Falling behind

Hi guys,

Omg i cannot belive how much i have falling behind it is so hard to do any study with my son, he has just started walking so i am constantly chasing after him so i am here to let you guys k ow i am so sorry i am trying my best to get back on top of everything but it is very hard im up till early hours of the mornung trying to catch back up but having 4 units with lectures of 2 hours long it deffinatly take a toll.

 

Thanks guys talk later hopefully.

Step 5 draft

Hi all,

i have managed to finish my step 5 and actually have everything balance I’ve uploaded it so everyone can have a look and give me feedback as to whether or not I’ve gone down the right roads.

thanks

WES Step 5

My company

Hi guys,

Last time i spoke about my company it was only a first glance but nowi can provide you guys wih further information.

images (6)

 

images (6)
Robert Grey Founder and CEO until 2015
Clayton-Astles-300x300
Clayton Astles Ceo since 2015

In 2004 Robert Grey founded Azure healthcare limited, as of the 31st April 2015 Mr. Grey stepped aside as CEO for Clayton Astles as the company repositions it’s operational activities to North America. Although Mr. Grey has stepped down he is still a significant shareholder in Azure Healthcare and remains a director of the company. Azure Healthcare work in the healthcare technology industry Azure Healthcare Limited is a provider of healthcare communication and clinical workflow management solutions at an international level.
The company is headquartered in Australia, has subsidiaries in six countries and supports more than 8,500 healthcare facilities through their global reseller network which includes growing markets in health, aged care and remand care. Azure Healthcare services markets include Australia, New Zealand, Canada, UK, USA, Asia and the Middle East.
There product is called Tacera which is an advanced IP based nurse call solution for healthcare facilities that provides “plug-and-play” functionality. This minimizes the cost of installation and commissioning, as well as making ongoing maintenance more cost effective – reducing the total cost of ownership of the system. Tacera also allows the following to happen;
o Calls may be displayed on pagers.
o DECT and VoIP based wireless telephones, quickly alerting staff that a call has been activated.
o Tacera’s VoIP interface enables crystal clear voice communications between nursing staff and the patient, without the need for third party middleware.

Thanks again for reading guys see you next time.

Week 2 notes part 2

KCQ’s for chapter 2 of study guide

  • GST collected (that is, the GST a firm has collected from its customers on behalf of the government and which the firm ‘owes’ to the government).
  • GST paid (that is, the GST a firm has paid to its suppliers on goods and services
    supplied to the firm by its suppliers. The firm can generally recover this amount from the government, because GST is generally only payable by the end consumer and thefirm is usually just part of the value chain leading to the end consumer).
  • GST payments/refunds (that is, payments of GST by the firm to the government, where GST collected by the firm exceeds GST paid by the firm; and refunds of GST receivedby the firm from the government, where GST paid by the firm exceeds GST collected by the firm).
  • The GST collected account will always have a credit balance (it is a liability from the firm’s perspective).
  • The GST paid account will always have a debit balance (it is an asset from the firm’s perspective).
  • Most firms will enter a lot of their transactions into specialised journals have into one general journal.
  • A firm’s accounting records of its transactions and the record of its transactions in its bank account will usually not be the same at any point of time.
  • The governments of most countries tax the profits of firms. The corporate tax rate on a firm’s profits in Australia is currently 30% (27.5% for smaller companies,)
  • Given that depreciation is simply an estimate by firms of how much of its non-current assets are being used up each year, the government realises that firms might be tempted to estimate larger deprecation charges to reduce its taxable income (and reduce the amount of money it needs to send to the tax department each year).
  • Governments usually set out depreciation rates in their tax legislation that they permit firms to use for various types of non-current assets to calculate depreciation when calculating a firm’s taxable income.

Week 2 notes

Hi guys, im sorry about the late upload im running a little behind. It was a bad week last week for my little man so i looked after him it will always be him before my uni sorry. I upload a section on week 2 but i hadn’t read the study guide now that i have a have a lot of notes and also my assignment 2 its a bit late for comments but i thought I’d upload it anywhere for you guys to compare it too. There is a few grammar and spelling mistakes. Thank you in advance. Assesment 1 step two ACCT11081

P.s. my assignment stopped wherr it did, necause it wqs already so long but i know there are lots more KCQ’s.

I will upload my notes over a couple uploads so uou dont have one really massive one. Please remeber to log into peerwise and complete some questions i have put more up for week 2.

