logo

Accounting System Assessment

   

Added on  2021-05-31

35 Pages5104 Words54 Views
RUNNING HEAD: Accounting system 1Accounting SystemAssessment 2[Pick the date]Student’s Name

Accounting system 2ContentsQue 1..........................................................................................................................................4Naming cells in spreadsheet...................................................................................................4Spreadsheet.............................................................................................................................4Que 2:.........................................................................................................................................4Negative numbers.......................................................................................................................4Spreadshee..............................................................................................................................5Que 3..........................................................................................................................................5Separation of data and report areas............................................................................................5Que 4..........................................................................................................................................7IF functions................................................................................................................................7Spreadsheet:............................................................................................................................7Que 5:.......................................................................................................................................13Perpetual versus periodic system.............................................................................................13Spreadsheet:..........................................................................................................................13Perpetual inventory system......................................................................................................13Periodic Inventory system:.......................................................................................................14Que 6:.......................................................................................................................................14Worksheet and financial reports:.............................................................................................14Introduction..........................................................................................................................14Body context.........................................................................................................................14Conclusion:...........................................................................................................................14Que 7:.......................................................................................................................................19Application of inventory flow assumptions:............................................................................19Que 8:.......................................................................................................................................26Bank Reconciliation:................................................................................................................26

Accounting system 3Changes................................................................................................................................27Que 9:.......................................................................................................................................28Journalizing accounts receivable entries:.................................................................................28Que 10:.....................................................................................................................................29Estimating Bad debts:..............................................................................................................29Que 11:.....................................................................................................................................30Evaluation of firm’s financial position:...................................................................................30Que 12:.....................................................................................................................................30Dishonor of a note receivable:.................................................................................................30Que 13:.....................................................................................................................................31Work integrated assessment:....................................................................................................31References:...............................................................................................................................32

Accounting system 4Que 1:Naming cells in spreadsheet:In case of spreadsheet, a tool is there to make change in the cell references. The cell references could be changed by any name. It depends on the user that what name s easier and suitable for the spreadsheet. On the basis of this naming tool, it is easier for the user to use formulas and calculate the figures (Stratton, SAS Institute Inc., 2009). Naming tools assist theuser to reduce the level of error. This tool could be used in auditing, administrating, updating etc the figures and the calculations in good manner. It also assists in calculating the normal values and accounting values easily. Few examples have been given below of naming cells on the basis of which naming cells could be understood: Example TypeExample with no nameExample with a nameTableC4:G25=TopSales06Constant=Product(C5, 10.4)=Product(Price, WASalesTax)Spreadsheet:Normal view:Statement of profit(Amt in $)Sales1000Expenses500Profit500Formula view:34567BC(Amt in $)Sales1000Expenses500Profit=(Sales-Expenses)Statement of profit

Accounting system 5Que 2:Negative numbers:Negative numbers explains about the numbers which have values in minus. Negative numbers could be presented in various manners in a spreadsheet such as in brackets, in red color and with minus mark. Negative numbers basically explains about the credit amount of an organization. To represent the negative numbers in the report, accountant normally prefersto use “ ()” (brackets) form as it makes the report attractive as well as it makes the report more competitive (Snyder and Davenport, 2013). Though, red color also reflects about the better financial report. In red color transition, it becomes easy to find the negative number. Spreadsheet:Negative values in minus sign(amt in $)Sales10000Less: expenses-5000gross Profit5000Less: operating expenses-2000Operating profit3000Less: interest-500Net profit2500Negative values in ()(amt in $)Sales10000Less: expenses(5,000)gross Profit5000Less: operating expenses(2,000)Operating profit3000Less: interest(500)Net profit2500Que 3:Separation of data and report areas:

Accounting system 6Report and spreadsheet, both are essential files and tool for an auditor and the accountant of an organization. Both the files offer different information to the related parties and the usefulness of both the files are also different. Spreadsheets are mainly prepared by theaccountants to calculate the accounting figure and prepare the financial data of the company whereas the report part analyzes the financial statement and briefs about the performance of the company. Spreadsheet is used by the accountant to reduce the level of errors and present better financial reports (Hoque, 2002). A report and spreadsheet file must be prepared separately as it is quite helpful for all the internal and external stakeholders to evaluate the financial statement or analyze the statements in a better way. Tendulkar Manufacturing CompanyManufacturing AccountFor the year ended 30 September, 2017Particular Amount($)Particular Amount($)Direct MaterialClosing Stock:Opening Stock:Raw Material16000 Raw Material110000Work in Progress7000 Work in Progress15000Purchases:Cost of Goods Sold1026000 Raw material500000Carriage Inward22000Direct labour130000Direct ExpensesDepreciation 9000Factory Insurance3000Manufacturing overhead Manufacturing Expense60000 Factory Salary20000010490001049000Tendulkar Manufacturing CompanyIncome Statement

Accounting system 7For the year ended 30 September, 2017Particular Amount($)TotalRevenues Sales1696000 Other Income0 Total Income (A)1696000ExpensesCost of goods sold1026000Salary100000Accrued Salary700General expenses23000Audit Fee3000Advertisement12000Light and Power12000Cartage Outwards5000Insurance750Rates2250Sales Commission40000Tax50000Discount6000 Total operating expenses (B)128000 Net Income (A-B)415300Formula view:

Accounting system 8Particular Amount ($)Particular Amount ($)Direct MaterialClosing Stock:Opening Stock:Raw Material16000 Raw Material110000Work in Progress7000 Work in Progress15000Purchases:Cost of Goods Sold=D21-(D7+D8) Raw material500000Carriage Inward22000Direct labour130000Direct ExpensesDepreciation =12000*0.75Factory Insurance=4000*0.75Manufacturing overhead Manufacturing Expense60000 Factory Salary200000=SUM(B8:B20)=B21Tendulkar Manufacturing CompanyManufacturing AccountFor the year ended 30 September, 2017

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Accounting Systems and Processes (pdf)
|18
|2022
|51

Accounting Systems and Processes Assignment
|28
|3602
|156

Accounting System and Processes: Spreadsheet, Inventory Management, Bank Reconciliation Statement, Bad Debt Management and Financial Decision
|16
|2451
|454

Accounting Assignment (Solved)
|37
|4061
|53

Accounting Systems & Processes | Assignment
|26
|1455
|46

Accounting System and Processes
|15
|2715
|161