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BFA504 - Assignment On Accounting Systems and Processes

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UNIVERSITY OF TASMANIA

   

Accounting Systems and Processes (BFA504)

   

Added on  2020-03-01

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In the BFA504 - Assignment On Accounting Systems and Processes,  the reports include the description of major financial reports of the companies as well as their purposes. The second part of the report includes the lessons learned from the case study of the ABC Learning collapse. The last part of the report includes three major ethical issues of ABC Learning. In this particular case of ABC Learning, the management of the company intentionally increased the amount of tangible assets of the company, and this way the company inflated its financial results

BFA504 - Assignment On Accounting Systems and Processes

   

UNIVERSITY OF TASMANIA

   

Accounting Systems and Processes (BFA504)

   Added on 2020-03-01

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Running head: ACCOUNTING SYSTEMS AND PROCESSESAccounting Systems and ProcessesName of the StudentName of the UniversityAuthor’s Note
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1ACCOUNTING SYSTEMS AND PROCESSESTable of ContentsAnswer to Question 1......................................................................................................................2Answer to Question 2......................................................................................................................2Answer to Question 3......................................................................................................................3Answer to Question 4......................................................................................................................3Answer to Question 5......................................................................................................................4Answer to Question 6......................................................................................................................4Answer to Question 7......................................................................................................................5Answer to Question 8......................................................................................................................9Answer to Question 9......................................................................................................................9Answer to Question 10..................................................................................................................10Answer to Question 11..................................................................................................................13Answer to Question 12..................................................................................................................14Answer to Question 13..................................................................................................................15Answer to Question 14..................................................................................................................15Answer to Question 15..................................................................................................................15References......................................................................................................................................21
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2ACCOUNTING SYSTEMS AND PROCESSESAnswer to Question 1In the world of study, plagiarism refers to one of the major ethical dilemma of theacademic students. Plagiarism is the process to copy the work done by other students and to usethem without changing the words. In this process, the students do not give to the original work(Meuschke & Gipp, 2013). Thus, it can be observed that plagiarism in a highly unethical practice in the academicworld and the honest students have to suffer a lot for this (Weber-Wulff, 2014). It has been seenthat the students who are copying get higher number than the honest students and it is aninjustice for the honest students. For all these reasons, plagiarism is considered as a major crimein the academic world (Sousa-Silva, 2014).Answer to Question 2It can be seen that there are two techniques or methods of pasting the excel spreadsheetsor documents in the words. The following images help to describe these two processes of pastingthe excel documents in the words.Technique 1Technique 2
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3ACCOUNTING SYSTEMS AND PROCESSESAnswer to Question 3URLExplanationhttp://www.ifrs.orgThis is one of the major financial websites and the main objective of thiswebsite is to provide the accountants and various other users with dataand information regarding the international accounting standards that ishelpful for the preparation of financial reports.http://www.fasb.orgThe aim of this website is to deliver financial and accountinginformation and accounting standards to the accountants and otheraccounting professionals.http://www.aasb.gov.auThe objective of this website is to deliver information regarding differentkinds of accounting standards, as they are necessary at the time ofpreparing the financial reports and accounting transactions of thecompanies. https://www.ato.gov.auThe main objective of this website is to deliver all kinds of taxationinformation and standards to the users. http://gaap.com.auThis particular website plays a crucial part in helping the financial andaccounting to understand different kinds of foreign accounting policiesand standards.Answer to Question 4There are different kinds of professional accounting organizations. Among all theseinstitutes, Institute of Charter Accountants Australia is a major financial institute (Evans, Burritt& Guthrie, 2012). The main objective of this institute is to provide different kinds of accountingand financial supports to the accounting and financial professionals. Apart from this, thisaccounting body also provides teaching and training to the new accounting professionalsregarding the accounting principles and standards (Evans, Burritt & Guthrie, 2013).
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4ACCOUNTING SYSTEMS AND PROCESSESAnswer to Question 5Some years ago, I used to work with an educational institute and the main businessoperation of the organizations was to provide teaching services to the students who want to sitfor different kinds of entrance examinations like engineering, management, medical and others.Most of the works of that company used to be done with the help of computer systems. In thatorganization, I was responsible for handling the administrative and documentation process of theorganization. My administration and documentation works needed computer systems in order tobe performed. The computer systems of the company were outdated and they needed immediateupdate. In the organization, I used to save the data and information in the data saving file. Itneeds to be mentioned that the employees of the organization used to easily accede the companynetwork and the network was reliable as there were strong connection between the computers ofthe organization and the network. My job required the heavy use of Microsoft office as I had towork a lot on Microsoft Word, Microsoft Excel, Microsoft Power Point and Microsoft Outlook.While working in the company, I obtained enough knowledge about the courses of theorganizations that were offered to the students. At the time of working there, I noticed that thecompany earned moderate amount of profit on the yearly basis. At present, I am working in bankas the assistant branch manager where I get different materials on a daily basis like taskschedules, different documents and others. Here, I have provided with a separate compute systemfor my works. It needs to be mentioned that there are many chairs and desks so that theemployees feel comfortable at the time of work. The working environment of the bank is friendas well as productive.Answer to Question 6IntroductionThis business report consists of some major parts. The first part of the reports includesthe description of major financial reports of the companies as well as their purposes. The secondpart of the report includes the lessons learned from the case study of ABC Learning collapse.The last part of the report includes three major ethical issues of ABC Learning.Major Financial ReportsThree types of major financial reports can be seen in the business organizations and theyare Balance Sheet, Cash Flow Statement and Income Statement. With the analysis and evaluationof income statement of the companies, financial managers can judge the financial condition ofthe company (Weil, Schipper & Francis, 2013). In addition, the analysis of income statementsprovides the financial managers with the view about the expenditures and sales of the companies.Apart from this, the financial managers can judge the profit or loss of the company for particularfinancial years. Balance sheet of the companies is a major tool for the inventors to determine thefinancial health of the companies (Horngren et al., 2012). Balance sheet shows the total asset andliability position of the companies. Lastly, with the help of cash flow statements of thecompanies, financial managers can get the insight about the cash transactions of the companies.These are the three major types of financial reports of the companies (Henderson et al., 2015).Lessons from ABC LearningCase
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5ACCOUNTING SYSTEMS AND PROCESSESAccording to the provided case study of ABC Learning, it is evident that the managementof the company did manipulate its financial reports in order to get favorable financial situations.In this particular case of ABC Learning, the management of the company intentionally increasedthe amount of tangible assets of the company and this way the company inflated its financialresults (Sumsion, 2012). The main reason of doing this is to attract more investors towards thecompany so that more capital can be raised. In addition, at the time of preparing the financialreports of the company, the financial managers used unethical practices. From the analysis of thecase of ABC Learning, it can be seen that the company was unable to maintain the expected levelof current assets in order to pay all the current obligations of the company. Thus, the main lessonis that the companies need to be ethical and they need to follow the accounting standards andprinciples at the time of preparing the financial statements (Connell, 2013).Ethical IssuesThree major ethical issues are stated below:The investors and stakeholders got wrong information regarding the financial conditionof ABC Learning from the company’s end.There were major accounting irregularities in the financial and accounting aspects of thecompany.With the help of increase in the intangible assets, ABC Learning inflated its annualreports (Mullen, 2017).SummaryBased on the above discussion, it can be seen that balance sheet, income statement andcash flow statements are the three major financial reports of the companies. On the other hand, itcan also be seen that ABC Learning manipulated the financial reports by increasing the amountof intangible assets of the company.Answer to Question 7PALER
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