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Assessment item 2 Assessment Item 2 Submission method options Alternative submission method Task Provide APA references for all questions when you use material which you did not personally create, for...

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Assessment item 2
Assessment Item 2
Submission method options
Alternative submission method
Task
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, the Inventory videos 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
Create a simple spreadsheet to demonstrate how cell references can use names. Use Sales less Expenses = Net Profit. Show both normal and formula views with row and column headings.
Q2 Negative numbers (3 marks)
Paste a simple spreadsheet example showing how negative numbers can be displayed in
ackets. Why do accounting financial reports follow this practice? See: support.office.com/en-us/article/change-the-way-negative-numbers-are-displayed-104b47a6-8ae2-471f-8f73-c4b96e7
146
Q3 Separation of data and report areas (5 marks)
Why should accounting spreadsheet reports be designed 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)
Reference a YouTube video explaining IF functions. What is an 'IF' statement (function)? Provide a simple spreadsheet accounting example showing an IF function for net profit/net loss.
Q5 Periodic versus Perpetual Inventory Systems (5 marks)
Does the Foot video in Interact2 Resources show Periodic or Perpetual Inventory? How can you tell? 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 (about 600 words) critically evaluating spreadsheets as a tool for accounting. Use Internet resources. Include a section on the advantages and disadvantages of spreadsheets. Refer to the Internet for advice on Business Report structures. Reference ALL your sources.
Q7 Application of Inventory flow assumptions (10 marks)
A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image of your handwritten solution in your word file. 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 method you chose. We ask for a handwritten solution because this is the method you will use in the final exam. In the meantime, we want you to acquire spreadsheeting skills.
B. Read chapter 6 Retail Inventory in your text and view the three videos on Inventory. Create a spreadsheet.
Q8 Bank Reconciliation (10 marks) 
Prepare a Bank Reconciliation Statement from the following data.
A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image of your handwritten solution in your word file. 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 method you chose. We ask for a handwritten solution because this is the method you will use in the final exam. In the meantime, we want you to acquire spreadsheeting skills. 
B. Spreadsheet. 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 (6 marks)
Explain how computers have become essential to online retailing. Use eBay as an example.
Q12 Dishonour of a note receivable (8 marks)
Write a na
ative 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 na
ative. Create your own simple numbers.
Q13 Work Integrated Assessment case study (12 marks)
Wesfarmers 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 abso
ing 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 Wesfarmers.
Assume you are an investment advisor with accounting expertise. Present a business report analysing Wesfarmers as a shareholder investment. Include in your report the range of Wesfarmers activities, sustainability issues, financial information and your own charts created from Wesfarmers data using Excel. Show these charts with the data selected by you. Show two different chart styles. Ensure you use a business report format. Include images in your report,
You report will be about 600 words excluding appendices, charts and images.
Find the Wesfarmers 2017 Annual Report on the web.
www.wesfarmers.com.au/docs/default-source/default-document-li
ary/2017-annual-report.pdf
 
Quality of presentation of the total assignment including referencing throughout and bibliography is weighted at 10 marks.
Rationale
Assessment task 2 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 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, to demonstrate business communication skills including report writing, to contextualise and evaluate accounting information for decision making, to explain the importance of ethics in accounting.
In today’s business environment we need ve
al 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.
Marking criteria
Your assignment will be marked as a whole with recognition being given to demonstration of knowledge, quality thinking, application of skills and critical thinking.
For some questions you have a chance to demonstrate some creativity, or provide your own examples or give evidence of wider reading or to structure a spreadsheet in an innovative manner. You also need to avoid the snowballing effects of cumulative e
ors - that is, an e
or early in a practical question which ca
ies through. Full marks are a possibility for well structured, complete, quality answers.
You will be provided with a mark based on the work submitted and you will also be provided with suggested solutions or guidelines. Feedback will normally consist of the mark, specific comments and guideline solutions.
High Distinction. To meet this level, you will attain a cumulative mark between 85%-100%. A mark in this range indicates that you have met the learning outcomes for this task to an exceptional level, including skilfully applying co
ect analytical methods and techniques, deconstructing information and reflecting on different accounting and financial management ideas and interpretative techniques applied in management decision making and efficient allocation of business resources, and creating professional reports and spreadsheets that can be used in management decision making.
This mark also indicates your assignment will:
• be professionally presented with co
ect spelling and gramma
• be the result of your original work
• include complete references and acknowledgment of all sources used according to APA 6th style
• be complete without any omissions
• be co
ect
• evaluate comprehensively the issues raised in the questions
• provide examples where appropriate, and
• comply with all spreadsheet requirements.
Distinction. To meet this level, you will attain a cumulative mark between 75%-84%. A mark in this range indicates that you have comprehensively met the learning outcomes for this task, including competently applying co
ect analytical methods and techniques, judging between different accounting and financial management ideas and interpretative techniques in management decision making and efficient allocation of business resources and designing reports and spreadsheets for effective use in management decision making.
This mark also indicates your assignment will:
• be neatly presented with very few spelling and grammatical e
ors,
• be the result of your original work,
• include references, acknowledging all sources used according to APA 6th style
• be mostly complete
• evaluate many of the issues raised in questions
• provide examples where appropriate, and
• comply with most spreadsheet requirements.
Credit. To meet this level, you will attain a cumulative mark between 65%-74%. A mark in this range indicates that you have thoroughly met the learning outcomes for this task, including differentiating between different analytical methods and techniques to be applied, determining a course of action using accounting and financial management ideas and interpretative techniques for management decision making and efficient allocation of business resources, and assembling reports and spreadsheets for use in management decision making.
This mark also indicates your assignment will:
• be neatly presented with few spelling and grammatical e
ors
• be the result of your original work
• include references, acknowledging sources used according to APA 6th style
• be mostly complete
• be mostly co
ect with only a few e
ors
• evaluate many of the issues raised in questions
• provide some examples where appropriate, and
• comply with most spreadsheet requirements.
Pass. To meet this level, you will attain a cumulative mark between 50%-64%.
A mark in this range indicates that you have met the learning outcomes for this task to a basic level, including responding to questions with limited options for applying analytical methods and techniques, selecting accounting and financial management ideas and interpretative techniques for management decision making and efficient allocation of business resources, and generating basic reports and spreadsheets that could be used for management decision making.
This mark also indicates your assignment will:
• be neatly presented,
• be the result of your original work,
• include some references and acknowledge sources used according to APA 6th style,
• be mostly complete without too many omissions,
• be mostly co
ect with some e
ors
• evaluate some of the issues raised in questions
• provide some examples where appropriate, and
• comply with most spreadsheet requirements
Your assignment consists of different question styles including discussion questions, reports
Answered Same Day Apr 17, 2020

