Understanding Plagiarism, Excel Copying, And Accounting Standards | Case Study

Plagiarism

Plagiarism is a practice in which someone else’s work, idea, reports are used by another person intentionally or intentionally as their own work. This practice is fraud, dishonest and unprofessional. Plagiarism could be done through paraphrasing, pasting, copying and cutting the other’s paragraphs, reports, sentences,  ideas, actions of someone else’s work and passing it off as own work.

Plagiarism’s collusion is not fair for the honest student as it permits other student work which is done by them with the help of other people or any company who provides the homework or assignment help (Zimmerman & Yahya-Zadeh, 2011). Due to it, the plagiarism report of dishonest student is much better than honest student and honest student fail to better marks in comparison of those students who has done their work through plagiarism collusion.

Spreadsheet could be copied in word file through excel file by taking the help of copy and paste options. Following are the ways for it.

File could be copied by using a short key (ctrl+~) and than by choosing the print box in page layout option. After it, just copy the sheet and paste it in word file and chose the option of “paste as picture”.

There are many websites which help the students in their accounting work. Some of them are as follows:

This website provides the information about the financial accounting, its rules, establishments for private sector organizations to help them in preparing the accounting and financial reports.

This website provides the wide range of information about the different accounting standards such as IASB and IFRS and collection of resources for the users to help them in accounting and auditing development work.   

This website helps the user in setting the relevancy and transparency of accounting and financial reports which is directly enhances the organizational performance. This website is mainly operating by the government to establish the auditing and accounting policies.

This websites help the organization to find the techniques and ethical standards for accounting professionals and inform the professionals about the standards to audit the federal, state and local government, private organization etc.

This website supports the auditing setting, accounting standards, assurance for the NGO, business and government companies.

This website helps the user in providing the information about the establishment of different policies and techniques.

There are many organizations in Australia which provides the services online. Certifies Practicing Accountants is among one of them. The official website of this organization is https://www.cpaaustralia.com.au/.

Accounting professional standards and ethical standards are the professional resource of this website. This organization deals with development and issuance of professional and ethical standards for public interest of members of accounting (CPA, 2017). This resource has been chosen because it explains the accounting standards in best manner for organization’s public interest.   

In my previous workplace, the computing environment was quite effective and helpful for the employees. The models of computer and software were advanced and updated and the application that was used the most in work was with good speed and accuracy.

Plagiarism’s Collusion

The software of the operating system was Vista 7 that make a control over all the drives, monitor and all the other parts of the operating system. It also controls the essential elements of applications of software and other components. The operating system was updated. 

The following application software was there in my computer at previous workplace:

This application helped me to prepare the financial statement and reports, budgets, business plan etc. this is very helpful application as with the help of one formulas, all the calculation used to be done at once and all the results could be change by the single click. These applications helped me a lot in reducing the error and provide the effective and reliable result (Nobes, & Parker, 2008). The best part of this application is automatically change when even one entry is changed.

This application used to help me in storing, organizing, updating, manipulating all the business information. This even helped me in tracking over the inventory level, suppliers and customers. The accuracy of this program was reliable.

The word processing in my existing operating system was Microsoft Word 2010, MS Power Point, MS Outlook and other programs. These helped me in writing, preparing the ppt, editing the reports and accessing other important documents of business. These applications helped me in managing all the business related information easily in the operating system. 

It has been found through the case study that the reason behind disintegrate of ABC learning was the ignorance of fundamentals of accounting policies and standards by the organization. It has been studied that the company stopped to update the accounting practices and standards and failed to maintain the learning. The responsibility of the company regarding the learning was ethical and professional and company was supposed to provide the advance learning material and update about the standards of accounting to the users (Cpafirmsoftware, 2017). But the company failed to maintain it and knowledge about the standards is not up to dated. That’s the main reason behind disintegrate the company.

Major financial report and their purpose:

ABC learning’s major financial reports are as follows:

It is one of the major financial reports. This report is prepared to analyze the total income and expenditure of the organization. The main purpose of this financial report is to know about the financial performance for a period of the organization. This report depicts the total expenses and income an organization spent and get at a period of time.

It is one of the major financial reports. This report is prepared to analyze the total assets and liabilities of the organization. The main purpose of balance sheet is to know about the financial performance at a period time of the organization. This report depicts the total assets and liabilities, an organization have at a specific period (CPA, 2017).

