Accounting Systems and Processes - ACC101 Assignment Solution Analysis

This accounting assignment solution covers a wide range of topics related to accounting systems and processes. It begins with discussions on plagiarism and the use of software like Greenshot. The solution then explores accounting websites, including their relevance and the Association of Global Accountants. A case study of ABC Learning is presented, highlighting ethical issues and financial statement analysis. The assignment also includes practical exercises such as creating income statements, balance sheets, identifying debit and credit balances, preparing trial balances, and adjusting entries. Furthermore, it distinguishes between current and non-current liabilities and calculates the current ratio. The assignment uses MYOB and MS Office, and incorporates the preparation of financial statements, and discusses accounting standards.

Running head: ACCOUNTING SYSTEM AND PROCESS
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

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Table of Contents
Answer to question 1:.................................................................................................................2
Answer to question 2:.................................................................................................................2
Answer to question 3:.................................................................................................................3
Answer to question 4:.................................................................................................................4
Answer to question 5:.................................................................................................................4
Answer to question 6:.................................................................................................................5
Answer to question 7:.................................................................................................................7
Answer to question 8:...............................................................................................................11
Answer to question 9:...............................................................................................................12
Answer to question 10:.............................................................................................................13
Answer to question 11:.............................................................................................................15
Answer to question 12:.............................................................................................................16
Answer to question 13:.............................................................................................................16
Answer to question 14:.............................................................................................................17
Answer to question 15:.............................................................................................................17
Reference List:.........................................................................................................................22

2ACCOUNTING SYSTEM AND PROCESS
Answer to question 1:
Plagiarism is referred as practice of taking the work or ideas of someone and passing
them as their own work. Collusion on assignment give rise to plagiarism where a person
knowingly give their academic work to be acquired by another person for the purpose of
presentation as their own work. Plagiarism is not fair for honest student since the other
student that engage in such activities obtains the higher marks from those that are
hardworking.
Answer to question 2:
The green shot software is used to capture the excel spreadsheet. The software helps in
selecting the region or full screen or as window. The green shot software helps in
highlighting the annotating the portion of screen shot. Steps of capturing the green shot are as
follows;
a. Saving the screen shot to file
b. Copying the screenshot to the clipboard
c. Sending the captured screen shot to the office program
d. Pasting the screen shot to the word document
An example of green shot screen shot is stated below
Normal View:
Formula View:

3ACCOUNTING SYSTEM AND PROCESS
Answer to question 3:
The list of six accounting websites is stated below;
Websites with URLs Relevance
http://www.accountantsaustralia.com.au/ Accountants Australia is one of those
websites that provide that provide the
accounting professionals with strategic and
bookkeeping solutions for business.
http://indigenousaccountants.com.au/ This website aims to offer practicing
accountants awareness concerning the
benefits of accounting.
https://www.cpaaustralia.com.au/ The CPA website of Australia is the leading
accounting unit in Australia that aims to
uplift the skills of professional accountants.
https://www.charteredaccountantsanz.com/ This website provide the chartered
accountants with appropriate knowledge in
accounting in order to prosper as leader in
accounting areas.
http://www.aasb.gov.au/ This website is aimed at developing, issuing
and maintaining the accounting standards
with related pronouncements.
www.afrsmartinvestor.com.au The Australian financial review provides
information to users regarding finance, tax,
accounting, business and changes in
government policy.
Answer to question 4:
The “Association of Global Accountants” is regarded as the noticeable accounting
firm that provides the business with the professional accounting service. Considering the
resources within the website it provides individual with financial aid and financing services
for the purpose of offering training in accounting areas. The chief reason for selecting this

