ACC501 assignment 3

Question # 40215
  • Accounting
    7 months ago
    $40

    Assignment 3

    Value: 60%

    Due date: 27-Jan-2018

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    Task

    Complete the 10 questions given below. A total of 120 marks are allocated to the questions below, which will then be converted to a mark out of 60%.

    All workings, where appropriate, must be shown to substantiate your answers.
     

    Question 1 (20 marks)

    Internal controls – Bank reconciliations and cash

    The bank reconciliation for Crunchy Cookies Ltd as at 31 May 2017 is shown below:

     

     The June 2017 bank statement showed the following withdrawals and deposits:

     

     

    Your assistant has highlighted three amounts on the June 2017 bank statement, which she has not yet entered into Crunchy Cookies Ltd’s accounting system.  She thinks that she has recorded everything else.

    1. A credit for bank interest received on 30/6/17 of $136.72.
    2. A debit of $33.00 for bank fees on 1/6/17.
    3. A debit of $647.10 on 1/6/17 for a dishonouredcheque written by one of Crunchy Cookies Ltd’s customers. At 30 June 2017, the cheque had not been redeposited into the bank.

    Crunchy Cookies Ltd's accounting records for June 2017 showed the following:

     

     

    At 30 June 2017, the bank balance as per Crunchy Cookies Ltd’s records was $13,034.30, and the cash balance per the bank statement was $18,460.72. The bank did not make any errors.

    Required:

    i)  Prepare the bank reconciliation for Crunchy Cookies Ltd at 30 June 2017.

    ii)  Prepare the journal entries to correct any errors made by Crunchy Cookies Ltd, and to record transactions that have not yet been entered into the company’s accounting records. (Note: The correction of any errors relating to the recording of cheques should be made to ‘Accounts payable’. The correction of any errors relating to deposits (other than interest received) should be made to ‘Accounts receivable’.)

    iii)  Prepare the ‘bank’ ledger account (using the T-Account format) for June 2017, in order to determine the balance in the account after the above journal entries have been recorded.

     

    Question 2 (10 marks)

    Internal controls – cash

    The following control procedures are used for over-the-counter cash receipts:

    All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.

    To minimise the risk of robbery, cash in excess of $100 is stored in an unlocked tin in the printing room, until it is deposited in the bank.

    At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register tape total.

    The accountant deposits the cash received in the bank and then records the day’s receipts.

    Required:

    i)  For each procedure, explain the weakness in internal control and identify the control principle that is violated.

    ii)  For each weakness, suggest a change in procedure that will result in good internal control.

     

     

    Question 3 (10 marks)

    Introduction to management accounting

    You are a financial accountant at ABC Ltd. One of the trainee accountants, Kate, is currently enrolled in two university subjects – one subject on management accounting and one subject on financial accounting.

    She is wondering why companies, such as ABC Ltd, need to employ both management accountants and financial accountants. She asks you: “Why can’t companies just prepare one set of financial statements? The financial reports prepared by the management accountant can’t be too different from the financial reports prepared by the financial accountant, can they... unless one of them is doing something wrong? I mean, what’s income is income, what’s an asset is an asset, regardless of who’s preparing the reports.”

    She has also been pondering something one of the management accountants said to her the other day: “Don’t go into financial accounting! Financial accountants are a liability to companies, whereas management accountants are an asset.”

    Required:

    Prepare a response to Kate, responding to her questions and comments, and the comment made by the management accountant.

     

    Question 4 (15 marks)

    Decision making in accounting

    Undertake some research into Digital Dashboards.

    You are the management accountant at Freight Co Ltd, a parcel delivery business, and would like the directors to consider using digital dashboards. You think that it would be of great benefit to them as they manage the business.

    Required:

    Prepare a business report (as if for the directors of the company) on Digital Dashboards.

    Note: You must reference using the APA referencing format, and include a reference list at the end of your report.

