Detailed Analysis of Accounting System and Process - Finance Course

This document presents a comprehensive solution to an accounting system and process assignment, covering various aspects of financial accounting. The assignment addresses topics such as plagiarism, methods for copying and pasting data from spreadsheets, relevant accounting websites, and professional accounting organizations. It includes a work-integrated assessment, ethical considerations in a case study (ABC Learning), and detailed explanations of different account types, debits and credits, current and non-current liabilities, and the current ratio. The solution provides journal entries, adjusted trial balance, income statements, and balance sheets to provide a comprehensive understanding of accounting principles.

Running head: ACCOUNTING SYSTEM AND PROCESS
Accounting System and Process
Name of the Student
Name of the University
Authors Note
Course ID

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Table of Contents
Answer to question 1:.................................................................................................................2
Answer to question 2:.................................................................................................................2
Answer to question 3:.................................................................................................................5
Answer to question 4:.................................................................................................................6
Answer to question 5:.................................................................................................................6
Answer to question 6:.................................................................................................................7
Answer to question 7:.................................................................................................................8
Requirement 1:...........................................................................................................................8
Requirement 2:...........................................................................................................................9
Requirement 3:...........................................................................................................................9
Requirement 4:.........................................................................................................................10
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:.............................................................................................................16
Answer to question 15:.............................................................................................................17
Reference list:...........................................................................................................................26

2ACCOUNTING SYSTEM AND PROCESS

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Answer to question 1:
Plagiarism is referred as the method of replication of the thoughts of others and
demonstrating the idea in the identical words, that is used in the original source without
providing due recognition to it. The students that are honest might be deprived of because of
plagiarism. Several students copy down the assignments without using their own ideas and
obtain higher marks. However, by implying fair means honest students may not get higher
marks. In such scenario students with no subject, fetch higher marks than the honest students
that have worked hard. Therefore, plagiarism is regarded as one of unfair method where the
honest students are deprived of their hard work.
Answer to question 2:
The computer spreadsheet for instance the excel sheets can be used for copying and
pasting the same in the word document with the help of numerous methods(Baxter, 2014).
There are two methods that are involved in pasting the excel sheets which are as follows;
1: Simple Pasting method
The steps involved in simple method comprises of the following steps
a. Selecting the excel sheet together with the headings of rows and column
b. Right click of mouse and then selecting the paste option for paste or instead pressing
Ctrl+C in the keyboard
c. On the word file, right click of mouse and selecting the options of paste or instead
pressing Ctrl+V on the keyboard

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2: Pasting of an image:
Under the pasting of an image method excel sheets can be pasted in the word document in
the form of image rather than pasting the same as the table, the steps include the following;
a. Selecting the excel sheet together with the headings of row and column
b. Right click of mouse and then selecting the paste option for paste or instead pressing
Ctrl+C in the keyboard
c. On arriving at the word file, Alt+E+S should be pressed on the keyboard and selecting
the image to be pasted

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Both the above stated method can be applicable for normal and formula view. The
examples are stated below
1: Normal View
a. First Method:

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B: Second method
Student Name:
Income Statement
for the month ended 31 July 2017
$
INCOME
=E10 =B10+B12+B22
=E15 =B15
TOTAL INCOME =H9+H10
EXPENSES
Office Supplies Expense =B7
=E17 =B8+B9+B13+B16
=E17 =B17+B18
=E11 =B11
=E14 =B14
=E19 =B19
=E20 =B20
=E7 =B20
=E21 =B21
=E6 =B6
TOTAL EXPENSES =SUM(H13:H22)
Profit/(Loss) for the period =H11-H23
Answer to question 3:
The list of five websites that are relevant to accounting are as follows
a. AASB (http://www.aasb.gov.au): This website states the information of accounting
standard that needs to be followed with the objective of recording accounting
transactions and preparing the accounting reports.
b. IFRS (http://www.ifrs.org/): This website helps in describing the international
standards for preparation of financial reports.
c. ATO (https://www.ato.gov.au): This website helps in providing the information’s
related to taxation for accounting and finance in Australia.
d. FASB (http://www.fasb.org): The accounting standards of AASB is based on the
standards of FASB. Hence, they form the part of AASB website. The website is
regarded as helpful source in for important information on the accounting standards.

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e. GAAP (http://gaap.com.au ): GAAP is one of the another prevalent accounting
principles which is followed in several countries, namely USA (Beatty & Liao, 2014).
Therefore, for international financial reporting, the website is very useful and
beneficial in understanding the policies related to accounting adopted by overseas
nations.
Answer to question 4:
Association of international accountants is regarded as one of most respected and
valued organizations from the numerous professional accounting organizations. The
organizations helps the individuals aspiring to undergo training in accounting (Bonin, 2013).
In addition to this, the accountants that are professional and business organizations can obtain
numerous kinds of monetary and bookkeeping related data from the website of the company.
Answer to question 5:
Work Integrated Assessment
My earlier employment was in the academic institute where students were prepared
for their entrance examination of engineering together with the students of medical field. We
also had computer facilities and existing in the current workplace. My key area of
responsibility was appropriate handling of the documents related to educational institutes. I
carried out the work of documents and systems that were needed to update. In the computer I
had saved the information in data file which was safeguarded from unauthorized access. The
use of network was accessible since it had link with the computer. The programs on which I
worked included Microsoft PowerPoint, Microsoft word, Microsoft Excel and Microsoft
Outlook.Simultaneously by working in the education institute I was able to gain knowledge
about numerous courses which were imparted to the students in order to score good in their
respective entrance examination.

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At present I am working in the bank where I am employed as assistant manager. I am
provided with the daily bookkeeping records that required making entry related to accounts
and daily business transactions. Secrecy and confidentiality of the information forms the vital
aspect of my job since there are transactions that are often associated with monetary value. I
enjoy working in the gracious and productive environment where we are provided with the
freedom of work.
Answer to question 6:
ABC Learning and ethics- ABC Learning Case study
As evident from the scenario ABC learning experienced a slow but steady to their first
year of business operations. The federal government was largely concerned with the chief
role of development. The company had the access to the media coverage however it was
found that the government purchased the centres of ABC by employing indirect procedure.
The company was sufficiently capable of expanding its operations in international base in the
upcoming years (Deegan, 2013). The share prices of the company was high along with the
asset values that were increasing at a faster rate due to the financial inclusion. However, after
gaining the reports of the company it was found that the financial position and cash flows of
the company declined within a short time (Marshall, 2016). The company had astronomical
amount of debt and inflated the values of assets. It also inflated the values of cross assets
liquidity that contributed to its decline. During the global financial crisis the company
suffered large debt where it owned debt more than 30% of dollar in equity.
The most important ethical issues that contributed to the failure of ABC learning are as
follows;
a. The company provided wrong information about its assets to the public which
resulted the shareholders in losing large sum of money

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b. There was prevalent of continuous accounting irregularities and the company used the
margin of loan to finance (Hoyle et al., 2015).
It is noteworthy denote that the company failed to realize the financial reality at the time
of deriving profit (Weil et al., 2013). The values of intangible assets were overstated in order
to gain access of the overall business, which ultimately resulted in collapse of the company.
The financial stated reflected the company had overvalued its assets.
Answer to question 7:
Requirement 1:
The types of accounts are provided in the below listed tables;

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Requirement 2:
Requirement 3:
The amount from the drawing stood for the year was $32,000

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Requirement 4: