Reference no: EM131637538
Assessment Task
Q1. Naming cells in spreadsheets
Why replace cell references with names? Create a simple spreadsheet and paste Owners Equity plus Liabilities = Assets.
Q2. Negative numbers
How can negative numbers be displayed in brackets? Why do accountants display negative numbers in brackets? Paste a simple spreadsheet example.
Q3. Separation of data and report areas
Explain why an accountant should design spreadsheets with a completely separate data entry area and a separate report area? Paste a simple spreadsheet example. Show normal and normal views.
Q4. IF functions
Find a relevant Youtube and explain the 'IF' statement (function)? Provide a simple spreadsheeted accounting example for a trial balance. Show normal and normal views.
Q5. Periodic systems
Explain periodic inventory systems. Give examples. (Watch the 3 videos on Inventory in Interact2 Resources).
Q6. Worksheet and financial reports
Watch the Foot Worksheet movie in Interact2 resources. Download the relevant word file also on Interact2 resources. This Word file has a template.
A. Create a handwritten solution showing the worksheet and the financial reports. Paste images of your handwritten report in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens, Google Drive or search for an app. Let us know which app you chose.
B. Create a spreadsheet solution following all the usual spreadsheet requirements.
Follow all the spreadsheet requirements including a separate data entry and report area and implement IF functions wherever appropriate. As usual, paste the normal view and the formula view.
C. Write a business report evaluating spreadsheets as a tool for accounting. You may wish to search the Internet with terms such as "advantages of spreadsheets". Use Internet resources to help you prepare and format your business report:
Q7. Application of Inventory flow assumptions
Using the template provided, create a well-designed spreadsheet to solve the problem below. Make several of your own changes to the original data and create a new solution. In this second version, create prices that decline throughout the month. Paste the two solutions and one formula view. Highlight your changes. Explain the significance of the changed results,
Q8. Bank Reconciliation
Prepare a Bank Reconciliation Statement from the following data.
A. Create a handwritten solution. Paste images of your handwritten report in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.
B. Spreadsheet. Paste the normal and formula views. Use an IF function. Then in a second version change all the data and paste a new normal view. Ensure your bank reconciliation still balances.
Q9. Journalising accounts receivable entries
Using your text as a resource, show the journal entries needed to show sales on credit, the collection of part of the amount owing, the write off of accounts receivable, the reinstatement of an amount written off and the collection in full of the amount owing. Create your own numbers. A spreadsheet is not required.
Q10. Estimating bad debts
Contrast two different methods of estimating bad debts. Create simple examples.
Q11. Evaluation of a firm's financial position
How can we use receivables to evaluate a firm's financial position? Give numerical examples.
Q12. Dishonour of a note receivable
Write a scenario which includes a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Show the journal entries. Create your own simple numbers.
Q13. Work Integrated Assessment case study
Wesfarmers Annual Report 2016
Learning Objectives: The subject you are studying is vocational. It is designed with the workplace in mind. Work integrated assessment provides opportunities for students to link theory and skills learned in a subject to a real work context. Students can use these opportunities to develop and practice the professional and academic skills they learn about in a subject or through the online environment and then be assessed on their capabilities in these simulated authentic environments. Work integrated assessment allows students to simulate and situate their learning in an authentic workplace that encourages them to explore their knowledge and apply it to practice. Integrating real world, authentic assessment tasks allows students to learn about the particular environments and culture of their chosen professions, while at the same time absorbing and practicing the skills they need to succeed. Doing these tasks can help students develop skills that can help their employability.
Resources for this task include the 2016 Annual Report for Wesfarmers.
Your friend Vikram is studying architecture at another University and knows very little about accounting and annual reports. His uncle gave him $50,000 recently to invest. Vikram knows you have begun studying accounting and is considering buying Wesfarmers shares. He has some questions for you.
Present your answers concisely in a business report format.
Vikram's questions:
1. Identify and describe some of the businesses which are part of the Wesfarmers group.
2. Examine, define and comment on the Statement of Comprehensive Income.
3. Using the Internet and the Wesfarmers Annual Report, examine, define and comment on Dividends, Earnings per Share, Return on Equity, Risk and Mitigation, Sustainability, Corporate Governance, Income Statement and Balance Sheet.
4. Calculate and comment on the Working Capital ratio.
5. Create two charts in Excel from Net Profit after Tax (see page 16) showing 3D columns. Paste the spreadsheet graphs in your assignment. Also, paste the graph data area.
6. Summarise your advice to Vikram re the investment decision.
Find the Wesfarmers 2016 Annual Report on the web.
Quality of presentation including APA referencing -
Rationale
Assessment task is designed to give you further opportunity to demonstrate knowledge and skills in more in-depth aspects of accounting and information systems including bank reconciliation; inventory systems; financial reports; accounting for bad debts and notes receivable; as well as accounting concepts; and the application of spreadsheet software to the presentation and solution of accounting problems.
Task 2 covers the study schedule weeks 5-12 inclusive and includes the application of conceptual and technical aspects of accounting and the preparation of business financial statements; the appraisal of the use of information technology including spreadsheet software; the demonstration of business communication skills including report writing; to contextualise and evaluate accounting information for decision making; and to explain the importance of ethics in accounting.
In today's business environment we need verbal skills, writing skills, numeracy skills AND digital literacy skills. All of these skills are assessed throughout this subject. The early questions in this assignment are designed to assess your digital literacy in a business/accounting environment. It is suggested that you attempt the assignment questions week by week.
Criteria
- Relevance of the answer. Are the important issues raised in the question identified? Did the student answer the question?
- Critical capacity. Has reference material been carefully analysed or critically accepted?
- Structure of the answer. Is the answer well-structured and the argument logically developed?
- Writing style. Is the style concise and lucid or confused, making it difficult for the reader to get the point?
- Scope of reading. Does the answer indicate a satisfactory coverage of literature relevant to the questions?
Requirements -
Spreadsheets
1. For every question requiring a spreadsheet solution, paste into the Word file displaying row and column headings including the spreadsheet normal view and formula view.
Thus your Word file will provide a complete answer to every question.
The pasted formula view may need to have adjusted column widths to display formulas correctly. Use portrait orientation wherever possible. The separate submitted Excel file will provide a clear demonstration of correct spreadsheet structures. You may need to break up your report/solution into separate images.
2. For good spreadsheet design it is very important that you have completely separate data entry and solution/report areas. A good spreadsheet solution format is to key in the question in a structure which allows the solution to be completely formula driven. There should be no data in the report/solution area.
3. Create all spreadsheets solutions as separate spreadsheets in one workbook. Name the tags at the bottom of the computer screen with the question number, and sub-section as appropriate. See examples in the Spreadsheet Advice PDF in Interact Resources.
4. Save your workbook with the cursor in cell A1 of the first spreadsheet.
5. Where appropriate, use the IF function to provide built in checks of balances, net profit/net loss, favourable/unfavourable variances etc.
6. How can you display negative numbers in brackets? Google the question! Hint. Format / Cells / Number and select Custom. Enter this: #,##0;(#,##0);0.
7. We have provided spreadsheet examples to guide you in the Spreadsheet Advice PDF in Interact2 Resources - it is important that you study these examples. Also consider using the spreadsheet templates available with your text and other online spreadsheet resources but note that the text templates do not necessarily comply with the subject spreadsheet requirements.
Solutions to questions should vary in length according to the nature of the question. Solutions to exercises and problem questions should be in a similar form to that demonstrated in the text.
Submit your work electronically through Turnitin.
Attachment:- Assignment File.rar