KCQ’s from chapter 2 of study guide

  • Rote-memorise (I didn’t know what this was when I first read the word I had to read further along to find out what it meant.) and reproduce technical facts does not work well to get good grades in assessment in aa university unit or learn anything of value to us.
  • Increase in an asset is a debit, asset + expenses = liabilities + revenue + equity, LS is a debit, RS is a credit.
  • Central idea of business is to add value.
  • A firm’s ledger is where all the transactions of a firm that are recorded reside. It is where they lie or are laid down. The ledger is made up of several accounts, comprising various assets, liabilities, equity, revenue and expenses.
  • Subsidiary ledgers for those accounts in the general ledger where a firm wants to record further detail. Accounts that often have subsidiary ledgers are Accounts receivable, Accounts payable, Plant and equipment (and other types of non-current assets) and Inventories.
  • Accounts receivable which would set out the total amounts it is owed by all its customers at any point of time. It would also want to have individual accounts for each of its customers so it could easily keep track of how quickly each customer is paying its accounts with Coffee Supreme and whether any customer is breaching the agreed credit terms between them.
  • Depreciation is the amount by which the value of a non-current asset is being reduced in a firm’s accounts each year to approximate the reduction in value of the asset because of it having reduced future benefits to a firm over time.
  • The key thing to remember about subsidiary ledgers is that they are supplementary accounts that provide additional detail to support the balance in a control account. Also, remember that before the widespread use of computers the various subsidiary ledgers were separate actual books. Keeping them physically separate from the big general ledger of a firm was practical in that it allowed people to access and use the detail from a subsidiary ledger separately from the general ledger.
  • People start handling ‘other people’s money’ there can be opportunities for people to start using a firm’s resources for their own personal benefit.
  • We can set up some boundaries around the trust we give people in a firm through a range of techniques, including installing closed-circuit TV in a firm’s warehouse and completing police background checks on potential new employees before we employ them.
  • The controls a firm can put in place to protect its assets from theft (particularly by employees) are called, unsurprisingly, internal controls.
  • The GST rate in Australia is 10%.
  • Accounting is ‘live’ and on the move because business is living and always on the move.

Key points for week 2

Hi guys,

I’ve managed to get some quite time today so i’ve tried to knuckle down to gets some of this unit completed. I have come up with a few key concepts that again i am going to  put up in my blog so anyone including myself can go back to, to refresh there mind.

Three things to memorise;

  • Increase in an asset is a debit
  • Assets + Expenses = Equity + Revenue + Liabilities 
  • LH Side are debits; RH Side are credits

GST:

  • Income Statement: Exclusive GST
  • Balance Sheet: Exclusive GST 
  • Cashflow Statement: Inclusive GST

Accounting is a language it is used to communicate financial position and it does this through a balance sheet. It also communicates financial performance and it does this using an income statement.

The revenue belongs to the business. The business is responsible for the expenses.

Revenue: Income which arises in the course of ordinary activities of an entity.        Expenses: Cost of services or economic benefits consumed or lost or liabilities incurred during the period in the generation of revenue. 

                                                  Revenue is an increase in equity                                                   Expenses are an decrease in equity

The only other things that affect equity are investments by the owner and withdrawals (for personal use) by the owner.

Equity =Investment by the owner- drawings by the owner + revenue – expense 

                                                          Assets have a debit nature                                                                                                             Liabilities have a credit nature                                                   Equity has a credit nature

                                                  An increase in an asset is a debit                                                                                                        A decrease in an asset is a credit                                                                                                         An increase in a liability is a credit                                                                                                      A decrease in a liability is a debit                                                                                                         An increase in equity is a credit                                                    A decrease in equity is a debit

A ledger is a book that contains ACCOUNTS. One for every account that is affected by trasactions during the accounting period. Whwre effect of transactions is recorded three basic parts, title, place for recording increases, place for recording decreases.

In the ledger an account is established for each type of;

                                                                              Asset                                                                                                                                                        Liability                                                                                                                                                      Equity                                                                                                                                                       Income                                                                                Expense

When writing a ledger there are 4 steps to the cycle;

                                                 1. Recognise and record transactions                                                                                                      2.Journalise transactions                                                                                                                   3. Post to ledger accounts                                                         4. Prepare trail balance 

Thanks for reading guys i will talk to you again soon when i get a chance.