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Accounting Systems and Processes

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Added on  2020-04-01

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ACCOUNTING SYSTEMS AND PROCESSES ACCOUNTING SYSTEMS AND PROCESSES 28 Accounting Systems and Processes Author Note: Question 1 2 Naming cells in spreadsheets 2 Question 2 2 Negative numbers 2 Question 3 3 Separation of data and report areas 3 Question 4 4 IF Functions 4 Question 5 5 Periodic systems 5 Question 6 6 Worksheet and financial reports 6 Question 7 12 Application of inventory flow assumptions 12 Question 8 17 Bank Reconciliation 17 Question 9 18 Journalizing accounts receivable entries 18 Question 10/2017 19 Estimating bad debts 19

Accounting Systems and Processes

   Added on 2020-04-01

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Running head: ACCOUNTING SYSTEMS AND PROCESSESAccounting Systems and ProcessesName of the Student:Name of the University:Author Note:
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2ACCOUNTING SYSTEMS AND PROCESSESTable of ContentsQuestion 1........................................................................................................................................2Naming cells in spreadsheets...........................................................................................................2Question 2........................................................................................................................................2Negative numbers............................................................................................................................2Question 3........................................................................................................................................3Separation of data and report areas..................................................................................................3Question 4........................................................................................................................................4IF Functions.....................................................................................................................................4Question 5........................................................................................................................................5Periodic systems..............................................................................................................................5Question 6........................................................................................................................................6Worksheet and financial reports......................................................................................................6Question 7......................................................................................................................................12Application of inventory flow assumptions...................................................................................12Question 8......................................................................................................................................17Bank Reconciliation.......................................................................................................................17Question 9......................................................................................................................................18Journalizing accounts receivable entries.......................................................................................18
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3ACCOUNTING SYSTEMS AND PROCESSESQuestion 10....................................................................................................................................19Estimating bad debts......................................................................................................................19Question 11....................................................................................................................................20Evaluation of firm’s financial position..........................................................................................20Question 12....................................................................................................................................21Dishonor of a note receivable........................................................................................................21Question 13....................................................................................................................................21Work Integrated Assessment case study........................................................................................21Reference List................................................................................................................................25
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4ACCOUNTING SYSTEMS AND PROCESSESQuestion 1Naming cells in spreadsheets A cell reference means a cell or a range of cells that is present on a spreadsheet as well ascan be used in a formula so that Microsoft Office Excel can be found values or data whereformula is calculated. It is important to discuss naming cells in spreadsheets. Cell references canbe replaced by names for the purpose of correlating the calculation (Zhang & Ni, 2016). Calculation of Gross Profit:-ParticularsAmountSales Revenue$17000 Less: Cost of Goods Sold$5000 GROSS PROFIT$22000Question 2 Negative numbers Negative numbers can be represented by using minus sign or by highlighting it with redcolor (Reimers, 2013). The first step is selecting the cell or range of cells that need to beformatted with a negative number style. The next step is pressing Ctrl+1 and then clicks onnumber or currency. To that, under negative number, it is required to select an option fornegative numbers.
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5ACCOUNTING SYSTEMS AND PROCESSESQuestion 3Separation of data and report areas Accountants design spreadsheets as it help in analyzing data as well as trackinginformation for performing calculations for financial reporting purposes. Use of spreadsheetprovides flexibility needed for people for performing their job duties effectively. Spreadsheetslack the imbedded data as well as logical security controls that are found in other applications.For example, in a typical small or mid-sized business enterprise, hundreds of spreadsheets maybe incorporated into planning as well as reporting process. Spreadsheets support journal entries,balances, transaction amounts as well as disclosures and other financial reporting elements. Itsupports key financial reporting controls for assessing risk potential (Odar, Kavčič & Jerman,2015).
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6ACCOUNTING SYSTEMS AND PROCESSESQuestion 4IF Functions IF Function is considered as one of the popular function of Microsoft Excel as it allowsindividuals to make logical comparisons between values as well as what other expect. IFfunction can have two results where the first result is if the comparison is true, then the secondresult is false (Nobles, Mattison & Matsumura, 2013). PERIODParticularsAmountRemarksJan'16Sales Revenue, less,Total Expenses22000=IF(C7>0,"NETPROFIT","NET LOSS")Feb'16Sales Revenue, less,Total Expenses-10000=IF(C8>0,"NETPROFIT","NET LOSS")
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