This video is directly relate to our blog, the main theme of our blog is "accouting",The video is produced from the school hall,During the editing process, comparing with two editing tools we found that Imovie was relative ease of use, since we merely need to add our video source into the software, and then selected one title from the module board.
By dragging the segments to finish the cutting and combining. In addition, as the Imovie version looks impressive and vivid, most of group members voted for this version rather than the movie maker version.
At last, we inserted background music and words to display the video perfectly.

report

The first difficult of making this video is that, some of our group members became shy when we record the video, so we have to practice again and again, and record the same part of video several times until every people in our group is satisfy.

Another challenges and tribulations of this assignment were mainly brought about by our lack of previous video editing experience, specifically in regards to figuring out how to cut out certain parts of the video, and saving it in a format readable by each group member’s computer. Nevertheless, we managed to overcome these adversities fairly quickly through unification of ideas and trial and error using Windows Live Movie Maker.

tribulation we had some difficulty with was time management and being able to get together to film and edit the video. Since we wanted everyone to be included in the filming of the video, we decided the best time to film would be during a practical class, and edit in our own time after that. Fortunately however, we were able to come to an agreement as to when most group members would be able to do specific parts of the assignment, which helped the entire process run as smoothly as possible.

isys100 assignment3

Accounting System

Organized set of manual and computerized accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for management decisions.

 

Components of the Accounting System:

 

Think of the accounting system as a wheel whose hub is the general ledger (G/L). Feeding the hub information are the spokes of the wheel. These include

Accounts receivable

Accounts payable

Order entry

Inventory control

Cost accounting

Payroll

Fixed assets accounting

Cost accounting system:

National Carbon Accounting System

Australia’s National Carbon Accounting System (NCAS) provides world-leading accounting for greenhouse gas emissions from land based activities.

Land based emissions (sources) and removals (sinks) of greenhouse gases form a major part of Australia’s emissions profile. Around 24 per cent of Australia’s human-induced greenhouse gas emissions come from activities such as livestock and crop production, land clearing and forestry.

Land management such as soil preparation, fertiliser use, harvesting and burning all affect emissions of greenhouse gases. A significant proportion of Australia’s land based emissions occur as non-carbon dioxide gases, in particular methane from livestock production and nitrous oxide from fertiliser application.

Actively growing forest systems remove carbon dioxide from the atmosphere through photosynthesis. Growing forests act as a long-term carbon sink by storing carbon in the trees, debris and soils. In 2008, removals associated with reforestation activities were estimated to be approximately 23 Mt of carbon dioxide (based on forests planted since 1990), effectively reducing national emissions by almost 4 per cent.

These modules are ledgers themselves. We call them subledgers. Each contains the detailed entries of its specific field, such as accounts receivable. The subledgers summarize the entries, then send the summary up to the general ledger. For example, each day the receivables subledger records all credit sales and payments received. The transactions net together then go up to the G/L to increase or decrease A/R, increase cash and decrease inventory.
We'll always check to be sure that the balance of the subledger exactly equals the account balance for that subledger account in the G/L. If it doesn't, then there's a problem.



Read more: http://www.businessdictionary.com/definition/accounting-system.html#ixzz1u8Tyx0Dm

Types of Accounting

Financial accounting is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power. The fundamental need for financial accounting is to reduce principal–agent problem by measuring and monitoring agents' performance and reporting the results to interested users.

Financial accountancy is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company. Management accounting provides accounting information to help managers make decisions to manage the business.
In short, financial accounting is the process of summarizing financial data taken from an organization's accounting records and publishing in the form of annual (or more frequent) reports for the benefit of people outside the organization.

Financial accountancy is governed by both local and international accounting standards.

Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.
In contrast to financial accountancy information, management accounting information is:

• primarily forward-looking, instead of historical;
• model based with a degree of abstraction to support decision making generically, instead of case based;
• designed and intended for use by managers within the organization, instead of being intended for use by shareholders, creditors, and public regulators
• usually confidential and used by management, instead of publicly reported;
• computed by reference to the needs of managers, often using management information systems, instead of by reference to general financial accounting standards.

Traditional vs. innovative practices:

Accounting for Non-current asset

                        

                                                     NON-CURRENT ASSETS


Noncurrent assets are cleverly defined as anything not classified as a current asset. The main line items in this section are long-term investments; property, plant, and equipment (PP&E); and goodwill and other intangible assets.

Long-Term Investments. This is money invested in either bonds with longer terms than one year or the stock of other companies. These aren't as liquid as cash and short-term investments, and prices may fluctuate, so it's possible that the value shown on the balance sheet may be too high or too low. If it's a big enough balance, you may want to dig into the details to make sure you're comfortable with the kinds of risks the firm is taking with shareholders' money.
Property, Plant, and Equipment (PP&E). These assets represent the bricks and mortar of a company: land, buildings, factories, furniture, equipment, and so forth. The PP&E amount on the balance sheet is typically reported net of accumulated depreciation--the total amount of depreciation recorded against the assets over their life. Eventually, PP&E has to be replaced, and depreciation is a company's best estimate of these "replacement" costs from wear and tear. Keep in mind that PP&E is usually not a very accurate measure of what a firm's bricks and mortar are really worth. Many times, buildings worth millions of dollars are reported at next to nothing in PP&E because of accumulated depreciation. Likewise, the actual value of a company's land--which is recorded in PP&E at its acquisition price--may be worth exponentially more than what is recorded.
Goodwill and Other Intangible Assets. Intangibles are, just as the name describes, assets that can't be touched and are generally not going to turn into cash. The most common form of intangible assets is goodwill. Goodwill is formed when one company buys another and pays more than the target company is worth (as defined by the net worth, or equity on the target's balance sheet).
You should view this line item with high levels of skepticism because most companies tend to pay too much when making acquisitions. Therefore, the value of goodwill that shows up on the balance sheet is often higher than what the intangible assets are really worth. Accounting rules require companies to value goodwill every year, and if a company lowers the value of the goodwill it records--a phenomenon known as impairment--it's a tacit admission that the company paid too much for an acquisition it made in the past.

Depreciation

             
Definition of 'Depreciation'
1. A method of allocating the cost of a tangible asset over its useful life. Businesses depreciate long-term assets for both tax and accounting purposes.

2. A decrease in an asset’s value caused by unfavorable market conditions.

                       

Investopedia explains 'Depreciation'
1. For accounting purposes, depreciation indicates how much of an asset’s value has been used up. For tax purposes, businesses can deduct the cost of the tangible assets they purchase as business expenses; however, businesses must depreciate these assets in accordance with IRS rules about how and when the deduction may be taken based on what the asset is and how long it will last.

Depreciation is used in accounting to try to match the expense of an asset to the income that the asset helps the company earn. For example, if a company buys a piece of equipment for $1 million and expects it to have a useful life of 10 years, it will be depreciated over 10 years. Every accounting year, the company will expense $100,000 (assuming straight-line depreciation), which will be matched with the money that the equipment helps to make each year.

2. Currency and real estate are two examples of assets that can depreciate or lose value. During the infamous Russian ruble crisis in 1998, the ruble lost 25% of its value in one day. During the housing crisis of 2008, homeowners in the hardest-hit areas, such as Las Vegas, saw the value of their homes depreciate by as much as 50%.