ACC566 Account System And Process Proof Reading Services

ACC566 Account System And Process Proof Reading Services

Question 1 Plagiarism

Plagiarism is an act of falsification done while demonstrating the particular assignment as original while in fact, it is taking someone else's composition or even though & displaying it as its own task (Karabag & Berggren, 2012). This incorporates data from various internet sources, articles, works of art or some other source of acquiring information. However while quoting someone else’s data in the individual assignment of the researcher, it is important to demonstrate the wellspring of the data information with the help of appropriate references of the sources of  data information. Simply quoting the reference at the end of the assignment is not sufficient; quoting through the use of proper citation is relevantly required at the place where information is used. Sometimes it is observed that in spite of the original document of the analyst it coincidently matches with any of the existing documents or research of some other writer (Shahabuddin, 2009).  This will hamper the grades of the student as originality of document is affected.

Question 2 Pasting spreadsheets in Word Document files

While pasting the excel jobs into the word file there are certain ways of doing it. The way in which analyst wants spread sheet data into the word file decides the method to be utilised for doing the same (Westerheim, 2011). For instance, if the analyst wants to bring certain changes into the word file it can subsequently utilise the copy - paste method or the object method. On the other hand, a document writer can also go for snapshot approach in which data is posted in the word file as a picture document. The details of the various method of insertion of spread sheet data into word file is bulleted below

Copy Paste technique– In this technique, it begins with copying the document from the excel spread sheet while selecting the required database and then pasting the same in the required word file.

Copying through excel file using Control + C command.

Paste in Word file using Control + V command in the word file.

Object insertion technique- In this particular approach in the word document Move to the insert tab, and select object from the drop-down list. Share appropriate links of the excel document in the pop – up box that is showcased after the above activity. This will add the excel document to the word file. Using this technique provides an additional benefit that on making any changes in the excel file it will automatically make amendments in the word document accordingly.

Question 3 Accounting resources on the Internet

Question 4 Professional accounting bodies

The Professional body which is responsible and works as a professional accounting body of Australia is Institute of Chartered Accountants in Australia (ICCA). It was formed way back in the year 1928 as a chartered body. This body is responsible for preparing the professional chartered accountants as per the Australian legal compliance and knowledge base. At present, there are around 61,000 members associated with the group. At present, there are more than around 12,000 students studying the relevant course of the chartered accountancy. This body is associated with certified practicing accountants (CPA Australia) whose main aim and objective to develop and strengthen the accountancy norms in the complete regions. These bodies focus that the organisation in particular geographical region do practice their accounting policies ethically and record them in books of accounts as per relevant accounting standards applicable to them. 

Question 5 Work Integrated Assessment

The ERP software used in the last organisation was Fenwick Software. This enabled the organisation in enhancing its business capabilities as incorporates apart from basic accounting functions it supported the business group in generating the variety of information utilised for internal and external purposes. It is operated at all level of management whether it is at a lower level for inputting of the actual transaction or at the top level for monitoring of final performance. In this particular  ERP software, it connects the internet network base. With the help of same, it collects and records the transaction of the business branches situating at the different geographical location and convert them into meaning full summarised information for the management purposes. It has the further benefit of getting it customised as per the user’s requirement. It is software which simplifies all the troubles of business at one place. The task performed by the relevant ERP in the organsiation are detailed below –

Supply chain management

The Fenwick Software helped the organisational structure to manage and control the supply chain and logistic system. By maintaining the schedules of delivery in terms of time taken, a method of delivery of goods and better maintenance of supply chain system will enable the firm to sustain economic order quantity in the business (Tambovcevs & Tambovceva, 2013).

1.Inventory and receivables management

2.Human resource, Labour, payroll system management

This ERP software keeps the records of employees pay records, their personal informations and another database of employees. This will enable the firm in better management & utilise the human resource in most appropriate manner.

