ACC 566 Acc Systems and Processes

How can computer spreadsheets (e.g. Excel) be pasted into a word document showing rows and column headings Formula views Demonstrate TWO different copy and paste methods. Paste two simple examples of each method in your assignment showing row and column headings, the normal view and the formula view.

Explain how is each relevant to accounting.Find online an Australian professional accounting organisation. Describe a resource within this website (apart from ABC Learning), relevant to this subject. Explain why you chose this resource.

Describe the computing environment in your current or previous workplace or home office; equipment, software, processes etc. Or answer this question in relation to a possible future workplace position.

Plagiarism is regarded as the use of creative work of other people and presenting them as one’s own. The universities have adopted strict guidelines for plagiarism as it can cause honest students to suffer who complete their work on their own. The students adopting the use of plagiarism can get undue advantage of getting better academic score through using other people work. In this context, the students are required to research in libraries and access to electronic databases for collecting data for their academic work and restrict from copying other people work (McCabe, Butterfield and Trevino, 2012).

Accounting resources on the Internet

• Accounting Coach: The website has URL https://www.accountingcoach.com/. It provides knowledge of basic accounting concepts and terminologies to the students, business professionals and other readers.
• Introduction to Financial Accounting: The website has URL https://www.coursera.org/learn/wharton-accounting. It provides an introduction to the concept of financial accounting and the basic online accounting courses available for the students.
• Learn-accounting.com: The website has URL http://www.learn-accounting.com/and provides knowledge about the basics of financial accounting such as double entry concept and accounting principles. It also helps in developing an understanding of the various types of financial statements and their purposes.
• My Accounting Course: The URL is http://www.myaccountingcourse.com/and provides information about the accounting terms, accounting basics, accounting principles, financial statements and ratio’s.
• The Auditors: The URL is http://retheauditors.com/and provides current knowledge of the accounting methods adopted and followed by Big4 audit firms. It also helps in developing knowledge of the role and responsibilities of the auditors to the capital markets globally.

Professional accounting bodies

The Institute of Public Accountants is an Australian professional accounting organization dedicated for servicing small businesses in Australia. The organization works actively for supporting the productivity, growth and development of SME’s sector in Australia. The organization has a resource of ‘professional assistance’ that provides guidance to the students for supporting the accounting functions and activities of SME’s.

Work Integrated Assessment

The business organizations are adopting the use of latest information technology devices for performing their operations efficiently and quickly. The use of IT devices enables the businesses to attain a competitive advantage in the market place by improving the efficiency of their operational processes. In this context, my previous workplace, a food manufacturing company, also adopts the use of latest information technology devices for monitoring their daily operations. The company also incorporates the use of accounting software system for managing its accounting data and recording the business transactions such as payments, stock and asset details. The accounting software system has helped the company to in easy generation of customer orders, invoices, and financial statements through effectively integrating the flow of information across its various departments.

The company had developed a good computing architecture for maintaining and controlling its diverse business operations through the computing technologies. The company has various departments such as finance, HR, marketing, production and sales that are integrated with each other through the use of computing technologies by the company. The use of compute software such as AIS (Accounting Information System) enables the company to facilitate interaction among its various departments and streamlining the information flow from one department to other. There is less chance of manipulation of data as all accounting information is electronically processed without much manual involvement.

The company has also effectively established the standards and procedures for use of computing devices across the various departments. The standards provide guidelines to the employees reading the use of computing technologies that helps them to understand the various technologies and their advantage to the business performance. The standards also provide information to the employees about the data security and integrity while adopting the use of computing technologies. Thus, it can be said that the company has maintained an appropriative computing environment with providing the availability of all the latest computer technologies and devices (Abraham, Baets, Koppen and Nickolay, 2006).

ABC Learning and ethics - ABC Learning Case Study

1. Themajor financial reports of a corporation are as follows:

• Balance Sheet: It depicts the financial position of en entity on given date. It presents information regarding the assets, liabilities and equity position of an entity before the end-users.
• Income Statement: It reports the company profit or loss position over a specified period of tie. It help the end-users to access the net profit or loss realized by an entity over a period of time.
• Cash Flow Statement: It represents the movement of cash flows from operating, investing and financing activities of a business entity.
• Statement of Changes in Equity: It discloses information about the movement in owner’s equity over a specified period of time through stating net profit or loss, share capital issues, dividend payments and impacts of change in accounting policies (Porter and Norton, 2014).

1. The ABC learning, a childcare organization has been  collapsed in the year 2007 due to poor corporate governance and unethical practices. The company failure presents an example in the context of ignorance of sound accounting policies by corporations. The key lessons learnt from its collapse are that a company should not ignore its daily goals realization in the event of achieving a grand vision. It should correctly value its intangible assets, goodwill and never develop unrealistic growth strategies (Thomson,  2008).
2. The 3 ethical issues from the case study:

• Lack of Governance: The ABC has not maintained a proper corporate governance system that provides guidelines to the employees about the importance of conducting the business operations in ethical manner.
• Irregular Accounting Policies: The Company has not adopted sound accounting policies for valuing its intangible assets and goodwill that led to its downfall.
• Improper Disclosure: The company financial statements have not provided extensive disclosure regarding its operations and procedures such as about related party transactions (Thomson, 2008).

The four accounts with normal debit balances are assets, expense, loss and owners’ drawing while with credit balances are liabilities, revenue, gains and owner’s equity (Porter and Norton, 2014).

10. Blank Crossword

Down:

• The financial statement that reports an entity financial position at a specific point of time.
• The resources possessed by a company
• The item in the balance sheet reporting an entity obligations

Across

• The accounting method for measuring profitability and is recognized as less effective than accrual basis.
• The allocation of cost of equipment and buildings of an entity from the balance sheet to income statement over the useful life of assets.

There are two types of adjusting entries:

A: Accrued Expenses

For example: Salary Expense   2000

To Accrued Salary Expense 2000

B: Accrued Revenue

For example: accrued interest income   1000

        To Interest income 1000

Current and non-current liabilities

The current liabilities refer to obligations of accompany that is required to be paid within a period of 12 months such as accounts payable or accrued expenses while all other liabilities of accompany are categorized under non-current liabilities (Porter and Norton, 2014).

Ratios

The current ratio examines a company ability to meet its liabilities with its asset resources (Porter and Norton, 2014). For example, a company has current liabilities of 1000 and current assets are 2000 then it can be calculated as:

Current ratio=Current asset/Current Liability

 Current ratio=2000/1000

Current ratio=2

References

Abraham, A., Baets, B., Koppen, M. and Nickolay, B. 2006. Applied Soft Computing Technologies: The Challenge of Complexity. Springer Science & Business Media.

McCabe, D., Butterfield, K. and Trevino, L.K. 2012. Cheating in College: Why Students Do It and What Educators Can Do about It Cheating in College. JHU Press.

Porter, G.A. and Norton, C.L. 2014. Financial Accounting: The Impact on Decision Makers. Cengage Learning.

Thomson, J. 2008. Lessons learned from ABC. Retrieved 27 August, 2017.