Task
Remember to provide APA references for all questions when you use material which you did not personally create, for all spreadsheets provide both normal and formula views with row and column headings. Use IF functions whenever appropriate. See the Spreadsheet Advice PDF and the Foot worksheet videos.
Q1 Naming cells in spreadsheets (4 marks)
See support.office.com/en-us/article/Define-and-use-names-in-formulas-4D0F13AC-53B7-422E-AFD2-ABD7FF379C64
Why replace cell references with names? Create a simple spreadsheet and paste Net Profit = Sales less Expenses. Show normal and formula views.
Q2 Negative numbers (3 marks)
Why do accountants display negative numbers in brackets? Paste a simple spreadsheet example. See: support.office.com/en-us/article/change-the-way-negative-numbers-are-displayed-104b47a6-8ae2-471f-8f73-c4b96e7bb146
Q3 Separation of data and report areas (5 marks)
Why should an accountant design spreadsheets with a completely separate data entry area and a separate report area? Paste a simple spreadsheet example showing normal and formula views.
Q4 IF functions (5 marks)
What is an 'IF' statement (function)? Reference a YouTube video explaining IF functions. Provide a simple spreadsheet accounting example for net profit/net loss.
Q5 Perpetual versus Periodic systems (5 marks)
Explain the essential differences between perpetual and periodic inventory systems. Give your own examples of products/situations suited to each. (Watch the 3 videos on Inventory in Interact2 Resources).
Q6 Worksheet and financial reports (12 marks)
Write a business report critically evaluating spreadsheets as a tool for accounting. Use Internet resources. Include a section on the disadvantages of spreadsheets. Also refer to the Internet for advice on Business Reports. Reference all your sources.
Q7 Application of Inventory flow assumptions (10 marks)
Read chapter 6 Retail Inventory in your text and view the three videos on Inventory. Create your own, well-designed spreadsheet example to show LIFO, FIFO and the Average Cost methods. Include Sales, Cost of sales, Ending inventory and Gross profit/loss.
Q8 Bank Reconciliation (10 marks)
Prepare a Bank Reconciliation Statement from the following data.
Paste the normal and formula views. Use an IF function. Then in a second version change all the data and paste the normal view.
Q9 Journalising accounts receivable entries (6 marks)
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 (4 marks)
Contrast two different methods of estimating bad debts. Create simple examples.
Q11 Computers and Accounts receivable.
Explain how computers have become essential to online retailing. Use eBay as an example.
Q12 Dishonour of a note receivable (8 marks)
Write a narrative which includes a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Then show the T accounts derived from your narrative. Create your own simple numbers.
Q13 Work Integrated Assessment case study (12 marks)
Qantas Annual Report 2017
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 2017 Annual Report for Qantas.
Assume you are an investment advisor with accounting expertise. Present a business report analysing Qantas as a shareholder investment. Include in your report Qantas data and your own charts. Ensure you use a business report format. Include images in your report,
You report will be about 600 words excluding appendices and images.
Find the Qantas 2017 Annual Report on the web. investor.qantas.com/annual-report-2017/