    (Word count: 800-1200 words)

     

     

    Question 5 (10 marks)

    Cost volume profit (CVP) analysis

    Best Fares Ltd is a travel agency specialising in flights between Sydney and Fiji. It books passengers on Qantas flights. Qantas charges passengers $900 per round-trip ticket. Best Fares Ltd receives a commission of 10% of the ticket price. Best Fares Ltd’s fixed costs are $17,000 per month. Its variable costs are $30 per ticket, including a $10 delivery fee by Australia Post. (Assume that each ticket is delivered in a separate package; thus the delivery fee applies to every individual ticket.)

    Required:

    i)  What is the number of tickets that Best Fares Ltd must sell each month to (a) break even, and (b) make a target operating income of $15,000?

    ii)  Create a CVP chart in Excel to show the results of your analysis. Show the data area, and clearly label your CVP chart.

    iii)  Assume that TNT Express offers to charge Best Fares Ltd only $4 per ticket to deliver. How would accepting this offer affect your answers to (a) and (b) in requirement (i) above?

     

     

    Question 6 (15 marks)

    Decision making

    Use this page for your survey.

    Suppose you're on a TV game show, and you're given the choice of three doors. Behind one door is a brand new car, behind the others, nothing. You pick a door. The TV host, who knows what's behind the doors, chooses another door and opens it to show you that it has nothing. Should you change your decision?


     

     

    Required:

    A.

    i)  Suppose you're on a TV game show, and you're given the choice of three doors. Behind one door is a brand new car, behind the others, nothing. You pick a door. The TV host, who knows what's behind the doors, chooses another door and opens it to show you that it has nothing. Should you change your decision?

    Don’t think about this too deeply just yet. Do you feel (intuit?) that you should change your choice? Answer initially without researching the question. What is the thinking behind your answer?

    Conduct a survey of ten of your friends/colleagues to give their opinion. You may wish to provide them with a copy of the problem. Prepare a table in Excel, setting out the results of your survey. Also create a simple chart Excel to present the results of your survey.


    ii)  After you answer the first part of this question, search the Internet for the Monty Hall problem. Provide your own explanation of the correct answer. Why do so many people get the wrong answer? Did you?


    B.

    A man goes to see his medical doctor to find out whether or not he has a deadly disease. The test is positive. The test is 97% accurate and one in one thousand men of his age has this disease. What is the probability he has the disease? When this question was put to a group of student doctors, 80% of them answered “97%”. He now plans to sell up all his assets, quit his job on the spot and live in Bora Bora in the time he has left. Is this a rational decision? Explain. (Hint: research conditional probability)

    C.

    Suppose an urn contains 100 marbles, 70 red and 30 black. A marble is drawn at random from the urn and you are asked to guess what colour you believe the marble to be. The marble is then shown, replaced, and the urn's contents again randomised. The aim is to maximise the number of correct guesses. Before reading any further, what strategy would you employ? What would you guess?

    Assume that 4 red marbles come out in a row. What would your next guess be? Why? Include a brief discussion of the gambler's fallacy (Monte Carlo fallacy).

    D.

    After working through the above scenarios, what does this tell you about the rationality of human decision making? What lessons can managers learn from these scenarios and apply when making business decisions?

     

    Question 7 (10 marks)

    Relevant information and special decisions

    The bakery manager at Coles is deciding how much shelf space to devote to four different varieties of bread. Data on these four varieties of bread are as follows:

     

    Coles has 12 metres of front shelf space to devote to the four varieties of bread. The manager needs a minimum of 1 metre and a maximum of 6 metres of front shelf space for each variety of bread.

    Required:

    i)  What is the contribution margin per loaf, for each variety of bread?

    ii)  What shelf-space allocation for the four varieties of bread would you recommend to the bakery manager?

    iii)  One of the bakery workers suggests that the bakery manager maximises the shelf space devoted to the varieties with the highest contribution margin per loaf. Evaluate this recommendation.

