Comprehensive Analysis of Accounting Systems and Processes Assignment

This assignment comprehensively addresses various aspects of accounting systems and processes. It begins with a discussion on plagiarism, followed by practical examples of pasting Excel documents. The assignment then delves into accounting standards, professional organizations, and a comparison of work environments. A significant portion focuses on financial reports, including balance sheets, income statements, and cash flow statements, along with a case study analysis of ABC Learning's ethical issues and financial manipulations. The solution provides manual and spreadsheet solutions for various accounting problems, including trial balances, adjustments, current and non-current liabilities, and the current ratio. Finally, it culminates in a detailed ten-column worksheet analysis. The assignment also includes references to support the analysis.

Running head: ACCOUNTING SYSTEMS AND PROCESSES
Accounting Systems and Processes
Name of the Student
Name of the University
Author’s Note

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Table of Contents
Answer to Question 1......................................................................................................................2
Answer to Question 2......................................................................................................................2
Answer to Question 3......................................................................................................................3
Answer to Question 4......................................................................................................................3
Answer to Question 5......................................................................................................................3
Answer to Question 6......................................................................................................................4
Answer to Question 7......................................................................................................................5
Answer to Question 8....................................................................................................................11
Answer to Question 9....................................................................................................................11
Answer to Question 10..................................................................................................................12
Answer to Question 11..................................................................................................................16
Answer to Question 12..................................................................................................................17
Answer to Question 13..................................................................................................................17
Answer to Question 14..................................................................................................................18
Answer to Question 15..................................................................................................................18
References......................................................................................................................................26
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Answer to Question 1
Plagiarism refers to the technique to copy other’s idea and to describe them without
changing the words. After that, it is used in the original work and proper credit are not given.
This total process is called Plagiarism (Rowinska-Zyrek et al., 2013).
The process of plagiarism is highly unfair for the honest students as they are deposed due
to plagiarism. It can be seen that with the help of plagiarism process, many students copy the
work of others and get high marks. On the other hand, the honest students often fail to score
good marks with honesty. Thus, it can be seen that the dishonest students gets the advantage and
the honest students have to suffer (Baždarić, 2012).
Answer to Question 2
Two different methods are there in order to paste the excel documents in the words.
These two types of methods are described below with the help of pictures.
Method 1
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Method 2
Answer to Question 3
URL Explanation
http://www.aasb.gov.au The main aim of this website is to provide the users with various accounting
standards that need to be followed at the time of preparing financial reports
and accounting transactions.
http://gaap.com.au GAAP refers to one of the most popular accounting principles used by the
counties like United States of America. This website helps the users to
understand various foreign accounting policies.
http://www.fasb.org The main aim of this website is to help the accounting users with financial
and accounting information and accounting standards.
https://www.ato.gov.au The aim of this website is to provide the users with all tax related information
of Australia.
http://www.ifrs.org The objective of this website is to provide the users with information about
international accounting standards for the preparation of financial reports.
Answer to Question 4
Various professional accounting organizations can be seen. Among all these
organizations, Association of International Accountants is considered as one of the major
organizations. This organization uses to provide effective accountancy trainings to the
accounting users. Apart from this, it provides the accounting professionals along with business
organizations with important financial and accounting information for various purposes
(Oulasvirta, 2014).
Answer to Question 5
Previously, I used to work in an educational institute where the institute used to prepare
the students for various entrance examinations like engineering, medical, management and
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others. The work environment of the company consisted of computing work environment. my
job responsibility was to make sure that all the administrative and documentation works of the
company go smoothly. For this reason, I had to take the use of computers for various
documentation and administrative works. It needs to be mentioned that the computers of the
company needed update. I used to save the data and information in the data saving file. The
network in the organization was easily accusable and they are reliable as the network was linked
with the computers. Microsoft Office was installed in my computer as I had to work with various
software like Microsoft Word, Microsoft Excel, Microsoft Power Point and Microsoft Outlook. I
had sufficient knowledge about the courses and programs that were offered to the students so
that they can score good marks in their exams. While managing the administrative works of the
company, I used to notice the fact that the organizations used to run in profits. However, at
present, I am working with a bank and I am posting as a manager in the bank. The bank uses to
provide different kinds of materials to me on a daily basis like schedule of tasks, documents
holders and others. The bank has also provided me with a computer for my office works. Apart
from this, there are enough chairs and desks so that the employees do not face any difficulties at
the time of performing the works. In banks, it is needed to develop effective strategies for
maintain secrecy and confidentiality of banking information. I enjoy working in the bank as the
working ambiance friendly and productive.
Answer to Question 6
Introduction
There are some major parts of this report. The first aim is to describe major financial
reports of the organizations along with their purposes. After that, the lessons from ABC Learning
