Sunrise Pharmaceuticals Pry Ltd is a combined manual and computerised practice set. produced primarily as a teaching aid to be used in association with introductory accounting texts and the international accounting standards.
Pan A of this practice set provides experience in manually recording and posting a variety of business transactions from information provided in source documents. This will assist students in gaining an understanding of the flow of data in an accounting system. as many of these processes are out of sight in a computerised accounting system. Completion of the practice set for a one-month period should ensure a greater appreciation of:
• the steps in the accounting cycle for a business
• the use of special journals for processing data more efficiently
• the use of subsidiary ledgers to remove detail from the general ledger
• the steps in posting journals to the general ledger and subsidiary ledgers
• the perpetual inventory system
• the bank account reconciliation
• balance-day adjustments and the general ledger closing process
• how the accounting cycle culminates in the preparation of financial statements
• how the goods and services tax (GST) impacts on accounting
• the variety of source documents
• how to extract information from source documents to record transactions.
Pan 13 of this practice set uses a list of transactions in place of source documents. It is designed to provide students with an understanding of a computerised accounting system, how it operates, how to set up a data file and enter opening balances, how to record transactions and how to produce useful reports using MYOB AccountRight Plus v19. MYOB is a popular, reasonably priced. 'off the shelf, integrated computerised accounting package that is menu driven and user friendly. On completion of part B. students will appreciate how the same processes as those listed above for the manual practice set operate in a computerised environment.
The 'hands-on' methodology used in this practice set reinforces understanding of accounting fundamentals that are typically encountered in practice. The practice set is therefore suitable for students undertaking a course in accounting or those studying introductory computer-based accounting information systems.
There are no complex corporate transactions in this practice set beyond the calculation and payment of company tax. No dividends were paid during the period and tax effect accounting is beyond the scone of this nractice set.