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Sunday, October 18, 2020

8:48 PM

MANAGEMENT INFORMATION Page 1

Sunday, October 18, 2020

3:51 PM

ACCOUNTING FOR
BEGINNERS :
MANAGEMENT
INFORMATION

MANAGEMENT INFORMATION Page 2

A
Sunday, October 18, 2020

3:49 PM

THE NATURE AND
PURPOSE OF COST
AND MANAGEMENT
INFORMATION

MANAGEMENT INFORMATION Page 3

BUSINESS ORGANISATIONS AND ACCOUNTING
Saturday, October 17, 2020

12:30 PM

Office organisation and functions
- The office in an organisation is a centre for information and administration
- The most common functions in an office are purchasing ,personnel (human resources),general administration, finance and sales and
marketing
- Organisation charts are a traditional way of depicting the various roles and relationships of the formal structure
...


Advantages of a centralised administration office include the following
...
Everyone uses the same data and information
...

(c) It gives better security/control over operations and it is easier to enforce standards
...
Senior managers in an organisation
can take a wider view of problems and consequences
...

(f) Senior management can keep a proper balance between different departments or functions eg by
deciding on the resources to allocate to each
...

(h) Crisis decisions are taken more quickly at the centre, without need to refer back, get authority
etc
...

(j) Administration staff are in a single location and more expert staff are likely to be employed
...

(k) Standardisation of policies, systems, procedures and documentation
...

(m) Duplication of services can be avoided and thus costs reduced
...

(a) Local offices do not have to wait for tasks to be carried out centrally
(b) No reliance on head office
...
Geographically dispersed
organisations should often be decentralised on a regional/area basis
(f) Decisions can be made more quickly because no need for head office approval
(g) Local managers are able to make their own decisions, which may help motivate them
(h) More opportunities for junior managers to take on responsibility – important since job challenge
and entrepreneurial skills are highly valued in today's work environment
(i) There may be greater continuity between functional and general management, which may enable
junior managers to make the transition to senior management more smoothly
(j) Top managers are free to focus on matters affecting the organisation as a whole, and are not
overly burdened or stressed with local concerns
(k) Easier to identify separate spheres of responsibility, which may result in improved controls,
performance measurement and accountability

Policy manual
MANAGEMENT INFORMATION Page 4

Policy manual
- A policy manual should help to ensure that all personnel follow procedures and best practices
...

- In order for the purchase of non-current assets to be put in motion the manager of the department which
- requires the asset must firstly fill out a purchase requisition
...
If a sale is made on credit the goods are sent out with a
promise from the customer to pay in the future therefore the management of the business must
be as certain as they can be that this new customer can, and will, pay for the goods
...

- (b) Purchases of goods or non-current assets and payments for expenses
...

- (c) One of the largest payments made by most organisations is that of the wages bill for their
employees
...

- Debit entries in ledger accounts are increases in assets or expenses and decreases in liabilities and
income
...

- one of the basic principles of double entry is that for every debit entry there is an equal and opposite credit entry
...

THE ACCOUNTING EQUATION IS:

Assets – liabilities = Capital + profit – drawings

- So here is a brief reminder of the basic double-entry that you are likely to come across
...

- Cost accounting is the accumulation of costs for inventory valuation in order to meet the requirements of
external reporting and also for internal profit measurement
...

- The ledger accounts will only contain the totals from the day books, so to find individual transactions one has to look to th e day books
...
The journal keeps a record of unusual movement between accounts
...

- The main types of transaction and their related books of prime entry are given below:
Sales invoices sent out – Sales day book
Credit notes sent out – Sales returns day book
Purchase invoices received – Purchases day book
Credit notes received – Purchases returns day book
Cash/cheque receipts – Cash received book
Cash/cheque payments – Cash payments book
Petty cash receipts/payments – Petty cash book
- An integrated system is one which combines the cost accounting and financial accounting functions in
one system of ledger accounts
...
However it has the disadvantage of trying to fu lfil two purposes
with one set of ledger accounts despite the differences between financial accounting and management accounting requirements
- An interlocking system has a separate cost ledger for the cost accounting function and a separate
financial ledger for the financial accounting function
...

- In a full ledger computerised system the computer system will normally maintain the following ledgers:
• General or main ledger (for all asset, liability, income and expense accounts)
• Receivables ledger – accounts for each customer
• Payables ledger – accounts for each supplier
• Cash books – including the main cash book and the petty cash book
- Computerised accounting therefore follows a data processing cycle of input, process, and output
...
A
collection of similar records makes up a file
...
A field is an item of data relating to a record
...

- A transaction file is a file containing records that relate to individual transactions
...
The sales day book
entries are examples of transaction records in a transactions file
...

- Both manual and computer data processing can be divided into two broad types: batch processing and
real-time processing
...
Because data is not input as soon as it is received the
system will not always be up-to-date
...


QUESTIONS
1 Which one of the following is a potential advantage of decentralisation?
A Less control by senior management
B Duplication of services can be avoided
C Local offices are more self sufficient
D Consistency of decision-making across the organisation

2 Which one of the following is a potential disadvantage of a policy manual?
A It may lead to inflexibility
B Personnel follow best practices
C Procedures are formalised
D It acts as a form of control over activities of employees
3 Which of the following personnel in an organisation would not be involved in the sale of goods on credit?
A Credit controller
B Payables ledger clerk
C Sales person
D Warehouse operative

4 What document should normally be completed if a purchase of a non-current asset is required?
A A purchase requisition
B A despatch note
C A goods received note
D An invoice
5 What is the correct accounting equation?
A Assets + Liabilities = Capital + profit – drawings
B Assets + Liabilities = Capital - profit – drawings
C Assets – Liabilities = