Comprehensive Analysis of Accounting Systems and Processes Report

This report provides a comprehensive analysis of accounting systems and processes. It begins by defining plagiarism and its ethical implications. The report then covers techniques for pasting Excel spreadsheets into Word documents and provides URLs of key financial websites like IFRS, FASB, and others. It discusses professional accounting organizations, including the Institute of Chartered Accountants Australia. The report includes a reflection on the student's experience with accounting systems in previous and current work environments. It then delves into financial reports, including the balance sheet, cash flow statement, and income statement, and examines lessons learned from the ABC Learning case. The report presents ethical issues related to ABC Learning, such as misleading investors and accounting irregularities. Detailed examples of financial statements and worksheets are included. The report explains debit and credit balances, current liabilities, and current ratios. Finally, it provides a ten-column worksheet and related financial statements.

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

1ACCOUNTING SYSTEMS AND PROCESSES
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......................................................................................................................4
Answer to Question 6......................................................................................................................4
Answer to Question 7......................................................................................................................5
Answer to Question 8......................................................................................................................9
Answer to Question 9......................................................................................................................9
Answer to Question 10..................................................................................................................10
Answer to Question 11..................................................................................................................13
Answer to Question 12..................................................................................................................14
Answer to Question 13..................................................................................................................15
Answer to Question 14..................................................................................................................15
Answer to Question 15..................................................................................................................15
References......................................................................................................................................21

2ACCOUNTING SYSTEMS AND PROCESSES
Answer to Question 1
In the world of study, plagiarism refers to one of the major ethical dilemma of the
academic students. Plagiarism is the process to copy the work done by other students and to use
them without changing the words. In this process, the students do not give to the original work
(Meuschke & Gipp, 2013).
Thus, it can be observed that plagiarism in a highly unethical practice in the academic
world and the honest students have to suffer a lot for this (Weber-Wulff, 2014). It has been seen
that the students who are copying get higher number than the honest students and it is an
injustice for the honest students. For all these reasons, plagiarism is considered as a major crime
in the academic world (Sousa-Silva, 2014).
Answer to Question 2
It can be seen that there are two techniques or methods of pasting the excel spreadsheets
or documents in the words. The following images help to describe these two processes of pasting
the excel documents in the words.
Technique 1
Technique 2

3ACCOUNTING SYSTEMS AND PROCESSES
Answer to Question 3
URL Explanation
http://www.ifrs.org This is one of the major financial websites and the main objective of this
website is to provide the accountants and various other users with data and
information regarding the international accounting standards that is helpful for
the preparation of financial reports.
http://www.fasb.org The aim of this website is to deliver financial and accounting information and
accounting standards to the accountants and other accounting professionals.
http://
www.aasb.gov.au
The objective of this website is to deliver information regarding different kinds
of accounting standards, as they are necessary at the time of preparing the
financial reports and accounting transactions of the companies.
https://www.ato.gov.au The main objective of this website is to deliver all kinds of taxation information
and standards to the users.
http://gaap.com.au This particular website plays a crucial part in helping the financial and
accounting to understand different kinds of foreign accounting policies and
standards.
Answer to Question 4
There are different kinds of professional accounting organizations. Among all these
institutes, Institute of Charter Accountants Australia is a major financial institute (Evans, Burritt
& Guthrie, 2012). The main objective of this institute is to provide different kinds of accounting
and financial supports to the accounting and financial professionals. Apart from this, this
accounting body also provides teaching and training to the new accounting professionals
regarding the accounting principles and standards (Evans, Burritt & Guthrie, 2013).

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Answer to Question 5
Some years ago, I used to work with an educational institute and the main business
operation of the organizations was to provide teaching services to the students who want to sit
for different kinds of entrance examinations like engineering, management, medical and others.
Most of the works of that company used to be done with the help of computer systems. In that
organization, I was responsible for handling the administrative and documentation process of the
organization. My administration and documentation works needed computer systems in order to
be performed. The computer systems of the company were outdated and they needed immediate
update. In the organization, I used to save the data and information in the data saving file. It
needs to be mentioned that the employees of the organization used to easily accede the company
network and the network was reliable as there were strong connection between the computers of
the organization and the network. My job required the heavy use of Microsoft office as I had to
work a lot on Microsoft Word, Microsoft Excel, Microsoft Power Point and Microsoft Outlook.
While working in the company, I obtained enough knowledge about the courses of the
organizations that were offered to the students. At the time of working there, I noticed that the
company earned moderate amount of profit on the yearly basis. At present, I am working in bank
as the assistant branch manager where I get different materials on a daily basis like task
schedules, different documents and others. Here, I have provided with a separate compute system
for my works. It needs to be mentioned that there are many chairs and desks so that the
employees feel comfortable at the time of work. The working environment of the bank is friend
as well as productive.
Answer to Question 6
Introduction
This business report consists of some major parts. The first part of the reports includes
the description of major financial reports of the companies as well as their purposes. The second
part of the report includes the lessons learned from the case study of ABC Learning collapse.
The last part of the report includes three major ethical issues of ABC Learning.
Major Financial Reports
Three types of major financial reports can be seen in the business organizations and they
are Balance Sheet, Cash Flow Statement and Income Statement. With the analysis and evaluation
of income statement of the companies, financial managers can judge the financial condition of
the company (Weil, Schipper & Francis, 2013). In addition, the analysis of income statements
provides the financial managers with the view about the expenditures and sales of the companies.
Apart from this, the financial managers can judge the profit or loss of the company for particular
financial years. Balance sheet of the companies is a major tool for the inventors to determine the
financial health of the companies (Horngren et al., 2012). Balance sheet shows the total asset and
liability position of the companies. Lastly, with the help of cash flow statements of the
companies, financial managers can get the insight about the cash transactions of the companies.
These are the three major types of financial reports of the companies (Henderson et al., 2015).
Lessons from ABC Learning Case

