Accounting System and Process Homework Solution - University Name

This document presents a comprehensive solution to an accounting system and process assignment, covering a wide range of topics. It begins by addressing plagiarism and academic dishonesty, followed by instructions on how to paste spreadsheets into documents. The solution then explores online accounting resources and relevant professional entities like CPA Australia. It delves into computing environments in the workplace, including software like Tally ERP, and analyzes a case study of ABC Learning, discussing financial statements, key lessons, and ethical issues. The assignment includes calculations for financial statements, trial balances, and adjusting entries. It also covers current and non-current liabilities and calculating the current ratio, culminating in a financial report and a ten-column worksheet. The document is a valuable resource for students studying accounting, providing detailed answers and explanations for each question.

Running head: ACCOUNTING SYSTEM AND PROCESS
Accounting system and process
Name of the student
Name of the university
Author note

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Table of Contents
Question 1...............................................................................................................................................................2
Question 2...............................................................................................................................................................2
Question 3...............................................................................................................................................................5
Question 4...............................................................................................................................................................6
Question 5...............................................................................................................................................................6
Question 6...............................................................................................................................................................6
Question 7...............................................................................................................................................................7
Question 8.............................................................................................................................................................10
Question 9.............................................................................................................................................................12
Question 10...........................................................................................................................................................12
Question 11...........................................................................................................................................................15
Question 12...........................................................................................................................................................16
Question 13...........................................................................................................................................................17
Question 14...........................................................................................................................................................17
Question 15...........................................................................................................................................................17
References.............................................................................................................................................................23

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Question 1
Plagiarism – it takes place while any student submits assessment work that involves other people’s idea without
proper authorization or giving his credit or without proper referencing. As the act of plagiarism is considered as
a breach with regard to the academic integrity, the student before using anyone else’s work must be aware of
the practices of acceptable referencing.
The academic dishonesty takes place while any student behaves dishonestly with regard to the
examination or the assessment for gaining the unfair advantage for himself. The act of academic dishonesty is
regarded as the misconduct and violation of the academic integrity. It is a considerable offence if a dishonest
student is proved to be superior as compared to an honest student, applying the academic dishonesty.
Question 2
Pasting of Spreadsheet under Doc files
Spreadsheet can be pasted in the Doc files through the following methods –
 The cells to be pasted shall be selected from Excel sheet and then through right click the selected part
shall be copied and pasted in the doc file
 After selecting the cells to be copied press the CTRL and C button from keyboard together and then go
to the destination and press CTRL and C button from keyboard together to paste (Bragg, 2013).
Formula view –
 From Toolbar in the spreadsheet select formula tab
 Thereafter, from there select the formula view to view the formula version
Copy – paste approach
1. After selecting the intended document press the CTRL and C button from keyboard together and then go
to the destination and press CTRL and C button from keyboard together to paste.
Normal view –

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Formula view –
2. Select the intended file through right clicking on the document and select copy from there and in the
same way, paste the document by selecting Paste option in the destination sector.
Normal view –

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Formula view –

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Question 3
Accounting resources in internet and their relevancy
 The Sleeter Group – it offers the academic resources for the small scale entrepreneurs and the
accountants
Website - https://www.sleeter.com/
 Accounting for management – this site offers clear concept for all the accounting circumstances
Website - http://www.accountingformanagement.org/
 Accounting Learnatorium – it assists in income tax filing of the client as well as keep udating regarding
any alteration in tax
Website - https://due.com/blog/category/accounting/
 Blunt Bean Counter – it assist in various guidelines with regard to income tax, finance and usage of
money in various activities
Website - http://www.thebluntbeancounter.com/
 Accounting Coach – this website assists in enhancing the accounting knowledge and learning new
things of accounts.
Website - http://www.accountingcoach.com/

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Question 4
The Australian professional entity for that is available online is “Certified Public Accounts” and
available through - https://www.cpaaustralia.com.au/. This site has been selected as they are one of the biggest
accounting bodies and provides various services like technical assistance, training, advocacy and education.
Question 5
Computing environment within the workplace –
Equipment associated with computer are utilized as a part of the working environment incorporates PCs,
portable workstations, fax machines and printers and internet connectors. There is impressive danger of harm or
decimation to the organization's electronic resources, or loss of data, from any informal get to that can comes
about into loss of information or interference. Thusly, the representatives ought not utilize PCs or information
stockpiling gadgets like CDs/DVDs, floppy plates, outside hard drives, "shrewd" telephones, USB/streak
drives, iTouch/iPods/iPads/or portable workstations or comparable gadgets, or other cell phones, or other media
for information stockpiling media, in the work environment (Cumby, 2013). Utilization of the organization's
systems, web access and PCs is favourable position permitted by the administration and can be pulled back
whenever they wish, if utilized as a part of wrong way.
The organization utilizes the Tally ERP software for conducting their accounting related solutions. Tally
ERP is intended to offer capable network and accessibility of data with respect to workers. Besides, it is
anything but difficult to introduce and gives adaptability in actualizing incremental limit the same number of as
required, over every one of the areas. It is finished programming that keep up its effortlessness and still gives
broad business capacities like fund, bookkeeping, buy, deals, stock, costing, producing, work costing, finance
and administration of branch with limits like extract and statutory procedures (Gupta & Champaneria, 2013).
However, the software related to accounting are utilised for various activities like account payables as well as
receivables, income statement and balance sheet are few to be named. It enables to perform the activities in
easier and simpler way. The Tally ERP offers various benefits like – low implementation cost, easy
customization, available professionals and strong collaboration capabilities.
Question 6
ABC Learning case study –
Once the greatest childcare centre, from all over the world, ABC Learning was liable to the corporate
failure. Towards the finish of 2006, ABC Learning was managing on the offer market at $8.60 and actuated
around one of every five youngster mind focuses in Australia. Under two years after the fact shares came down
to 54 pennies and the organization was situated in the hands of heads. Exceptional growth and quick fall of
ABC Learning was a case of what could happen when an organization neglects the fundamental components of

