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ACC566 Accounting System and Process

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ACC566 Accounting System and Process
Introduction 
Accounts play a very crucial role in any organization. It helps the organization to keep a close watch on its assets, the profit is making, and the losses it is going through. All the transaction of money can track by keeping an accountant. 
 
Assessment item 1:
Q1 Plagiarism:
Plagiarism is defined as the taking credit of work of another person and giving own label to it. The work can range from copying songs writing or even idea of another person and claiming it for ourselves. The source of can vary from book, websites television articles etc. it is very important for a person when they borrow idea of another person they should mention the source of the information.  It is very unfair to the honest students. This seriously disturbs their mind. If the honest students does not gets credit for their hard work it can hamper the quality of their work.
 
Q2 Pasting spreadsheets in doc files
There are two main methods to paste spreadsheets in the doc files. They are listed below:
 
a. Copy paste method:
Step1. The first step is to select and copy the area of spreadsheet which we desire to copy in the doc file and then press ctrl+c to copy.
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Step2.  The next step is to select the doc file where the spreadsheet is to be copied and press ctrl+v.
 
b. Insert object method:
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Step1: first open the doc file and press option. Then choose the object dropdown button and select the object
 
Step2 : the next is to press the create from file tab and then click the browse button to choose the desired file.
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step3  : after selecting the two check box will appear. Press the link to file button and press OK.
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Q3 Accounting resources on the Internet:
The four accounting resource on the internet are given below:
https://www.accc.gov.au/. Its primary goal is to make sure that any individual or any organisation can fair trading and competition in the Australia.
http://www.asic.gov.au/.  It contributes to the reputation of the Australian  economy by ensuring the trading in Australian market is very transparent and fair.
https://www.ato.gov.au/. It focuses on building necessary cultural change aligned with the clients requirement.
https://www.cpaaustralia.com.au/. It helps the people to build their careers in the professional accounting.
 
Q4 Professional accounting bodies:
CPA happens to be the biggest accounting body in the world. It has employees in over more than 100 countries. It only hires that candidate who possess in depth knowledge of accountancy. In the world of professional accountants it is one of the most reputed organisations.
 
Q5 Work Integrated Assessment:
The concept of the work integrated assessment states about the experience within the job where the task which is given to them is closely aligned with the conditions. A model named as a six dimension model is used to analyze this concept. The dimensions consist of time, audience, data, collaboration, structure and review. The details of the model are given below:

Time: the first dimension states that the time cannot be controlled by the person. The people have to deliver their task within the given deadline.

Audience: the second dimension states that the audience is somehow aligned in some way or the other with a given module.

Data: in the professional world the data given to the employees are very much messed up and rarely comes in a standardized form. For this reason the data should be properly interpreted

Collaboration: when a group of employees works in team and has sufficient collaboration among them the productivity of the work increases dramatically.

Structure: when the employees are exposed to a light structure of the work, it eases their task to reach their goals.

Review: a review of the assessment helps the employees to enhance their productivity of their work.
 
Q6 ABC Learning and ethics - ABC Learning Case Study
The key lessons from the ABC learning are as follows:
 
Accounting standards:
The professional bodies set up a set of guidance for the members who were assigned with the task of giving a presentation on financial statement. The corporation law issued a few statements which must be prepared according to the Australian accounting standards.
I. Australian Securities and Investments Commission:
This was set up to protect the investors by giving them assurance that the company directors will conduct themselves ethically and act according to the corporate laws.

II. Asset:
It was a resource from which the investor's expected to be benefited in the future.

III. Current Assets:
These were the resources from which the investors were expecting to be benefited within a year.

IV. Fair value:
The best tool to measure the true value of an asset by its value in the current market.

V. Liquidity:
It is defined by the ease of converting an asset into cash (Kipka et al. 2014).
 
Financial reports and its benefit:
There are four types of basic financial report. They are given below:
Income statement: the first financial report states the net profit or loss of an organisation. This report tracks each and every movement of money, from where the funds are being raised and where the money is being spent. The money which is spent is called as expense and the incoming cash is termed as revenue.

Balance sheet: this financial  report is used to track and keep a record of each and every assets liabilities and the shareholders equity has over the company. Assets may include cash property etc.the assets are written on the left side whereas the liability and equity is listed on the right side.

Statement of cash flow: the size  this financial report varies according to the size of the organisation which is maintaining it. For the smaller organisation it holds only two categories one is cash inflow and other is the cash outflow. But for a large organisation it is divided into four parts namely operating activities, investing activity, financing activity, supplemental information.

Statement of owner's equity: this report tracks every change in the owner's equity occurring between the accounting periods. There are three main component in this financial report. They are mainly termed as beginning equity balance, additions and subtractions ending balance (Lobo et al.2013).

The reason why profit and cash flow is important is listed below:
Cash plays a very vital role in the growth of any organization. It makes sure that an organisation is running smoothly. It is used to pay the dues, payment to the employees the suppliers etc. the source of cash can form varying sources like receipt of loan interest from savings etc. a smooth flow of cash is the lifeline of any organisation. Cash is tool to indicate the health of the organisations. There is common saying in the professional world which states as cash is the king. It helps the organisation even when the sales graph is not up to the mark. It saves the organisation form the debts. It is very important to have a good cash flow when the organisation is obtaining a loan in difficult situations. A smooth flow of cash helps the company to grow at a steady rate.
The importance of profit has a deep psychological impact. Profit is tool to reward the hard work of the organisation. If the organisation does not make enough profit according to its hard work the moral of the employees and the organisation is bound to suffer. Both cash and profit helps the organisation to boost its morals. It helps the organisation to increase its productivity.
The three ethical issues are as follows:
 
Q7 PALER
There are three types of accounts according to the golden rule of accounting, such as Real, Nominal and Personal Accounts. From the Given spread sheet the types of accounts are as follows:
 
Proprietorship: Property tax expenses, Loan payable 
Asset: Office furniture, Cash, Investment, accounts receivable
Liability: prepaid expenses, accounts payable
Expenses: Electricity and gas expenses, supplies expenses, Rent expenses, Salary expenses, 
Revenue: Service revenue, 

Preparation of income statement for the year ended 31st December, 2016
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Amounts of owner drawings is $ 35000
Preparation of Balance Sheet for the year ended 31st December, 2016
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Q8 Balance Sheet
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