Spreadsheet (work should be plagiarism free) 1. Accountants often use accounting

Question

Spreadsheet (work should be plagiarism free)

1. Accountants often use accounting software for data management, why do they still use spreadsheets? What are the disadvantages of using spreadsheets?

2. In designing a spreadsheet, why should the report section be completely separated from the data section?

3. Use spreadsheets to demonstrate:

IF functions,

Negative numbers in brackets,

Names to reference cells (e.g. Net Profit = Sales less Expenses).

Show your demonstration in both normal and formula views with row and column headings.

Note: You are required to provide at least three references.

Explanation / Answer

1. Accountants often use accounting software for data management, why do they still use spreadsheets? What are the disadvantages of using spreadsheets?

In this particular part of the assignment expert is going to discuss why the accountants tend to utilize the spreadsheets a lot. This is due to the fact of its easy functionality. Secondly when they have learned accounting they have practiced a lot on the excel spreadsheet so they hesitate to shift to the utilization of the accounting software.

Apart from the spreadsheet the accountant can utilize various other accounting software as it is attached with many disadvantages such as -

- There is always an attached risk in using the spreadsheet that the particular sheet will get corrupted or it may crash.

- Lack of user friendliness

- If the client while entering data along with the bookkeeper there is always a attached risk of formulae deletion which might change the complete calculation.

2. In designing a spreadsheet, why should the report section be completely separated from the data section?

It is the basic practice of the financial modeling concept that the report areas and the data input section should be kept separately in the different tabs of the spreadsheet due to the below mentioned reasons –

- To bring comfort in the updating, entry, and review of the data with clearly labeled tabs for input and output.

- The errors which are made in the file tab will not affect the other.

- When reporting period data is required to be added only one tab is needed to be modified it will auto update the report range.

3. Use spreadsheets to demonstrate:

• IF functions,

Charles Sturt University

Roll Number

Name

Course

Total Fees

Payment

Balance

1

Mark

Accounting

4000

2000

=IF(F17<E17,E18-F17,0)

2

Veronica

Business studies

3000

3000

=IF(F18<E18,E19-F18,0)

3

Atul

Computers

5000

4000

=IF(F19<E19,E20-F19,0)

4

Aparna

Hospitality

2500

3500

=IF(F20<E20,E21-F20,0)

5

Archana

Accounting

5600

2500

=IF(F21<E21,E21-F21,0)

• Negative numbers in brackets,

Transaction data day wise

Day

Equity

Liabilities

Assets

1

$2,000.00

($1,200.00)

$3,200.00

2

$2,200.00

($550.00)

$2,750.00

3

$2,500.00

($450.00)

$2,950.00

4

$1,500.00

($670.00)

$2,170.00

5

$850.00

($230.00)

$1,080.00

• Names to reference cells (e.g. Net Profit = Sales less Expenses).

particulars

average cost (in $)

sales revenue

40000

Cost of goods sold

15000

gross profit

=C3-C4

indirect expenses

12000

net profit

=C5-C

Charles Sturt University

Roll Number

Name

Course

Total Fees

Payment

Balance

1

Mark

Accounting

4000

2000

=IF(F17<E17,E18-F17,0)

2

Veronica

Business studies

3000

3000

=IF(F18<E18,E19-F18,0)

3

Atul

Computers

5000

4000

=IF(F19<E19,E20-F19,0)

4

Aparna

Hospitality

2500

3500

=IF(F20<E20,E21-F20,0)

5

Archana

Accounting

5600

2500

=IF(F21<E21,E21-F21,0)

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