4ACCOUNTING SYSTEM AND PROCESS
website is that “Association of Global Accountants” provides access to annual report for
numerous globally listed firms.
Answer to question 5:
Taking account of my previous accounting firm where I was employed, it contained
the application of some major accounting standards which offered me with the exposure of
accounting practices. As the part of my work profile I worked under the practicing chartered
accounting firm that provided accounting services to small and medium enterprises. My
employer assigned me with the responsibilities of recording the transactions in the MYOB
accounting software as the part of documentation work and complying with the necessary
standards of AASB. Furthermore, to carry out the documentation work I was given the access
to computer system that recorded the data that was generated from the clients invoice of
purchase and sale of retail products. The accounting system of MYOB provided me with
much necessary exposure regarding the understanding of accounting, tax and necessary
accounting treatment of transactions. With the prevalent of accounting system, the recording
and maintaining of data was convenient in respect to the current accounting network.
Apart from this the accounting firm where I was employed also comprised of the
integrated system of MS office with additional features such as MS outlook, MS Publisher
and MS Excel. Presently I am working with in a retail firm holding the junior administrative
position. As the part of my job I am assigned with the role of gaining access to accessories
namely the document file, POS and Desktop Computer. The current place of my employment
provides me with additional access to the telephone, furniture and desk to effectively execute
my assigned responsibilities. Conclusively, both the primary and secondary accessories are
available in the company to meet the level of comfort for the working staff.
Answer to question 6:
The ABC learning case study highlights the evidences that the organization reported a
slower but stable form of business operations. A noteworthy progress was made by the
company is the development of the federal government (Scott, 2015). The organizations have
expanded its operations globally due to the wider coverage of media together with the
purchase of centres. With the rising amount of assets reported the company has increased the
price of the shares for the ABC learning. Additionally, it is noticed that the liability or in
other words the debts of the organization has also increased. There were the instances of
material misstatement of the financial report and the cash flow represented the evidences of
breakdown. The rising value of the organization assets, liabilities were materially overstated.
The increasing value of the assets have falsely represented the firms organizational position
among the public. The liabilities on the other hand also increased significantly during the
year 2008 and the primary reason for decline in ABC was the rise in the value of liabilities
against the dollar of 30 cents in equity.
Further evidences that were obtained stated that the income statement and repayment
of debt by the ABC learning also contributed to the decline of the firm with the net profit and
cash flow of the organization reported declined negatively to $20 million. The financial
position of the organizations has also not been on the declining side (Schaltegger & Burritt,
2017). The evidences obtained from the ABC learning suggest that the revenue of the
organization has increased significantly and also stated an instances of greater expenses with
higher amount of cash to manage the intangible assets resulting in overstatement of financial
position.
Numerous ethical issues surrounded the decline of ABC learning and the same is
highlighted below;

5ACCOUNTING SYSTEM AND PROCESS
a. The prevalence of abnormalities in the reporting and maintaining of accounting
transactions and amount of loan funding
b. An insufficient instances of proper maintenance of books of accounts relating to
financial conditions of the firm were also contributed to ethical downfall of the firm.
c. The value of intangible assets has been inflated that ultimately contributed to rise in
value of firm
d. Offering incorrect financial information regarding the assets that ultimately increased
the value of firm and led to loss of confidence among the shareholders significantly
contributed to fall of ABC learning.
The major financial reports that were prepared by the company were the statement of
profit and loss, statement of cash flow, statement of financial position and equity statement.
The income statement provides the users and the managers with the detail view of the income
and expenses arising in financial year. The statement of financial position provides
association among assets and liabilities and cash flow renders users information on assets and
liabilities of firm. Hence, changes in the capital would result in change in equity as the
owners’ equity might significantly increase or fall.
Answer to question 7:
Names of
Accounts
Proprietorship Asset Liability Expenses Revenue
Mortgage
Payable

Rent
Expenses

Cash 
Office
Equipment

Salary
Expenses

Salaries
Accrued

Property Tax
Expense

Prepaid
Expenses

Office
Furniture

Electricity
and gas
expenses

Accounts
Payable

Smith
Capital

Service
Revenue

Accounts
receivable

Supplies 

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Expense
Investments 
Income statement for Trump Design Studio (Normal View)
Income statement for Trump Design Studio (Formula View)

7ACCOUNTING SYSTEM AND PROCESS
Balance Sheet for Trump Design Studio (Normal View)

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Formula view of Balance Sheet for Trump Design Studio:
Answer to question 8:
Balance Sheet representing Normal View:

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Formula view of Balance Sheet:
Answer to question 9:
List of accounts that have normal debit balances are;
a. Rent expenses
b. Salaries expenses
c. Supplies expenses
d. Interest expenses
List of accounts that have normal credit balance
a. Sales
b. Stock holders’ equity accounts
c. Liabilities

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d. Owners’ equity
Answer to question 10:
Table representing trial balance under Normal View:
Table representing trail balance under Formula View:

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Adjusted trial balance with three changes:
Answer to question 11:
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