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    Cloud Accounting Applications - Pea 2021-2022 Session - Case Studies

    Uploaded by

    Oladapo Oluwakayode Abiodun
    The document contains instructions for four case studies involving the use of cloud accounting applications like Sage Online and Wave to complete various accounting tasks. Case study 1 involves accessing sample company records and exporting reports to PDF using Sage Online. Case study 2 involves creating a company, chart of accounts, and financial statements for a sample business using Wave. Case study 3 involves using Sage Cloud to verify the VAT difference reported by a company under IRS inquiry. Case study 4 involves creating accounts and posting entries for a sample business using Sage50 Online. There is also a practice question involving creating a new agency and posting transactions for 2022 using Sage50 Online.

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    Cloud Accounting Applications - Pea 2021-2022 Session - Case Studies

    Uploaded by

    Oladapo Oluwakayode Abiodun
    29 views5 pages
    The document contains instructions for four case studies involving the use of cloud accounting applications like Sage Online and Wave to complete various accounting tasks. Case study 1 involves accessing sample company records and exporting reports to PDF using Sage Online. Case study 2 involves creating a company, chart of accounts, and financial statements for a sample business using Wave. Case study 3 involves using Sage Cloud to verify the VAT difference reported by a company under IRS inquiry. Case study 4 involves creating accounts and posting entries for a sample business using Sage50 Online. There is also a practice question involving creating a new agency and posting transactions for 2022 using Sage50 Online.

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    Accounting

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    Cloud Accounting Applications- Pea 2021-2022 Session - Case Studies

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    The document contains instructions for four case studies involving the use of cloud accounting applications like Sage Online and Wave to complete various accounting tasks. Case study 1 involves accessing sample company records and exporting reports to PDF using Sage Online. Case study 2 involves creating a company, chart of accounts, and financial statements for a sample business using Wave. Case study 3 involves using Sage Cloud to verify the VAT difference reported by a company under IRS inquiry. Case study 4 involves creating accounts and posting entries for a sample business using Sage50 Online. There is also a practice question involving creating a new agency and posting transactions for 2022 using Sage50 Online.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    29 views5 pages

    Cloud Accounting Applications - Pea 2021-2022 Session - Case Studies

    Uploaded by

    Oladapo Oluwakayode Abiodun
    The document contains instructions for four case studies involving the use of cloud accounting applications like Sage Online and Wave to complete various accounting tasks. Case study 1 involves accessing sample company records and exporting reports to PDF using Sage Online. Case study 2 involves creating a company, chart of accounts, and financial statements for a sample business using Wave. Case study 3 involves using Sage Cloud to verify the VAT difference reported by a company under IRS inquiry. Case study 4 involves creating accounts and posting entries for a sample business using Sage50 Online. There is also a practice question involving creating a new agency and posting transactions for 2022 using Sage50 Online.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    CERTIFICATION COURSE

    IN
    DIGITAL ACCOUNTING

    -CLOUD ACCOUNTING
    APPLICATIONS

    …

    1|Page-Case Studies in Certification Course-NCA/WKC 2021/2022


    MODULE 2: CLOUD ACCOUNTING APPLICATIONS
    Case Study1
    Cloud accounting is the practice of using an accounting system that's accessed through
    the internet. ... Because cloud accounting systems are internet-based, you can access
    your records anywhere and on any device that has an internet connection using an app
    or web browser.
    Required:
    Use Sage Online (Cloud) to:
    i. Access the Records of any sample company;
    ii. View the Income statement;
    iii. View the Balance sheet;
    iv. View the VAT records;
    v. Export the Income statement to PDF;
    vi. Send the Income statement as attachment to your mailbox;
    vii. Check your mailbox to download the Income statement.

    Case study 2
    The following transactions relates to the activities of Walmart Consulting for the year
    2022:
    $
    i. Audit fees 5,000,000 Income
    ii. Consultancy fees received 1,500,000 Income
    iii. Electricity paid 500,000 Income
    iv. Salaries paid 700,000 Expenses
    v. Office Equipment bought 3,000,000 Fixed Asset
    Note:
    1. All the transactions were effected through Chase bank account.
    2. Use codes 6001, 6002 for revenue items; codes 7001, etc for expenditure items
    and code 8001 for asset items.

    Required:
    Use Wave (Cloud) to:
    i. Create the Company.
    ii. Create Chart of Accounts.
    iii. Post the transactions for 2021 using General Journal.
    iv. Generate the Income Statement.
    v. Generate the Balance Sheet.

    2|Page-Case Studies in Certification Course-NCA/WKC 2021/2022


    Case study 3
    The Internal Revenue Service (IRS) has been put to enquiry on the returns filed
    by Super Cycles Wholesales in respect of VAT. The company utilize Sage Cloud
    in preparing her accounts. The company presented the difference between
    Output and input VAT as 25,000. The IRS engaged you as the Consultant to
    verify and report the actual difference between the VATs.

    Required:
    How will you go about this assignment in the Cloud Accounting environment?

    Case study 4
    The following balances were extracted from the books of ACCSA Global in
    2022
    ITEMS AMOUNT
    Motor Vehicles N500,000
    Furniture N1,000,000
    Zenith Bank N2,000,000
    Capital N2,500,000
    Loan N1,000,000

    During the month/year the following transactions took place


    ITEMS AMOUNT
    Sales turnover N5,000,000
    Donations received N2,000,000
    Rent paid N500,000
    Salaries N700,000
    All transactions were done through bank:

    Required
    Use Sage50 online to create the chart of accounts, post the entries and
    generate final accounts.

    3|Page-Case Studies in Certification Course-NCA/WKC 2021/2022


    Practice Question
    Question
    The accounts department of USAID has been using manual accounting system
    in preparing and presenting their financial statements for the past three years.
    However, effective from 2022, the agency decided to use Sage50 online in
    preparing and presenting financial reports. Below are the closing balances of the
    accounts of the agency as at 31st December, 2021:
    Description $
    Accumulated Fund 10,000,000
    Fixtures 4,000,000
    Loan 2,000,000
    Motor Vehicles 6,000,000
    Chase Bank 800,000
    Cash 1,200,000
    Transactions During the year 2022
    i. Registration fees received by Cheque $1,500,000.
    ii. Inspection fees received by Cheque $900,000.
    iii. Annual returns received by Cash $1,400,000.
    iv. Electricity paid by Cheque $50,000.
    v. Telephone Charges paid by Cheque $10,000.
    vi. Water rates paid by Cash $15,000.
    vii. Salaries paid Cheque $200,000.
    viii. Motor Vehicle bought by Cheque $1,000,000.
    ix. Furniture purchased by Cheque $120,000.
    Note:
    All transactions for 2022 were done through Bank, except the telephone charges.
    It was paid via cash.
    Required:
    Use Sage50 online to:
    i. Create the Agency.
    ii. Create Chart of Accounts.
    iii. Prepare opening General Ledger Trial Balance.
    iv. Post the transactions for 2022 using Journal.
    v. Generate the Income Statement.
    vi. Generate the Balance Sheet.
    vii. Export your reports to Pdf.
    viii. Send the report to [email protected]

    4|Page-Case Studies in Certification Course-NCA/WKC 2021/2022


    Thank you for your attention!!!

    PROF. ADEBAYO PAUL ADEJOLA, FCNA, FCA, FCTI, FCCSA (USA).


    Managing Consultant, White Knight Consulting, Nigeria;
    Regional Rep., ACCSA Global.
    Mobile: +234 803 680 2529
    E-mail: [email protected]
    Website: www.profadebayopaul.com

    5|Page-Case Studies in Certification Course-NCA/WKC 2021/2022

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