It is the third major financial report. This report is prepared to analyze the total cash inflow and outflow of the organization. The main purpose of this financial report is to know about the total cash inflows and outflows from investing, operating and financing activities. This report depicts the total spending and earning of an organization.

Copying Excel into Word

It is forth major financial report. This report is prepared to analyze the total net income of the organization and the distributed dividends to the shareholder and the total amount retained by the company for future. The main purpose of this financial report is to know the total amount retained by the company. This report depicts the total amount retained by the company.  

Profits are the key objectives of any organization. It is essential for the business to make the profits as the profit is the strength of the business and it depicts that how strong a company is in relation to financial performance. Profit of the company makes an impact over the external stakeholders, share price, market share, revenue enhancement etc. More a company would make profits; more the investors would attract to invest in that company.

The profit is very important for ABC learning as well. It helps the company to attract more investors and enhance the market price of shares. The main objective of the company is making the profits and it also help the company to expand the business. ABC learning retain the profit for future expansion (CPA, 2017).

Cash flow statement of an organization is essential to know about the cash inflow and outflow of the organization in terms of operating, financing and investing activities. Cash inflow helps the company to invest in other projects.

ABC learning prepares the cash flow statement to know about the total outflow and inflow to understand the business return and make new strategy accordingly to enhance the business and invest into new projects. 

Ethical issues of ABC learning are as follows:

• ABC learning doesn’t maintain and update the accounting standard and practices.
• The generated cash is always accessible by the owners itself.
• Independent organizations of the country are overseeing the corporate activities.

S. No.	Account Title	Type of Account
1	Salary Payable	Liability
2	Property Tax Expense	Expense
3	Office Supplies	Asset
4	Rent Expense	Expense
5	Davis, Capital	Proprietorship
6	Service Revenue	Revenue
7	Salary Expense	Expense
8	Accounts Payable	Liability
9	Office Furniture	Asset
10	Electricity and Gas Expense	Expense
11	Accounts Receivable	Asset
12	Cash	Asset
13	Prepaid Expenses	Asset
14	Investments	Asset
15	Supplier Expense	Expense
16	Loan Payable	Liability

Income Statement:

Data Section: Bruce Design Studio
	$		$
Loan Payable	17,300.00	Office Furniture	28,000.00
Rent Expense	23,000.00	Electricity and Gas Expense	6,500.00
Cash	4,600.00	Accounts Payable	2,400.00
Office Supplies	3,300.00	Davis, Capital	35,000.00
Salary Expense	49,000.00	Service Revenue	1,55,800.00
Salary Payable	3,400.00	Accounts Receivable	9,200.00
Property Tax Expense	1,700.00	Supplier Expense	33,600.00
Prepaid Expenses	8,000.00	Investments	5,000.00

Report
Income Statement of Bruce Design Studio for Year ended on December 31, 2016
Description	Amount ($)	Amount ($)
Service Revenue		1,55,800.00
Less: Expenses
Rent Expense	23,000.00
Salary Expense	49,000.00
Property Tax Expense	1,700.00
Electricity and Gas Expense	6,500.00
Supplier Expense	33,600.00
Total		1,13,800.00
Profit/(Loss)		42,000.00

Statement of Drawing:

Report
Statement Showing Drawings of Owner: Bruce Design Studio for Year ended on December 31, 2016
Description	Amount ($)	Amount ($)
Opening capital balance		40,000.00
Add: Capital investment		15,000.00
Less: Withdrawals		20,000.00
Closing capital balance		35,000.00

Balance Sheet:

Report
Balance Sheet of Bruce Design Studio for Year ended on December 31, 2016
Description	Amount ($)	Amount ($)
Assets
Cash	4,600.00
Office Supplies	3,300.00
Prepaid Expenses	8,000.00
Office Furniture	28,000.00
Accounts Receivable	9,200.00
Investments	5,000.00
Total		58,100.00
Liabilities
Loan Payable	17,300.00
Salary Payable	3,400.00
Accounts Payable	2,400.00
Total		23,100.00
Capital		35,000.00
Total Liabilities and Capital		58,100.00

b)

