Accounting Systems and Processes Assignment - [University Name]

This accounting assignment solution addresses various aspects of accounting systems and processes. It starts with a discussion on plagiarism and its impact, followed by explanations of data pasting methods. The assignment explores different accounting websites and their functions, including those of the Chartered Accountant of Australia. It delves into the student's prior experience in a customer service department utilizing advanced technological systems. The case study on ABC learning is analyzed, highlighting unethical practices and financial reporting manipulation. The solution provides detailed financial statements, including formulas, balance sheets, and trial balances. It also covers topics like deferred revenue, current and noncurrent liabilities, and current ratio calculations. Finally, the assignment includes a ten-column worksheet and financial report, offering a comprehensive overview of accounting principles and practices.

Running head: ACCOUNTING SYSTEMS AND PROCESSES
Subject Code:
Subject Name: Accounting Systems and Processes
Student Name:
Student ID Number:
Assignment Task Number: 1
List of Questions Attempted: 15
List of Questions Not Attempted: 0
Name:
Student Number:

ACCOUNTING SYSTEMS AND PROCESSES
Table of Contents
Answer to question 1:......................................................................................................................2
Answer to question 2:......................................................................................................................2
Answer to question 3.......................................................................................................................3
Answer to question 4:......................................................................................................................3
Answer to question 5:......................................................................................................................4
Answer to question 6:......................................................................................................................4
Answer to question 7:......................................................................................................................5
Answer to question 8:......................................................................................................................8
Answer to question 9:......................................................................................................................9
Answer to question 10:....................................................................................................................9
Answer to question 11:..................................................................................................................12
Answer to question 12:..................................................................................................................13
Answer to question 13:..................................................................................................................14
Answer to question 14:..................................................................................................................14
Answer to question 15:..................................................................................................................15
References and Bibliography:........................................................................................................20
Name:
Student Number:
1 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Answer to question 1:
One of the greatest problems that is currently being faced in the academic world is from
plagiarism, which does not allow the honest student to flourish in his/her career. Furthermore,
the academic world considers plagiarism as one the great offences, which directly tarnishes the
reputation of the user. Plagiarismtoday.com. (2017) mentioned that the Embattled Arizona state
university professor Matthew Whitaker was forced to resign over the plagiarism controversy
dating back four years.
Answer to question 2:
There are two different methods of pasting in word document from excels, which are
adequate depicted in the below figure.
Name:
Student Number:
2 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Answer to question 3
URLS Explanation
https://
www.charteredaccount
antsanz.com
The website helps accountants with relevant reporting concerns,
which could directly affect the preparation of annual report.
http://
www.accountantsaustra
lia.com.au
Adequate financial solution is mainly provided to new account,
who could take advantage of the benefits provided by the firm and
increase financial performance of their organisation.
http://
indigenousaccountants.
com.au
The company directly helps new accounts with different type of
accounting related information, which could help them in their
evaluation.
https://
www.cpaaustralia.com.
au
The overall operations of the company are to improve accounting
skills of the accounts, which easy their workload.
Answer to question 4:
The overall Chartered Accountant of Australia is described as one of the accounting
body, which regulate different accounting principles in Australia. Chartered Accountant of
Australia aims in strengthening the accountant’s knowledge regarding different accounting
Name:
Student Number:
3 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
principles, which could help in making adequate financial report. Lastly, the aim of the institute
is mainly to provide help to professionals regarding Accounting Principles.
Answer to question 5:
Previously, I mainly used to work in Customer Service Department, which held different
types of technological advance computerized system that could support our operations. The
company had adequately adapted to the changing technological needs and provided us with
adequate equipments to provide high-end customer service. The company's main products were
based on services of computers, which needed high end technology for the customer support.
The computers mainly had i5 processors with advanced networking base. The advanced
networking base with the i5 processor allowed the executives to perform seamlessly without any
kind of hindrance. Computer System of the Organisation was based on latest technology, which
allowed the executives to perform well with the customers queries and generate the required
sales. The use of higher technology allowed the organisation to improve its revenue generation
capacity and capture more market share. This type of work integrated assessment allowed the
organisation to improve its productivity by providing latest technology to its executives. Even
the executive had no problem and operating the new computers, as it helped them connect with
their customers quicker.
Answer to question 6:
ABC learning case study mainly states the overall unethical measures that were made by the
management of the organisation. The management manipulated the intangible assets, which
directly inflated its financial report. This manipulation mainly allowed the organisation to
provide financially healthy outlook to the investor, which increased its share price and demand.
The evaluation of ABC learning case study mainly helps in enumerating the problems that could
be faced by organisations if adequate measures are not taken to control its expanding expenses.
There are three different types of financial report that it needs to be prepared buy an
organisation, which are cash flow statement, income statement, and balance sheet. With the help
of income statement organisations are able to portray the net income generated by the
organisation on that fiscal year with all the relevant expenses. Furthermore, the use of cash flow
statement allows the organisations to portray the actual cash balance, which is left out after
conducting all the cash transaction in the fiscal year. The balance sheet is however used as a
projection of the current financial condition of the organisation, which depicts all its relevant
Assets and liabilities.
From the evaluation of ABC case study it is mainly understood that companies need to
maintain adequate current and noncurrent assets to support it expenses in times of need. ABC
case study mainly portrays the overall problems that were faced by the organisation while
expanding its operation. This expansion process mainly raised the debt accumulation, which
directly hindered operations of the organisation. Evaluation also stated that the company had
become insolvent long before the actual events, whereas due to the unethical measures the
management was manipulating its financial report. Therefore, the declining financial stability of
the organisation and insolvent condition increases expenses and reduced revenue which reduce
Name:
Student Number:
4 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
the cash balance of the organisation. This reduction in the cash balance directly ended capability
of the organisation to continue with its operations and at last become insolvent.
There are different types of ethical issues that could be identified from the case study, which
was conducted by the organisation, auditors and relevant representatives.
 ABC learning was accused of manipulating the margins in its financial reports, which
directly increased irregularities and push the company towards insolvency.
 ABC learning was also accused of providing false information to the investors by including
its annual report and putting a financial Health Organisation.
 Lastly, the organisation directly inflated the intangible assets such as goodwill and
Registration number which increased its total assets.
Answer to question 7:
Financial Statement:
Name:
Student Number:
5 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Name:
Student Number:
6 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Financial Statement with formula view:
The drawings of the owner are mainly at 16,800.
Name:
Student Number:
7 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Answer to question 8:
Balance Sheet
Balance Sheet with the Formula View:
Name:
Student Number:
8 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Answer to question 9:
The debt balance mainly includes cash account, receivables, inventory, prepaid expenses,
building and equipments. Whereas, credit balance mainly consists of liability accounts, equity
accounts revenue accounts and contra expenses account.
Answer to question 10:
Trial Balance
Name:
Student Number:
9 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Trial Balance with formula View
Name:
Student Number:
10 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Trial Balance with changes
Trial Balance with change and in formula view:
Name:
Student Number:
11 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Answer to question 11:
Unsolved Puzzle:
Puzzle:
Name:
Student Number:
12 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Answer to question 12:
Deferred revenue expenditure Transaction:
Particulars Debi
t
Credit
Deferred Revenue Expenses Account A/c …………Dr
To Advertising Expenses Account
180
180
Accrued expenses Transaction:
Particulars Debit Credit
Name:
Student Number:
13 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Utilities Expenses A/c …………….Dr
To Accrued Expenses
440
440
Unearned income Transaction:
Particulars Debit Credit
Cash A/c
…………….....................................................……..Dr
To Unearned Income
300
300
Prepayment of rent Transaction:
Particulars Debit Credit
Prepaid Rent A/c ………………Dr
To cash
340
340
Answer to question 13:
Current and noncurrent liabilities mainly consist of the overall total liabilities, which
needs to be paid by the organisation. The noncurrent liabilities mainly consist of long term loans,
bonds, and other long term financial obligations. On the other hand, current liabilities mainly
consist of short term loans, bank overdraft, and accounts payable (Arrozio, Gonzales & da Silva,
2016).
Answer to question 14:
The overall evaluation of the current ratio can mainly be conducted by dividing current
assets with current liability. This mainly helps in identifying the current ratio condition of the
organization, which directly depicts its financial stability. The below table mainly provides an
elaboration of the current ratio calculation, which could be conducted by the investors to detect
financial stability of the organization (Brou & Krueger, 2016).
Current Assets $96,000
Current Liabilities $78,000
Current ratio = Current Assets/ Current Liabilities 1.23
Name:
Student Number:
14 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Answer to question 15:
A. Ten-column worksheet and financial report:
Ten-Column worksheet:
Ten-Column worksheet with a Formula View:
Income statement:
Name:
Student Number:
15 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Income statement with a Formula View
Balance sheet
Name:
Student Number:
16 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Balance sheet with Formula View
Name:
Student Number:
17 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
B. Mentioning the Ten-column worksheet with four changes:
Ten-Column worksheet with changes:
Name:
Student Number:
18 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
Ten-Column worksheet with changes with Formula View
Name:
Student Number:
19 | P a g e

