Assessment Of Digital Resources For Accounting

Plagiarism

Plagiarism is referred as the art of taking or copying the work of others and pretending those works or ideas is if they belong to them. In other words plagiarism can be defined as the act of fraud. It implies stealing the words or ideas of others and lying it about afterwards. Plagiarism can be considered as unfair to the students since students that takes the work of others often scores higher marks in comparison to those students that work hard. As a result of this diligent students fails to undertake the dishonest policy and may find themselves on the unfavourable situation in comparison to those that adopt unfair means.

Green shot is regarded as the light weighted software tool for capturing screen shot in Windows. The software of green shot aids in capturing the highlighted portion of the screen shot. To capture the green shot there are following steps which are as follows;

1. The first step is capturing the highlighted portion of screen
2. Secondly, after capturing the screen shot copy the same to the clipboard
3. In the third step the captured screen shot is sent to the office program
4. In the final step the selected portion of screen shot is captured to the green shot

The “Association of Global Accountants” is regarded as the professional accountancy body in Australia that offers professional accounting services. The “Association of Global Accountants” offers financial aids and financing facilities for gaining training in the areas of professional accountancy and education (Scott, 2015). Along with this, the organization is regarded to be greatly valuable for the businesspersons as well. The reason for this is that the official website of this accounting body provides the access to the numerous financial reports of the leading international multinational firms.

To narrate the experience of my previous office environment it comprised of the necessary accounting standards since my personal experience from my previous organization. I worked in a supermarket chain company that provided different forms of retail grocery products, fashion products and packaged durable products. The job assigned to me required reviewing of the supermarkets inventory, completing the departmental documentation work and executing the administrative responsibilities. In order to carry out the documentation work I was provided with the access of the electronic computer that contained the necessary office related data in the excel spreadsheet.

With the help of my computer system I was able to keep record a section of inventory of grocery products where I was required to report the store supervisor regarding the stock re-order level. The company enabled data protection in order to make sure that on recording the data in the excel I could access the network that was linked with the inventory records. Therefore, the networking system provided access to networking system for inventory record keeping. In addition to this, supermarket retail chain were I worked used several Microsoft enabled office program namely the MS publisher and MS outlook.   

Pasting spreadsheets in doc files

At my current stage of career, I was involved with the popular accounting firm that as the junior accountant where I am required to carry out the bookkeeping work for my clients. I am provided with the permission of accessing the numerous accessories in the document such as invoices of purchase, GST related transactions and record the accounting transactions of my clients. The company has arranged the work station where I can access the telephone and heavy manuals as they are located nearer. The amenities provided would help me carrying out my job duties effectively. Conclusively the place where I work contains both the primary and secondary accessories for the staff benefit.

ABC learning was once regarded as the largest public listed child care company that operated in the world. the company had the market capitalization of around $4.1 billion. An unforeseen fall of 42 per cent was noticed in the profit during the second half of 2007 to $31.7 million and the company was not capable of servicing its $1.8 billion debt that resulted in the decline of the organization share price (Schaltegger & Burritt, 2017). A large number of directors of the organization were later forced to dump millions of shares after getting the margin calls.

The combined impact resulted the share price to decline by 43% to $2.15 after the share price traded as low as $1.15. As a result of this ABC learning was suspended in the year August 2008 following the failure of the company to release its earnings during the financial crisis of 2007-28 financial year. In addition to the financial trouble the cash base of the organization also declined with the burden of debt (Williams, 2014). The assets were valued at the inflationary rates. In spite of selling off the assets the organization fell into the receivership during the month of November following the rising debt servicing obligations and its auditors were unable to sign off the accounts.

There are three major financial statements namely the income statement, balance sheet and the statement of cash flows.

The purpose of income statement is that it helps in illustrating the profitability of the organization (Warren & Jones, 2018). It commences from the revenue line and later subtracting the numerous expenditure that arrives at the net income. The income statement covers the particular specified period such as quarter or year.

Apart from the income statement, the balance sheet is not required to keep account for the entire period instead its purpose is to provide the snapshot of the organization at the particular period of time such as at the end of the quarter or year (Henderson et al., 2015). The balance sheet represents the organization resources such as assets and funding for the resources such as liabilities and stakeholder’s equity.