Report Section: Balance Sheet Equation	Comments
		Case-1		Case-2		Case-3
Revenue		=D6	A	=F31+F28		=H6	A= Net income+ expenses
Expenses		=D7		=F7		=H7
Dividend declared		=D8		=F8	B	=H33+H31-H34	B= Beginning retained earnings – ending retained earnigs+ net income
Additional Investment by stockholders		=D9		=F9		=H9
Net income	c	=D27-D28		=F10	D	=H27-H28	C and D= Revenues – expense
Retained earning		=D11
Beginning of year		=D12		=F12		=H12
End of year	E	=D33+D31-D29	F	=F33+F31-F29		=H13	E and F= beginning Retained earning + net income – dividend declared
Paid-in Capital
Beginning of year		=D15		=F15	G	=H37-H30	N= Total assets beginning less liabilities beginning less retained earnings beginning
End of year	I	=D36+D30	H	=F36+F30		=H16	I and H= Total assets ending less liabilities ending less retained earnings ending
Total assets
Beginning of year		=D18	J	=F42+F36+F33	K	=H36+H42+H33	J and K= Paid in capital beginning + retained earning beginnng + liabilities beginning
End of year		=D19		=F19	L	=H37+H43+H34	L= Paid in capital ending+ retained ending + liabilities ending
Total liabilities
Beginning of year	M	=D39-(D33+D36)		=F21		=H21	M= Total assets beginning – paid in capital beginning – retained earnings beginning
End of year	N	=D40-(D34+D37)	O	=F40-(F37+F34)		=H22	N and O= Total assets ending- paid in capital ending -retained earnings ending

Accounts with normal debit and credit balances:

Normal Debit balances:

• Bad Debts Account
• Owner’s Drawing Account
• Dividend Account
• Purchase Account
• Assets Account

Normal Credit balances:

• Sales Account
• Revenue Account
• Interest Account
• Liabilities Account
• Capital Account (Sciencedaily, 2017)

Data Section: Porto Deliveries
	$		$
Capital	639,760.00	Trucks	302,348.00
Insurance expense	3,450.00	Fuel expense	58,000.00
Accounts payable	35,640.00	Drawings	27,500.00
Service revenue	289,700.00	Electricity expense	8,760.00
Building	380,700.00	Accounts receivables	28,760.00
Supplies expenses	1,980.00	Bills payable	34,900.00
Cash	27,600.00	Supplies	3,654.00
Salary expense	129,358.00	Equipment	27,890.00

Report Section
Porto Deliveries: Trial balance as on 30 June 2016
	$	$
	Debit	Credit
Cash	27,600.00
Accounts receivables	28,760.00
Supplies	3,654.00
Trucks	302,348.00
Building	380,700.00
Equipment	27,890.00
Accounts payable		35,640.00
Bills payable		34,900.00
Capital		639,760.00
Drawings	27,500.00
Service revenue		289,700.00
Fuel expense	58,000.00
Supplies expenses	1,980.00
Salary expense	129,358.00
Insurance expense	3,450.00
Electricity expense	8,760.00
Total	1,000,000.00	1,000,000.00

Report Section
Porto Deliveries: Trial balance as on 30 June 2016
	$	$
	Debit	Credit
Cash	=C12
Accounts receivables	=E10
Supplies	=E12
Trucks	=E6
Building	=C10
Equipment	=E13
Accounts payable		=C8
Bills payable		=E11
Capital		=C6
Drawings	=E8
Service revenue		=C9
Fuel expense	=E7
Supplies expenses	=C11
Salary expense	=C13
Insurance expense	=C7
Electricity expense	=E9
Total	=SUM(C20:C35)	=SUM(D20:D35)

Making Four Changes
	$	$
	Debit	Credit
Cash	22,600.00	–
Accounts receivables	28,760.00	–
Supplies	3,654.00	–
Trucks	3,02,348.00	–
Building	3,80,700.00	–
Equipment	27,890.00	–
Accounts payable	–	35,640.00
Bills payable	–	39,900.00
Capital	–	6,29,760.00
Drawings	25,000.00	–
Service revenue	–	2,91,200.00
Fuel expense	58,000.00	–
Supplies expenses	1,980.00	–
Salary expense	1,33,358.00	–
Insurance expense	3,450.00	–
Electricity expense	8,760.00	–
Total	9,96,500.00	9,96,500.00

The amounts a company owes its suppliers are reported in this Accounts

The financial statement which is also known as the statement of financial position.