Customer Relationship management

Keeping track records of the customers of the business, their sales patterns, choices and preferences, Fenwick software helped the business firm in marinating the relationship with the customer. For instance, if the customer makes any complaint regarding any service issue or quality of the product then this software automatically records it in its database and generates the service request number (Zeng, et. al., 2012). This query after getting it entered into the ERP system has certain deadlines and if it is not resolved in certain period time it will get escalated to the senior management on its own.

1.Transaction management

2.Financial accounting and presentation

Question 6 ABC Learning and ethics - ABC Learning Case Study

Business Report

1.Introduction

ABC learning centers was an Australian company trading in Australia with an aim and objective of providing early childhood education services to the children mainly in the geographical regions of Australia & New Zealand. It was founded way back in 1988 with its headquarters in Queensland. Later on, it expanded its health care operations in the USA and Asian regions. The respective company was later on liquidated due to increase in debts in the organisation. Later on, it was purchased by the Good start early learning group. For the year 2006, the ABC learning achieved the benchmark of being the largest group in the particular largest education provider segment. Through this report, an analyst described the major issues that got associated with the company that is responsible for its liquidation activity.

2.Issues that rose in ABC learning firm.

The share costs of the organization fell startlingly in the second half year 2007 because of the significant decrease in benefits by 42% and absence of limit to meet out its obligation commitments which are around $1.8 billion standing in liability column of company’s balance sheet. There was an issue of financial window dressing witnessed over the period of time which enhances the share prices in a biased way. Therefore, the organization went into managerial receivership. The key lessons which can be taken in by different organizations from the fall of ABC Learning incorporate abstaining from taking the undue favourable position of expense refunds for making benefits, appropriate consistency with material laws and controls. Apart from the above issues increasing debt position of the company is the major reason for its failure. In spite of selling the groups equity to Morgan Stanley to put a control over its debt position, the ABC learning founds difficult to stop its liquidation process. In mid 2006 the company witnessed the failure to fulfil its disclosure obligation commitments due to which it was fined by a court of law by $ 1300. This not only affected the monetary position of the company but also placed an impact on the brand image of the group.

3.Major reports issued by ABC learning –

The financial reports are the final summary of numerous data which supports the managing and other business stakeholders in taking decisions. The various reports presented by the management of ABC learning are tabulated below –

4.Why are profits important? Why is cash flow important

Profits are the blood and bone for any business organisation. It is a motivating factor which stimulates the management and other stakeholders to perform in the positive direction. It is basic for the growth and development of any firm. For instance, an organisation planning to expand their business activities seek future profitability and present funds which are attained through increasing profitability. The savings or reserves are created by the firm through regular profit attained by them over the period of time (Vranceanu, 2014). These reserves are then channelized or routed towards a productive use. This will enhance the reputation of business enterprise and this can be witnessed through development in brand value of the group.

Liquidity or the ultimate cash is the basic need for an organisational sustainability. From the routine day to day business operations, repayment of loans or to make an additional investment in the firm’s capital requirements this all require cash. This statement is prepared with the aim and objective of knowing the flow and movement of cash operations in business. Cash flow management was the basic issue which was witnessed in the management of the company. This in turns resulted in the overall downfall of the organisation. Not making proper maintenance of the debt structure of the company there are defaults witnessed in credit repayments which in turn resulted in the downfall of the organsiation.

5.Ethical issues from the case

The fundamental issue that is faced by the ABC Learning which the major reason was for its fall was misappropriation in the presentation of its annual financial statements. This was supported by the unethical behaviour of the auditor by giving the reports in favour of management. There has been an issue of not mentioning the relative party disclosures and payment of low wages to the workers with the company. Concurrently the presentation of financial information in complex approach raised the difficulties of the business. While reducing the quality of the services by lowering the wages of workforce raised the dissatisfaction among the customer base of the firm. 

6.Summary

The above report on ABC Learning collapse showcased the need of importance of ethical accounting as it is important for any organisation sustainability. Along with issues that were aroused in the company various segmented reports presented by the company were also discussed. The importance and relevance of the cash flow statement are analysed in the above group reports.

