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Accounting Systems and Processes - Assignment

   

Added on  2021-04-16

26 Pages2021 Words71 Views
Running head: ACCOUNTING SYSTEM AND PROCESSSubject Code:Subject Name: Accounting System and Process Student Name:Student ID Number:Name of the University:Assignment Task Number: 1List of Questions Attempted: 15List of Question Not Attempted: 0Author’s Note:

ACCOUNTING SYSTEM AND PROCESSTable of ContentsQuestion 1........................................................................................................................................2Question 2........................................................................................................................................2Question 3........................................................................................................................................4Question 4........................................................................................................................................5Question 5........................................................................................................................................5Question 6........................................................................................................................................5Question 7........................................................................................................................................6Question 8......................................................................................................................................11Question 9......................................................................................................................................12Question 10....................................................................................................................................13Question 11....................................................................................................................................16Question 12....................................................................................................................................17Question 13....................................................................................................................................18Question 14....................................................................................................................................18Question 15....................................................................................................................................19Reference.......................................................................................................................................251Student Name:Student Number:

ACCOUNTING SYSTEM AND PROCESSQuestion 1Plagiarism may be defined as the wrongful act of taking the works, ideas and opinions ofothers and passing them as their own. In other to plagiarize means to steal the work of other andpass the works as their own.Collusion refers to a form of plagiarism where the assignment is done by two or morepersons in order to do a piece of work which is to done by individual person. It is also consideredto be application of unfair means and both plagiarism and collusion are strictly prohibited inacademic writing. Both plagiarism and collusion are unfair to honest students. In case ofplagiarism, the work is taken of a student who has worked hard on his assignment and used thesame work and pass it as own (Fraser, 2014). It is a form of cheating and therefore must beprohibited. In case of Collusion, assignment which is supposed to be done by an individualstudent is done by a group of students which defies the main purpose of assessment criteria ofthe assignment and hence it is considered to be unfair for those students who are workingindividually for the assignment.Question 2Normal View of the Spreadsheet2Student Name:Student Number:

ACCOUNTING SYSTEM AND PROCESSFigure 1: (Normal View of the Spreadsheet)Source: (Created by Author)Formula view of the Spreadsheet3Student Name:Student Number:

ACCOUNTING SYSTEM AND PROCESSFigure 2: (Formula View of the Spreadsheet)Source: (Created by Author)Another method which can be used for copying and pasting spreadsheets in word file isthe use of copy and paste option which is present in Microsoft office documents. The user cancopy the spreadsheet by using the function of Control+ C and then paste the spreadsheet in wordfile with the application of function Control + V.Question 3The websites which are relevant to the process of accounting are given below:1.Australian Accounting Standard board: The website contains all the standards which areissued by the Australian Accounting Standard board and also recent amendments inaccounting.http://www.aasb.gov.au/Home.aspx2.Australian Financial Review: It contains all the important information, review andanalysis of finance and investments and also accountancy.http://www.afr.com/3.Accountants daily: This website is useful as it contains information about updates andreports and analysis of accountancy reviews. The website contains all the relevantinformation which is concerning accounts.https://www.accountantsdaily.com.au/4.CPA Australia: This website is the official website for the institute of CPA which is aprofessional course which specializes in accounting. The websites contain accountinginformation, methods and technique.4Student Name:Student Number:

ACCOUNTING SYSTEM AND PROCESShttps://www.cpaaustralia.com.au/become-a-cpa5.Chartered Accountants Australia: The website contains information which are related tothe to the professional course of Chartered Accountants which is a professional coursewhich deals with accounting aspects. Such chartered accountants are responsible for allaccountant relating work.https://www.charteredaccountantsanz.com/member-services/resource-centre6.Financial Observer: This website contains all the necessary information which is relatedto the accounting amendments and recent developments in accounting process.http://www.financialobserver.com.au/Question 4Australian Accounting Standard Board (AASB) is an accounting board which is there formaintaining and issuing of accounting standards. The board is also responsible for also makingamendments to existing standards which were issued previously. The standard which are issuedby the board are the basis on which financial statements are prepared. The resources areimportant as it is on the basis on such standard that financial reports are prepared and analyzed.Question 5Nowadays in most offices, the management uses computer-based software for thepurpose of recording and classifying information. The use of technology which involves use ofaccounting information system allows the companies to improve the overall accountancyprocess. The accounting software which were used in the accounting process of the companywere ERP system, integrated software. Such software was used by the businesses to classify,summarize and analyze the accounting data of the company and also publish the results of theanalysis. The employees of the company are provided with their own systems so that they canmonitor and enter data into the system which can then be used for analysis and record keeping byaccounting information system. The company uses various appliances which are printers, Xeroxmachines and computer software. I am currently working in an accounting firm which utilizesaccounting information system such as ERP system to record and analyze the information. Themain activity of the firm is to maintain and analyze the accounting records of the clients. The firm uses MS excel, ERP system to maintain the accounting records of the clientcompany and also for the purpose of the analysis of the same. I am given the responsibility toenter the accounting data of the client’s business in the system and also ensure that there is noomission and error in the data entry system on the basis of which accounting reports arepublished and financial reports are prepared and analyzed. Question 6ABC Learning was an Australian Company which was engaged in providing educationservices for children. The company was very successful in its initial stages and was a leadingcompany which provided educational services for children. Then the overall costs and value ofthe assets started to rise. This in turn also increased the overall liabilities of the company. As thefinancial crisis hit the company, the management of the company started manipulatingaccounting records to show profits so that the overall share prices of the company did not fall. Asthe crisis continued evidence show that the company started to have problems in repaying longterm debts which the company had taken initially (Sumsion, 2012). Moreover, the financial5Student Name:Student Number:

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