5ACCOUNTING SYSTEMS AND PROCESSES
According to the provided case study of ABC Learning, it is evident that the management
of the company did manipulate its financial reports in order to get favorable financial situations.
In this particular case of ABC Learning, the management of the company intentionally increased
the amount of tangible assets of the company and this way the company inflated its financial
results (Sumsion, 2012). The main reason of doing this is to attract more investors towards the
company so that more capital can be raised. In addition, at the time of preparing the financial
reports of the company, the financial managers used unethical practices. From the analysis of the
case of ABC Learning, it can be seen that the company was unable to maintain the expected level
of current assets in order to pay all the current obligations of the company. Thus, the main lesson
is that the companies need to be ethical and they need to follow the accounting standards and
principles at the time of preparing the financial statements (Connell, 2013).
Ethical Issues
Three major ethical issues are stated below:
 The investors and stakeholders got wrong information regarding the financial condition
of ABC Learning from the company’s end.
 There were major accounting irregularities in the financial and accounting aspects of the
company.
 With the help of increase in the intangible assets, ABC Learning inflated its annual
reports (Mullen, 2017).
Summary
Based on the above discussion, it can be seen that balance sheet, income statement and
cash flow statements are the three major financial reports of the companies. On the other hand, it
can also be seen that ABC Learning manipulated the financial reports by increasing the amount
of intangible assets of the company.
Answer to Question 7
PALER

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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)

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Answer to Question 8
Balance Sheet (Normal View)
Balance Sheet (Formula View)
Answer to Question 9
Four accounts with normal debit balances are Assets a/c, Expenses a/c, Losses a/c and
Owner’s Drawings a/c.
Four accounts with normal credit balances are Liabilities a/c, Revenues and Sales a/c,
Gains a/c and Owner’s Equity a/c.

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Answer to Question 10
Trial Balance (Normal View)

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Trial Balance (Formula View)

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Trial Balance (Normal View)

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Trial Balance (Formula View)
Answer to Question 11
Unsolved Puzzle

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Solved Puzzle
Requirements
Answer to Question 12
Transaction of Deferred Revenue Expenditure
Deferred Revenue Expenses a/c……….Dr.
To Advertisement Expenses a/c
Transaction of Unearned Income
Cash a/c………Dr.
To Unearned Income a/c
Transaction of Accrued Expenses
Utilities Expenses a/c………..Dr.
To Accrued Expenses

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Transaction of Prepayment of Rents
Prepaid Rent a/c………..Dr.
To Cash
Answer to Question 13
In the businesses, current liabilities play an integral part. Current liabilities are those
kinds of liabilities that demand short-term payment. Current liabilities are generated out of the
business activities of the companies (Bazley et al., 2013).
All other liabilities except current liabilities are called the non-current liabilities. Non-
current liabilities of the companies demand long-term payment. These kinds of liabilities are
generated out the business processes to raise capital for the business expansion.
Two examples of current liabilities are Bills payable and Bank Overdraft. Two examples
of non-current liabilities are Long-term Loans and Capital Lease (Joseph, 2014).
Answer to Question 14
Current ratio plays an integral part in the analysis and evaluation of liquidity position of
the business organizations. The analysis and evaluation of the current ratio of the organizations
help the financial manager to find that whether the current assets of the companies are enough to
pay all the current obligations of the companies. Bu dividing current assets by current liabilities,
one can find the current assets.
Current Assets 48000
Current Liabilities 30000
Current Ratio 1.60
Answer to Question 15

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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)
Ten-column Worksheet with Changes (Normal View)

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Ten-column Worksheet with Changes (Formula View)

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References
Bazley, M., Hancock, P., Fisher, C., Lovell, A., Berk, J., DeMarzo, P., ... & DeMarzo, P.
(2013). Financial Accounting: An Integrated. Thomson Pty Ltd, South Melbourne.
Connell, R. (2013). The neoliberal cascade and education: An essay on the market agenda and its
consequences. Critical studies in education, 54(2), 99-112.
Evans, E. E., Burritt, R., & Guthrie, J. (2012). Emerging pathways for the next generation of
accountants.
Evans, E. E., Burritt, R., & Guthrie, J. (2013). The Virtual University: Impact on Australian
Accounting and Business Education.
Henderson, S., Peirson, G., Herbohn, K., & Howieson, B. (2015). Issues in financial accounting.
Pearson Higher Education AU.
Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D., & Tan, R. (2012). Financial
accounting. Pearson Higher Education AU.
Joseph, M. (2014). Debt to Society: Accounting for Life under. University of Minnesota Press.
Meuschke, N., & Gipp, B. (2013). State-of-the-art in detecting academic
plagiarism. International Journal for Educational Integrity, 9(1).
Mullen, C. A. (2017). What’s Ethics Got to Do With It? Pedagogical Support for Ethical Student
Learning in a Principal Preparation Program. Journal of Research on Leadership
Education, 1942775117701258.
Sousa-Silva, R. (2014). Investigating academic plagiarism: A forensic linguistics approach to
plagiarism detection. International Journal for Educational Integrity, 10(1).
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.
Weber-Wulff, D. (2014). False feathers: A perspective on academic plagiarism. Springer
Science & Business.
Weil, R. L., Schipper, K., & Francis, J. (2013). Financial accounting: an introduction to
concepts, methods and uses. Cengage Learning.

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