Topic-7 Tutorialans.docVIP

UNIVERSITY OF ADELAIDE BUSINESS SCHOOL MASTERS PROGRAMS ACCTING 7019 ACCOUNTING CONCEPTS AND METHODS (M) TUTORIAL - SOLUTIONS TO QUESTIONS TOPIC 7: MANUAL AND COMPUTERISED ACCOUNTING SYSTEMS p.316, Discussion Question 10. ‘Since nearly all accounting systems today are computerised, there is really no need for accountants to have an understanding of manual accounting systems.’ Do systems designers need to understand manual accounting systems? Discuss. Despite the growth in demand for computerised accounting packages being used in business, there is always demand for students and accountants who have an underlying basic accounting knowledge. For example, to understand how MYOB, Quick Books and other computerised packages work, you need to understand the basic workings of a manual accounting system (on which these computerised programs are modelled). Manual accounting systems studied in introductory accounting courses form the basis for understanding accounting and the financial reporting process. For this reason the study of manual systems is paramount to understanding basic business transactions and the associated practice. In addition to this, an understanding of manual accounting systems enables an accountant to identify both the existence and source of errors in the processing of transactions in a computerised system.  p.316, Exercise 7.1. Subsidiary ledger and control account. J. CARMEN Required: Prepare the Accounts Payable Control account showing the final balance of the account, assuming that all transactions are reflected in the above accounts. Prepare a schedule of accounts payable to reconcile the subsidiary ledger with the control account. A. Accounts Payable Control A/c Date Explanation Post Ref. Debit Credit Balance Balance 13 300 Purchases PJ 19 300 32 600 Cash at bank CPJ 11 800 20 800 B. Schedule of Accounts Payable G. Parisi $ 800 J. Traylor 7 700 P Ledoux 7 900