Accounting Systems and Processes Assignment - University

This assignment solution covers various aspects of accounting systems and processes, including the use of spreadsheets, naming cells, and handling negative numbers. It delves into the design of spreadsheets for data entry and report generation, emphasizing the importance of separate areas to minimize errors. The solution demonstrates the application of IF functions, periodic inventory systems, and the creation of financial reports. It also includes journal entries for accounts receivable, bad debts, and the dishonor of a note receivable. Furthermore, the assignment analyzes the financial performance of Wesfarmers Limited, evaluating its return on equity and earnings per share, and discusses risk management and corporate governance aspects. The solution provides a comprehensive overview of accounting principles and practices, offering valuable insights for students studying accounting.

Running head: ACCOUNTING SYSTEMS AND PROCESSES
Accounting Systems and Processes
Name of the Student:
Name of the University:
Author Note:

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Table of Contents
Question 1........................................................................................................................................4
Naming cells in spreadsheets...........................................................................................................4
Question 2........................................................................................................................................4
Negative numbers............................................................................................................................4
Question 3........................................................................................................................................5
Spreadsheet of data and report areas...............................................................................................5
Question 4........................................................................................................................................6
IF Functions.....................................................................................................................................6
Question 5........................................................................................................................................7
Periodic inventory systems..............................................................................................................7
Question 6........................................................................................................................................7
Worksheet and financial reports......................................................................................................7
Question 7......................................................................................................................................14
Question 8......................................................................................................................................18
Bank reconciliation........................................................................................................................18
Question 9......................................................................................................................................20
Accounts receivable.......................................................................................................................20
Question 10....................................................................................................................................21

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Question 11....................................................................................................................................22
Question 12....................................................................................................................................22
Dishonor of a note receivable........................................................................................................22
Question 13....................................................................................................................................23
Reference List................................................................................................................................26

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Question 1
Naming cells in spreadsheets
In a spreadsheet, it is important to name each cells with a name to avoid any confusion.
Naming each of the cell make it easy to understand and correlate with the statement that is
required to solve any case calculations.
Calculation of Gross Profit:-
Particulars Amount
Sales Revenue $17000
Less: Cost of Goods Sold $2000
GROSS PROFIT $15000
Question 2
Negative numbers
In spreadsheet, negative numbers are presented by either brackets with minus sign or with
a red color.

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Question 3
Spreadsheet of data and report areas
An accountant make use of spreadsheets with completely separate data entry area as well
as separate report area in order to reduce any type of error present at the time of analyzing
financial study. The spreadsheet design is treated as one of the important mechanisms where it is
sure to achieve success in short-term and long-term basis. Using spreadsheets by accountants
will help them in getting access to flexible results and further it become easy to analyze, enhance
and optimize performance level in any of the business organization. Use of spreadsheet can even
give rise to risk as it even generate incorrect information that automatically lead to poor
decision-making activities. To that, accountants should make an effort to reduce the level of risk
as far as possible by following required design and get involved in developmental practices.
Therefore, spreadsheets are a significant tool that makes works easier for the accounts where

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they can enter the entries in separate report area in systematic ways. This tool helps in recording
of inventory in the most appropriate way.
Question 4
IF Functions
By using IF function; user can set command for highlighting whether a particular
statement is true or false. The function looks whether any conditions matches with the command
or not. In that case, if condition matches with the command, then it is noted that the outcome is
as per the logical value. On the other hand, if condition fails to match with the command then it
is noted that the outcomes is different from the logical values (Gomes, Fernandes & Carvalho,
2015).
PERIOD Particulars Amount Remarks
Jan'16 Sales Revenue, less, 22000 =IF(C7>0,"NET

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Total Expenses PROFIT","NET LOSS")
Feb'16
Sales Revenue, less,
Total Expenses -10000
=IF(C8>0,"NET
PROFIT","NET LOSS")
Question 5
Periodic inventory systems
Periodic inventory systems records inventory on periodic basis that means at the end of
accounting period
Question 6
Worksheet and financial reports
Normal view

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Formula view

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