In a spreadsheet cell references can be replaced with names. Then the formula can use the names rather that cell references. Paste an example, using simple numbers, of Sales revenue less Expenses = Net Income.
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 replication
How can spreadsheets be designed so as to save effort with using the same spreadsheet month after month? Give a simple spreadsheet example.
Q2-4 IF functions
Find and briefly describe a youtube that explains the 'IF' statement (function).
Q2-5 Spreadsheet apps
Microsoft Excel is an example of spreadsheet software. List five further examples of spreadsheet software.
This group of questions above can be answered from any source including internet resources.
Q2-6 Perpetual versus Periodic systems
Watch the 3 videos on Inventory in Interact2 Resources. Explain the essential differences between perpetual and periodic inventory systems. Give examples of products/situations suited to each.
Q2-7 Journal entries
Watch the 3 videos on Inventory in Interact2 Resources. Show the journal entries for perpetual inventory and periodic inventory systems for the purchase, sale of inventory 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 solution showing the data entry area, the worksheet and the financial reports.
B. Create a new set of data and reports. 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. Paste two normal views and one formula view.
C. Write a business report pointing out that corporate spreadsheets sometimes contain errors. Use resources on the Internet to enhance your report.
Use the following resources to help you prepare and format your report:
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 Inventory flow assumptions
List and briefly explain LIFO, FIFO and Average cost. 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 uring October. Paste the two solutions and one formula view.
Q2-12 Thinking about internal control issues.
Define phishing, Trojan horses, firewalls and encryption. Reference your text (8th edition).
Q2-13 Bank Reconciliation
A. Write a brief introductory scenario and create your own bank reconciliation spreadsheet. Use the text example on page 377 as a template but use your own numbers. Your spreadsheet will demonstrate all the usual spreadsheet requirements.
B. What is included as Cash in the Balance sheet? Reference your text (8th edition).
Q2-14 Journalising accounts receivable entries.
Using the text (8th edition) as a resource, show the journal entries needed for:
1. sales on credit,
2. the collection of part of the amount owing,
3. the write off of a bad debt,
4. the reinstatement of an amount written off and
5. the collection in full of the amount owing.
Create your own numbers. A spreadsheet is not required.
Q2-15 Estimating bad debts
Describe the Aging of receivablesmethod. Create a simple example.
Q2-16 Credit and Debit cards.
Distinguish between credit and debit cards. How may a retailer show credit card sales? Show two different sets of journal entries.
Q2-17 Percentage of sales method
Following are some selected transactions of D 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.
1. How many shareholders does Qantas have?
2. What are the total revenues for 2015?
3. Identify the amounts and explain: Intangible Assets, Revenue received in advance, Retained Earnings.
4. Calculate the Working Capital ratio.
5. Using any data from the annual report, create a chart in Excel showing 3D columns and another showing a line graph. Paste the spreadsheet graphs in your assignment. Show the data area.
6. Summarise your advice to Tom re the investment decision.