FIN201-Accounting System and Process Report

Added on - Mar 2020

An accounting system's purpose is to record company transactions, aggregate those transactions, and provide reports that decision makers can use to monitor, evaluate, and improve operations. The below document discusses various questions related to the Accounting System and Process.

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Running head:ACCOUNTING SYSTEM AND PROCESSAccounting system and processUniversity NameStudent NameAuthors’ Note
ACCOUNTING SYSTEM AND PROCESS2Table of ContentsAccounting system and process.................................................................................................1Answer to Question 1:................................................................................................................2Answer to Question 2:................................................................................................................2Answer to Question 3:................................................................................................................3Answer to Question 4:................................................................................................................3Answer to Question 5:................................................................................................................3Answer to Question 6:................................................................................................................4Answer to Question 7:................................................................................................................6Answer to Question 8:..............................................................................................................10Answer to Question 9:..............................................................................................................11Answer to Question 10:............................................................................................................12Answer to Question 11:............................................................................................................13Answer to Question 12:............................................................................................................14Answer to Question 13:............................................................................................................14Answer to Question 14:............................................................................................................14Answer to Question 15:............................................................................................................15References................................................................................................................................19
ACCOUNTING SYSTEM AND PROCESS3Answer to Question 1:It is can be said that plagiarism can be considered as an act of replication of a specific job ofan individual of identical views as self-ideas (Angélil-Carter, 2014). This necessarily occursat the time when a particular individual is not capable to provide just insight to some kind ofpaper assortment from unique sources. However, it is necessarily for this cause, plagiarismcan be characterized as a bad action to diverse honest pupil.Answer to Question 2:It can be hereby mentioned that numerous techniques of changing specific data from specificexcel spreadsheet to a specific word document. However, the evidence presented in thespreadsheet are sometimes saved as well as closed together with word document. Therefore,sparing as well as sticking schemes are effective skills that can assist in carrying out the task.Furthermore, the other exercises comprises of diverse information presented pictorially.However, the excel spreadsheet is accurately duplicated after proper detection of acomprehensive approach as well as a specific zone, selection of paste button also can beselected (Lajoie & Derry, 2013).Thereafter, user need to click on the term task of the specified site. However, this is essentialfor insertion. Finally, the alternative of “paste special” need to be chosen from the edit list ofoptions and provided list of specific word. However, this sequentially helps in initiating atotally novel window in this event (Lajoie & Derry, 2013). In this case, “paste radio” need tobe selected and thereafter“Microsoft Office Excel Worksheet Object” have the requirementto be picked from the specified box mentioned “as”.
ACCOUNTING SYSTEM AND PROCESS4Answer to Question 3:The following table mentions the name of four websites on accounting:Answer to Question 4:Particularly, “Association of Global Accountants” is referred to as an Australian corporationthat watch over professional accountancy. Essentially, the accounting corpse also deliversmonetary support along with funds in a bid to attain lessons in the field of accountancy(Simkin et al., 2014). However, this particular association is also beneficial to industrialists asthis particular site of the industry offers authorisation to unequal monetarist declaration ofdiverse sought-after companies (Patel, 2015).Answer to Question 5:My erstwhile place of work has a figuring environs since it maintained and preserved theagile criterions. In essence, it can be referred to as learning association, however, I used to gethold of the division of authorization and finish the administrative undertaking. This
ACCOUNTING SYSTEM AND PROCESS5association is liable for carrying out a wide variation of useful facilities to differentindividuals and makes them skilful using different resolute studies. Along with this, there areparticular establishment that also offered me an office space that have electrical arrangementfor acquiring and holding all the data (Deegan, 2013). Besides this, I was also liable forretaining certain valuable information in a particular file. The association also makes use ofdifferent types of Microsoft Office programs. This specifically also comprise of outlook,power point as well as publisher. Additionally, several accessories such as task lamp, mouserest as well as document holder are also delivered. Again, input devices of the corporationhave also been kept at a specific height (Bebbington et al., 2014).Answer to Question 6:According to the given case study on ABC Learning, it can be hereby said that thecorporation also had a stable but lethargic beginning during the time of inauguration ofoperations. Essentially, the federal government also plays an important role during thisspecific period. In essence, the treatment of media was effectual as the government boughtsome of the centres. Therefore, ABC Learning also extended productivity globally. Theescalating value of asset helped in the raising the price of share of the corporation. However,the base of debt also increased for financial inclusion. Then again, cash along with monetaryassertions were declared for the step of crumple. During the year 2008, ABC Learning led toincrease in liability due to greater amount of liability of dollar in association to equity havingvalue of 30 cents.Again, the income statement of ABC as well as pledge of line reimbursement lead toineffective flow of cash and this decreased the overall amount of profit. In essence, this led toweak financial situation. In this, realisation of revenue is illogical, therefore this leads toinappropriate review.
ACCOUNTING SYSTEM AND PROCESS6The ethical concerns for which ABC Learning collapsed can be stated as follows:-Occurrence of incaution in the process of accounting for particularly investment aswell as margin of loan-During the period of stable financial condition, this specific corporation did not putsufficient emphasis on generation of profit.-The value of indefinable asset leads to intensification of the value of business.-This firm also delivered incorrect information to different users of financialdeclaration that ruined the faith of financiers and subsequently led to the downfall ofthe business corporation.Financial pronouncements of the corporation also includes declaration of income,announcement of balance sheet of firm, and declaration of alterations in equity and assertionof flow of cash (Kristensen & Israelsen, 2013). The statement of balance sheet also aids inlinking the liabilities with different assets of the corporate. Therefore, it is a necessaryfinancial declaration. Essentially, the announcement of income aids the managers of thebusiness to intensify gains, revenue from transactions along with expenditure in the specificaccounting period (Bebbington et al., 2014). In addition to this, the statement of cash flowprovides significant information about the investment, diverse operational as well aspecuniary actions of the business firm. Finally, the change in the overall balance of capitalalso assists to change the declaration of equity that alters. Subsequently, this directs towardsincrease as well as decrease in the owners’ equity. Therefore, profit can be regarded as a vitalpart of business. Thereafter, the overall operations of the business can be sustaineduniversally and this in turn might perhaps help in the process of effective functioning of thecorporation (Bebbington et al., 2014). Finally, flow of cash can be considered as anotherrisky aspect without which the functions of the business can be undertaken.

In brief the above report discusses various concepts related to the accounting system and process.

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