A debit to a liability account will…….. the normal balance in the account.

The entry to record depreciation is the first entered in the ……journal.

A entry on the right side of a t-account 

Adjusting entries are those journal entries which are normally prepared at the end of the period to allocate the expenditure and income of the period in which it would actually occurred.

• Accrued revenue:

This is the income which has been earned by the organization but not received yet by the organization.

• Accrued Expenses:

These expenses are incurred in the organization but not have been paid by the business yet.

• Unearned revenues:

This is the income which has not been earned by the organization yet but has been received by the organization.

• Prepaid expenses:

These expenses has been paid by the organization but not have been incurred in the business yet (Sciencedaily, 2017).

A company has provided tax advisory services to a client and earned $ 1000 but still the client has not paid the amount so the adjusting entry would be:

Accounting Organizations

Accounts Receivable  1,000.00         

Fee from tax advisory Earned                        1,000.00

A business has to pay the rent of the building to the landlord for the current period but till the end of the accounting Year Company has not paid it. So the adjusting entry would be

Rent Expense                800   

Rent Payable                         800

Unearned revenues

A production house made a contract with XYZ Company and offered the total amount of payment in advance. So the adjusting entry would be:

Unearned Revenue     9,000.00         

Revenue                                         9,000.00                

Prepaid expenses

A company has made a contract with a cleaning company to clean the building for a year and the total amount is paid by the business in advance. So the adjusting entry would be:

Cleaning Expense       1,500.00         

Prepaid cleaning        1,500.00 

Current assets are short term assets which are expected to convert into cash within a financial year. Such as bills receivable, accrued revenue, inventory, debtors, prepaid expenses etc. Whereas non-current assets are long term assets which are expected to convert into cash in more than 1 year. Such as machineries, buildings, equipments, furniture, long term investment etc (Kieso, Weygandt & Warfield, 2010).

Current ratio is the ratio measured by the company to analyze the liquidity of the company. It depicts that how much able the company is to pay off its short term obligation. It is divided by dividing the current assets from current liabilities.

Current ratio= current assets/ current liabilities.

For example: A business is having current assets worth of $ 5000 million and the current liabilities of worth $ 3000 million than the current ratio of the company would be:

Current ratio= $5000/ $3000 = 1.67 times.

This ratio depicts that the company is managing a great amount of assets to pay off all the current liabilities of the business (Accounting Explained, 2017). If this ratio would be less than 1, than the pay off strength of the company would be weak.

It is one of the financial ratios measured by the companies to analyze the financial position of the company. It measures the financial leverage of the business. It is calculated by dividing the total debt of the company from total assets (Accounting Explained, 2017).

Debt ratio= Total Debt/ Total Assets

For example: A business is having total debt worth of $ 3000 million and the total assets of worth $ 5000 million than the debt ratio of the company would be:

Debt ratio= $3000/ $5000 = 0.5.

This ratio depicts that the financial performance off the company is better as less debt has been used by the company to finance the assets. If this ratio is greater than 1 then the financial position of the company would be weak.  

References:

Accountingexplained. 2017. Non-current assets. Retrieved March 24, 2017, from https://accountingexplained.com/financial/non-current-assets/

CPA. 2017. ABC Learning collapse case study. Retrieved March 24, 2017, from https://www.cpaaustralia.com.au/professional-resources/education/abc-learning-collapse-case-study

CPA. 2017. Toolkit. Retrieved March 24, 2017, from https://www.cpaaustralia.com.au/professional-resources/financial-planning/toolkit

Cpafirmsoftware. 2017. Accounting Software for CPA firms. Retrieved March 24, 2017 https://www.cpafirmsoftware.com/software-reviews

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. 2010. Intermediate accounting: IFRS edition (Vol. 2). John Wiley & Sons.

Nobes, C., & Parker, R. H. 2008. Comparative international accounting. Pearson Education.

Sciencedaily. 2017. Computer Security: Reducing risks of malware infections. Retrieved March 24, 2017 https://www.sciencedaily.com/releases/2013/12/131216142931.htm

Zimmerman, J. L., & Yahya-Zadeh, M. 2011. Accounting for decision making and control. Issues in Accounting Education, 26(1), 258-259.