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Accounting Systems & Process | Report

   

Added on  2020-03-04

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Accounting System andProcess STUDENT ID [Pick the date]

Question 1 PlagiarismThe process or act when one person is copping the work of any other students/expert and thensubmitting that work as his/her work then it is known as plagiarism. In regards to checkplagiarism, many universities have adopted “National Plagiarism Detection Service (Turnitin).Yes, it can be said that plagiarism/ collusion is unfair to honest students because of the followingreasons:One student is getting an advantage of the hard work done by an honest student by stealingtheir work When the first student (fraud) has submitted the work before the submission made by honeststudent then the original work is named as first student’ work. Also, when the honest studentsubmits the work then it causes high percentage of plagiarism and it seems that this studenthas copied work from other student. But in actuality the work is completed by honest student.It is apparent that it results unfair means with the honest students. Question 2 The two methods to paste computer spreadsheets into a word document are as given below:First method is to select the desire area of the spreadsheet and then CTRL+C, and then pastein the word document by using paste special – formatted text. Second method is to select the desire area of the spreadsheet and then CTRL+C, and thenpaste in the word document. In this type, one can edit in the copied spreadsheet. Normal view Returns (%)Returns (%)Returns (%)ExcessReturnsExcess ReturnsYahooGoogleS & PMarketYahoo (PreferableStock)0.06328.72741.2519-0.2401-1.42881

-7.80987.91271.95710.3951-9.37188.68989.65052.39470.75777.05285.2419-10.3521-1.9988-3.68483.555910.85032.62150.2843-1.32179.24435.84601.28190.7043-1.05174.0900Formula viewSelect the desire portion of spreadsheet – Go to formula – show formulaReturns (%)Returns (%)Returns (%)ExcessReturnsExcess ReturnsYahooGoogleS & PMarketYahoo (PreferableStock)=100*LN(B3/B2)=100*LN(C3/C2)=100*LN(D3/D2)=J3-E3=H3-E3=100*LN(B4/B3)=100*LN(C4/C3)=100*LN(D4/D3)=J4-E4=H4-E4=100*LN(B5/B4)=100*LN(C5/C4)=100*LN(D5/D4)=J5-E5=H5-E5=100*LN(B6/B5)=100*LN(C6/C5)=100*LN(D6/D5)=J6-E6=H6-E6=100*LN(B7/B6)=100*LN(C7/C6)=100*LN(D7/D6)=J7-E7=H7-E7=100*LN(B8/B7)=100*LN(C8/C7)=100*LN(D8/D7)=J8-E8=H8-E8Question 3 Accounting TermResources1This website was started forextending help to keystakeholders in the form ofaccounting skills therebyincrease the knowledgelevel. However, the focus ismainly on thosestakeholders which havelimited resources.http://www.accountingcoach.com/2

2The group is more than twodecades old and based outof California. The centralobjective is to educate notonly small business ownersbut also accountants.http://www.sleeter.com/3This is a forum meant foraccounting professionalswhere they can discuss andresolve various issues andqueries. Thus, it helps inbringing reforms in thefield.http://www.deardrebit.com/4This resource lists down thevarious developments infinancial reporting whichthe executives need to keepthem familiar with as theseare likely to have asignificant impact on thebusiness in the near future.http://daily.financialexecutives.org/financial-reporting/5Accounting is one justaspect of economics. Itcovers the variousdimensions of accountingwhich has widespreadimplications and not limitedto only business.http://www.economist.com/topics/corporate-accountingQuestion 43

The organisation selected is CPA Australia. One resource which is useful is in the form ofaccounting professional and ethical standards that need to be followed by professionals. This hasimmense relevance in the present day as ethics in the accounting field is increasingly becomingmore valuable.Reference: https://www.cpaaustralia.com.au/professional-resources/accounting-professional-and-ethical-standardsQuestion 5One of the computing systems which were deployed in my last organisation was Microsoftdynamics. This is leading ERP software which is quite helpful in building organizational processchains along with underlying processing of information in real time and report generation. It hasnamely three key modules namely in the form of module dedicated to fixed asset, procurementalong with project based accounting. Collectively, the ERP system insured that stock accountingfixed asset accounting coupled with profitability computations of the various businesses is takencare of. The underlying system was capable for producing reporting on various dimensionstaking key information related to management and financial parameters into consideration. Thisnot only included the established financial statements such as cash flow, income statement &balance sheet but also included reports related to resource utilization (Weyganth , Kimmel&Kieseo, 2009).The given system also deploys statutory reporting which is meant for management reportingcoupled with audit. However, analytical reports are primarily produced for key internalstakeholders such as the top management. The inputs to the system were received by variousemployees working at various levels with varying responsibilities. Besides, the system could alsoproduce two separate financial statements where one was meant for audit while the other for taxas essentially the driving rules for the two are different. Also, a one click feature was availablefor generation and viewing of income statement and balance sheet in real time rather thanwaiting till month or period end (Kinney & Rainborn, 2012). Question 64

Part 1There are four main components of financial statements which have been discussed ashighlighted below (Drury, 2006).Balance Sheet – The balance sheet reflects the financial position of the company at arespective date and is useful for a host of stakeholders in taking decisions related toextension of short term & long term credit by lenders and suppliers. Further, ratioanalysis is a key tool which is used by the shareholders in order to analyse the strength ofthe financial position coupled with capital structure. Cash Flow Statement – While the profitability is indicated by income statement, the cashflow statement indicates the cash inflows and cash outflows and thus enables theorganisation along with the stakeholders with regards to cash liquidity and also to makearrangements for incremental cash.Income Statement- The profitability of operations is reflected in the income statementwhich in-turn is used to compute the earnings per share which has an impact on the shareprice. Further, the various expenses particularly the interest charges are also captured inthe income statement.Change of equity statement – This essentially reflects any changes in the equity whichmay be on account of change in outstanding shares caused through issue of fresh equityor buyback. Further, the retained earnings available as internal accruals are also reflectedin this statement (Boyns & Edwards, 2013).Part 2The key lessons from ABC learning case study are highlighted below (Arens, et.al., 2013).It is imperative that the company should grow in a controlled manner so that the growthis sustainable. This is especially true for increasing the geographical presence.The essential thing is that management while pursuing expansion and growth must focuson the strength of the organization.The related party transactions should be minimised by the form as it tends to adverselyimpact the credibility of the company particularly the corporate governance.5

The role of the management coupled with external auditor is highly relevant in order tocause or prevent financial discrepancy.Further, quality of services is usually more significant in comparison to the reach.Part 3The three ethical issues as identified from the case study are highlighted below(Kinney &Rainborn, 2012).In order for investor to have a complete picture of the financial performance, it isessential to disclose the related party transactions to the various stakeholders as it couldbe potentially significant.The financial structure should be kept simple only as over complication of the same couldpotentially be detrimental to the organisational interest as complicated financial structureleads to higher incidence of fraud.It is imperative for owners to bring in their own money as it gives confidence to theminority shareholders and also the debt providers that all requisite measures would beundertaken to further the interests of the company.Question 7 PALER (A)Manual Solution 6

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