CERTIFICATION COURSE

IN
DIGITAL ACCOUNTING

-CLOUD ACCOUNTING
APPLICATIONS

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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.

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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.

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 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 ananwkc@gmail.com

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 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: padejole@yahoo.com
Website: www.profadebayopaul.com

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