Accounting resources on the Internet

Finally, the cash flow statement provides magnification of the cash account on the balance sheet and accounts for the overall period of reconciling the beginning period to the end of the period cash balances (Mullinova, 2016). The cash flow statement commences with net income and then adjusted for numerous non-cash expenditure and non-cash income to arrive at the cash from operations. later the cash from the investing activities and financing activities are added with the cash flow from operations to determine the net amount of changes in the cash for the year.

There are three ethical reasons that surrounded the case of ABC learning are as follows;

1. Existence of misdeeds related to accounting and loan margin for funding
2. Providing incorrect information to numerous financial report users leading to loss of shareholder’s confidence and contributed to the downfall of the organization.
3. The company has inflated the intangible assets to misleadingly increase the value of the organization (Macve, 2015).

List of two accounts that have normal debit balance includes;

1. Owners drawings accounts
2. Salary

List of two accounts that have normal credit balance includes the following;

1. Stakeholders equity account
2. Revenues and sales

1. Prepaid rent  
2. Accrued expenses

 Current Ratio: The current ratio can be defined as the liquidity ratio which measures the organizations ability to pay the short term and the long term debt obligations of the organization (Fullerton et al., 2014). To measure such ability of the organization the current ratio takes into the considerations the current assets of the company that are relative to the organizations total liabilities.

Debt ratio: Debt ratio can be defined as the financial ratio that measures the degree to which an organization is leverage (Horton, 2018). The debt ratio is referred as the ratio of total debt to assets which is expressed in the form of decimal or percentage (Eldenburg et al., 2016). The debt ratio helps in interpreting the proportion of organizations assets that is financed by debt.

Current Assets = 145,000

Current Liabilities = 85,000

Non-current Assets = $735,000

Non-Current Liabilities = $415,000

Current Ratio = Current Assets / Current Liabilities

= $145,000 / $85,000

= 1.71

Debt Ratio = Total Debt / Total Assets

= [($85000+$415,000) / ($145,000+$735,000)]

= 500,000 / 880000 = 0.57

Normal View representation of Ten Column Trial Balance

Formula View representation of Ten Column Trial Balance

Normal View of the Income Statement:

Normal view of the Balance Sheet:

Formula view of the Balance Sheet:

Reference List: 

Campbell, J. L., Khan, U., & Pierce, S. (2017). The effect of mandatory disclosure on market inefficiencies: Evidence from Statement of Financial Accounting Standard Number 161.

Dutta, S., & Patatoukas, P. N. (2016). Identifying Conditional Conservatism in Financial Accounting Data: Theory and Evidence. The Accounting Review, 92(4), 191-216.

Eldenburg, L. G., Wolcott, S. K., Chen, L. H., & Cook, G. (2016). Cost management: Measuring, monitoring, and motivating performance. Wiley Global Education.

Fullerton, R. R., Kennedy, F. A., & Widener, S. K. (2014). Lean manufacturing and firm performance: The incremental contribution of lean management accounting practices. Journal of Operations Management, 32(7-8), 414-428.

Henderson, S., Peirson, G., Herbohn, K., & Howieson, B. (2015). Issues in financial accounting. Pearson Higher Education AU.

Horton, J. (2018). Advanced Financial Accounting and Reporting: Theory, Practice and Evidence. Routledge.

Kahng, L. (2016). Perspectives on the Relationship Between Financial and Tax Accounting. In Controversies in Tax Law(pp. 105-122). Routledge.

Macve, R. (2015). A Conceptual Framework for Financial Accounting and Reporting: Vision, Tool, Or Threat?. Routledge.

Mullinova, S. (2016). Use of the principles of IFRS (IAS) 39″ Financial instruments: recognition and assessment” for bank financial accounting. Modern European Researches, (1), 60-64.

Otley, D. (2016). The contingency theory of management accounting and control: 1980–2014. Management accounting research, 31, 45-62.

Schaltegger, S., & Burritt, R. (2017). Contemporary environmental accounting: issues, concepts and practice. Routledge.

Scott, W. R. (2015). Financial accounting theory (Vol. 2, No. 0, p. 0). Prentice Hall.

Trotman, K., Carson, E., & Gibbins, M. (2015). Financial accounting: an integrated approach. Cengage Australia.

Waegenaere, A., Sansing, R., & Wielhouwer, J. L. (2015). Financial accounting effects of tax aggressiveness: Contracting and measurement. Contemporary Accounting Research, 32(1), 223-242.

Warren, C. S., & Jones, J. (2018). Corporate financial accounting. Cengage Learning.

Williams, J. (2014). Financial accounting. McGraw-Hill Higher Education.

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order