Accounting Systems and Processes Assignment: Solutions Included

This document presents a complete solution to an accounting systems and processes assignment. The assignment covers a wide range of topics, including plagiarism, data manipulation in Excel and Word, explanations of relevant URLs, and the role of accounting bodies. It delves into the impact of technological advancements in accounting firms, analyzing a case study of unethical practices in financial reporting, and providing detailed calculations and representations of financial statements, balance sheets, and trial balances. The document also addresses current and non-current liabilities, the calculation and interpretation of the current ratio, and the preparation of ten-column worksheets, income statements, and balance sheets. The solution is comprehensive and provides both normal and formula views where applicable, including adjustments and changes. The document concludes with a list of references and bibliography used in the assignment.

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
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ACCOUNTING SYSTEMS AND PROCESSES
Table of Contents
Q1:...................................................................................................................................................2
Q2:...................................................................................................................................................2
Q3:...................................................................................................................................................2
Q4:...................................................................................................................................................3
Q5:...................................................................................................................................................3
Q6:...................................................................................................................................................3
Q7:...................................................................................................................................................4
Q8:...................................................................................................................................................6
Q9:...................................................................................................................................................8
Q10:.................................................................................................................................................8
Q11:...............................................................................................................................................11
Q12:...............................................................................................................................................12
Q13:...............................................................................................................................................13
Q14:...............................................................................................................................................13
Q15:...............................................................................................................................................13
References and Bibliography:........................................................................................................19
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ACCOUNTING SYSTEMS AND PROCESSES
Q1:
Plagiarism is considered to be one of the greatest crimes in academic world, which
destroys careers of different individuals. Plagiarism is mainly considered to be one of the
unethical measures that are taken by students, which in turn hampers productivity of the owner
students. There are different types of Plagiarism detecting software’s, which allows universities
to segregate honest students with plagiarized students. Harris (2017) stated that with the help of
plagiarism detective academic world has minimised theft of intellectual property.
Q2:
The figure mainly depicts the two different ways, which could be used by individuals to
copy data from excel to word document.
Q3:
URLS Explanation
http://
www.accountantsaustra
lia.com.au
The website directly provides different types of financial solution
to accounts for increasing the effectiveness of the financial report.
https://
www.cpaaustralia.com.
The website directly helps the new accountants with their skill
development, which could smoothly conduct the accounting
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ACCOUNTING SYSTEMS AND PROCESSES
au process.
https://
www.charteredaccount
antsanz.com
The website aims in providing help with different accounting
principles, which could help accounts with their financial report.
http://
indigenousaccountants.
com.au
The website mainly aims in motivating accountants and providing
them with new accounting information.
Q4:
Chartered Accountant of Australia is considered to be one of the accounting bodies
regulating around the world. The chartered accountant of Australia mainly focuses in regulating
Accounting Principles throughout the country. The main objective of the institute is to publish all
the relevant accounting principle, which could be used by organisations to adequately draft their
financial report. Chartered Accountant of Australia provides different types of help to accounting
professionals, who are responsible for drafting financial statement of an organisation.
Q5:
I have been working in an accounting firm for more than 4 years, where different types of
technological development were witnessed by me. Previously, the accounting organisation did
not use hi and computing system to calculate all the financial accounts of an organisation.
Instead the use of bookkeeping, ledger account, and other paper works were conducted. This
mainly increased the completion time and reduced productivity of the organisation. However,
recently the organisation adopted new technology and computerized system, which consisted of
i5 processors and new Sage software. This change in the accounting system allowed the
employees to increase the overall productivity and decreased completion time of the work.
Therefore it could be understood that with the help of new technology accounting work became
easier, which helped in increasing productivity and profitability of the organisation. The
accuracy of the accounting firm also increased, as all the work was computerized. Thus,
Utilisation of the new technological advancement allowed the accounting firm to improve its
productivity and reduce the completion type of projects.
Q6:
Relevant analysis is mainly conducted on the case study of ABC learning, which directly
depicts the unethical measures taken by the organisation in formulating its annual report.
Moreover, the analysis also helps in pinpointing the relevant manipulations that was conducted
by the organisation to inflate its annual report. The management mainly aimed in improving the
total assets by increasing the intangible assets of the organisation. Furthermore, inflation was
mainly conducted by valuing wrong intangible assets of the organisation.
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ACCOUNTING SYSTEMS AND PROCESSES
Basically there are three types of accounts that need to be reported in the financial statement,
which are income statement, cash flow statement, and balance sheet. With the help of balance
sheet organisations are able to portray the actual financial condition in that fiscal year. The use of
cash flow account mainly portrays the cash transaction conducted on that year. Lastly, Income
statement mainly represents the overall expenses and revenue that is generated by the
organisation on that fiscal year.
The analysis of the ABC case study mainly helps identifying the overall unethical measures
and problems that was conducted by the management of the organisation. The case study mainly
depicts the overall problems, which was conducted by the organisation that resulted in its
insolvency. The management after seeing a decline in the overall net profit started to manipulate
its financial accounts by including the annual report. The financial position of the organisation
was compromised after it was not able to continue with its operation due to lack of adequate
cash. The inflated financial account was only in books and the company's actual financial
condition was very weak and it became insolvent much faster due to its rising debt. The
decisions made by the organisation regarding expansion process were one of the worst decisions,
which increase debt and financing cost.
The ethical issues identified in the case study are depicted as follows
 The first ethical issue was mainly the wrong interpretation of the financial account in annual
report, which misinterpreted the financial stability of the organisation to the investors.
 The second ethical issue was mainly the inflation of intangible assets such as registration and
good will, which was wrongly valued to increase its solvency condition.
 Third ethical issue was mainly the manipulation of margins that was conducted in financial
reports of the ABC.
Q7:
Normal View of the Financial Statement:
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Formula View of the Financial Statement:
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ACCOUNTING SYSTEMS AND PROCESSES
From the above figures the owner’s drawing is mainly calculated at 16,800.
Q8:
Normal View of the Balance Sheet
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Formula View of the Balance Sheet
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Q9:
The overall credit balance mainly consists of contract expense account, equity account,
liability account, and revenue account. On the other hand, debit balance consists of inventory,
equipments, receivables, building, and cash account.
Q10:
Normal View of the Trial Balance
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Formula View of the Trial Balance
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Normal View of the Trial Balance with relevant changes
Formula View of the Trial Balance with relevant changes
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Q11:
Unsolved Puzzle:
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