Accounting System and Process Report

This report covers various aspects of accounting systems and processes, including the definition and implications of plagiarism, resources available for accounting students, the role of professional accounting bodies, and a case study on ABC Learning. It discusses the importance of financial statements, ethical issues in accounting, and provides insights into current and non-current assets, as well as ratios. The report emphasizes the need for updated computing environments to enhance employee efficiency.

RUNNING HEAD: Accounting system and process
1
Accounting system and process

Accounting system and process 2
Que 1)
Plagiarism and its collusion:
Plagiarism is an activity where someone considers other’s work as their personal
work. Basically, this activity is done by the students to accomplish their work and
assignments. Plagiarism is itself a dishonest work as the work is stolen and no credit is given
to the source from where the matter has been taken. Mainly two activities are concerned with
this activity; one is filching the task from someone’s book, article, letter, online source,
research paper etc and then depicts it as the work which has been done by them only. Such
kind of activities are not permeable and the universities or if some person found involved in
such activity, than university has a right to penalize the person and cancel the work
(plagiarism.org, 2017).
The collusion of plagiarism is not fine for the students who are honest with their work
as many online websites and content writers are there to help them to offer 0% plagiarism
work with high content that could help the student to get good marks. And thus the honest
student who has done their work themselves do not get high marks and a dishonest student
get HD.
Que 2)
Calculative question
Que 3)
Accounting resources on the internet:
Website Comment URL
AICPA AICPA is an online
website which helps
the professionals of
accounting and
auditing to enhance
their capability in terms
of ethics and various
accounting terms.
http://www.aicpa.org

Accounting system and process 3
FASB FASB is an online
website which helps
the private organization
to prepare the final
financial statement by
considering many new
accounting rules and
regulations.
http://www.fasb.org/home
Accounting info “Accounting Info” is
an online website
which is helpful for the
accounting student as it
offers numerous study
materials to the student
and also assists them to
understand the
accounting concept.
http://accountinginfo.com/study/
je/je-01.htm
Gradestack.com “Gradestack.com” is an
online website which is
helpful for the
accounting professional
student as it clears
many confusion and
help them to
understand the
accounting concept.
http://gradestack.com/Class-11th-
Commerce/Financial-Statements-/
Provision-for-Doubtful/17612-3454-
30328-study-wtw
Que 4)
Professional Accounting Bodies:

Accounting system and process 4
IPA which stands for institute of public accountant is one of the most used proficient
bodies of accounting in Australia. IPA provides the various ways and techniques for the
professionals of accounting to enhance their growth by developing their knowledge and make
the changes into some random rules and regulations. IPA is one of the most useful website
for the students to look for the materials for their study and it also offer various practice
manual to the student to understand every concept (IPA, 2017).
IPA offers almost every related study material on its website so that it becomes easy for
the student to get them and read them. Various subject’s study material such as law, financial
planning, budgeting, costing, financial management, taxation, auditing etc are available on its
website. It is one of the most used website by the students foe their assistance in the study.
Que 5)
Work integrated Assessment:
It has been analyzed through a study that the computing environment of an
organization should be comfortable for the employees and it must be updated so that the
employees of the company could work with full of their efficiently and successfully. The
environment in concern of computing is a grouping of numerous hardware and software and
many other resources. This grouping aids the employees in completing the assignment.
Hardware consists of keyboard, mouse, scanner, printer monitor, CPU, data cable, modem
etc. while Software consists of Spreadsheets, power point, doc files, Database system etc.
Software used by an organization should be updated so that it becomes easy for the
employees to complete their task with easiness. If software is updated than it becomes easy
for the workers to complete the task in no time. It has also been found that operating system
also plays an important role in it, operating system must be chosen according to the work and
the team so that the work could be done efficiently (Science daily, 2017).
Power point aids to depict the information in an expert style. Doc files aids to records
and preserve the knowledge and special information of the organization. Data base
administration is cooperative to maintain a track over the operations and business functioning
and also keep up the activities of the organization. Spreadsheet is cooperative to arrange the
final statement and investigate the situation of corporation.
Hardware plays the indispensable role in association. Without the assistance of
hardware, software could not be run. Hardware is helpful to provide the command to the CPU

Accounting system and process 5
and get the outcome back. Hardware should be in an ideal state so that worker could do
employment efficiently (Nobes & Parker, 2008). CPU is the chief hardware. It furnishes
authority to the software to complete the job. Data cable aids to move the data. Modem aids
to attach the network form system. Further the scanner and printer aid for encoding and
decoding the outcome from system.
Thus it has been analyzed that the computing surroundings of an association must be
updated so it becomes easy for the employees to work efficiently and with no time.
Que 6)
ABC Learning Case study
a) Financial report and its purpose:
Main final financial statements of an organization are Income statement, cash flow
statement and balance sheet. Every final statement of the company is helpful to depict an
idea about the organization. Income statement clarifies the gainful state of an association.
In the income statement of a company, revenues, expenses of the company are considered
and it has been analyzed that how much operating and net profit has been gained by the
company in a particular time period.
Cash flow statement depicts about the entire cash inflow and outflow of an
organization. This statement is useful for the organization to analyze the total cash which
has been gained by the company in a year and total cash which has been paid by the
company in a year. It helps the company to analyze the cash position of the company.
Balance sheet is also the important final statement of an organization. It depicts
about the assets, equity and liabilities of the company. Balance sheet classifies the assets
and liabilities into many sub parts to analyze better information about the financial
strength of the company. It is helpful o investigate over the financial strength of a
company.
b) Summary of key lessons:
ABC learning has become in the Australian marketplace as the quickly growing
companies. In 2008-09, the corporation became broke. Company was operating and

