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Acc 205 Week 5 Final Modern Accounting

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Acc 205 Week 5 Final Modern Accounting
Modern Accounting
ACC 205
Modern Accounting
Over the years modern accounting systems have changed for the better
and the worse as well. The topic is, how have modern accounting
systems made a difference in modern organizations? Before taking this
course, it was unclear how accounting was used in businesses or the
way it was formatted. Learning so much from taking this course, as how
to analysis transactions and use these format correctly. I have used
Excel spreadsheets in other courses and for my personal use but they
do not compare the assignment in this course. I have learned how to
successfully create balance sheets, income statements, and so much
more. Lastly, I have learned what the correct order to create successful
and understandable business financial statement.
The smallest corner store or largest multimillion organizations created
their own innovations on which they believe to be the best account
perspectives. They were successful for a short time by applying new
cost such as JIT systems to improving the cost systems. Their
sociological perspective can be understood as a point of view that
focuses not only on individuals in a company but overall group or
society, unfortunately many flaws and late technology slowed their
progress down. Many flaws that could have been improved with their
value of modern management accounts systems.
The main change has been the amount of money spent by
organizations. In the past, companies big or small needed a dozen
accounting clerks in order to prepare all documents manually, and of
course this was time consuming, which generated large wage payout.
Today, companies big and small use modern computerized software on

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computers, which can perform a more accurate detail submission, which
only requires a small group of people if not one or two people performing
the accounting.
Modern Accounting
In addition, another factor to consider when speaking of modern account
systems is perpetual inventory systems (PTS). This controls the
inventory in all stores and main warehouse by single scans. The scans
come from the cashier ringing the merchandise that is automatically
added to the order sheets. Larger companies such as Wal-Mart and
Target provided the sales floor employees with handheld computers that
track in store stock as well as inventory controls. These moderns’
scanners control the operations of the company, as employees work
products to sales floor each item is scanned and tracked, then ordered
automatically if needed.
While working at Wal-Mart, each employee was required to carry at least
one per department. The handheld was the kiosk for the entire store. If
provided inventory controls, counting and ordering methods. As well as
accounts processes that would allow the employee to create worksheets
to log in numbers and as well as operating cost. These handhelds are
costly and very power as a desktop computer, which makes them useful
and most improved modern accounts systems to date.
In addition to technology updated to improve accounts systems, the
funds of companies have also been updated by the modern changes in
organizations. The way information is processed and how quickly it can
be changed or updated has improved business transactions. Financial
information is available to organizations faster and easier by simply
typing the needed data. The company is able to understand they
information faster and easier without having to search through many
book records and years. These modern accounts systems and the faster
data have improved cost and payroll, such as how fast employees can
be paid.
The modern account systems also have many flaws as it did in the past.
Even though our amount of time and labor spent has been reduced by,
using electronics does not mean errors still
Modern Accounting

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do not exist. Because the information is delivered much faster, the lack
of understanding how to use the information has been ignored. The fast
growing technology has not been taught property by large organizations
because it is growing too fast for employees and employers to keep up.
The old way of using account systems was slow, but the lacks of errors
were slim because they thoroughly understand the inner workings of
how their systems worked. Both human and electronic input controls
how errors are a factor in new accounting systems compared to older
systems where each documents was hand written and checked by
humans only.
Chapter 1 provided a lot of insight for myself while regarding accounts
systems. From speaking to individuals to taxing authorities and in-
between was a good reference for myself. When dealing with business
transactions many different factors are used. The below example is from
(Charles T. Horngren, 2008,2009,2012).
| Cash | Accounts receivable | Officesupplies | Land | Liabilities |
Owner’sequity | Type ofOwner’s Equitytransactions |
Balance | 21,900 | 2000 | 500 | | 200 | 35,200 | |
(11) | -2,000 | | | | | -2,000 | Owner withdrawal |
Balance | 19,9000 | 2000 | 500 | | 200 | 33,200 | |
| | | | | | | |
Such as transactions 1: starting the business, this is very important as it
shows owner investment which can increase or decrease assets.
Transaction 2 purchases of land or rental agreements, which also adds
assets, equity and liabilities to the statement. Transaction 3 purchases of
office supplies, which is important for the well-being of the business, this
increases
Modern Accounting
the liabilities, accounts payable transactions. Transaction 4 earning of
service revenue, this adds value to owners equity, and capital.
Transaction 5 earning of service revenue on account which this adds
value to the owner’s equity. Transaction 6 payment of expenses, this can
be transactions such as employee salaries, utilities and rent, which
subtracts from the owner’s equity. Transaction 7 payment of accounts

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