Assessment item 3
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Q2-1 Naming cells in spreadsheets
In a spreadsheet why replace cell references with names? Paste a simple example of a formula using names rather than cell references. For example Sales less Expenses = Net Income. Create your own example.
Q2-2 Negative numbers
How can negative numbers be displayed in brackets; in red? Paste a simple spreadsheet example.
Q2-3 Separation of data and report areas
Evaluate why an accountant should design spreadsheets with a completely separate data entry area and a separate report area? Paste a simple spreadsheet example.
Q2-4 IF functions
What is an ‘IF’ statement (function)? Provide a spreadsheeted accounting example.
Q2-5 Spreadsheet apps
Microsoft Excel is an example of spreadsheet software. List four further examples of spreadsheet software. Evaluate the importance of spreadsheet software to computer development. Hint. Google VisiCalc.
This group of questions above can be answered from any source including internet resources.
Q2-6 Perpetual versus Periodic systems
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).
Q2-7 Journal entries
Show the journal entries for perpetual inventory and periodic inventory systems for the purchase and sale of inventory. (Watch the 3 videos on Inventory in Interact2 Resources).
Q2-8 Worksheet and financial reports
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 number and enhance/improve the example to prepare 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. 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” and “spreadsheet errors”. Use the following resource to help you prepare and format your report: https://hndassignmenthelp.co.uk
Q2-9 Accounting principles
List and explain two accounting principles or concepts relevant to inventory. Give your own examples.
Q2-10 Inventory flow assumptions
List and explain the three major inventory costing (flow) methods.
Q2-11 Application of Inventory flow assumptions.
Create a well-designed spreadsheet to solve the following assuming periodic inventory. Make several of your own changes to the original data and create a new solution. Paste the two solutions and one formula view. Highlight your changes.
Q2-12 Thinking about internal control issues.
How is the separation of duties an example of internal control? Give two examples.
Q2-13 Bank Reconciliation
A. Write a brief introductory scenario and create your own bank reconciliation spreadsheet. You may choose to use a text example as a template but use your own numbers. Your spreadsheet will demonstrate all the usual spreadsheet requirements.
- B. Why do firms construct bank reconciliation statements on a regular basis?
Q2-14 Journalising accounts receivable entries.
Detail the journal entries 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.
Q2-15 Estimating bad debts
Contrast two different methods of estimating bad debts. Create simple examples.
Q2-17 Percentage of sales method
Following are some selected transactions of David Jones (DJ) during 2013 and 2014. Reporting date is 31 December. DJ uses the allowance method and makes adjusting and closing entries on reporting date.
31 December DJ estimated that bad debt expense for the year was 5% on credit sales of $1,500,00 and recorded that amount as expense.
31 December Made the closing entry for bad debt expense.
10 January DJ sold $8,000 of inventory to Mills & Brown (MB) on account
20 June DJ wrote off the receivable from MB after repeated efforts to collect.
25 July DJ also failed to collect $13,000 receivables from BK and $10,000 from MM with no hope to collect them in future.
15 August DJ received an apology letter for paying late and $8,000 from MB.
31 December DJ estimated that bad debt expense for the year was 4% on credit sales of $2,000,000 and recorded that amount as expense.
31 December Made the closing entry for bad debt expense.
1. Record the transactions in the general journal and post to the two ledger accounts.
2. Open general ledger T accounts for Allowance for doubtful debts and Bad debt expense. All accounts begin with a zero balance.
- The 31 December 2014 balance of Accounts receivable is $500,000. 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.
Q2-18 Dishonour of a note receivable
Write a scenario which includes a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Include journal entries. Create your own simple numbers.
Q2-19 Account classification
What kind of account is Goodwill, Allowance for bad debts, Accumulated depreciation? Explain. Refer to the P A L E R mnemonic.
Work Integrated Assessment case study
McDonald’s 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 United States 2014 Annual Report for the McDonald’s Corporation.
Your friend Jack is studying architecture at another University and knows very little about accounting and annual reports. Jack’s uncle gave him $30,000 recently to invest. Jack knows you have begun studying accounting and is considering buying McDonald’s shares. Jack has some questions for you.
Present your answers concisely in a business report format.
- How many shareholders do McDonald’s have?
2. What are the total revenues for 2014?
3. Find the Balance Sheet and identify the amounts and explain: Goodwill, Prepaid expenses, Income taxes and Accrued Payroll.
4. Calculate the Working Capital ratio.
5. Go to page 54 of the annual report. Create this chart in Excel showing columns rather than a line graph. Paste the spreadsheet graph in your assignment. Show the data area.
6. Summarise your advice to Jack re the investment decision.
Go to www.mcdonalds.com to find the McDonald’s home page. Click on “Our Story”; Corporate Info; Investors; Annual Reports; and select the 2014 report.
You are working as an accountant in a regional accounting firm. You have been approached by the owner of a start-up business. They have chosen Saasu as their accounting system and have employed you to set up their company in Saasu and enter the first month’s transactions. You will use Saasu to enter a range of transactions and print some reports to assist with the business start-up. All information has been supplied by the business owner for you to input.
The set up and transactional data will be provided in Resources.
Print and submit the following reports for January (either print to screen or print and scan as an electronic file). Marks will be awarded for the correctness of information as well as the standard of presentation of your assessment.
1) Profit & Loss – Summary
2) Balance Sheet
3) Profit & Loss – Detailed
4) Aged Payables Report
5) Aged Receivables Report
6) Inventory Item History
Using the information compiled above, prepare a short report that covers the following:
1) Advice to the business owner on how their business has performed for the month of January
2) Recommendations to improve the profitability of the business.
Systems Planning & Implementation (word limit guide: 500 words)
The Queensland Health Payroll System project (2007-2011) has received adverse media attention relating to significant issues and failures. Information regarding to the project can be obtained by reading appropriate project and auditors reports, accessed via the internet. Undertake some research of this information systems project to complete the following task:
Using the Systems Development Lifecycle (SDLC) process as a framework (figure 19.1 on page 612 of the Romney text), identify 5 deficiencies in the Queensland Health Payroll System project and relate each deficiEncy to to the relevant step/phase in the SDLC. Also provide recommendations on how these deficiencies may be overcome in future projects. Your answer is to be specific to step 1 (systems analysis) and/or step 4 (implementation and conversion) of the SDLC only. Steps 2, 3 and 5 are not to be included in your answer.
You should focus your research on the project and auditors reports rather than the more subjective media documentation.
BYOD (word limit guide: 500 words)
“Bring Your Own Devices” (BYOD) present new possibilities and challenges for all organisations.
- a) Explain the concept of BYOD and identify 3 advantages to an organisation arising from the use of BYOD.
- b) what risks and concerns must be addressed in the development of an “acceptable use” policy for the use of BYOD within an organisation ?
APA referencing must be used, where relevant, with citations and a list of references for any sources referred to in this assessment.