TACC401 Principles Of Accounting Assignment

16-Jan-2023 12:56 PM

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CASE STUDY: THE MYSTICAL CRAFTS OF MARY

Mary Whitehood is the owner of a shop. The name of this shop is Mystical Crafts. It is a material as well as a craft shop. She also manages the store by herself. The revenue received by the store is due to the sale of craft materials. Some other source of revenue is the craft lessons provision at the store. The craft lessons are given to a maximum of 6 customers at a time. the owner struggles in tracking all her payments made to the suppliers. The suppliers are many in number and supply goods worthy of small amounts. Mary is known to be an unorganised person in managing her accounts. She also faces problems in sending accounts to customers. She sometimes does not even collect money from them due to poor records. She is currently considering the implant of a computerized accounting system. To manage the smart system properly, she is pursuing a computer at a local college. She hopes that it would help her to become more organised.

Trouble in understanding the case study? I am right here to help you with it.

SOME OBVIOUS ELEMENTS STATED IN THE CASE STUDY

Name of the shop’s owner: Mary Whitehood
The owner owns a shop
Name of the shop: Mystical Crafts
The shop sells craft materials
The owner also provides craft lessons.
The craft lessons are provided to six customers at a time
She is facing trouble tracking accounts payable
She is not an organised person
She also struggles with collecting money from customers
She also finds sending the accounts to the customers difficult
She is taking a computer course at a local college
She is considering to implant a computerised accounting system at her shop

What Are The Documents Required In The Process Of Manual Accounting System For Keeping The Record Of Sales, Receipts, And Correct Payment To The Suppliers ?

The source document has the details of every transaction. The range of transactions starts from selling a pen to buying a table. Some other sources are business forms. This has the details of purchase orders, invoices, and receipts. The type of business forms varies from organisation to organisation. Some organisation has an excessive pattern of paperwork to have an impression of an old-school business model. All the efforts document a purchase order. Some other organisations are found to be lenient. They leave it to their managers with the payment and ordering of items. The managers are also allowed to sell the goods at low accountability. For this, there remains no adjustment as such. Don’t you think that this is great? I think every business must get engaged in an efficient accounting system. This would increase the efficiency of the documents. The documents include inventory, details of sales, and purchases. For being efficient in keeping the records, the use of source documents is important. it would record every item’s transaction. The record will help in processing the data further and bookkeeping.

WORLDY INVASION OF COMPUTER

The computer age is what today’s world is. The concepts described above are introduced in computer databases. The data can be entered directly.

The databases facilitate by making the associations automatic, congruent, and categorised. This is also known as data entry.

In a preview, it can come to mind that, if everything is computerised, why there is a need to study it. The answer is, the thought is not true. The roots or the base of a computerised accounting system remains in the structure of accounting.

Although it cannot be denied that the physical hassle of papers has been reduced a lot. But, you can see that there is a need for accounting assignment help. Generally speaking, the source of everything is the source document. Then it is moved to a journal. Journal, in the accounting sphere, is a book.

It contains the original entries concerning financial transactions. No doubt, all entries\' information is taken from source books only. Later with time, the entries are combined together and transferred to a greater space, a journal.

The journal has entries in a chronological series. In a computerised accounting system, the data can be sorted by any parameter. This is known as journalising. There are various types of journals according to the needs of a company.

The Different Ways In Which A Computerised Accounting System Can Assist Mary In Managing Her Business In An Efficient Way And Reaching To A Better Conclusion

Computerised accounting, as the name suggests, involves the use of computers. The computers require necessary and appropriate software. These are important to record, analyse and store financial data. The computerised accounting system has many advantages when compared with analogue accounting systems. The advantages for accompanied by the use of this modern technology in making better decisions for the store by Mary are stated below:

1.The majority of the calculations are handled by the software. The automatic system is easy in the view that it reduces manual work. It makes the work fun. The computerised system consumes less time in comparison to the manual accounting process. The room for error will become less. People should consider involving experts for the first few days of operation. It would help in boosting the confidence of the handler of the system.

2.The computerised accounting system has been designed with a view of achieving accuracy. The accounting process relies majorly on accuracy. Accuracy is required for the minutest of the details in accountancy. The data is required to be entered manually into the computer system. This is the only manual thing to be done in the computerised accounting process. it needs to be done without any errors. After the entry of all the data, every type of calculation is done by the software automatically.

3.The smart system of computerised accounting has made an individual independent of a particular workspace. Anyone can carry all the information with them. They can work on it whenever they want from anywhere. Thus, as Mary is the owner and the manager of the store, she would be able to work from her home on the data. In her free time, she can run a check on data entries. While being at the store she can pay attention to her customers more. She will be able to dedicate herself more to the transaction with customers at the store. She can provide craft classes to more people at one go with her relaxed time.

4.The use of computerised accounting will prepare accounts faster. The statements of transactions could be done easily with the use of a particular format in soft copy. The specific particulars will need a change only. The reports will be ready just with a click on enter on the keyboard. The managers, in this case, Mary will not have to wait for hours or days to get an important report as used to happen in earlier days.

5.Computerised accounting is naturally less laborious. It is very suitable for an owner, who single-handedly handles a business. It would save energy. The smart system will enhance the work mode. It will also lessen the stress on the accounting department.

6.The growth of a company is associated with an increase in accounting complexity. With the use of computerised accounting, the process remains straightforward. The smart procedure will always be easy than putting it down on paper. As for Mary, when her business starts growing, she can always hire help. The assistant will look after the store and sales. The owner can look after the classes and accounts swiftly.

I hope all the above points have made the advantages of a computerised accounting system understandable. Every one of you searching for TACC401 assessment answers can refer to the above-stated points.

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