

Cash

    49,380.00

Accounts receivables

  121,450.00

Additional data

Supplies

    14,670.00

Depreciation on equipment

2860

Prepaid insurance

      2,567.00

Accrued Wages expense

500

Equipment

  237,654.00

Supplies on hand

450

Accumulated depreciation

  107,890.00

Prepaid insurance expired during June

400

Accounts payable

    99,870.00

Unearned service revenue earned in June

4600

Wages payable

    12,567.00

Accrued service revenue

600

Unearned service revenue

    12,345.00

Capital

  132,519.00

Drawings

    28,900.00

Service revenue

  267,890.00

Depreciation and expenses

Wages expenses

  165,900.00

Insurance expenses

Utilities expenses

    12,560.00

Supplies expenses

Total

  633,081.00

  633,081.00

Report Section

Mini Motors worksheet, period ended 30th June 2016

Unadjusted trial

Adjustments

Adjusted trial

Balance sheet

Income statement

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

    49,380.00

    49,380.00

    49,380.00

0

Accounts receivables

  121,450.00

  121,450.00

  121,450.00

0

Supplies

    14,670.00

      14,220.00

         450.00

         450.00

0

Prepaid insurance

      2,567.00

400

      2,167.00

      2,167.00

0

Accrued revenue

600

         600.00

         600.00

0

Equipment

  237,654.00

2860

  240,514.00

  240,514.00

0

Accumulated depreciation

                -   

  107,890.00

2860

  110,750.00

                -   

110750

Accounts payable

                -   

    99,870.00

    99,870.00

                -   

99870

Wages payable

                -   

    12,567.00

500

    13,067.00

                -   

13067

Unearned service revenue

                -   

    12,345.00

4600

      7,745.00

                -   

7745

Capital

                -   

  132,519.00

  132,519.00

                -   

132519

Drawings

    28,900.00

                -   

    28,900.00

    28,900.00

0

Service revenue

                -   

  267,890.00

5200

  273,090.00

  273,090.00

Depreciation and expenses

                -   

                -   

                -   

                -   

                -   

Wages expenses

  165,900.00

                -   

500

  166,400.00

  166,400.00

                -   

Insurance expenses

                -   

                -   

400

         400.00

         400.00

                -   

Utilities expenses

    12,560.00

                -   

    12,560.00

    12,560.00

                -   

Supplies expenses

                -   

  14,220.00

    14,220.00

    14,220.00

                -   

Total

  633,081.00

  633,081.00

  23,180.00

      23,180.00

  637,041.00

  637,041.00

  443,461.00

  363,951.00

  193,580.00

  273,090.00

Net income/loss

    79,510.00

    79,510.00

Balancing

  443,461.00

  443,461.00

Formula View

                                                           Report Section

Mini Motors worksheet, period ended 30th June 2016

Unadjusted trial

Adjustments

Adjusted trial

Balance sheet

Income statement

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

=C6

=C29+E29-F29

=G29

=H29

Accounts receivables

=C7

=C30+E30-F30

=G30

=H30

Supplies

=C8

=C31-450

=C31+E31-F31

=G31

=H31

Prepaid insurance

=C9

=G11

=C32+E32-F32

=G32

=H32

Accrued revenue

=G13

=C33+E33-F33

=G33

=H33

Equipment

=C10

=F35

=C34+E34-F34

=G34

=H34

Accumulated depreciation

=C11

=D11

=G8

=D35+F35-E35

=G35

=H35

Accounts payable

=C12

=D12

=D36+F36-E36

=G36

=H36

Wages payable

=C13

=D13

=G9

=D37+F37-E37

=G37

=H37

Unearned service revenue

=C14

=D14

=G12

=D38+F38-E38

=G38

=H38

Capital

=C15

=D15

=D39+F39-E39

=G39

=H39

Drawings

=C16

=D16

=C40+E40-F40

=G40

=H40

Service revenue

=C17

=D17

=E38+E33

=D41+F41-E41

=H41

Depreciation and expenses

=C18

=D18

=C42+E42-F42

=G42

=H42

Wages expenses

=C19

=D19

=F37

=C43+E43-F43

=G43

=H43

Insurance expenses

=C20

=D20

=F32

=C44+E44-F44

=G44

=H44

Utilities expenses

=C21

=D21

=C45+E45-F45

=G45

=H45

Supplies expenses

=D22

=F31

=C46+E46-F46

=G46

=H46

Total

=SUM(C29:C46)