Accounting system and process 6
sustaining the industry of child care in Australian market. This company has executed its
business very well while performing its business functioning. It has been found that the
growth of the corporation was striking and accordingly many investors made huge
investment in the company.
The annual reports, 2006 of the corporation has been analyzed and found that the
share price of the corporation were on the peak at that time in Australian market.
Corporation has extended in its business functioning to enhance the income more.
Corporation had obtained many other corporations which are engaged in the similar
business to clutch more market share. In the annual report of 2008-09, auditing was
running and it had been observed by the auditor that corporation had overstated the value
of assets in its final statement. Corporation has influenced the statements to catch the
attention of the investors and for it, corporation had also overlooked the rules and
regulations of accounting and accounting principles for enhance the attractiveness of the
statement (CPA, 2017). After conducting the audit, it has been observed that the share
price of the company has become lower and in result, the company had become insolvent.
Through this case study, it has been observed that an accounting professional and auditing
professional must keep entire rules into their mind while preparing the reports.
c) Ethical issues:
According to this case study, it has been analyzed that there are various issues which
have been faced by the company. Some of them are as follows:
 Lack of knowledge about the accounting standard
 Exploitation of accounts
 Centralized system
Que 7)
a) Type of accounts:
S. No. Account Title Type of Account
1 Loan Payable Liability
2 Rent Expense Expense
3 Cash Asset

Accounting system and process 7
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
Que 8)
Calculative task
Que 9)
Debit and Credit Balances:
Debit Balances Credit Balances
Purchase Account Sales account

Accounting system and process 8
Loss on sales a/c Long term loans
Bad Debts Account Unearned Revenue
wages Capital
Que 10)
Calculative task
Que 11)
Calculative task
Que 12)
Adjusting Entries:
Accrued expenses Expenses a/c Dr
Accrued Expenses Cr
Accrued Revenue Accrued Revenue Dr
Revenue a/c Cr
Unearned Revenue Revenue A/c Dr
Unearned revenue Cr
Prepaid Expenses Prepaid expenses a/c Dr
Expenses a/c Cr
(My accounting course, 2017)

Accounting system and process 9
Que 13)
Current and non-current assets
Current and non-current assets are the part of assets. Basically, those assets which are
probable to be switch into cash in a year and which is listed in the final financial statement
such as stock, cash equivalents, accrued revenue, accounts receivable, bills receivable etc are
the current assets while those assets which would be switch into cash after a year and which
is listed in the final financial statement such as fixed deposits, equipments, machineries,
buildings, furniture, long term investment etc are the non-current assets (Accounting
explained, 2017).
Que 14)
Ratios:
Current ratio is evaluated on the base of current liabilities and assets to investigate the
liquid phase of the corporation. Following are the example where current assets is AUD $
5000 and current liabilities is AUD $ 3000. The current asset of the company is as follows:
Current assets 5,000.00
Current liabilities 3,000.00
Current ratio 1.6666667
In above example, 1.67 is the current ratio of the company which depict that the liquid
position of the company is on a satisfactory level.
Que 15)
Calculative task

Accounting system and process 10
References:
Accountingexplained. 2017. Non-current assets. Retrieved August 22, 2017, from
http://accountingexplained.com/financial/non-current-assets/
CPA. 2017. ABC Learning collapse case study. Retrieved August 22, 2017 from
https://www.cpaaustralia.com.au/professional-resources/education/abc-learning-
collapse-case-study
CPA. 2017. Toolkit. Retrieved August 22, 2017, from
https://www.cpaaustralia.com.au/professional-resources/financial-planning/toolkit
IPA. 2017. Home. Retrieved August 22, 2017, from
https://www.publicaccountants.org.au/
Myaccountingcourse. 2017. Adjusting Entries. Retrieved August 22, 2017, from
http://www.myaccountingcourse.com/accounting-cycle/adjusting-entries
Nobes, C., & Parker, R. H. 2008. Comparative international accounting. Pearson Education
Plagiarism.org. 2017. What is Plagiarism? Retrieved August 22, 2017, from
http://www.plagiarism.org/plagiarism-101/what-is-plagiarism/
Sciencedaily. 2017. Computer Security: Reducing risks of malware infections. Retrieved
August 22, 2017 https://www.sciencedaily.com/releases/2013/12/131216142931.htm