FNSACC505 - Accounting Information System - Characteristics of the New System - Case Study Myer Classic Clothes - Accounting And Finance Assignment Help

Assignment Task

FNSACC505: Establish and Maintain Accounting Information Systems Assignment help

 

Task 1: Theory Assessment

Student Instructions:

1. Type all the answers in a word document if required.

2. You can conduct internet research to answer these questions.

3. Provide an explanation of 2-3 lines when answering ‘Describe’ questions.

4. Provide detailed workings for calculations questions.

5. Provide answers in table format wherever possible.

Answer the following questions in writing.

Task 1

1. An organization is considering the development of an accounting information system. What are the three things they should consider as part of this process?

2.Outline the key features of codes of practice relating to accounting systems 

3.Outline the organizational policy and procedures relating to accounting systems

4. Why should transactions be entered promptly and correctly in accordance with organizational requirements?

5. System and records requirements are prioritized according to the importance and urgency of user needs. What key features do you think an AIS should have? Why?

6.Discuss ethical considerations for the handling of financial reconstruction

7. Explain the key features of financial legislation relating to 
a)taxable transactions 
b)reporting requirements

8.Outline a range of considerations for developing accounting system specifications

9. Accounting information systems are run using computers. With computer crime on the increase, what are three things that an organization can do to try and protect themselves against computer crime? What is the procedure? When and why are they used? Why is security important for these systems?

10.Explain the key principles and practices of budgetary control and implications for accounting systems

11. Explain the process and procedures for recording and storing financial data.

12. How do you ensure that passwords are used effectively?

13. What is a synchronized backup? What is an archival backup? Why would it be advantageous for an organization to use both synchronized and archival backups?

14. You have been asked to provide the details of what might be required to satisfactorily record details of sales made at one of the organization’s revenues centers.
a)    What documents might you need to help you prepare accurate records?
b)    List the categories of information which you might need to record.

15. What are the two major reports required of an accounting information system? Why are they required? 

Task 2: Case Study and Practical Assessment

Student Instructions

1. Type all the answers in a word document if required.

2. You can conduct internet research to answer these questions.

3. Provide an explanation of 2-3 lines when answering ‘Describe’ questions.

4. Provide detailed workings for calculations questions.

5. Provide answers in table format wherever possible.

The case study information regarding the organization is provided in the document ‘Case Study - Astra Plastics’ which is available in the appendix. Prepare a complete report addressing the following:

1.Introduction and details of the company

2.Objectives of the company’s information system (data and accounting)

3.Construct the organization chart of the company

4.Characteristics and design of the new system

5.Hardware requirements (types of computers, specifications of computers, backup equipment, etc.)

6.Network requirements (types of network and features)

7.Software requirements (types of software and features, especially for accounting and monthly reporting, operating software, software used for security of data)

8.Feasibility report for the new system including costs/benefits of the new system

9.Describe various methods of implementing the system for the company 

10.Describe methods of testing the new system and personnel involved

11.Type of data for the new information system

12.Flow chart of processing accounting data for the new system

13.Design the centralized accounting subsystem for the company using diagrams

14.Design a simple chart of accounts for the general ledger of the new system

15.Display the flow of documents from the new system

16. List and describe the types of reports that the company’s accounting manager and his team would use

17.Conclusion (recommendations, justify recommendations – who will benefit, training the system, monitoring the system, reviewing the system, future developments, confidentiality).

Question 2 – Myer Classic Clothes

The case study information regarding the organization is provided in the document ‘Case Study - Myer Classic Clothes’ which is available in the appendix. 

a)Using the software package (MYOB) which you have evaluated as best suited to Myer Classic Clothes set-up the Chart of Accounts. 

b)Enter the Trial Balance figures on 31 January 2015 for Myer Classic Clothes and then record the transactions of Balance Day adjustment entries. 

c)You need to present financial reports for the year ended 31 January 2015 that including the following: 
a.Trial balance at 31 January 2015 (after Balance Day adjustment entries)
b.Profit and Loss Statement
c.Balance Sheet

d)Write a report to Myer Classic Clothes:
a.Why you choose the software package for your client (such as brand, version, feature, strength, and weaknesses);
b.The training you may have to offer (such as timeline and subject(s) cover);
c.Data storage and security (such as storage location and methods, accessibility)
d.Back-up system
e.Monitoring and review of the system.

 

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