=SUM(D29:D46)

=SUM(E29:E46)

=SUM(F29:F46)

=SUM(G29:G46)

=SUM(H29:H46)

=SUM(I29:I46)

=SUM(J29:J46)

=SUM(K29:K46)

=SUM(L29:L46)

Net income/loss

=L47-K47

=I47-J47

Balancing

=I47+I49

=J47+J49

Report Section Four Changes

Mini Motors worksheet, period ended 30th June 2016

Unadjusted trial

Adjustments

Adjusted trial

Balance sheet

Income statement

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

     49,380.00

    49,380.00

    49,380.00

0

Accounts receivables

  1,21,450.00

 1,21,450.00

 1,21,450.00

0

Supplies

     24,670.00

    25,220.00

       (550.00)

       (550.00)

0

Prepaid insurance

       2,567.00

400

      2,167.00

      2,167.00

0

Accrued revenue

600

         600.00

         600.00

0

Equipment

  2,37,654.00

2860

 2,40,514.00

 2,40,514.00

0

Accumulated depreciation

                 -   

  1,07,890.00

2860

 1,10,750.00

                -   

110750

Accounts payable

                 -   

     99,870.00

    99,870.00

                -   

99870

Wages payable

                 -   

     17,567.00

500

    13,067.00

                -   

13067

Unearned service revenue

                 -   

     12,345.00

4600

      7,745.00

                -   

7745

Capital

                 -   

  1,32,519.00

 1,32,519.00

                -   

132519

Drawings

     28,900.00

                 -   

    28,900.00

    28,900.00

0

Service revenue

                 -   

  2,67,890.00

5200

 2,73,090.00

 2,73,090.00

Depreciation and expenses

                 -   

                 -   

                -   

                -   

                -   

Wages expenses

  1,65,900.00

                 -   

500

 1,66,400.00

 1,66,400.00

                -   

Insurance expenses

                 -   

                 -   

400

         400.00

         400.00

                -   

Utilities expenses

     17,560.00

                 -   

    17,560.00

    17,560.00

                -   

Supplies expenses

                 -   

  25,220.00

    45,220.00

    45,220.00

                -   

Total

  6,48,081.00

  6,38,081.00

  34,180.00

    34,180.00

 6,72,041.00

 6,37,041.00

 4,42,461.00

 3,63,951.00

 2,29,580.00

 2,73,090.00

Net income/loss

    43,510.00

    78,510.00

Balancing

 4,42,461.00

 4,42,461.00

References: 

Lambert, R., Leuz, C., & Verrecchia, R. E. 2007. Accounting information, disclosure, and the cost of capital. Journal of accounting research, 45(2), 385-420. 

Accountingexplained. 2017. Non-current assets. Retrieved March 24, 2017, from https://accountingexplained.com/financial/non-current-assets/

Duska, R., Duska, B.S., Ragatz, J.A. 2011. Accounting Ethics. John Wiley & Sons.

IPA. 2017. Home. Retrieved March 24, 2017, from https://www.publicaccountants.org.au/

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. 2010. Intermediate accounting: IFRS edition (Vol. 2). John Wiley & Sons.

Myaccountingcourse. 2017. Adjusting Entries. Retrieved March 24, 2017, from https://www.myaccountingcourse.com/accounting-cycle/adjusting-entries

Nobes, C., & Parker, R. H. 2008. Comparative international accounting. Pearson Education.

Plagiarism.org. 2017. What is Plagiarism? Retrieved March 24, 2017, from https://www.plagiarism.org/plagiarism-101/what-is-plagiarism/ 

Sciencedaily. 2017. Computer Security: Reducing risks of malware infections. Retrieved March 24, 2017 https://www.sciencedaily.com/releases/2013/12/131216142931.htm

Zimmerman, J. L., & Yahya-Zadeh, M. 2011. Accounting for decision making and control. Issues in Accounting Education, 26(1), 258-259.

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