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ACCT 300 - Accounting Information System (AIS) Report

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Buena Vista University

   

Accounting Information Systems (ACCT 300)

   

Added on  2020-03-01

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The basic aim of this report is to develop an understanding of the core accounting aspects of a start-up business. There are different types of accounting records that are important for a start-up business such as astral balance, balance sheet, profit and loss account, Aged payable, inventory item summary and Aged receivable account. In this report, information related to cloud accounting and traditional accounting software has been evaluated and compared. cloud accounting has many advantage and disadvantage, which affects the business.

ACCT 300 - Accounting Information System (AIS) Report

   

Buena Vista University

   

Accounting Information Systems (ACCT 300)

   Added on 2020-03-01

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AISA 1Accounting Information System (AIS) Assessment 2
ACCT 300 - Accounting Information System (AIS) Report_1
AISA 2Executive SummaryThe basic aim of this report is to develop an understanding about the core accounting aspects of astart-up business. There are different types accounting records that are important for a start-upbusiness such as trail balance, balance sheet, profit and loss account,Aged payable, inventoryitem summary and Aged receivable account. In this report, information related to cloudaccounting and traditional accounting software has been evaluated and compared. Cloudaccounting has many advantage and disadvantage, which affects the business. The cloudaccounting is associated with the traditional accounting, self-install accounting software as wellas on-premises accounting. On the other hand, the traditional accounting is associated with therecording, processing and saving of key accounting files on hard drive or storage of user. On thebasis of this report, it can be analyzed that the cloud accounting is better platform as compared totraditional accounting for the “Goodie Gumdrops” wholesaler company. From the analysis of theadvantages and disadvantages of cloud based accounting and traditional accounting, it can berecommended to the organizations that they should opt for cloud based accounting platform. Itcan provide safety to the database from unauthentic users and safety to company database fromunfortunate events like computer corruption, hacking, virus attacks etc.
ACCT 300 - Accounting Information System (AIS) Report_2
AISA 3Table of ContentsExecutive summary:........................................................................................................................2Trail Balance of “Goodie Gumdrops”.............................................................................................4Profit & Loss account of “Goodie Gumdrops”................................................................................5Balance sheet of “Goodie Gumdrops”.............................................................................................8Aged payable of “Goodie Gumdrops”.............................................................................................9Aged receivable of “Goodie Gumdrops”.......................................................................................10Inventory item summary of “Goodie Gumdrops”.........................................................................11Cloud Accounting:.........................................................................................................................12There is various advantage of cloud accounting such as:..............................................................12Following the disadvantage of cloud accounting:.........................................................................13Difference between cloud computing and traditional accounting software..................................14References:....................................................................................................................................16
ACCT 300 - Accounting Information System (AIS) Report_3
AISA 4Trail Balance of “Goodie Gumdrops”AccountDebit ($)Credit ($)Cash (Dr)50000Accounts receivable (Dr)2000Prepaid rent (Dr)5000Inventory (Dr)10000Leasehold improvements(Dr)2000Accumulate depreciation(Cr)3000Accounts payable (Cr)30000Accrued expenses (Cr)300Unearned income (Cr)500Long-term liabilities (Cr)18000Common stock (Cr)9000Dividends (Dr)2000Revenues (Cr)24,200Cost of goods sold (Dr)9,700Depreciation expenses (Dr)1000Rent expenses (Dr)400Supplies expenses (Dr)1100Utilities expenses (Dr)600Wages expenses (Dr)800Interest expenses (Dr)400Total 8500085000Profit & Loss account of “Goodie Gumdrops”ParticularAmount ($)ParticularAmount($)To opening stock40000By sales 24200 Less: returns40023800To purchases 15000Less: returns 015000By closing stock10000To carriage inward250
ACCT 300 - Accounting Information System (AIS) Report_4

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