ACCOUNTING SYSTEMS AND PROCESSES
References and Bibliography:
Arrozio, M. M., Gonzales, A., & da Silva, F. L. (2016). Changes in the financial ratios of the
wholesale and retail sector companies arising from the new accounting of the operating
lease. Revista Eniac Pesquisa, 5(2), 139-159.
Brou, F. B., & Krueger, T. M. (2016). Continental and National Differences in the Financial
Ratios of Investment Banking Companies: An Application of the Altman Z
Model. Journal of Accounting and Finance, 16(3), 37.
Buchman, T. A., Harris, P., & Liu, M. (2016). GAAP vs. IFRS Treatment of Leases and the
Impact on Financial Ratios.
Lakshmi, T. M., Martin, A., & Venkatesan, V. P. (2016). A genetic bankrupt ratio analysis tool
using a genetic algorithm to identify influencing financial ratios. IEEE Transactions on
Evolutionary Computation, 20(1), 38-51.
Li, T., Zhang, F., Zhang, H., & Chen, L. (2016). Predictability of Foodstuff Stock Returns Using
Financial Ratios in the UK and US Food Markets. Advance Journal of Food Science and
Technology, 10(5), 336-342.
Liang, D., Lu, C. C., Tsai, C. F., & Shih, G. A. (2016). Financial ratios and corporate governance
indicators in bankruptcy prediction: A comprehensive study. European Journal of
Operational Research, 252(2), 561-572.
plagiarismtoday.com. (2017). Plagiarism Today. Retrieved 22 August 2017, from
https://www.plagiarismtoday.com/2016/01/20/5-biggest-plagiarism-stories-of-2016-so-
far/
Wijesundera, A. A. V. I., Weerasinghe, D. A. S., Krishna, T. P. C. R., Gunawardena, M. M. D.,
& Peiris, H. R. I. (2016). Predictability of stock returns using financial ratios: empirical
evidence from Colombo stock exchange. Kelaniya Journal of Management, 4(2).
Name:
Student Number:
20 | P a g e