Accounting Systems and Processes

Title Accounting systems and processes
Assignment type Other types
Discipline Accounting
Description Task 2 covers study schedule weeks 5-12 inclusive Q2-1 Naming cells in spreadsheets Critically evaluate a YouTube video on naming cells in spreadsheets. What are the advantages of naming cells in formulas Paste an example, using simple numbers. Q2-2 Negative numbers Create a simple spreadsheet example of Sales revenue less Expenses to give Net income where Expenses are greater than Sales revenue. Display the negative result in brackets. Also incorporate an IF function. Q2-3 Spreadsheet structures. Why should spreadsheets be designed with separate data and report areas and with the report area containing only formulas? Create and paste a simple spreadsheet example. Q2-4 IF functions Find and briefly describe a YouTube video that explains the ‘IF’ statement (function). Create and paste a simple example. Q2-5 Spreadsheet apps Microsoft Excel is an example of spreadsheet software. List four further examples of spreadsheet software. Q2-6 Perpetual versus Periodic systems Review your text chapter 5 including appendix 5A and watch the 3 videos on Inventory in Interact2 Resources. Create a table to explain the essential differences between perpetual and periodic inventory systems. Give examples of products/situations suited to each. Q2-7 Journal entries Review your text chapter 5 including appendix 5A and watch the 3 videos on Inventory in Interact2 Resources. Show the journal entries for perpetual inventory and periodic inventory systems for the purchase of inventory, sales returns and end of period stocktake. Q2-8 Worksheet and financial reports Watch the Foot Worksheet video in Interact2 resources. Download the relevant doc file also in Interact2 resources. This doc file has a template of the example below. A. Create a spreadsheet report showing the data entry area, the worksheet and the financial reports. Paste the normal view. B. Paste a complete formula view. C. Create a new set of data and reports. Change six data numbers and create a ten column spreadsheeted worksheet and the Financial Reports. Do not create journal entries or ledger accounts. Ensure your trial balance still balances after your data changes. Follow the spreadsheet requirements including a separate data entry and report area and implement IF functions wherever appropriate. Paste two normal views and one formula view. D. Write a business report as if for senior management pointing out that corporate spreadsheets sometimes contain errors. Use resources on the Internet to enhance your report (about 300 words). Use the following resources to help you prepare and format your report: http://bit.ly/FoBAcademic-Writing-Skills unilearning.uow.edu.au/report/rep_business.html Q2-9 Accounting principles and Inventory List and explain three accounting principles or concepts relevant to inventory. Give your own examples. Reference your text (8th edition). Q2-10 Lower of Cost and NRV List and briefly explain the lower of cost and NRV rule. Reference your text (8th edition). Q2-11 Application of Inventory flow assumptions. Create a well-designed spreadsheet to solve the following. Create a second version with the cost per unit decreasing during October. Paste the normal view for the problem requirements and one formula view. Highlight your changes. Q2-12 Thinking about internal control issues for e-commerce. Define computer virus, phishing, firewalls, and encryption. Reference your text (8th edition). Provide examples of each. Q2-13 Bank Reconciliation Write a brief introductory scenario and create your own bank reconciliation spreadsheet. Use the text example on page 376, 377, 378 as a template but use your own numbers. Your spreadsheet will demonstrate all the usual spreadsheet requirements. Q2-14 Journalising accounts receivable entries. Using the text (8th edition) as a resource, show the journal entries needed for: sales on credit, the collection of part of the amount owing, the write off of a bad debt, 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. Q2-15 Estimating bad debts Describe the percentage of sales method. Create a simple example. Q2-16 Credit cards. Why do you think the interest charged on credit cards is much higher than on other forms of credit? Q2-17 Credit sales transactions Spreadsheet required. Following are some selected transactions of Danish Mart (DM) during 2014 and 2015. Reporting date is 31 December. DM uses the allowance method and makes adjusting and closing entries on the reporting date. Required: Record the transactions in the general journal and post to the two ledger accounts. See the template below. Open general ledger T accounts for Allowance for doubtful debts and Bad debt expense. The 31 December 2015 balance of Accounts receivable is $600,000. Show how Accounts receivable would be reported on the balance sheet at that date. Here is a template for the data section of the spreadsheet showing the transactions. Q2-18 Dishonour of a bill receivable Write a set of journal entries and T accounts which includes: a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Create your own simple numbers. Ignore interest. Q2-19 Explain the following accounting terms. Give examples of each. Impairment, Revaluation, Depletion Patents Q2-20 Work Integrated Assessment case study Qantas Annual Report Learning Objectives: The subject you are studying is vocational. It is designed with the workplace in mind. Work integrated assessment provides opportunities for students to link theory and skills learned in a subject to a real work context. Students can use these opportunities to develop and practice the professional and academic skills they learn about in a subject or through the online environment and then be assessed on their capabilities in these simulated authentic environments. Work integrated assessment allows students to simulate and situate their learning in an authentic workplace that encourages them to explore their knowledge and apply it to practice. Integrating real world, authentic assessment tasks allows students to learn about the particular environments and culture of their chosen professions, while at the same time absorbing and practicing the skills they need to succeed. Doing these tasks can help students develop skills that can help their employability. Resources for this task include the 2015 Annual Report for Qantas. Your friend Tom is studying architecture at another University and knows very little about accounting and annual reports. Tom’s uncle gave him $30,000 recently to invest. Tom knows you have begun studying accounting and is considering buying Qantas shares. Tom has some questions for you. Present your answers concisely in a business report format. Tom’s questions: How much profit did Qantas make? Earnings per share? What expertise does Todd Sampson bring to the Board of Directors? Explain EBITDA, Revenue Seat Factor, Revenue received in advance and Retained Earnings. Calculate the Working Capital ratio. Create a chart in Excel showing 3D columns for the operating cash flows and another showing a pie chart for the components of current assets. Paste the spreadsheet graphs in your assignment. Show the data area. Summarise your advice to Tom re the investment decision. Find the Qantas 2015 Annual Report on the web. Rationale The learning outcomes assessed in assignment 2 include the application of conceptual and technical aspects of accounting and the preparation of business financial statements; the appraisal of the use of information technology including spreadsheet software in accounting problem solving, and evaluate the Internet as a professional resource; to demonstrate relevant business communication skills including report writing and to explain the importance of ethics in accounting. Assessment task 2 is designed to give you further opportunity to demonstrate knowledge and skills in more in-depth aspects of accounting and information systems. Expected learning outcomes include bank reconciliation, Internal control, inventory systems, financial reports, accounting for bad debts and notes receivable, as well as concepts and the application of spreadsheet software to the presentation and solution of accounting problems.