Question 7 PALER

Income statement of Bruce Design Studio for the year ended 31^st December 2016

Final accounts of Bruce Design studio as on 31^st December 2016

The below-mentioned data is summarised from the above-mentioned tables

Question 8 Balance Sheet

Question 9 Debit and credit balances

Question 10 Trial balance

Excel formulae presentations

Amended Trial Balance

Question 11 Crossword

Blank Copy

Across

1.Fund invested by the proprietor of shareholder of the business (7 words)

2.Amount paid to the labour as direct expenses (5 words)

3.Profits shared among the shareholders of the company (9 words)

4.Amount withdrew by the proprietor or partner of the firm for personal use (8 words)

Down

1.Resource required for smooth flow of business organisation ( 5 words)

2.Financial obligation that an organsiation need to pay to outsiders ( 9 words)

Question 12 Types of adjusting entries

Adjustment entries are made after the closure of books of accounts and at the end of financial year. Due to such factor adjusting entries are also referred to as closing business entries. The accounting period in the particular case can be month quarter or a year end. The various example of adjustment entries are detailed below –

Question 13 Current and non-current assets

Question 14 Ratios

Ratios are the financial proportion which is needed to analyze and evaluate the financial performance of the organisation in different segments. It is needed to evaluate the performance in terms of profitability, debt, efficiency & liquidity aspects.

Current ratio – This ratio showcase the fact that how much cover that an organisation does have in form of its current assets to repay its current liability on a timely basis. It is a part of liquidity ratios of the firm. The formula of current ratio is equal to current assets / current liability. The ideal ratio in general scenario is 2: 1.

Debt ratio – This ratio showcase the proportion of organisational total debt out of total assets of the company. It defines the leverage position of the business group. Total debt here includes the long-term debt as well the current liability of the business firm. The similar to current ratio ideal debt ratio in a firm is 2:1.

Question 15 Worksheet and financial reports

Normal Calculation presentation

Excel Calculation presentations

References

1.Jesswein, K., 2011, “Analyzing financial statements with potentially misreported cost of goods sold figures”, Journal of Finance and Accountancy, 6, p.1. Available at –

2.Karabag, S.F. and Berggren, C., 2012, “Retraction, dishonesty and plagiarism: analysis of a crucial issue for academic publishing, and the inadequate responses from leading journals in economics and management disciplines”. Available at - http://files.eric.ed.gov/fulltext/EJ909069.pdf

3.Norman, C.S., Rose, A.M. and Rose, J.M., 2010, “Internal audit reporting lines, fraud risk decomposition, and assessments of fraud risk”, Accounting, Organizations and Society. Available at - http://econpapers.repec.org/article/eeeaosoci/v_3a35_3ay_3a2010_3ai_3a5_3ap_3a546-557.htm

4.Shahabuddin, S., 2009, “Plagiarism in Academia”, International Journal of Teaching and Learning in Higher Education. Available at - http://www.diva-portal.org/smash/get/diva2:582178/FULLTEXT01.pdf

5.Sharma, R.K. and Saha, A., 2016, “A study on impact of cash flow reporting on the individual shareholders’ investment decision making”, Management Insight, 11(2). Available at - http://www.inflibnet.ac.in/ojs/index.php/MI/article/viewFile/3814/3010

6.Tambovcevs, A. and Tambovceva, T., 2013, “ERP system implementation: benefits and economic effectiveness”. Available at - http://www.europment.org/library/2013/rhodes/bypaper/SCSI/SCSI-32.pdf

7.Vranceanu, R., 2014, “Corporate profit, entrepreneurship theory and business ethics”, Business Ethics: A European Review. Available at - https://hal.archives-ouvertes.fr/hal-00823521/document

8.Westerheim A., 2011, “How to Insert an Excel Spreadsheet into Word 2010”. Available at - http://www.ekaru.com/blog/bid/59474/How-to-Insert-an-Excel-Spreadsheet-into-Word-2010

9.Zeng, Y., Lu, Y. and Skibniewski, M., 2012, “Enterprise resource planning systems for project-based firms: benefits, costs & implementation challenges”, Journal for the Advancement of Performance Information & Value, 4(1). Available at -