collapse are discussed along with the description of three major ethical issues from the ABC
Case. The last part includes the summary of the report.
Major Reports
There are three major financial reports of the business organizations; they are Balance
Sheet, Income Statement and Cash Flow Statement. The income statements of the organizations
provide the financial managers with the insight about the expenses and revenues of the
companies (Brigham & Houston, 2012). In addition, with the assistance of income statements,
the financial managers of the companies can determine the profit or loss of the companies for a
specific period. With the help of balance sheets statements, the inventors can judge the financial
health of the companies. Apart from this, the position of assets and liabilities can also be
determined with the help of balance sheet. Cash flow statements provide the financial managers
with insight about the cash transactions of the companies (Brigham & Ehrhardt, 2013).
Key Lessons from ABC Learning Case
From the case study of ABC Learning, it can be seen that the company manipulated the
financial statements in order to get favorable results and situations. In case of ABC Learning, the
company made fraudulent in the financial statements with the use of higher amount of intangible
assets. This was done I order to attract the attention of the investors towards the company ( Ross,
Sy & Tinker, 2012). Apart from this, there were many unethical practices included in the
preparation of financial statements of the company. The evaluation of the ABC Learning case
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study shows the inability of the company in maintaining the required level of current assets in
order to mitigate the current obligations of the company. The manipulation was done so that the
company can raise more capital (Sumsion, 2012).
Ethical Issues
The three ethical issues are as follows:
 The company provided the investors and shareholders with wrong financial and
accounting information.
 Major accounting irregularities can be seen in the company’s accounting works.
 The financial managers of ABC Learning inflated the financial reports of the
company by increasing the amount of intangible assets (Gitman, Juchau &
Flanagan, 2015).
Summary
Three major financial statements of the companies are Balance Sheet statements, Income
Statements and cash Flow statement as the financial condition of the companies can judge with
the help of them. In case of ABC Learning, the financial managers of the company financially
manipulated the financial reports of the company in order to attract the attention of investors.
Answer to Question 7
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A. Manual Solution
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B. Spreadsheet Solution
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PALER
Income Statement (Normal View)
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Income Statement (Formula View)
Balance Sheet (Normal View)
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Balance Sheet (Formula View)
The total amount of owner’s equity was $16800.
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Answer to Question 8
Trial Balance (Normal View)
Trial Balance (Formula View)
Answer to Question 9
Name of four debit balances are Drawings a/c, Assets a/c, Expenses a/c and Losses a/c.
Name of four credit balances are Shareholder’s Equity a/c, Profits a/c, Sales a/c and Liabilities
a/c.
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Answer to Question 10
A. Manual Solution
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B. Spreadsheet Solution (Trial Balance)
Trail Balance (Normal View)
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Trail Balance (Formula View)
C. Spreadsheet Solution (Trial Balance with Changes)
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Trial Balance with Changes (Normal View)
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Trial Balance with Changes (Formula View)
Answer to Question 11
Unsolved Puzzle
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Solved Puzzle
Requirements
Answer to Question 12
Two types of required entries are given below:
Adjustment of Prepaid Rent
Prepaid rent a/c…….Dr.
To Rent a/c
Adjustment of Outstanding Salary
Salary a/c………Dr.
To Outstanding Salary a/c
Answer to Question 13
Current liabilities are referred to those liabilities that need to be repaid on the short-term
basis. Various business processes are responsible for the development of current liabilities
(Vural, Sökmen & Çetenak, 2012).
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Non-current liabilities are referred to those liabilities that needs to be repaid on the long-
term basis. These types of liabilities are developed out of the business expenses operations and
capital raise (Lakhs & Unaudited, 2014).
Examples of current liabilities are Bills Payable and Bank Overdraft. Examples of non-
current liabilities are capital lease and long-term loans.
Answer to Question 14
Current ratio helps the financial managers to analyze and evaluate the liquidity position
of the companies. With the help of the analysis of current ratio, financial managers can
determine whether the current assets of the company have the capacity to cover all the current
liabilities of the companies. Current ratio can be obtained by dividing current asserts by current
liabilities.
Example
Current Assets 50000
Current Liabilities 25000
Current Ratio 2
Answer to Question 15
A. Manual Solution
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B. Spreadsheet Solution
Ten-column Worksheet (Normal View)
Ten-column Worksheet (Formula View)
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Income Statement (Normal View)
Income Statement (Formula View)
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Balance Sheet (Normal View)
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Balance Sheet (Formula View)
C. Spreadsheet Solution (Ten-column Worksheet with Changes)
Ten-column Worksheet with Changes (Normal View)
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Ten-column Worksheet with Changes (Formula View)
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References
Baždarić, K. (2012). Plagiarism detection–quality management tool for all scientific
journals. Croatian medical journal, 53(1), 1-3.
Brigham, E. F., & Ehrhardt, M. C. (2013). Financial management: Theory & practice. Cengage
Learning.
Brigham, E. F., & Houston, J. F. (2012). Fundamentals of financial management. Cengage
Learning.
Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of managerial finance. Pearson
Higher Education AU.
Lakhs, R. I., & Unaudited, A. (2014). Statement of Assets and Liabilities. Notes, 1, 2.
Oulasvirta, L. (2014). The reluctance of a developed country to choose International Public
Sector Accounting Standards of the IFAC. A critical case study. Critical Perspectives on
Accounting, 25(3), 272-285.
Ross, P., Sy, A., & Tinker, T. (2012). ABC Learning: accounting lessons never
learned?. International Journal of Critical Accounting, 4(1), 21-29.
Rowinska-Zyrek, M., Witkowska, D., Potocki, S., Remelli, M., & Kozlowski, H. (2013). His-
rich sequences–is plagiarism from nature a good idea?. New Journal of Chemistry, 37(1),
58-70.
Sumsion, J. (2012). ABC Learning and Australian early education and care: a retrospective
ethical audit of a radical experiment. Childcare markets local and global: can they
deliver an equitable service, 209-225.
Vural, G., Sökmen, A. G., & Çetenak, E. H. (2012). Affects of working capital management on
firm's performance: evidence from Turkey. International Journal of Economics and
Financial Issues, 2(4), 488.
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