Accounting Systems and Processes Assignment Solution - Finance Module

This document presents a comprehensive solution to an accounting assignment, addressing various aspects of accounting systems and processes. The solution covers topics such as cell naming in spreadsheets, handling negative numbers, the use of spreadsheets for data and reporting, and the importance of IF functions. It also explores periodic inventory systems, spreadsheet and economic reports, and bank reconciliation. The assignment delves into accounts receivable, direct and allowance methods, and the analysis of company operations. Furthermore, the solution includes a discussion on the dishonor of a note receivable and a case study of Wesfarmers Limited, analyzing its financial performance, including return on equity and earnings per share, while also touching upon corporate governance and working capital ratios. The provided solution offers detailed explanations, formulas, and workings to enhance understanding of the subject matter. The document is contributed by a student and available on Desklib.

Running head:SYSTEMS AND PROCESSES OF ACCOUNTING
SYSTEMS AND PROCESSES OF ACCOUNTING
Name of the Student:
Name of the University:
Author Note:

2ACCOUNTING SYSTEMS AND PROCESSES
Table of Contents
Answer of Question 1......................................................................................................................4
Answer of Question 2......................................................................................................................4
Answer of Question 3......................................................................................................................5
Answer of Question 4......................................................................................................................6
IF Functions Importance..................................................................................................................6
Answer of Question 5......................................................................................................................7
Periodic inventory systems..............................................................................................................7
Answer of Question 6......................................................................................................................7
Spreadsheet and economic reports...................................................................................................7
Answer of Question 7....................................................................................................................14
Answer of Question 8....................................................................................................................18
Bank reconciliation........................................................................................................................18
Answer of Question 9....................................................................................................................20
Accounts receivable.......................................................................................................................20
Answer of Question 10..................................................................................................................21
Answer of Question 11..................................................................................................................22
Answer of Question 12..................................................................................................................22
Dishonor of a note receivable........................................................................................................22

3ACCOUNTING SYSTEMS AND PROCESSES
Answer of Question 13..................................................................................................................22
References......................................................................................................................................26

4ACCOUNTING SYSTEMS AND PROCESSES
Answer of Question 1
Cells naming in spreadsheets
To avoid misunderstandings in a spreadsheet, it is necessary to give name to each cell of
a spreadsheet. Thus naming each cell will help to recognize and link it with the case which is
important to crack calculations.
Answer of Question 2
Negative numbers
Spreadsheets show the numbers which are considered as negative one, shown by brackets
with minus sign or with a red color.

5ACCOUNTING SYSTEMS AND PROCESSES
Answer of Question 3
Spreadsheet of data and report areas
Spreadsheets used by accountant’s in a different manner with entirely different data
entry area along with different report area to trim down error that crop up while analyzing
financial study. Design of spreadsheets is a significant mechanism because it helps to achieve
sustainable success in both short term and long term. Usage of spreadsheets usually help
accountants to reach flexible results, it also helps in analyzing, enhancing and optimizing the
performance level of business organization. Although, risks is also associated with spreadsheet
because it can arise incorrect information that leads to weak decision making activities. In order
to reduce risk, accountants should follow design and developmental practices. Spreadsheets, thus
regarded as important tool since it makes works easier and for this reason they enter into the
entries in different report area in organized manner. This tool also helps in recording of a record
in a suitable manner.

6ACCOUNTING SYSTEMS AND PROCESSES
Answer of Question 4
IF Functions Importance
IF function, is mainly recognized as command that highlight statements that are true or
false. Function mainly explores condition which matches the validity of the command or not. If
condition matches the command then the conclusion reached will be regarded as per the logical
value. On the other hand, if condition does not matches the command then outcome reached is
different from logical values (Sandberg & Wright,2014).

7ACCOUNTING SYSTEMS AND PROCESSES
Answer of Question 5
Periodic inventory systems
Periodic inventory systems generally records inventory on a periodic basis which means
the end of accounting period.
Answer of Question 6
Spreadsheet and economic reports
Normal view

8ACCOUNTING SYSTEMS AND PROCESSES

9ACCOUNTING SYSTEMS AND PROCESSES

10ACCOUNTING SYSTEMS AND PROCESSES
Formula view shown

11ACCOUNTING SYSTEMS AND PROCESSES

12ACCOUNTING SYSTEMS AND PROCESSES