    Question 8 (10 marks)

    Budgeting

    Gadgets Ltd is formulating its plans for 2018. Budgeted sales, purchases and other expenses for January - June 2018 have been prepared.


     

    Additional information:

    Gadgets Ltd expects to collect 70% of billings in the month after the sale, and the remaining 30% 2 months after.

    Gadgets Ltd expects to pay 80% of inventory purchases in the month after purchase, and the remaining 20% 2 months after.

    Other expenses (apart from depreciation) are paid in the same month as they are shown in the spreadsheet above.

    Gadgets Ltd maintains a minimum cash balance of $500 at the end of each month. If the cash balance is less than $500 at the end of the month, the company borrows amounts necessary to maintain this balance. All amounts borrowed are repaid out of subsequent positive cash flows.

    The projected opening balance of cash at 1 April 2018 is $500.

    Gadgets Ltd has no short-term debt as of 1 April 2018.

    Required:

    Enter the data shown above into a spreadsheet. Enter the ‘additional information’ shown above as data into the spreadsheet.

    In the spreadsheet, prepare a cash budget for Gadgets Ltd for the period April – June 2018. Ignore any interest expense associated with borrowing. Note: Use formulas to generate the figures in your cash budget from your ‘data’ section.

    Question 9 (10 marks)

    Variance analysis

    Sprout Ltd, a company that manufactures lawn fertilisers, has set up the following standards per finished output unit for direct materials and direct manufacturing labour.

    Direct materials: 5kg at $1.20 per kg = $6.00
    Direct manufacturing labour: 0.25 hours as $20 per hour = $5.00

    The number of finished output units budgeted for July 2017 was 20,000. 19,600 were actually produced.

    Actual results in July 2017 were:

    Direct materials purchased and used: 98,600kg, at a total cost of $123,250.
    Direct manufacturing labour: 4,800 hours. Actual total cost was $100,800.

    Required:

    Calculate the price and efficiency variances of direct materials and direct manufacturing labour for July 2017. Comment on the variances.

     

    Question 10 (10 marks)

    Capital budgeting

    Fizzy Drinks Ltd is thinking of buying some new packaging equipment, at a cost of $880,000. The company estimates that the new equipment will save $200,000 in cash operating costs per year. The equipment has a useful life of 10 years, and an estimated residual value of nil. The required rate of return is 16%.

    Required:

    i)  Calculate the payback period.

    ii)  Discuss the main strengths and weaknesses of the payback period method.

    iii)  Calculate the net present value.

    iv)  Based on your net present value calculation above, should Fizzy Drinks Ltd purchase the new equipment?
     

    Rationale

    This assignment allows you to demonstrate your understanding of Topics 5, 6, 7, 8, 9 and 10 - managing working capital and inventory, internal control and cash, introduction to management accounting, Cost-Volume-Profit analysis, relevant information and special decisions, budgeting and capital budgeting, and seeks to assess your ability to be able to understand and implement cost concepts, construct and analyse management accounting reports, research accounting issues, demonstrate spreadsheet skills and apply critical thinking in communicating results. In doing this it is aligned with the following subject learning outcomes:

    Evaluate and apply basic accounting ideas that underlie and limit the usefulness of accounting information;

    Apply computer software to quantitative business decisions;

    Implement and critique analytic and interpretative techniques used in accounting; and

    Explain and implement financial analysis and management accounting procedures.

     

    Marking criteria

    The marking guide for this assessment task is provided below.

    Criteria

    High Distinction

    Distinction

    Credit

    Pass

    Question 1:

    Apply accounting ideas, concepts and techniques to prepare accounting information that is useful for decision making.

     

    Demonstrates a comprehensive understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, without flaw.

    Appropriate calculations and workings are shown, and are logical and well presented.

    Demonstrates a thorough understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with minor flaw.

    Calculations and workings shown are appropriate, with minor flaw.

