BUS510: Applied Accounting assignment sample NZ

In this BUS510 Applied Accounting assignment, you will be working with the financial statements of two fictitious companies. You will need to analyze the information and prepare an income statement, balance sheet, and cash flow statement for both companies. In addition, you will also be preparing a comparative analysis between the two companies. This is an important task that will give you a good understanding of how accounting can be used to make business decisions.

Every business needs to keep track of its finances. As a business owner, you need to know how much money your company is making and spending in order to make smart decisions about the future. Financial statements can help you do this by providing a snapshot of your company’s financial health.

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In this course, students will become better informed and more confident about the subject. In addition to learning key information from lectures given by experts in their field, they can also work on a number of fun tasks listed below:

Assignment Task 1: Use accounting software to process transactions including for a GST registered business

There are many types of accounting software that will be able to process transactions. Accounting software can range from personal level financial management, payroll systems, CRM packages, etc. Here are some things you should look for in an accounting system: first you need to find one that’s compliant with your country’s legal requirements (listing all the taxes applicable) and also supports your specific needs (gathering data for monthly reports like end-of-month adjustments).

Usually, you can find accounting software that will be in the middle of the spectrum in terms of its cost. There are thousands of options to choose from, but look for one specific feature when searching for an accounting system: find one that is “double-entry enabled”. This means that the software will force you to enter both the debit and credit sides of every transaction, which is a key concept in bookkeeping.

Assignment Task 2: Process end of period/balance day adjustments

Adjustments are tasks that need to be done at end of the period (EOP) and balance day (BALDY). This means you’ll need to track transactions and perform journal entries in order to prepare for end-of-month or year reporting. Here’s a list of common adjustments:

• Adjusting for bad debt
• Closing the books from the prior period
• Inventory adjustments
• Accruing or deferring revenue
• Prepaying expenses
• Post paying expenses
• Calculating and recording depreciation/amortization
• Other miscellaneous adjustments.

Assignment Task 3: Use accounting software to prepare financial statements

Financial statements are an important and basic tool for any business. They can be used to make decisions about what you’re doing with your company, but they also serve as a guidepost in figuring out how well things may be going financially so far this year versus last or even five years ago – which would allow 2014-15 financials from 2015 through 2020 (or future periods) reflect on whether there has been progressing made since then based off these early indications.

The income statement is one key financial statement that shows the business’s financial performance over a specific period of time. It measures the company’s income and expenses over a particular time frame, usually monthly or yearly. The balance sheet, on the other hand, gives a view as to a specific date of what the company owns and owes.

It also shows the owner/stockholder equity. To generate the income statement, you need to create a new set of books for this purpose (if your accounting software doesn’t have an option to automatically reflect these) and then bring data from the general ledger into this new set of books.

Assignment Task 4: Use current processes and practices to prepare tax returns

Tax returns are an important part of doing business because it ties the financials to a specific time period in order to give a more accurate picture of what was going on.

Using tax software that is compatible with your company, you need to enter transactions for each respective tax return in order to get your taxes prepared and submitted. Here’s a list of things to keep in mind when doing so:

• Know the specific tax requirements for your company’s jurisdiction
• Make sure that the software you’re using is up-to-date (i.e. 2015 version) or else it may be incompatible with the current tax year
• If you’ve changed any of your business’s information (like your business address, phone number, etc.) make sure you update it
• If you’ve added any new users on the software make sure to add them through your administrator console.

Assignment Task 5: Apply the accounting professions Code of Ethics to given situations

Codes of ethics are principles or standards that guide members of professions toward the most ethical decision-making. It’s important to understand ethics so you can avoid breaking any laws, but it’s also important to note anything unethical in order for them to be changed. Here are some points on what would be considered unethical:

• Willful ignorance (not reporting bad news or refusing to face problems)
• Fraud (stealing, cheating, misleading)
• Not performing duties required by the company’s mission statement
• Using the money for one purpose and then applying it towards another purpose
• Reporting something that is different from what actually happened
• Being deceptive in general.

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