Detailed Accounting Systems & Processes Assignment Solution - Finance

This document provides a comprehensive solution to an accounting systems and processes assignment. It covers various aspects of accounting, including calculating gross margin, analyzing operating profit, and understanding data organization within spreadsheets. The assignment delves into the use of IF functions, periodic inventory systems, and the identification of errors in corporate spreadsheets, along with recommendations for improvement. It includes detailed inventory ledgers using average, FIFO, and LIFO methods, along with calculations for gross profit. Furthermore, the assignment addresses bank reconciliation, journal entries, and the estimation of bad debts using both direct write-off and allowance methods. It also explores the evaluation of a firm's financial position, the handling of dishonored notes receivable, and a case study of Wesfarmers Limited, including financial ratio analysis and insights from its annual report. The solution provides both normal and formula views of data, as well as revised calculations, offering a complete and detailed analysis of the accounting concepts covered.

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

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Question 1
Renaming Cell Name

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Here, Cell D9 is considered as Gross margin column.
Gross margin= Net sales – Cost of goods sold

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Question 2
Negative Value
Here, Operating profit figure is showing negative number.

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Question 3
In the above data sheet, the calculation is being divided in two parts. One part represents
the data and another one represents the report. The entire list of data is being stored in the above
sheet in the information part. However, the calculation and estimation is being done by utilizing
various formulas in the report section (Shanock et al., 2014). Hence, the relative aspects are
being determined by only changing the information and it is being reported in the exceed
expectation sheet.
For instance, information section is being referred to the place in the spreadsheet where
the data related to costs and deals is being calculated and stored. However, the net salary can be
computed from the given information just by expanding one section (Shanock et al., 2014). This
is due to the reason that, it have to be executed with the help of the recipe, which will help to
determine the net wage effectively. The following screen shots will show the entire calculations.

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Step 1

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Step 2

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Question 4
IF Function

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The YouTube video being discussed earlier in this report related to the work of IF is
showing the capability and competency of the system. The particular video also shows that, a
simulated situation which is being made in the information section is being demonstrated by IF
regarding its relevancy. Thus, the particular site interface is proving that just with the help of the
cursor, the whole capacity can be clarified.
Question 5
Periodic systems
The most effective stock framework is the periodic inventory system. This is due to the
reason that, at the end of every timeframe, this framework updates the stock (Cholodowicz &
Orlowski, 2015). Moreover, in the case of this framework, no extra effort is required in recording
the daily stock and cost of the goods being sold. It also helps in determining the stock on an
occasional basis. In addition, at the end of every book keeping period, this framework also stores
the diary sections.

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Example

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Question 6
Part A:

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Part B:
Normal View