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ACC566 Accounting System And Process

tag 0 Download 0 Pages / 0 Words tag 17-06-2022
  • Course Code: ACC566
  • University: Charles Sturt University
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  • Country: Australia

Answers:

Accounting System and Process

Answer 1:

Plagiarism is defined as the act of copying other person’s ideas or concepts into ones’ own work and is recognized as punishable offense due to infringement of copyright. Plagiarism is not allowed for students as it results in providing higher marks to some students who unethically copies from other person ideas as compared to those who completes their assignments by themselves (McCabe, Butterfield and Trevino, 2012).

Answer 2:

The methods to copy and paste from excel spreadsheet:

Method 1: Chose the desired area you want to copy and go to word document paste it as special

Method 2: As per this method select the whole sheet and copy it. After that paste that sheet in word as an object

Normal view of spread sheet:

Formula view of spreadsheet:

Answer 3:

The websites relevant to accounting are as follows:

https://www.accountingtools.com/articles/the-four-basic-financial-statements.html: It provides complete source of information to the accountants about basic accounting terminologies.

https://www.accountingcoach.com/ : The website provides complete information about the basic accounting terminologies and concepts to the readers such as business students and owners.

http://www.skodaminotti.com/blog/ : This online website provides accounting services to small business owners to help them to grow their business.

https://www.accountingformanagement.org : This online website provides complete explanation to all the accounting situations that proves to be helpful for students and accounting professionals.

http://www.deardrebit.com/: The website provides a online platform to the accounting professionals to discuss and review the accounting issues and thus gain answer for their various queries and problems.

Answer 4:

The Institute of Public Accountants is an online website in Australia that comprise of about 35000 members with the aim of providing guidance and assistance to the small servicing businesses for their growth and development. The online link to the website is: https://www.publicaccountants.org.au/about/what-makes-us-unique

The website provides an online resource ‘Professional Assistance’ that provides help to the SME’s sector by providing them guidance to resolve their accounting issues and queries.

Answer 5:

The businesses are nowadays placing large focus on implementing and adopting the use of latest computer devices for achieving a competitive advantage by improving the efficiency of their business processes. The latest computer devices and software help the business professionals to perform their operational activities efficiently. In this context, my previous workplace was also equipped with latest computing devices that enabled us to perform our daily job activities quickly and easily. The organization has integrated the use of SAP software for managing its operational activities and customer relations. SAP stands for (Systems, Applications and Products) that help the business entities to record their customer and business interactions efficiently. The software provides large help to provide solutions to financial, logistics and inventory related problems of the organization. The quick resolution of the business problems has helped in improving the productivity and sales of the organization to large extent. It has improved the co-ordination between various departments of the organization thus assisting in speedy transfer of information resulting in streamlining of all the daily business processes. All the computer devices had SAP installed and were updated so that all the business operations can be conducted in an efficient manner. Thus, the use of latest computing devices has enabled in improving customer satisfaction and thus increased profitability in my last organization (Abraham, Baets,  Koppen and Nickolay, 2006).

Answer 6:

1. Major Financial Reports:

Income Statement: This financial statement represents the net income realized by a business company after meeting all its expenses. Thus, it illustrates the profitability of a business entity.

Balance Sheet: It provides financial information about the present assets, liabilities and equity structure of a company at a specific point of time.

Statement of Cash Flows: This financial statement represents the movement of cash flows that has occurred over an accounting reporting period (Porter and Norton, 2014).

2. ABC Learning Case Study Analysis

The ABC Learning, as analyzed from the case study, was a child care company established in the year 1988. The company was collapsed in the year 2007 due to adoption of incorrect accounting and financial procedures. The growth strategies of the company were not adequate and were executed without proper financial planning. The case study helped in developing an understanding of the importance of proper financial planning before planning and execution of a business strategy. Also, the company adopted faulty accounting procedures for valuing its business assets that resulted in losing its goodwill among the investors. Thus, a business entity should always adopt proper accounting producers and represent actual asset valuation for maintaining transparency in its business operations. A business entity should perform its financial operations ethically and never ignore fundamentally accounting conventions in the event of profit realization. The company also went under huge debt for pursuing its growth strategies and therefore was unable to pay such huge amount of debt eventually leading to its breakdown. Therefore, a business entity is always recommended to maintain sound liquidity to cover its short and long-term liabilities (Thomson, 2008).

3. Ethical issues from the case study

Accounting Conventions: The case study of ABC represented that adoption of faulty accounting procedures leads to an organization failure. Therefore, a business organization should always integrate the use of sound accounting principles for financial reporting.
 
Maintaining Transparency Business Operations: The ABC Company has maintained a complex financial structure and there was no proper disclosure regarding the financial transactions to the investors resulting in their lost confidence. Therefore, a company must always promote transparency in its business operation through proper disclosure of all the financial information to the investors.
 
Unreasonable Revenue Realization: The ABC unethically inflated its revenue in its financial statements that resulted in its downfall. Therefore, a business entity should not manipulate its financial reports for unethically inflating its profitability (Thomson, 2008).

Answer 7:

Part 1:

Part 2:

Part 3:

Part 4:

Answer 8:

Formula View of Excel:

Excel Sheet with Normal view:

Answer 9:

Accounts with normal debit balances:

Cash in hand
Machinery account
Bank account
Stock account

Accounts with credit balances:

Accounts payable
Equity stock account
Water expenses payable
Lease account

Answer 10:

Normal View

Formula View:

Trial Balance after making the changes

Answer 11:

Blank Crossword

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clues:

Across

A: The accrual basis of accounting is more effective than the cash basis in reporting the ________________ of a business

B: The 'books' of the company that contains all of the accounts is the general _____________

Down

A: The title of the liability account that reports amounts that were received by the company before they were earned is Deferred Revenues or ________________ Revenues.

B: The income statement and the statement of cash flows report amounts covering a ___________ of time.

C: A listing of all of the accounts available in the general ledger is a __________ of account

Solved Crossword

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Answer 12:

Adjustment Entries

A: Expenses that are paid prior they occur: Prepayments of expenses

Ex: Prepayment of telephone exp. 450

To bank 450

B: Income which is not earned: Unearned income

Ex: Unearned bank interest 150

 To bank Interest account 150

Answer 13:

The current liabilities refer to short-term liabilities of a business entity that must be repaid by it within 12 months period of time. On the contrary, non-current liabilities refer to long-term liabilities of a company that can be repaid within longer duration of time exceeding 12 months period (Porter and Norton, 2014).

Answer 14:

Current ratio measures the liquidity position of a business entity by assessing its ability to meet its short and long-term obligations (Porter and Norton, 2014). For example, if current assets of a company are 1000 and its current liabilities are 500, then its current ratio can be calculated as:

Current Ratio=Current Assets/Current Liabilities

Current Ratio=1000/500

Current Ratio=2

Answer 15:

Excel with normal view

Excel with Formula View:

Excel after making the desired changes

 

References:

Abraham, A., Baets, B., Koppen, M. and Nickolay, B. 2006. Applied Soft Computing Technologies: The Challenge of Complexity. Springer Science & Business Media.

Porter, G.A. and Norton, C.L. 2014. Financial Accounting: The Impact on Decision Makers. Cengage Learning.

Thomson, J. 2008. Lessons learned from ABC. Retrieved 21 August, 2017, from http://www.theaustralian.com.au/business/business-spectator/lessons-learned-from-abc/news-story/573a6ff5085d64f7b9c146c87d22d225

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