ACCT6012 Accounting Systems 2 Assignment Sample Ireland

ACCT6012 Accounting Systems 2 is an advanced accounting systems course that covers the design, implementation, and operation of accounting information systems. It is a second-year course for students who have completed introductory accounting courses.

The course will provide students with the skills and knowledge necessary to understand, design, develop and manage accounting information systems. Students will learn how to use technology to automate business processes, produce financial statements and track business performance. They will also learn how to protect the security of financial data and comply with relevant regulations.

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

Assignment Activity 1: Prepare financial statements for companies.

There are four main types of financial statements that companies prepare: income statements, balance sheets, cash flow statements, and statements of equity. Each type of statement provides valuable information about a company’s financial health and performance.

Income statements show a company’s revenues and expenses over a certain period, typically one year. Balance sheets provide a snapshot of a company’s assets, liabilities, and equity at a particular point in time. Cash flow statements show how much cash a company is bringing in and flowing out over time. Statement of equity shows the changes in shareholders’ equity over time.

Companies usually prepare all four types of financial statements every quarter as well as on an annual basis. Financial statement preparation can be a complex and time-consuming process, especially for large companies. In this assignment, you will be responsible for preparing the income statements, balance sheets, cash flow statements, and statements of equity for two companies: XYZ Corporation and ABC Corporation.

You will find the financial data for XYZ Corporation and ABC Corporation in the attached Excel file. Use this data to prepare the financial statements for each company.

Prepare the financial statements for XYZ Corporation and ABC Corporation according to the instructions below. Include all calculations in your Excel file.

1) Income Statements:

1. a) Revenue – list all revenue items and calculate total revenue
2. b) Expenses – list all expense items and calculate total expenses
3. c) Net Income – calculate net income by subtracting total expenses from total revenue

2) Balance Sheets:

1. a) Assets – list all asset items and calculate total assets
2. b) Liabilities – list all liability items and calculate total liabilities
3. c) Equity – list all equity items and calculate total equity

3) Cash Flow Statements:

1. a) Operating Activities – list all operating activity items and calculate total cash flow from operating activities
2. b) Investing Activities – list all investing activity items and calculate the total cash flow from investing activities
3. c) Financing Activities – list all financing activity items and calculate the total cash flow from financing activities

4) Statements of Equity:

1. a) Shareholders’ Equity – list all shareholders’ equity items and calculate total shareholders’ equity
2. b) Retained Earnings – list all retained earnings items and calculate total retained earnings

c)Earnings per Share – list all earnings per share items and calculate earnings per share

Assignment Activity 2: Describe and use accounting control systems.

Accounting control systems are a set of measures put in place by management to ensure that financial statements are accurate and reliable. Generally, these systems involve reviewing account balances and transactions regularly, as well as comparing reported results to budgeted or forecasted amounts.

One common approach to accounting control is the segregation of duties, which divides up tasks among different individuals to minimize the risk that one person could improperly alter financial records. For example, someone who posts transactions into the accounting system should not be responsible for reconciling the account balances at month-end. Other techniques include the use of passwords or other security measures to restrict access to data and review journal entries and Ledger postings.

The goal of accounting control systems is to provide reasonable assurance that financial statements are free from material error and fraud. While no system can eliminate the risk of error or fraud, having strong controls in place can help to mitigate these risks.

Assignment Activity 3: Interpret financial statements.

The first step in interpreting financial statements is to understand what they are telling you. Financial statements show a company’s financial position, performance, and cash flow.

Financial position is the value of a company’s assets minus its liabilities. Assets are everything a company owns and can use to pay its debts. Liabilities are everything a company owes.

Performance measures how efficiently a company is using its assets to generate revenue. Revenue is the amount of money a company brings in through sales. Expenses are the costs of doing business, such as salaries, rent, and materials. Profit measures how much more revenue a company brings in than it spends.

Cash flow measures how much cash is coming into and going out of a company. Cash flow from operating activities is the cash generated from a company’s normal business operations. Cash flow from investing activities is the cash generated or used from investing, such as buying new equipment. Cash flow from financing activities is the cash generated or used from financing, such as borrowing money or issuing new shares of stock.

After you understand what each financial statement is telling you, the next step is to look for trends. Trends can reveal a lot about a company’s financial health and performance. For example, if you see that a company’s revenue has been increasing steadily over the past few years, that’s a good sign. If you see that a company’s expenses have been increasing faster than its revenue, that’s a red flag.

Once you’ve identified trends, the next step is to compare the company’s financial statements to those of other companies in the same industry. This will help you to see how the company stacks up against its peers. Finally, you’ll want to consult with an expert if you have any questions or concerns about what you’re seeing.

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

There are several computerized accounting and spreadsheet software programs available on the market. While many programs offer similar features, the important thing to consider when selecting a program is finding one that best meets the needs of your business.

Some programs are more geared towards small businesses, while others are designed for larger businesses. It’s also important to find a program that is user-friendly and easy to learn. Many programs offer free trial versions so you can try them out before making a purchase.

If you’re not sure which program is right for you, consult with an accountant or bookkeeper who can recommend the best option for your specific business.

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