Accounting Systems & Processes Assignment - Finance, University X

This assignment solution covers various aspects of accounting systems and processes. It begins with basic spreadsheet operations, including renaming cells and identifying negative values. The solution explains the use of the IF function and the characteristics of periodic inventory systems. It also includes detailed inventory ledgers using average cost, FIFO, and LIFO methods. The solution then provides a bank reconciliation statement and journal entries for various transactions, including accounts receivable, bad debts, and notes receivable. It also covers the estimation of bad debts using direct write-off and allowance methods. Finally, the assignment analyzes a company's financial position and includes an evaluation of Wesfarmers Limited, including its return on equity, working capital ratio, and key financial metrics, with journal entries for dishonored notes and other accounting transactions.

Running head: ACCOUNTING SYSTEMS & PROCESSES
Accounting Systems & Processes
Name of the Student
Course Code

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ACCOUNTING SYSTEMS & PROCESSES
Answer to question 1
Renaming Cell Address
Here, D34 cell is denoted as Net profit cell after renaming option.
Net profit = Operating profit - Taxes

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ACCOUNTING SYSTEMS & PROCESSES
Answer to question 2
Negative Value
Here, Operating profit has been denoted as negative value which is identified by numbers
in brackets and highlighted in red color.

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ACCOUNTING SYSTEMS & PROCESSES
Here operating profit is in negative value. So the highlighted figure is highlighted in red and in
brackets.
Answer to question 3
The two halves of a spreadsheet are the data area and the report part, along with the
formulae. Data is written in a sequence in the excel sheet, other than this, data collected by a
person is calculated after applying different formulae (Deegan, 2012). In the report area, IF
function is used. Hence, the data is changed in the first half and the whole calculation is done in
report area.
For example, expense data and sales data are given in the data area with its respective
values. However, to calculate the net income based on the provided data, one column is added by
easily using formula. The following method is depicted in the screenshots given below:

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Step 1
Step 2

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Answer to question 4
IF Function

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ACCOUNTING SYSTEMS & PROCESSES
Many YouTube videos show the real functionality of the IF function and its usage as
well. As per the video shown in the above image , IF function displays a particular case created
in the data table that also shows a result whether it is true or not. With the help of a cursor, the
complete functionality of IF has been shown in the above YouTube channel.
Answer to question 5
Periodic systems
Periodic Inventory System is a system which updates the inventory after the end of a
particular period of time. Monitoring through this system of inventory keeps a track of the details
of goods in an inventory of a fixed period (Deegan, 2012). It is not required to keep the record of
each data updated for the inventory nor the prices of the sold goods. Accounting done through
this system generally helps in the journal entries of a specific time period.

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Answer to question 6
Part A:

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Part B:
Normal View

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Formula View

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Part C:
Normal View