    Demonstrates a good understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of minor errors.

    Calculations and workings shown are appropriate, with a limited number of minor errors.

    Demonstrates a satisfactory understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of errors.

    Calculations and workings are shown but contain errors or lack detail, and/or contain errors.

    Question 2:

    Discuss and apply accounting ideas, concepts and techniques to assist businesses safeguard their assets.

     

    Demonstrates a comprehensive understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, without flaw.

    Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic.

    Demonstrates a thorough understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with minor flaw.

    Discussions and explanations presented are clear and succinct, and show a thorough understanding of the topic.

    Demonstrates a good understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of minor errors.

    Discussions and explanations presented are clear and adequate, and show a good understanding of the topic.

    Demonstrates a satisfactory understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of errors.

    Discussions and explanations presented are basic, and show a satisfactory understanding of the topic.

    Question 3:

    Discuss the differences between management accounting and financial accounting.

     

    Demonstrates a comprehensive understanding of the differences between management accounting and financial accounting.

    Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic.

    Demonstrates a thorough understanding of the differences between management accounting and financial accounting.

    Discussions and explanations presented are clear and succinct, and show a thorough understanding of the topic.

    Demonstrates a good understanding of the differences between management accounting and financial accounting.

    Discussions and explanations presented are clear and adequate, and show a good understanding of the topic.

    Demonstrates a satisfactory understanding of the differences between management accounting and financial accounting.

    Discussions and explanations presented are basic, and show a satisfactory understanding of the topic.

    Question 4:

    Discuss and apply accounting tools, concepts and techniques to prepare accounting information that is useful for decision making.

     

    Demonstrates a comprehensive understanding of accounting tools, concepts and techniques available to assist managers as they are making business decisions.

    Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic.

    Answers are presented in an appropriate format and are structured exceptionally well.

    The writing style is succinct, cohesive, easy to read and it is grammatically correct with accurate use of syntax, spelling and punctuation.

    In-text citations have been included where necessary. APA referencing system has been followed, without flaw.

    Demonstrates a thorough understanding of accounting tools, concepts and techniques available to assist managers as they are making business decisions.

    Discussions and explanations presented are clear and succinct, and show a thorough understanding of the topic.

    Answers are presented in an appropriate format and are structured very well.

    The writing style is clear and succinct, easy to read and it is grammatically correct with accurate use of syntax, spelling and punctuation.

    In-text citations have been included where necessary in almost all instances. APA referencing system has been followed, with minor flaw.

    Demonstrates a good understanding of accounting tools, concepts and techniques available to assist managers as they are making business decisions.

    Discussions and explanations presented are clear and adequate, and show a good understanding of the topic.

    Answers are presented in an appropriate format and are structured well.

    The writing style is appropriate and easy to read most of the time, with mostly accurate use of syntax, spelling and punctuation.

    In-text citations have been included where necessary in most instances.  APA referencing system has been followed, with a number of minor flaws.

    Demonstrates a satisfactory understanding of accounting tools, concepts and techniques available to assist managers as they are making business decisions.

    Discussions and explanations presented are basic, and show a satisfactory understanding of the topic.

    Answers are presented in an appropriate format and are structured satisfactorily.

    The writing style is appropriate and easy to read most of the time, with mostly accurate use of syntax, spelling and punctuation.

    In-text citations have been included where necessary in most instances.  APA referencing system has been followed, with a limited number of flaws.

    Question 5:

    Discuss and apply accounting ideas, concepts and techniques to prepare accounting information that is useful for decision making.

    Implement management accounting procedures.

    Apply computer software and basic accounting ideas, concepts and techniques to prepare accounting information that is useful for decision making.

    Demonstrates a comprehensive understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, without flaw.

    Appropriate calculations and workings are shown, and are logical and well presented.

    Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic.

    Demonstrates a thorough understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with minor flaw.

