[Solved] Evaluate why an accountant should design spreadsheets with a completely separate data entry area and a separate report ar

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[Solved] Evaluate why an accountant should design spreadsheets with a completely separate data entry area and a separate report area? Paste a simple spreadsheet example.

Here, you are required to present a report answering all the following questions mentioning their Importance aspects such as:

• Evaluate why an accountant should design spreadsheets with a completely separate data entry area and a separate report area and why replace cell references with name.
• Negative numbers, IF functions, and perpetual versus periodic systems.
• Worksheet and financial reports, Application of inventory flow assumptions, and Bank reconciliation.
• Journalising accounts receivables entries and Estimating bad debts.
• Evaluation of a firm’s financial position, dishonour of a note receivable, and work integrated assessment case study.  

TASK

Q1 Naming cells in spreadsheets (4 marks)

Why replace cell references with names? Create a simple spreadsheet and paste Sales less Expenses = Net Profit.

Q2 Negative numbers (3 marks)
Why do accountants display negative numbers in brackets? How can negative numbers be displayed in brackets? Paste a simple spreadsheet example. See:

Q3 Separation of data and report areas (5 marks)
Evaluate why an accountant should design spreadsheets with a completely separate data entry area and a separate report area? Paste a simple spreadsheet example.

Q4 IF functions (5 marks)
What is an `IF` statement (function)? Reference a youtube. Provide a spreadsheeted accounting example for net profit/net loss.

Q5 Perpetual versus Periodic systems (5 marks)
Explain the essential differences between perpetual and periodic inventory systems. Give examples of products/situations suited to each. (Watch the 3 videos on Inventory in Interact2 Resources).

Q6 Worksheet and financial reports (12 marks)
Watch the Foot Worksheet movie in Interact2 resources. Download the relevant doc file also on Interact2 resources. This doc file has a template of the example below.

Examine the original data from the video. Create a new report/solution and change every data number and enhance/improve the example to prepare a ten column spreadsheeted worksheet and the Financial Reports. Change the presentation of settlement discounts so it complies with the method in chapter 5 of your text.

Do not create journal entries or ledger accounts. Ensure your trial balance still balances after your data changes. The changes should be your personal choice. So your solution will be unique.

Follow the spreadsheet requirements including a separate data entry and report area and implement IF functions wherever appropriate. As usual, paste the normal view and the formula view.

Write a business report evaluating spreadsheets as a tool for accounting. You may wish to search the Internet with terms such as “advantages of spreadsheets”. Use the following resource to help you prepare and format your report:

Q7 Application of Inventory flow assumptions (10 marks)
Create a well-designed spreadsheet to solve Irene`s Toy Company. Make several of your own changes to the original data and create a new solution. In this second version, create prices that decline throughout the month. Paste the two solutions and one formula view. Highlight your changes. Explain the significance of the changed results,

Q8 Bank Reconciliation (10 marks)
Prepare a Bank Reconciliation Statement from the following data.

Paste the normal and formula views. Use an IF function. Then in a second version change all the data.

Q9 Journalising accounts receivable entries (6 marks)
Using your text as a resource, show the T accounts needed to show sales on credit, the collection of part of the amount owing, the write off of accounts receivable, the reinstatement of an amount written off and the collection in full of the amount owing. Create your own numbers. A spreadsheet is not required.

Q10 Estimating bad debts (4 marks)
Contrast two different methods of estimating bad debts. Create simple examples.

Q11 Evaluation of a firm’s financial position (6 marks)
How can we use receivables to evaluate a firm`s financial position?

Q12 Dishonour of a note receivable (8 marks)

Write a scenario which includes a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Show the T accounts. Create your own simple numbers.

Q13 Work Integrated Assessment case study (12 marks)

Ramesh`s questions:

1. Identify and explain some of the metrics that Qantas uses to show its performance.
2. Examine and comment on the Statement of Comprehensive Income.
3. What expertise does Todd Sampson bring to the Board of Directors?
4. Explain Revenue Seat Factor, EBIT, Revenue received in advance and Retained Earnings.
5. Calculate and comment on the Working Capital ratio.
6. Create two charts in Excel from any data in the Qantas report showing 3D columns and a 3D pie chart. Paste the spreadsheet graphs in your assignment. Also, paste the graph data area.

Summarise your advice to Ramesh re the investment decision.