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ACC566 - Document on Plagiarism | Accounting

   

Added on  2020-03-07

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SOLUTIONSQuestion 1 Plagiarism is defined as act of using someone else’s work as your own without acknowledging them [ CITATION Mer \l 1033 ]. In academics, to eliminate plagiarism, proper referencing is required when acknowledging ideas from other sources. Plagiarism is unfair to honest students because sometimes those who cheat get rewarded for their work, which is unacceptable to the honest student who has put in the energy and time to produce original results.Question 2 In Excel, select data. On Page Layout tab, check Headings. Then go to Home tab, select Paste, then as picture, and then select copy as picture. In the pop up, click ‘As shown when printed.”In Word, paste the image using shortcut ctrl +v or paste under home tab234567BCPMT500i5%t5Present Value391.7631To show formulas, go to Formulas tab in Excel then click Show Formulas. Then copy and paste using above method.234567BCPMT500i0.05t5Present Value=C2*(1+C3)^-C4

Question 3 SolutionsWebsites relative to Accounting1.CPA Australia- This website is a useful resource site for both students and professionals whomay use it for knowledge and online communityhttp://www.cpaaustralia.com.au2.Accounting coach- If you are searching for accounting terms or require a refresher, this website is a go to. It includes a lot of useful information from basic to complex accountinghttp://www.accountingcoach.com3.Investopedia- This is another useful resource, a bit similar to accounting coach in regards to accounting terminology, however, they also have information on finance related issues.http://www.investopedia.com4.Australian Accounting Standards Board- For Australian professionals, this website has all latest information on accounting standards and reporting.http://www.aasb.gov.au5.Australian Taxation Office- This website provides tools and information on applicable taxation process in Australia.http://www.ato.gov.auQuestion 4 SolutionsProfessional Body –Accounting Professional and Ethical Standards Board Resource – Code of Ethics for Professional Accountants (APES 110)I have chosen the APES 110 code of ethics because as professionals we are faced with ethical dilemmas in our day to day work life. Thus these standards are useful as they guide professionalaccountants on how they should perform and engage amongst themselves and with clients.

Question 5 SolutionsA work computing environment plays a huge role in the quality and output of work. My current employer has invested in complex computing systems to ensure optimum information solutionsand output.Each of the employees has been designated with a workplace to sit with their laptops open on adocking station. The distance between two workplaces is pretty good and decent to avoid too many interactions and keep the concentration of the employee in his own work. We have easy access to internet connections all across the office, and we are provided with cables and charging ports to make sure small technicalities do not interrupt our work. Other forms of hardware include a copy machine which can print, scan, fax and copy.The office also provides us with key applications and software that is needed for each of us to complete our tasks such as MS-Office, PDF Readers, Editors, Adobe, and Win Zip etc. Moreover,we are also given security by anti-virus purchased for each employee’s devices to keep our product protected and safe. On top of this, we are provided with portable devices such as pen-drives, memory cards, dongles etc to keep back up of our work and also for easy sharing. Regular updates of our devices operating systems and software are also carried. Almost each employee uses a Windows PC with the latest operating system- Windows 10. A wireless local area network keeps all the devices well connected. The network also has various access levels given as follows- the IT function can access every file and change all administrativesettings , most of the junior employees need permission and special passwords to access data, while senior management have a bit more privileges than junior staff. With about 60-70 employees working in the office, a firewall is a must to keep trouble as far as possible. Our laptops also go for routine scans and checks for virus, spyware or any other malware.

Question 6 SolutionsBusiness Report1.Introduction1.1BackgroundFounded in 1988, ABC Learning Company in Australia started as a slow and stable companyuntil 2000. From 2001 to 2006, following a government directive on Childcare RebateSystems, it went through a growth phase which resulted in ABC acquiring many child carecenters across the country and overseas. However, in 2007 things changed drastically. ABC’sassets were written down, its share price dropped, and in 2008 it was placed in the hands ofAdministrators.1.2PurposeThe purpose of this report is to discuss ABC’s major financial reports, the key lessons learntfrom the collapse and the major ethical issues the company was facing.2.The Major Financial ReportsThe three major financial reports used were as follows:-Balance Sheet-Also known as the Statement of Financial position, the balance sheetshows the current financial position of a company at a specific date[ CITATION Koc \l 1033 ].Cash Flow Statement- The cash flow statements shows the amount of cash that iscoming in and out of the business, from operating, investing and financing activities. Ahealthy company will show more positive inflows [ CITATION Koc \l 1033 ].Profit and Loss statement- Also known as the statement of Financial Performance, thisreport tells us how the business is using their assets to make profits over a definedperiod. Furthermore, it explains the change in net assets a company owns between startand end of reporting period[ CITATION Koc \l 1033 ].3.Key Lessons from ABC LearningThe collapse of ABC learning was as a result of poor accounting practices and decisionmaking process. Some of the may key lessons learnt from this case study are as follows:-Always Recognize Revenue ProperlyWe note in ABC’s accounting books, they overstated their revenue figures. Based onthis information it appeared as though the company was making profits which was notthe case on the ground.Focus on Core Activities

The entrepreneurial spirit in Eddie Groves coupled with pursuit for growth, led him tomake decisions that were not sustainable for the company’s well being. For example,investing in the overseas centers was not worthwhile and it ended up costing thecompany a lot following the closure of these centers.Importance of Sound Corporate GovernanceABC did not disclose their related third party transaction which should have beensubjected to scrutiny by the board. Furthermore, Eddie Groves did not disclose that hisshares were subject to margin calls.Complex financial structure and transactionThe way ABC valued the leases for the acquired child care centers were far too complexwhich led to over exaggeration of asset values.4.Identify and Discuss three Ethical IssuesLack of ProfessionalismIt appears that Eddie Groves was driven more by growth as opposed to managing hiscompany properly. Most of the actions he undertook were unprofessional, his accountswere a mess and the company’s transactions were not at arm’s length.IntegrityBy not disclosing the margin call to investors and the Board, Eddy Groves was not actinghonestly. Furthermore, the company appeared to be cooking their accounting booksthrough exaggeration of figures.Poor Corporate GovernanceIt appears that ABC was not compliant with accounting rules in regards to disclosures ofcritical information, margin calls and working with related third parties.SummaryThe rise and fall of ABC learning has taught us the importance of good corporate governanceand sound accounting practices.ReferencesKoch, D. (2009, November). The ABC of a Corporate Collapse. CPA Australia. Retrieved from https://www.youtube.com/watch?v=YYF6JW9vJKo&list=PL12C0ADD577F6B741Jjj

Question 7 SolutionsA.Manual solution- used Office Lens

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