    Calculations and workings shown are appropriate, with minor flaw.

    Discussions and explanations presented are clear and succinct, and show a thorough understanding of the topic.

    Demonstrates a good understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of minor errors.

    Calculations and workings shown are appropriate, with a limited number of minor errors.

    Discussions and explanations presented are clear and adequate, and show a good understanding of the topic.

    Demonstrates a satisfactory understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of errors.

    Calculations and workings are shown but contain errors or lack detail, and/or contain errors.

    Discussions and explanations presented are basic, and show a satisfactory understanding of the topic.

    Question 6:

    Discuss and critique the concepts behind the decision making processes associated with the efficient allocation of business resources.
     

    Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic.

    Answers are presented in an appropriate format and are structured exceptionally well.

    The writing style is succinct, cohesive, easy to read and it is grammatically correct with accurate use of syntax, spelling and punctuation.

    In-text citations have been included where necessary. APA referencing system has been followed, without flaw.

    Discussions and explanations presented are clear and succinct, and show a thorough understanding of the topic.

    Answers are presented in an appropriate format and are structured very well.

    The writing style is clear and succinct, easy to read and it is grammatically correct with accurate use of syntax, spelling and punctuation.

    In-text citations have been included where necessary in almost all instances. APA referencing system has been followed, with minor flaw.

    Discussions and explanations presented are clear and adequate, and show a good understanding of the topic.

    Answers are presented in an appropriate format and are structured well.

    The writing style is appropriate and easy to read most of the time, with mostly accurate use of syntax, spelling and punctuation.

    In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a number of minor flaws.

    Discussions and explanations presented are basic, and show a satisfactory understanding of the topic.

    Answers are presented in an appropriate format and are structured satisfactorily.

    The writing style is appropriate and easy to read most of the time, with mostly accurate use of syntax, spelling and punctuation.

    In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a limited number of flaws.

    Question 7:

    Discuss and apply accounting ideas, concepts and techniques to prepare accounting information that is useful for decision making.

    Implement management accounting procedures.

    Demonstrates a comprehensive understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, without flaw.

    Appropriate calculations and workings are shown, and are logical and well presented.

    Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic.

    Demonstrates a thorough understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with minor flaw.

    Calculations and workings shown are appropriate, with minor flaw.

    Discussions and explanations presented are clear and succinct, and show a thorough understanding of the topic.

    Demonstrates a good understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of minor errors.

    Calculations and workings shown are appropriate, with a limited number of minor errors.

    Discussions and explanations presented are clear and adequate, and show a good understanding of the topic.

    Demonstrates a satisfactory understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of errors.

    Calculations and workings are shown but contain errors or lack detail, and/or contain errors.

    Discussions and explanations presented are basic, and show a satisfactory understanding of the topic.

    Question 8:

    Apply computer software and basic accounting ideas, concepts and techniques to prepare accounting information that is useful for decision making.

    Analyse the nature, and measurement of assets, liabilities, equity, income and expenses.

    Implement management accounting procedures.

    Applies basic accounting concepts and techniques to a range of practical situations without flaw.

    Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, without flaw.

    All required Excel spreadsheet
    features and functions have been applied.

    Applies basic accounting concepts and techniques to a range of practical situations with minor flaw.

    Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, with minor flaw.

    Almost all of the required Excel spreadsheet
    features and functions have been applied.

    Applies basic accounting concepts and techniques to a range of practical situations with a limited number of minor errors.

    Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, with a limited number of minor flaws.

    Most of the required Excel spreadsheet
    features and functions have been applied.

    Applies basic accounting concepts and techniques to a range of practical situations with a limited number of errors.

    Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, with a limited number of errors.

    Most of the required Excel spreadsheet
    features and functions have been applied.

    Question 9:

    Discuss and apply accounting ideas, concepts and techniques to prepare accounting information that is useful for decision making.

    Implement management accounting procedures.

    Demonstrates a comprehensive understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, without flaw.

