Naming cell in spreadsheets Accounts | Acc 566

Home Assignment Answers Naming cell in spreadsheets Accounts | Acc 566

In accounting, the spreadsheet is called as an interactive computer application which is used by the companies for storage and analysis of data in the form of tables.

Q1: Naming cell in spreadsheets

Answer: With the use of names, it can become easy to understand and maintain the formulas, and the name can be defined or a function, constant, table or cell range. Once you accept the practice of utilising names in the workbook, it can become easy to update, manage and audit these all names.

Q2: Negative Numbers

Answer: These are shown in brackets by the accountants so that it becomes simple to determine the calculated values that are lost.

Q3: Separation of data & report areas

Answer: To enter the transactions by the accountant, the separation of data & report areas become simple because they are updated automatically with the use of spreadsheet formulas.

Q4: IF Function

Answer: It is a function used in excels that permits to create the logical caparison between two different values that assist in recognising loss or profit.

Q5: Perpetual Vs PIS (periodic inventory systems)

Answers: Perpetual Vs PIS (periodic inventory systems), both are two different kinds of inventory system where periodic inventory system refers that the manager records stock at the end of every year and perpetual refers that the manager maintains transaction based stock.

Q6: Worksheet & financial reports

Answer: MS excel is a useful tool in the activities of business which is essential to separate the issues and complexities to control the spreadsheets. It is also very helpful in the management of financial reports about the business.

Q7: Application of inventory flow assumptions

Answer: Inventory is called as an asset recorded by the companies in their balance sheets, and they are different methods to determine the inventory’s values such as LIFO, FIFO, HIFO as well as average cost mechanism.

Q8: Bank Reconciliation

Answer: Bank Reconciliation is defined as a statement which is prepared by the companies to compare the books and bank records.

Q9: Journalized account receivables entries

Answer: Journalized account receivables entries shows the credit and debit account together with a brief narrative such as:

To record the sale to the customer of account:

Account

Credit

Debit

Accounts receivable

*****

 

Revenue

 

*****

 

Q10: Estimating bad debts

Answer: Estimating bas debts is an estimation of uncollectible accounts which happens in the given period as a result of customer who is being not able to fulfill obligations to pay the debt due to some financial problems, and the accountants are used different methods for this process. The methods which are used by accountants involve a percentage of sales and percentage of receivables.

Q11: Computers & accounts receivable

Answer: The business is running at very high speed due to which it always requires for faster processing of data. The computerised spreadsheets permit the user to have instant access to the general ledger information in the context of accounts payable, receivable, inventory levels, sales, labor costs etc.

Q12: Dishonor of a note receivable

Answer: A note receivable is defined as a written promise to receive some amount of cash from others. It usually involves a specific rate or interest rate which is tied to some another interest rate as the prime rate of banks.

Q13: Work Integrated Assessment Case Study

Answer: Quantas is an Australian company which is an airline company that has two different ventures such as Jetstar and Quantas. The objective of Qantas is to provide the customers with best services and safety. As per the annual report of Qantas, the total revenue of this organisation in 2017 is $ 16057.

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