Financial accounting basics

  • In the files part a) prepare accounting records part b) locate and use an annual report part c) use commercial accounting software (also is it possible to write down how each step was done in order to understand it better?)   It says at the top of the page thesis, but it is just an assignement. My mistake. PART 1 REQUIRED: Prepare the accounting records for Nick’s Landscaping Co. (version A) Note: this task is based on the analysis of very extensive narrative and detailed project documents. Please check the password protected course website for announcements of any errors, omissions and clarifications to the term project description or project documents.   1. Set up the Chart of Accounts 2. Prepare the bank reconciliation for June, 2014 3. Prepare the General Journal for the months of May and June 2014 4. Post all transactions to the T-accounts 5. Prepare a trial balance at June 30, 2014 6. Prepare the Financial Statements in good form for June 2014 including footnotes for a Summary of Significant Accounting Policies and for contingency disclosures. 7. Special instructions:  Each General Journal entry should have an explanation under it in parenthesis.  Every place where the word “Nick” appears in items 1, 2, 3 and 4 of the required substitute your own first name. 8. Based on all the information provided in this project, prepare a memo to Nick and Andrei where you as a professional accountant evaluate their business. Specifically address Nick’s concern: how much can be paid in dividends to both partners? Is that close to Nick’s expectations of $2 per share per month during 12 months a year? If not, make two clear suggestions of how the business can be improved so Nick can achieve his target. 7 PART 2: Locate and use an annual report STEP 1: Find the most recent annual report online for a Canadian public company of your choice from the SEDAR website. The annual report chosen must contain audited financial statements and the MDA (management’s discussion and analysis). STEP 2: Indicate the name of the Company, its exact website address (URL) and answers found in the annual report to the following questions: 1. What industry is the company of your choice in and why did you decide to select this company?
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  • 2. What was the total change in cash during the year? 3. What amount was reported for revenue (net revenue before Gross Profit) for the year and what was the change in revenue during the year from the preceding year? 4. What was a main reason given in management’s discussion and analysis for this change in revenue? 5. What amount was reported for total assets and for net income/earnings [note: companies may use different titles such as ‘earnings’ to describe income]? 6. When was the auditor’s report dated? Who was the auditor? 7. Who was the Chair of the Board of Directors at the time the annual report was issued? 8 PART 3: Use commercial accounting software The objective of part 3 of the term project is to afford students the opportunity to use accounting software so they appreciate the extent to which technology has completely transformed accounting. While the need for judgment and decisions will never disappear, the bookkeeping aspects of accounting have been largely automated. We hope you will marvel at and enjoy how easy it is to produce financial statements with the click of a button without doing the requisite adjusting entries. Actually working the numbers by hands accelerates the learning process, but once you leave University, you will see that the computer handles most accounting record keeping today. The term project requirements just scratch the surface in terms of showing the capabilities of accounting software. We hope you will take the time to view all the tutorials and do some clicking around to try out even more features. STEP 1: Acquire access to any commercial accounting software package that you don’t have to purchase. You or your employer may already possess software such as ACCPAC, SIMPLY ACCOUNTING, GREAT PLAINS, MYOB etc. If not, you can do a Google search and locate dozens of downloads online. ACCPAC is probably the most popular software used in Canadian Industry, but it is a little complex for our needs and doesn’t have a trial version. Two other popular Canadian products are SIMPLY ACCOUNTING and QUICKBOOKS Simply Accounting has a stripped down version of their product (free download) on their website called Sage 50 First Step Accounting. The download instructions need to be printed out since there are quite a few steps to install. They do not appear to have a Mac version. Stripped down versions are good news because they have much easier learning curves and they take up much less heard drive space on your PC. Certainly the most popular choice by students seems to be Inuit’s Quickbooks. This software is probably the leading Canadian seller for personal use as it integrates perfectly with their Quicktax tax return software. Quickbooks is similar to most software these days in that you are offered a 30 day free trial. There is a catch, however. Intuit requires you to give a credit card number in advance and after 30 days a dialog box pops up asking if you want to purchase the software. You have to respond no and then your software is disabled. This protocol is called negative billing and some people find it offensive. Intuit actually has a truly free version buried on their website but they don’t advertise it and it seems to be much, much slower. Sage Peachtree is another popular name in accounting software and they seem to offer 9 a trial download on their website although they seem to want to solicit a lot of personal information first. MYOB used to be popular but they have closed their Canadian operations and since then there is a free trial version available on their Australian website. However, recently MYOB has resurfaced in Canada under the name of AccountEdge and a trial copy is made available in their new web page. MAC Users….Choices are more limited for Mac’s. Here is an example of a site which reviews some product options and there are other such sites. If you dislike giving a credit card number, or have no credit cards, confine your search to either “free ware” or “shareware” (which is free but asks for a donation). Best to go through clearing house websites that assign ratings to the different products. Caveats An important caveat….never download any freeware/shareware without a good antivirus program on your computer. There is evil hiding in ether-space. This is especially so for Windows users. We have even downloaded a shareware antivirus program which turned out to be a virus. People who download a lot of software might even want to consider a download manager program which basically takes a snapshot of all footprints (including registry entries) that the new software leaves on your system. Shareware crashes a lot and sometimes even freezes systems. It is very frustrating when the Windows Uninstall Utility will not uninstall when you want to wipe software off your computer. These download monitoring programs guarantee a one button wiping clean of unwanted programs. Another step towards self-protection is the back-up hard drive with auto back-up feature. A second caveat…. Some of these programs are just intended for foreign countries and don’t compute our HST or Canadian payroll deductions or use Canadian terminology. Make sure the software is appropriate for use in Canada. Third caveat….The Web also has free trials of Enterprise Reporting Systems (ERP) which handle accounting. Not recommended you use these as they are more complex with longer learning curves. Fourth caveat. Don’t download your time limited free trial the first day of the term. You need a few classes of accounting to have enough savvy to answer the questions so no point in starting the trial before you are ready. STEP 2: Use your software to create a set of books for a fictional compa ny that includes your name and ID# (e.g., if your name was Jones then it might be Jones Jelly Bean Emporium – 211344654) with the fiscal year end of December 31, 2014. Many products   have ‘wizards’ or tutorials to lead you through this process.

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