    Appropriate calculations and workings are shown, and are logical and well presented.

    Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic.

    Demonstrates a thorough understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with minor flaw.

    Calculations and workings shown are appropriate, with minor flaw.

    Discussions and explanations presented are clear and succinct, and show a thorough understanding of the topic.

    Demonstrates a good understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of minor errors.

    Calculations and workings shown are appropriate, with a limited number of minor errors.

    Discussions and explanations presented are clear and adequate, and show a good understanding of the topic.

    Demonstrates a satisfactory understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of errors.

    Calculations and workings are shown but contain errors or lack detail, and/or contain errors.

    Discussions and explanations presented are basic, and show a satisfactory understanding of the topic.

    Question 10:

    Discuss and apply accounting ideas, concepts and techniques to prepare accounting information that is useful for decision making.

    Critique techniques used in accounting and finance.

    Implement management accounting procedures.

    Demonstrates a comprehensive understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, without flaw.

    Appropriate calculations and workings are shown, and are logical and well presented.

    Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic.

    Demonstrates a thorough understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with minor flaw.

    Calculations and workings shown are appropriate, with minor flaw.

    Discussions and explanations presented are clear and succinct, and show a thorough understanding of the topic.

    Demonstrates a good understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of minor errors.

    Calculations and workings shown are appropriate, with a limited number of minor errors.

    Discussions and explanations presented are clear and adequate, and show a good understanding of the topic.

    Demonstrates a satisfactory understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of errors.

    Calculations and workings are shown but contain errors or lack detail, and/or contain errors.

    Discussions and explanations presented are basic, and show a satisfactory understanding of the topic.

     

    Presentation

    It is essential that presentation of assignments adheres to accepted standards in relation to neatness and layout, as you are practicing to present material in a work situation.

    For spreadsheet questions, ensure that you adhere to the spreadsheet requirements (refer to the 'Requirements' section below).

    For questions that require you to prepare a business report, your report should include a title page, executive summary (optional), table of contents, introduction, body, conclusion, recommendations (if necessary), and reference list. For further guidance on business report writing, please refer to the following guides or others available on the internet: http://libguides.csu.edu.au/c.php?g=691475&p=4893246 or https://www.business.unsw.edu.au/Students-Site/Documents/Writingareport.pdf

    You need to provide references and prepare a reference list using the APA referencing style with your assignment. Note: when preparing a business report, include a reference list as part of the business report. You need to provide a reference whenever you draw on someone else's words, ideas or research. You should also provide references for any graphic information you use. Films, television programs, personal communications and online sources also need to be referenced.

    Requirements

    Your Turnitin submission will consist of two files: a Word file and an Excel file. Paste the spreadsheet solutions and a formula view of each spreadsheet in the Word file, displaying row and column headings. Thus, your Word file will provide a complete answer to every question. The separate Excel file will provide a clear demonstration of correct spreadsheet structures. The pasted formula view may need to have adjusted column widths to display formulas correctly. Use portrait orientation wherever possible.

    Spreadsheet requirements:

    For good spreadsheet design, it is very important that you have completely separate data 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.

    Name the worksheet tag(s) at the bottom of the Excel screen with the question number. Use a separate worksheet for each question that needs to be completed in Excel. See examples in the 'Spreadsheet Advice' PDF in the 'Resources' folder on Interact.

    Where appropriate, use the 'IF function' to provide built in checks of balances, net profit/net loss, favourable/unfavourable variances etc.

    How can you display negative numbers in brackets? Google the question! Hint. Format / Cells / Number and select Custom. Enter this: #,##0;(#,##0);0.

    We have provided spreadsheet examples to guide you in the 'Spreadsheet Advice' PDF document in Interact. Also consider using the spreadsheet templates available with your text and other online spreadsheet advice, but note that the text templates do not comply with all of the assignment spreadsheet requirements above.

     

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