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ACC566 Acc Systems and Processes Assignment - Charles Sturt University, Australia

Learning Outcomes -

  • be able to apply conceptual and technical aspects of accounting and prepare relevant business financial statements.
  • be able to appraise the use of information technology including spreadsheet software in accounting problem solving, and evaluate the Internet as a professional resource.
  • be able to demonstrate relevant business communication skills including report writing.
  • be able to contextualise and evaluate accounting information for decision making purposes.

Question 1 - Retail operations and retail inventory: Mr and Mrs Spot have heard of the two inventory methods - periodic and perpetual methods, and they have also heard of the terms 'First-in-first-out' and 'Weighted average cost', but don't really know anything more about them. Prepare a memo to Mr and Mrs Spot explaining each of these methods/terms.

Answer - Retail operations and retail inventory

There two inventory methods periodic and perpetual to keep track of quantity of stock of goods in hand. The perpetual system keeps a continuous track of inventory balance, while the periodic system provides the stock balance occasionally when required. FIFO and Weighted Average Method are accounting methods used for valuation of inventory. FIFO is first in first out, in which the movement of inventory is the goods that have come first will go out first and cost would be determined accordingly. In weighted Average method the price is computed after each purchase done. It is used for inventories that get mixed cannot be separated.

Perpetual Inventory System FIFO










3.01.2018

Inventory

2400



To Accounts Payable

2400





06.01.2018

Account Receivable

1600



To Sales


1600





06.01.2018

Cost of goods sold

960



To Inventory


960





09.01.2018

Inventory

2100



To Accounts Payable

2100





20.01.2018

Account Receivable

2000



To Sales


2000





20.01.2018

Cost of goods sold

1200



To Inventory


1200





22.01.2018

Inventory

1050



To Accounts Payable

1050









25.01.2018

Account Receivable

2400



To Sales


2400





25.01.2018

Cost of goods sold

1360



To Inventory


1360









Periodic Inventory System FIFO






31.01.2018

Purchases

5550



To Accounts Payable

5550





31.01.2018

Accounts Receivable

3520



To Sales


3520





31.01.2018

Inventory

2030



Cost of Goods Sold

3520



Purchases


5550

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Question 2 - Retail operations: Prepare a business report (for the directors of Spottie Ltd) on cloud-based accounting systems (explaining what they are and how they work), and the suitability of the Xero cloud-based accounting system to SpottieLtd's business. In your discussion, explain how a computerised system like Xero can help the business track and account for inventory. Also highlight three other useful features of Xero that will be beneficial to Mr and Mrs Spot as they seek to save time preparing their accounting records, and monitor and grow their business further.

Answer - Retail operations

Mr. and Mrs. Spot have started new business of soft toy selling. It an online business in small scale as GST registration is not taken. With their business growing they want to switch from manual accounting to computerized accounting. In this line of business they need to maintain inventory level together with accounts and both must be integrated to present the correct picture of business. Therefore research is being conducted to use cloud accounting for the business. The business needs to check all the options available for cloud accounting and choose the best for its firm. For this first we have to understand what cloud is and how it is useful for the business houses for accounting purpose.

Cloud is where you can put all your data, files, software and can access it from any place and anytime. With the traditional accounting system , all the data needs to be maintained in the desktop, laptop and can be used by restricted people , but in case of cloud ,the data can be accessed in any laptop, desktop at any time using internet connection by multiple people at a time. There is high level of security and does not allow unauthorized use of data. There is no requirement to install files, up gradation of versions its done automatically and hence much easier for the user. It is cheaper as there is no requirement of payment for any up gradation or additional hardware support, backup systems not maintenance cost for the system is payable.

There are many companies that provide cloud accounting services like Xero, Dropbox, Google, and Apple etc. Each company has its own unique features and has its own merits and demerits. The companies cater to the needs of various business houses and customize according to their requirements. Cloud helps business houses to seamlessly, securely use data in real time at anyplace and anywhere by just login the cloud with user id and password.

