ACCT6011 Accounting Systems 1 Assignment Sample Ireland

ACCT6011 Accounting Systems 1 is an introductory course in accounting systems. The objective of the course is to provide students with a basic understanding of the design and operation of accounting information systems.

The course examines the use of information technology in the recording, classification, and summarization of business transactions for financial reporting. Students also learn about Generally Accepted Accounting Principles (GAAP) and how they are applied in automated accounting systems. In addition, students develop spreadsheet skills that are used to model financial data and prepare financial statements.

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In this section, we are describing some assigned tasks. These are:

Assignment Task 1: Describe accounting as an information system.

Accounting is an information system that provides financial and operating information to managers to make informed business decisions. It collects data from various sources within the organization, processes that data into useful information, and disseminates that information to decision-makers.

The goal of accounting is to provide accurate and timely information about a company’s financial position, performance, and cash flow so that managers can make sound decisions about where to allocate resources and how to improve profitability.

An accounting system is a collection of procedures and records used to collect, process, and report financial data. The three main components of an accounting system are:

1) Source documents: These are the original documents that provide evidence of a business transaction. Examples of source documents include invoices, purchase orders, and time cards.

2) Accounting records: These are the financial records that are maintained by the accounting system. Examples of accounting records include ledgers, journals, and trial balances.

3) Financial statements: These are the reports that are generated by the accounting system. Examples of financial statements include balance sheets, income statements, and cash flow statements.

The purpose of an accounting system is to provide accurate and timely information about a company’s financial position, performance, and cash flow. This information is used by managers to make informed decisions about where to allocate resources and how to improve profitability.

Assignment Task 2: Describe and record in a manual system basic business activities.

Business activity is typically anything that increases the value of a company. There are four main types of business activities:

1. Production: The process of making or growing something that has economic value.
2. Marketing: Activities related to creating demand for a product or service and generating sales.
3. Administration: Activities such as bookkeeping, HR, and legal work that support the other two functions.
4. Finance: Activities related to acquiring money (investing) and managing it (borrowing, lending).

In a manual accounting system, business activities are recorded in ledger books. Each type of activity is recorded in a separate ledger. For example, the production ledger would contain records of all production activity, the marketing ledger would contain records of all marketing activity, and so on.

Within each ledger, there are two types of records:

1. Account: A record of all the transactions related to a specific item. For example, the production ledger would have an account for raw materials, another account for labor costs, and so on.
2. Entry: A record of a specific business transaction. Each entry is assigned to an account and includes the date, description, and amount of the transaction.

Assignment Task 3: Prepare financial statements for sole traders.

To generate a financial statement for a sole trader, you will need to collect information about the company’s income, expenses, assets, and liabilities.

The income statement will show how much revenue the company has earned over a given period, and the expenses incurred in generating that revenue. The balance sheet will show the company’s assets (things of value that are owned) and liabilities (amounts owed to others). Finally, the cash flow statement will track how much cash is coming in and out of the company over time.

Collecting this information can be tricky for a sole trader who operates as a self-employed business owner. You may need to speak with your accountant or other financial professionals to get a clear picture of your company’s financial position.

Once you have collected all the necessary information, you can use it to prepare your financial statements. If you are not sure how to do this, there are many resources available online or from your local library.

Here is a basic outline of what you will need to include in each financial statement:

Income statement:

• Revenue (sales, services rendered, etc.)
• Fewer expenses (cost of goods sold, operating expenses, etc.)
• Net income/loss

Balance sheet:

• Assets (cash, accounts receivable, inventory, etc.)
• Fewer liabilities (accounts payable, loans, etc.)
• Net worth/equity

Cash flow statement:

• Operating activities (revenue minus expenses)
• Investing activities (purchases or sales of long-term assets)
• Financing activities (issuing or repaying debt, issuing or buying back stock)
• Net cash flow

Once you have prepared your financial statements, you can use them to get a better understanding of your company’s financial position and performance. You can also use them to make informed decisions about where to allocate resources and how to improve profitability.

Assignment Task 4: Use computerized accounting and spreadsheet software for accounting applications.

When it comes to accounting applications, there are a few different software options available on the market. However, computerized accounting and spreadsheet software are two of the most commonly used options.

Computerized accounting software is designed specifically for accounting purposes. This type of software typically includes features such as double-entry bookkeeping, ledger management, invoicing, and financial reporting. Spreadsheet software, on the other hand, is a more general-purpose tool that can be used for a variety of applications, including accounting.

There are pros and cons to using each type of software for accounting purposes. Computerized accounting software is often seen as being more efficient and accurate than using spreadsheets. However, it can also be more expensive to purchase and can be more difficult to learn how to use. Spreadsheet software, on the other hand, is often seen as being more user-friendly and affordable. However, it is important to note that using spreadsheets for accounting purposes can be more time-consuming and prone to error.

When deciding which type of software to use for accounting applications, it is important to weigh the pros and cons of each option. Ultimately, the best decision is the one that will work best for your specific needs and preferences.

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