The naming cell reference in MS-Excel
Added on 2021-05-31
25 Pages3510 Words82 Views
|
|
|
RUNNING HEAD: ACC SYSTEM AND PROCESSESACC SYSTEM AND PROCESSES
ACC SYSTEM AND PROCESSES1Table of ContentsQ 1...............................................................................................................................................................2Q 2...............................................................................................................................................................3Q 3...............................................................................................................................................................3Q 4...............................................................................................................................................................6Q 5.............................................................................................................................................................10Q 6.............................................................................................................................................................11Q 7.............................................................................................................................................................12Average Cost Method:.......................................................................................................................12First in First Out (FIFO):......................................................................................................................14Last in First Out (LIFO):......................................................................................................................15Q 8.............................................................................................................................................................16Q 9.............................................................................................................................................................18Q 10...........................................................................................................................................................19Q 11...........................................................................................................................................................20Q 12...........................................................................................................................................................21Q 13...........................................................................................................................................................22
ACC SYSTEM AND PROCESSES2Q 1.The naming cell reference is used in MS-Excel for the purpose of understanding the concept of formula. Below is the example to calculate the Net profit using the function “Naming Cell Reference”.ExampleNormal View:Net Profit Calculation:Sales ($)Expenses ($)Net Profit ($)2566.022469.4596.5732561258199814581066392203410341000Formula View:Sales ($)Expenses ($)Net Profit ($)2566.022469.45=Sales-Expenses32561258=Sales-Expenses14581066=Sales-Expenses20341034=Sales-ExpensesQ 2.Brackets in worksheet is known as Parentheses. Negative figures in financial report denotes credit items or expenses. There are also other forms to present negative figures are: minus sign
ACC SYSTEM AND PROCESSES3before the value, apply red color to the value or use brackets. Accountants normally follow the practice of using the brackets in preparation of financial reports because it is considered to be thebest and simplest method to denote the negative figures in report. Further it can be said that brackets highlight the negative figures easily to the person. Example:ParticularsAmount ($)Sales $6,50,000.00 Direct Costs($4,25,000.00)Gross margin$2,25,000.00 Indirect Costs($1,68,000.00)Net Profit$57,000.00 Q 3. Accounting spreadsheet reports should be designed with a completely separate data entry area and a separate report area because of the following reasons:1.Separation of report area with the data area will provide a perfect image about the company’s financials to the readers.2.Worksheet used for the preparation of the financials because formulae’s and many function keys can be used easily and one or more data can be modified or deleted withoutchanging of the whole data.After the preparation of the report, all the financials must be collaborate with the data entry area.Therefore, Separation of report area with the data area will provide profits to the stakeholders because the company’s financial position can be easily analyzed.
ACC SYSTEM AND PROCESSES4Example:Normal View:Kapoor LtdTrading AccountFor the year ended 30 June, 2017ParticularsAmount ($)ParticularsAmount ($)Opening Inventory:Closing Stock:Raw Material65000Raw Material25000Work in Progress25000Work in Progress10000Purchases:Raw Material42000COGS184000Direct labour21000Direct Expenses:Depreciation 18000Factory Insurance8000Manufacturing overhead: Manufacturing Expense14000 Factory Salary26000TOTAL219000TOTAL219000Kapoor LtdIncome StatementFor the year ended 30 June, 2017ParticularsAmount ($)Total ($)Revenues:Sales285000 Other Income0 Total Income (A)285000Expenses:COGS184000Salary41000
ACC SYSTEM AND PROCESSES5General expenses17000Advertisement7000Light and Power12000Rate and Taxes4500 Total operating expenses (B)265500 Net Income (A-B)19500Formula View:Kapoor LtdTrading AccountFor the year ended 30 June, 2017ParticularsAmount ($)=+B4Amount ($)Opening Inventory:Closing Stock:Raw Material65000Raw Material25000Work in Progress25000Work in Progress10000Purchases:Raw Material42000COGS=E17-(E6+E7)Direct labour21000Direct Expenses:Depreciation 18000Factory Insurance8000Manufacturing overhead: Manufacturing Expense14000 Factory Salary26000TOTAL=SUM(C5:C16)TOTAL=C17Kapoor LtdIncome Statement
End of preview
Want to access all the pages? Upload your documents or become a member.