7ACCOUNTING SYSTEM AND PROCESS
bookkeeping. Liquidity emergency and swelling in the estimation of benefits brought the end for ABC
Learning.
Major financial statements and their purposes –
 Balance sheet – it reveals the liabilities, assets and equity position of an entity for specific period
 Revenue statement – it reveals the revenue and expenses position of the entity as on a specific date.
 Cash flow statement – it reveals the cash and bank balance position of the entity for the specific period
(Ball et al., 2016).
 Equity changes statement – it reveals the changes in equity position of the stakeholders for particular
period
Key lessons from ABC learning case study –
 They worked on the aspect of “too much – too expensive – too fast” and the key as to keep growing at
any cost was not appropriate
 With the motto of earning profit, the owner forgot to carry on the business ethically
 ABC Learning overlooked the terrible mess in accounts (ABC Learning collapse case study, 2016).
Ethical issues from the case study –
 The practices with regard to corporate governance were poor
 The owner overlooked the fact that he is the entrepreneur and not the manager and he thought that he is
the best person to run the business
 The owner felt that the financial reports do not matter much and overlooked the terrible mess in the
accounts.
Question 7
P.A.L.E.R

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Income statement
Operating income amounted to $ 30,400.
Balance sheet

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Amount of drawing was $ 16,800.
Question 8
Balance sheet equation
The above amount marked in yellow is arrived as follows (formula view) –

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Question 9
Debit and credit balance –
The debit balances go up with debit balance entry and reduce with credit balance entry, for instance –
expenses, losses, goodwill, receivables and assets.
On the contrary, the credit balance enhances with credit account and reduce while have a debit entry, for
instance – payables, revenues, debt, and equity
Question 10
Trial balance (Normal view)
Formula view

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Trial balance with changed figures
Normal view

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Formula view

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Question 11
Crossword Puzzle

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Question 12
Adjusting entries – these entries are made at closing of the each period for adjusting the expenses, revenue and
other items that were transacted before preparing the financial statements. Examples of adjusting entries –
1. Accrues interest income –
2. Accrued interest expense –

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Question 13
Current liabilities and non-current liabilities
Payment for current liabilities are likely to become payable within 1year period, for instance – payables,
short-term debt (Heikal, Khaddafi & Ummah, 2014).
On the other hand, payment for non-current liabilities are likely to become payable after 1year period,
for instance – long-term debt and capital leases.
Question 14
Current ratio
Current ratio is measured through calculating the short-term obligation as compared to the short-term
assets. It is measured as –
Question 15
Financial report and ten column worksheet
Adjusted worksheet in the books of Colossal Motors as on 30.06.2017

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Formula view
Income statement (Normal view)

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Formula view
Balance sheet (Normal view)

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Formula view

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Worksheet with changes (normal view)

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Formula view

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References
ABC Learning collapse case study. (2016). Cpaaustralia.com.au. Retrieved 8 December 2016, from
https://www.cpaaustralia.com.au/professional-resources/education/abc-learning-collapse-case-study
Ball, R., Gerakos, J., Linnainmaa, J. T., & Nikolaev, V. (2016). Accruals, cash flows, and operating
profitability in the cross section of stock returns. Journal of Financial Economics, 121(1), 28-45.
Bragg, S. M. (2013). General Ledger Best Practices. Accounting Best Practices, Seventh Edition, 335-349.
Cumby, J. (2013). Business 2100. Introduction to accounting. 5-1 Preparing an adjusted trial balance and
closing entries
Gupta, R. O., & Champaneria, T. (2013). A Survey of Proposed Job Scheduling Algorithms in Cloud
Computing Environment. International Journal of Advanced Research in Computer Science and
Software Engineering.
Heikal, M., Khaddafi, M., & Ummah, A. (2014). Influence Analysis of Return on Assets (ROA), Return on
Equity (ROE), Net Profit Margin (NPM), Debt To Equity Ratio (DER), and current ratio (CR), Against
Corporate Profit Growth In Automotive In Indonesia Stock Exchange. International Journal of
Academic Research in Business and Social Sciences, 4(12), 101.