ACC566: Accounting Systems and Processes
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Charles Sturt University
Accounting Systems and Processes (ACC566)
Added on 2020-03-04
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ACC566 - The following paper consists of question answer covering accounting system and processes. Some of the question are given as : Define plagiarism? Why is plagiarism/collusion unfair to honest students? How can computer spreadsheets be pasted into a word document showing rows and column headings? List five web sites relevant to accounting together with their URLs. Explain how is each relevant to accounting etc.
ACC566: Accounting Systems and Processes
Charles Sturt University
Accounting Systems and Processes (ACC566)
Added on 2020-03-04
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Question 1 SolutionPlagiarism is the act of taking someone else’s work or ideas and passing them of as your own, without their consent or knowledge [ CITATION Oxf17 \l 1033 ]. Plagiarism and collusion is unfair to honest students because they have put in the time and effort to produce this work yet plagiaristjust copy and paste. Plagiarism is therefore wrong. [ CITATION Bis \l 1033 ].Question 2 SolutionStepsIn Excel Select the data you want to copy and pasteClick page layout tab Under headings, check printSelect the data you want to copy and pasteUnder Home tab, click copy as picture and select “ As shown when printed”In Word, move cursor to position and press crtl+v or click paste under homeFormulasSimilar to above however one extra step in excel- go to formulas tab in Excel and click show formulas. Normal view2345CDEABTotal212041224567235780Formula view2345CDEABTotal2120=C3+D32245=C4+D42357=C5+D5
Question 3 Solution: Websites relative to Accountinghttps://www.accountingcoach.com/This is a free learning website that is suited for students, book keepers and businesses.http://investopedia.comThis website provides financial content, marketing newsand educationhttp:// www.aasb.gov.auThis body sets the standards for Australian accountinghttp://www.pwc.com/This website offers financial services, however it can also be used as a resourceful site for information on the economy and trends.http://www.cpaaustralia.comThis website provides education, training and technical support to accountantsQuestion 4 SolutionsCPA Accounting Australia Resource – Understanding Annual ReportsThe website has provided guidelines on how to interpret Australian, Malaysia and New Zealand financial reports to clients and their significance. [ CITATION CPA171 \l 1033 ]Question 5 SolutionsAt my current work environment, my employer operates up to 100 workstations to enhance communications, greater productivity, research, IT and administrative functions. They systems accompanied by other work alone computers, are connected to the Info-set network, which is ourcompanies network, and then to the internet. Intel, Dell, Mac and Toshiba are amongst the prominent vendors of the workstations. The systems are all connected together to the backbone of the company network.The administration network comprises of a number of virtual machines. The machines main purpose is timesharing and mail servicing and provides database warehousing. The computing environment differs from department to department. For example, the administration department uses a blend of Macs and PCs. The programming department of the company uses access platforms such as SGI, HP, IBM, DEC, Mac and Intel.
The network is switched and consists of ten VLANs. It is comprised of HP and Juniper switches and routers. The building therefore has gigabit networking and a connection to the computer backbone.The Company has a networked workstation for everyone within the office. The networked workstations are for senior staff and selected junior staff with various workloads. Most of the workstations run a version of Unix though some of the staff use Mac.In case of breakdown or failure of the IT functions, there are additional two machines, Xenons, which have the responsibility of handling office mail and reading newsgroups.A feature of our working environment is that you get an email address that is potentially permanent with a domain name. The email address can forward your mail to whichever computer you are using to read your email. In conclusion, my current computing environment appears complex, but it has ensured an efficient work environment for all staff members, enabling them to work in the office and remotely.
Question 6 Solutions- Business Report1.Introduction1.1BackgroundABC Learning Company was founded in 1988 as a stable company. In 2001, the Australian government introduced the Childcare Benefit Rebate System. Following this directive, ABC acquired child care centers across the country and went through a massive growth expansion with share prices reaching $8.60. However, this growth did not last. By the end of 2007, the company went through a drastic change of events. ABC’s assets and share prices fell to $0.54 causing it to be placed under Administrators in November 2008 [ CITATION Koc \l 1033 ].1.2PurposeThe Purpose of this business report is to provide information on ABC’s Financial Reports, and explore the key lessons from their downfall and 3 ethical issues.2.Major Financial ReportsThe major financial reports are-Balance Sheet-The Balance Sheet is also known as the Statement of Financial position. It displays the current financial position of a company at a specific date.Cash Flow Statement- The Cash flow statement tells us how much money is flowing in and out of the business from the 3 main activities i.e. investing, operating and financing. Profit and Loss- The Profit or Loss statement or Statement of Income shows us how the company is using its assets to make profits over a defined period. Furthermore, it explains the change in net assets a company owns between start and end of reporting period [CITATION Koc \l 1033 ].3.Key Lessons from ABC LearningThe rise and fall of ABC Learning Childcare Center can be blamed on aggressive expansion backed by lack of discipline. As a result, some of the key lessons we can learn from the ABC story include the following:Always Recognize Revenue ProperlyABC cooked revenue figures for its leases and employee contracts, making it appear as if it was experiencing growth.Focus on Core Activities
Due to lack of attention, the overseas locations in US, New Zealand and Singapore ended up not performing well. This resulted in the company selling of these subsidiaries and a fall in share price.Importance of a Company’s financial accounts in indicating its healthInvestor’s did not pay close attention to the published accounts which showed red flags.Importance of Sound Corporate GovernanceABC did not disclose its related party transactions with Queensland Maintenance and .Furthermore, Eddie Grove did not disclose margin loansComplex financial structure and transactionABC Learning’s transactions were too complex for financial investors and regulators to understand.4.Identify three Ethical IssuesCompliance and GovernanceThe company did not comply with accounting rules such as disclosure and Board scrutinyIndividual Power Eddy Groves was a sole decision maker and he made decisions that eventually ledto the collapse.TransparencyABC was not transparent in its financial transactions. Furthermore, they inflated revenues and were not disclosing related third party transaction. SummaryThe story of ABC teaches us the risk of improper valuations coupled with bad financial decisions can lead to the collapse of an organization. Therefore, it is prudentfor a business to go with the best estimate and ensure proper accounting practices. ReferencesKoch, D. (2009, November). The ABC of a Corporate Collapse. CPA Australia. Retrieved from https://www.youtube.com/watch?v=YYF6JW9vJKo&list=PL12C0ADD577F6B741Jjj
Question 7 Solutions :PALERA.Manual Solutions using office lens
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