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ACC566 Accounting Systems And Processes

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ACC566 Accounting Systems And Processes

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ACC566 Accounting Systems And Processes

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Course Code: ACC566
University: Charles Sturt University is not sponsored or endorsed by this college or university

Country: Australia

1.What is PALER? Based on PALER, identify the type of account for each account listed above. 2.Provide journal entries for transactions that have not been recorded.  3.From the account listed above, prepare the trial balance. 4.What are temporary and permanent accounts? From the account listed above, choose four permanent and four temporary accounts. 5.From the account listed above, choose two accounts with normal debit balances and two accounts with normal credit balances.  6.What are adjusting entries? Why do we have to do adjusting entries? Give five examples with journal entries.  7.Open T-accounts for all accounts listed above and post your examples of adjusting entries to the T-accounts. Provide your handwritten solution – scan or use your phone to copy and paste its image in your assignment. You can use a free scanning app such as Camscanner, OfficeLens, or Google Drive. 8.Using your T-accounts in the preceding question and Excel spreadsheet, prepare the ten column worksheet for the month ended 30 April. In the spreadsheet, you are required to have a data section separated from a report section. Use an IF function for Profit or Loss. Present your answers in both normal and formula views, showing columns and rows. 9.Using the spreadsheet, prepare three financial reports. Present your answers in both normal and formula views.  10.Describe the current ratio. Calculate the firm’s current ratio, what does it tell you?  Evaluate the firm’s debt ratio.

PALER – PALER is used to signify different financial items like assets, liabilities, equities, expenses and revenues. P is used to determine proprietorship, A is used to determine assets, L is used to determine liability, E is used to determine expenses, R is used to determine the revenues (Cascino et al., 2014).
Business regularly maintains the temporary as well as permanent accounts for maintaining the accurate records regarding the financial transactions. Temporary accounts are termed as nominal accounts whereas the permanent accounts are termed as real accounts (Needles, Powers & Crosson, 2013).
Temporary accounts – these types of accounts generally keep track of funds during the particular accounting year. Further, these accounts are broadly categorised as revenue and expenses that can be further be subdivided into particular category. However, the accounts are not closed itself rather the accountant shall prepare the closing entries for the temporary accounts for each period of accounting. 4 examples of temporary accounts are salary expenses, service revenue, depreciation expenses and advertising expenses.
Permanent accounts – these types of accounts generally keep track of funds for more than one accounting period on continuous basis. Further, these accounts are broadly categorised as owner’s equity, liabilities and assets that can be further be subdivided into particular category (Weil, Schipper & Francis, 2013). Permanent accounts are not closed as they are maintained under the name of same permanent accounts on continuous basis. 4 examples of permanents account are equipment, long term loan payable, accounts payable and capital.
2 accounts with the normal debit balance are advertising expenses and rent expenses. On the other hand, 2 accounts with the normal credit balance are capital and long term loan payable.
Adjusting entries are the journal entries documented at the closing of the accounting period for altering the closing balances in different ledger accounts. The main purpose of recording the adjusting entries are updating accounts for complying with accrual concept of accounting (Henderson et al., 2015).
Examples of adjusting entries –
Current ratio – it is the comparison of current asset of the company against the current liability. It signifies the capability of the company to pay off the short term liabilities with the current assets when the liabilities become due (Delen, Kuzey & Uyar, 2013). From the calculation of company’s current ratio that is 0.71 indicating that the company is not able to pay its short term obligation with the short term assets. 
Debt ratio – it is the financial ratio used to measure the leverage of the company. Debt ratio of the company that is 0.85 is indicating that the company significantly depends on outside borrowing for financing its assets (Vermoesen, Deloof & Laveren, 2013). Therefore, it can be stated that the entity is highly leveraged. 
The focus of the report will be on illustrating the case study included in the given link. The report will describe the fundamental principles required to be followed to maintain the accounting ethics. After describing the fundamental principles the report will relate it to the case provided in the link and will comment about the ethical codes violated in that.  
Case provided in the link –
It has been found that the video tells about the fraud case of Toshiba that was among the most established entities in Japan. Top executives of the company pressurised their subordinates to achieve considerably high unachievable targets and as a result the industrial giant Toshiba overstated the profit by an amount of 122 billion yen that approximates $ 1.2 billion. It was continuing for more than 7 years that resulted into one of the biggest corporate accounting and financial scandals. Following the scandal, the CEO of the company Hisao Tanaka and his predecessor Mr. Norio Sasaki announced their resignation (Soble, 2015). It was found that during the during the period of deep economic downturn managers of Toshiba from various departments applied shortcuts for meeting the unachievable target that was imposed by their superiors. The allegation against the company was that it established the corporate culture under which it was impossible to move against the wish of the bosses.
Fundamental principles for ethics in the accounting –
IESBA issued the revised code under fundamental principles of ethics for professional accountants in the year 2005, June. It proposed the guidelines for the professional accountants those are required to be complied while providing professional services to the client. Ethical principles for providing professional services are as follows –

Integrity – professional accountants are expected to be straightforward and remain honest with respect to all business as well as professional affiliation
Objectivity – professional accountants are not supposed to permit any kind of bias and does not allow interest conflict or apply undue influence of any other (org, 2018).
Professional services – professional accountant while providing their services must comply with the relevant laws and the regulations. Moreover, they are not expected to involve in any action that may results into dishonour of the profession.
Professional competence and due care – while providing the professional services the profession al account is expected to gather required skill and knowledge for providing the service. The professional is also expected to act as per the requirement of professional and technical standards. Further, they must provide the services in compliance with the practical and technical and legislation development (Apostolou, Dull & Schleifer, 2013).
Confidentiality – professional accountants are expected to maintain the confidentiality with regard to the business data of the clients acquired through professional and business connection. Client’s data shall not be disclosed to third party without proper approval from him except in the situation where he is liable legally to disclose the information. Further, the client’s information shall not be used for any 3rdparty’s advantage and even for his own advantage (org, 2018).  

It is found that in case of Toshiba scandal for not disclosing the actual financial performance of the company and overstatement of profit, it breached the ethical principle code of integrity, objectivity and professional behaviour. Integrity is violated through applying dishonesty as the company applied dishonesty while published their financial results. Objectivity is violated through involving in interest conflict as the senior managers of the company did not disclose their actual result to receive bonus. Professional behaviour is violated through violating the required regulations and laws.
Apostolou, B., Dull, R. B., & Schleifer, L. L. (2013). A framework for the pedagogy of accounting ethics. Accounting Education, 22(1), 1-17.
Cascino, S., Clatworthy, M., Garcia Osma, B., Gassen, J., Imam, S., & Jeanjean, T. (2014). Who uses financial reports and for what purpose? Evidence from capital providers. Accounting in Europe, 11(2), 185-209.
Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios: A decision tree approach. Expert Systems with Applications, 40(10), 3970-3983. (2018). Retrieved 18 August 2018, from
Henderson, S., Peirson, G., Herbohn, K., & Howieson, B. (2015). Issues in financial accounting. Pearson Higher Education AU.
Needles, B. E., Powers, M., & Crosson, S. V. (2013). Principles of accounting. Cengage Learning.
Soble, J. (2015). Toshiba Inflated Earnings by $1.2 Billion, a Panel of Experts Says. Retrieved 19 August 2018, from
Vermoesen, V., Deloof, M., & Laveren, E. (2013). Long-term debt maturity and financing constraints of SMEs during the global financial crisis. Small Business Economics, 41(2), 433-448.
Weil, R. L., Schipper, K., & Francis, J. (2013). Financial accounting: an introduction to concepts, methods and uses. Cengage Learning.

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