Solution

Abr Writing answered on May 03 2020
144 Votes
Assessment 2
Solution 1: Naming of cells in the excel worksheet
In the Microsoft excel, in the spreadsheet system there are numerous reasons due to which cells are named. The following are the different reasons:
· It is quite easy to remember the names of the cells (for example, income) instead of remembering the address of the range of the cell (like B1: B21).
· The cells can be classified by their names upon their selection.
· Cells that are named help in reaching the desired area in the worksheet by selecting a particular name in the name box.
· It also helps in formula creation by pasting cells name or the range name in a formula bar.
· Cells names make the formulas much easier to understand and easy to use. Like: sales – cost is can be easily understood instead of C20-C40 (Berk & Carey, 2009).
The table given below explains the normal view and formula view of excel which shows the utility of naming of cells.
Normal view:
    Particulars
    average cost (in $)
    sales revenue
    30000
    Cost of goods sold
    5000
    gross profit
    25000
    indirect expenses
    2000
    net profit
    23000
    
Formula view:
    
        Particulars
    average cost (in $)
    sales revenue
    30000
    Cost of goods sold
    5000
    gross profit
    =C3-C4
    indirect expenses
    2000
    net profit
    =C5-C6
    
The accounts in the given excel sheet is maintained from cell C3 to C6.
Solution 2: Negative numbers
The negative numbers in the accounting system can be showcased through different methods. A variety of approaches are used by different working group in order to display the negative numbers in financial and accounting system. Following are the different ways of showing negative numbers:
Figures should be place by putting negative sign before them: The negative sign which is put before the figures sometimes is too small that it cannot be easily seen when the document is printed. Therefore, the negative sign should be visible enough while taking printout of the document.
Usage of the red ink for highlighting negative sign: The approach is not appreciated because in the workplace there are only black and white printers. Confusions are created with regard to negative numbers when the documents are printed (Se
a, et. al., 2017).
In the cu
ent times the Microsoft excel uses the most suitable approach for presenting the negative numbers which is using the parenthesis of
acket which helps in distinguishing the negative numbers.
Solution 3: Separation of data and report areas
The major reasons behind separation of data and report areas in accounting system are the following:
The separation of data entry area and report area leads to interpretation of data in a much significant manner and thus, it can be understood in a better manner.
By having a separate area for reporting the management of the organisation and the various external users are able to extract and identify the information related to output in an orderly manner for taking appropriate decisions (McCullough, & Heiser, 2008).
The data entered in the excel spreadsheet can be effectively managed in an efficient manner by making suitable recognition of the entire selected area (Walkenbach, 2010).
The example provided below helped in understanding and presenting the information in a much better way:
    Transaction data day wise
    Day
    Equity
    Liabilities
    Assets
    1
    $ 2,500.00
     $ (1,000.00)
    $ 1,500.00
    2
    $ 2,000.00
     $ (250.00)
    $ 1,750.00
    3
    $ 1,500.00
     $ (390.00)
    $ 1,110.00
    4
    $ 1,000.00
     $ (680.00)
    $ 320.00
    5
    $ 500.00
     $ (120.00)
    $ 380.00
Solution 4: IF functions
The link for the You Tube video that we have used for the explaining the IF functions is:
https:
www.youtube.com/watch?v=nU6av3m6eZs
In the Microsoft Excel application which is an analytical tool, the IF function is identified as a logical function that aims to determine the test results for a particular logical situation. The outcome that will be achieved from the IF function would be based upon the logical test and the different conditions. For example, the on the basis of IF function the “pass” or “fail” result of the students of a school can be determined with the help of different marks achieved by the students. Under the IF function, a standard value is set wherein the result for pass or fail will be determined when the figure entered is above or below the standard value. Thus, the IF function helps in comparing the actual and the standard value (Hopkins, 2007).
The normal and formula view when an IF function is used will be as follows:
Normal view:
Formula view:
Solution 5: Periodic and perpetual Inventory system
    Basis
    Perpetual inventory system
    Periodic inventory system
    Accounts
    There is continuous update to the accounts like the general ledger and other inventory related transactions.
    Under this, there is no updating of accounts like as there is no cost of goods sold.
    
Computer system
    As there are so many transactions in each unit, it is impossible to maintain accounting records through manual method.
    In this system, manual record keeping is possible because there are small amount of inventories, the recording of which can be easily achieved.
    Purchases
    The inventory purchase in this system is recorded in the merchandise or raw material inventory...
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