Comprehensive Project Report: Accounting System and Process Review

This project report provides a comprehensive overview of accounting systems and processes. It begins by addressing plagiarism and its implications, followed by instructions on pasting spreadsheets into document files, including screenshots and formula views. The report then explores various online accounting resources and professional accounting bodies, particularly in Australia, highlighting their roles and study materials. It further discusses work-integrated assessment, emphasizing the importance of a suitable computing environment and software updates. The report includes an analysis of PALER, Excel solutions for accounting equations, and balance sheet equations with manual and spreadsheet solutions. It also covers trial balance, current and non-current assets, financial ratios, and the preparation of worksheets and financial reports, providing both manual solutions and normal views. The report concludes with a detailed worksheet for Slicity Motors and relevant references.

Running Head: Accounting system and process
1
Project Report: Accounting system and process

Accounting system and process 2
Que 1)
Plagiarism and its collusion:
Plagiarism is a sort of activity which is done to steal and use someone’s work and
declare that work as their individual work. Thus, one might say that plagiarism is an
exploitative work. It contains two exercises. To start with, take another person's work and
afterward pass it off as own work. Colleges punish such sort of work. They force high
punishment on such activities (plagiarism.org, 2017).
The study explains that plagiarism is an awful thing for honest students as they write
and complete their work by themselves and dishonest student complete their work with the
help of various websites which are offering the academic writing work. It leads dishonest
student to higher marks than honest students.
.
Que 2)
Pasting spreadsheets in doc files:
A special technique is required to paste the spreadsheet in doc file along with the raw
and column headings:
Screenshot:
It is the easiest technique. In this process, user just has to take a screenshot and paste
it in doc file.

Accounting system and process 3
Formulas:
For pasting the spreadsheet in doc file in formula view, user have to take the help of
(ctrl+~). Firstly, click the (Ctrl +~) and then go to page layout option and enable the option of
print box in heading menu. Later, copy and paste the table into the doc file and afterwards, a
menu box would pop up at end of the table. Lastly, click on the menu box and chose the
option “paste as picture”.
3
4
5
6
7
8
9
B C
Current assets 20000
Current liabilities 10000
Current ratio =C3/C4
Total debt 15000
Total assets 25000
Debt ratio =C7/C8
Figure 1: Formula view
Que 3)
Accounting resources on the internet:
Website Comment URL
AICPA AICPA assists the
accounting
professionals to
http://www.aicpa.org

Accounting system and process 4
manage and enhance
the accounting
techniques and
accounting ethics
knowledge.
FASB FASB makes it easy for
the private organization
to prepare the financial
statements.
http://www.fasb.org/home
Accounting info Accounting info offers
the study material to
the accounting
professional students.
http://accountinginfo.com/study/
je/je-01.htm
Gradestack.com Gradestack is also
relevant for the
accounting professional
student to find out the
study material and
understand each
equation of accounting.
http://gradestack.com/Class-11th-
Commerce/Financial-Statements-/
Provision-for-Doubtful/17612-3454-
30328-study-wtw
Que 4)
Professional Accounting Bodies:
There are various accounting bodies in Australia. IPA (institute of public accountant)
is one of them. It is one of the most used professional bodies in Australia. This accounting
body assists the accounting and auditing professionals in enhancing their knowledge and it
improves the overall development. Accounting professional study material is available at this
website that helps the students to enhance their knowledge (IPA, 2017).

Accounting system and process 5
This website offers the various study material and practice manuals to the accounting
professional students such as law modules, costing modules, accounting and auditing
modules etc.
Que 5)
Work integrated Assessment:
Computing environment must be enough updates and should be comfortable for
employees of an organization to work productively and with successfully. Computing
environment is an inclusion of numerous equipment, programming and different assets. This
inclusion helps the organization in achieving the goals and the objectives. Hardware
incorporates CPU, monitor, mouse, keyboard, modem, scanner, data cable, printer and so on.
Though, Software incorporates Database system, Spreadsheets, doc records and control point.
Software should be updated in an association to help the workers at its fullest and
influence the task to ease. An updated software helps the workers to done the given task at
the earliest opportunity (Science daily, 2017). Operating system of an organization should
likewise be as indicated by the work so it turns out to be very simple for the workers of the
organization and other individuals at working environment to done the undertaking.
Power point software assists the workers toward exhibit data in an expert way. Doc
documents help to records and keep up the data of the organization. Data base management is
useful to keep a track over the business exercises and keep up every one of the exercises.
Spreadsheet is useful to set up the financial transactions and break down the circumstance of
organization.
On the other hand hardware is also essential for a business. Without the assistance of
equipment and hardwires, it is not possible for the user to run the software. Hardware is
helpful to give the command to the PC and get back the information. Hardware should be in a
flawless state with the goal that workers could do work viably. CPU is the principle
equipment (Nobes and Parker, 2008). It offers command to the software to achieve the
assignment. Further, for transferring the file, data cable is useful. Modem interfaces the
network to the PC. Printer and scanner help to encode and interpret the data from PC.
In this way it could said that the computing environment of an association must be up
to dated with the goal that the work could be ease for the employees.
Que 6)

Accounting system and process 6
ABC Learning Case study
Refer to other file.
Que 7)
a) PALER:
PALER stands for payment, assets, liabilities, owner’s equity and the revenues of an
organization.
b) excel solution:
S. No. Account Title Type of Account
1 Loan Payable Liability
2 Rent Expense Expense
3 Cash Asset
4 Office Supplies Asset
5 Salary Expense Expense
6 Salary Payable Liability
7 Property Tax Expense Expense
8 Prepaid Expenses Asset
9 Office Furniture Asset
10
Electricity and Gas
Expense Expense
11 Accounts Payable Liability
12 Davis, Capital Proprietorship
13 Service Revenue Revenue
14 Accounts Receivable Asset
15 Supplier Expense Expense
16 Investments Asset

Accounting system and process 7
Que 8)
Balance Sheet equation
a) Manual solution

Accounting system and process 8

Accounting system and process 9

Accounting system and process 10
b) Spreadsheet required:
Report Section: Balance Sheet Equation Comments
Case-1 Case-2 Case-3
Revenue 160 K 210 400
K= Net
income +
expenses

Accounting system and process 11
Expenses 110 160 300
Dividend declared 0 4 Q 50
Q=
Beginning
retained
earnings +
net income
- ending
retained
earnigs
Additional
Investment by
stockholders 0 35 40
Net income E 50 50 P 100
E and P=
Revenues -
expense
Retained earning 0
Beginning of year 50 60 100
End of year D 100 J 106 150
D and J=
Retained
earning
beginning
+ net
income -
dividend
declared
Paid-in Capital
Beginning of year 15 20 N 50
N= Total
assets
beginning -
retained
earnings
beginning
End of year C 15 H 55 90
C and H=
Total
assets
ending less
liabilities
ending less
retained
earnings
ending
Total assets

Accounting system and process 12
Beginning of year 70 F 160 L 270
F and L=
Paid in
capital
beginning
+ retained
earning
beginnng +
liabilities
beginning
End of year 140 300 M 320
M= Paid in
capital
ending +
retained
ending +
liabilities
ending
Total liabilities
Beginning of year A 5 80 120
A= Total
assets
beginning -
paid in
capital
beginning -
retained
earnings
beginning
End of year B 25 G 139 80
B and G=
Total
assets -
paid in
capital -
retained
earnings