When any cloud based software is chosen various facilities offered by them is taken into account like the invoicing, billing, reports, pricing, user friendliness, Advanced functions etc. Most of the software performs the same functions, but each software has some or the other unique features that makes it different from each other.

i) Invoicing

ii) Bills

iii) Reports

IV) Pricing

V) User friendliness

VI) Advanced functions

Xero is a cloud based accounting software developed in New Zealand in 2006. It has given competition to various software in the market due the features like unlimited user, numerous integration with various apps, double entry system of accounting and many other advanced features as per requirement of the customer. It is cloud based and does not require any installation or downloading by client. It is compatible with all browsers so long there is internet connection. It is best suited for mid to large firms. The main market for Xero is US and in rests all other country it is making its presence. It enables use of cash basis as well as accrual basis of accounting. The benefits of using Xero are

I) Easy to use : The accountants find Xero is more easy to use as it is user friendly

II) Large features selection: Lot of options are available in case of reporting and automations.

III) Strong accounting features : The strong accounting makes it different from all other software's

IV) Lot of integration: There are 700+ integration of apps with Xero, hence making business running more smoothly.

V) Strongest security: Data backup is done on regular basis at various servers with security audits being carried out on regular basis.

VI) Several automations: It has features of automations at various stages which saves time of the people and generates the information required in less time.

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The features that make Xero more usable are

a) Suitable for small business houses that have just moved to cloud accounting as the features are user friendly and automated information is available with less input of data and the functions are clearly labeled and have simple workflow. With more advanced functions available in the dashboard, which allows user to the desired information in fewer steps.

b) Initial cost of subscription is low as compared to other accounting software's. Xero provides basic features as required by small business houses initially and then gradually expands and provides services as required by business houses. If it does not provide inbuilt services then integrates with multiple apps to provide the required service by the customers.

c) The inventory functions, the advanced functions needed in business are available a lower cost in comparison to other software's. The fixed assets accounting function is available inbuilt to all users of Xero and in any other software they have to subscribe for it at additional cost.

Xero is more useful for small business and midsized houses where there are less learned bookkeepers and they are not planning to expand very fast. For small business there is no requirement of payroll processing , xero is best as accounting for need for fixed asset accounting.

In the current case Xero provides for integration of accounts with inventory and as well as accounting for fixed assets .It does not provide payroll accounting. This service can be availed through various app. With which Xero has integrated. Hence all the requirements as per the needs of the business is meet with Xero and Mr. and Mrs. Spot should used Xero for their business.

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Question 3 - Internal controls - cash: Prepare a letter to Mr and Mrs Spot - discussing the importance of internal controls, and addressing the following: Provide a brief overview of 2 recent cases of employee and/or supplier fraud in Australia, explaining how money was stolen from the business. Explain what internal controls could have been implemented to reduce the risk of the fraud occurring. Include a copy of an article relating each case with your letter (or provide website links to the articles in your letter) for Mr & Mrs Spot to review.

Answer - Internal Controls - Cash

In an organization frauds are normally committed by management or staff of an organization. In view of the same internal controls are essential and needs to be reviewed on constant basis. There are few cases in recent where frauds have been committed by employees of the organization.

Some of Cases as follows:

1. A lady aged 30 years was employed as bookkeeper in the motor vehicle repair shop where she committed a fraud and took $ 1.8 million over a tenure of 6 years for to fund her own business which did not flourish . The owner have faced several crisis resultantly of the fraud and had to settle in small shop due to the huge debt outstanding on him and was not able to recover any money.

2. A person was appointed as the Financial Controller and Company Secretary of the transport company. He is a middle aged man whose main intention was gambling. He being the authorized signatory misused his powers and transferred unauthorized funds resulting in a transfer of about$ 11 million into his account by which he owned his own apartments and luxury car in a small span of 5 months.

The internal controls to be implemented for cash receipts are

i) There should be accountability, authorization, and approval for cash transactions.

ii) There should be continuous review and reconciliation of transactions

iii) There should be proper security of cash receipts

The internal controls for cash payments are

I) Segregate duties of persons involved in signing , approving payments

II) Reconciliation of Accounts on regular and continuous basis

III) Considering dual signatories and continuous review of the authorized signatories

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Question 4 - Bank reconciliations and cash

i) Prepare the bank reconciliation for Party Supplies Ltd at 31 August 2018.

Bank Reconciliation Statement  for August 2018



Particulars


Amount

Cash Balance as per Bank Statement


29667.68




Add: Outstanding Deposits


9858

Less: Deposits , not reported in Books


11947

Less: Interest


14.68

Less: Unbanked Chq




132

195


135

511


138

870.5


141

1266


142

972


130

200




add: chq amount wrongly entered

Bank Charge

25

Add:

140

200



add: chq amount wrongly entered

137

-4500



add: chq amount wrongly entered 133

133

90













Cash balance as per Ledger


19364.5









ii) Prepare the journal entries to correct any errors made by Party Supplies Ltd, and to record transactions that have not yet been entered into the company's accounting records.

1

08.08.2018

Account Receivable

80




To Cash


80




(Being Amount wrongly entered in cash book as 5880 ,instead of 5800)







2

12.08.18

Cash


1332




To Account Receivable



1332



(Being Account Receivable deposited but not recorded in Books)








3

19.8.2018

Cash


550




To Account Receivable



550



(Being Account Receivable deposited but not recorded in Books)








4

25.08.2018

Cash


3200



To Account Receivable



3200



(Being Account Receivable deposited but not recorded in Books)








5

28.08.2018

Cash


1065



To Account Receivable



1065



(Being Account Receivable deposited but not recorded in Books)








6

03.08.2018

Accounts Payable


90



To Cash



90



(Being Payment amount wrongly entered less in cash book)








7

14.08.2018

Cash


4500



To Accounts Payable



4500



(Being Payment amount wrongly entered more in cash book)








8

31.08.2018

Cash


14.68



To Bank Interest



14.68







9

31.08.2018

To Bank Charges


25



To Cash



25

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iii) Prepare the 'bank' ledger account (using the T-Account format) for August 2018, in order to determine the balance in the account after the above journal entries have been recorded and posted.

Bank Ledger

Date

particulars

Amount

Date

particulars

Amount

12.08.2018

To A/R

1332

By Balance

29667.68

19.08.2018

To A/R

550




25.08.2018

To A/R

3200

08.08.2018

By A/R

80

28.08.2018

To A/R

1065

3.08

By A/P

90

14.08.2018

To A/P

4500

31.08.2018

By Misc

163.5

31.08.2018

To Bank charges

14.68

31.1

Interest

25


To Balance

19364.5


















30026.18



30026.18

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Question 5 - Property, plant and equipment: Prepare journal entries to account for all transactions that took place during the period 1 July 2016 to 31 December 2019, including entries for the acquisition of the equipment, depreciation for each year, and its disposal. Show all relevant dates, narrations and workings.

Answer - Property Plant & Equipment

Journal Entries:







01.07.2016

Equipment

Dr

800000




To Bank



800000



(Being Asset Purchased)









31.06.2017

Depreciation

Dr

152000




To Accumulated Dep


152000



(Being Deprecation Charged )



31.06.2017

Accumulated Dep


152000




To Equipment



152000



(Being Deprecation Charged to equipment )







30.06.2018

Depreciation

Dr

152000




To Accumulated Dep


152000



(Being Deprecation Charged )





Accumulated Dep


152000




To Equipment



152000



(Being Deprecation Charged to equipment )







30.06.2019

Depreciation


74333.4




To Accumulated Dep


74333.4



(Being Deprecation Charged )









30.06.2019

Accumulated Dep


74333.4




To Equipment



74333.4



(Being Deprecation Charged to equipment )







31.12.2019

Depreciation


37166.7




To Accumulated Dep


37166.7



(Being Deprecation Charged )











Accumulated Dep


37166.7




To Equipment



37166.7



(Being Deprecation Charged to equipment )







31.12.2019

Bank


500000




To Equipment



500000



(Being Sale Proceed )









31.12.2019

P&L


115500




To Equipment



115500



(Being Profit on Sale)









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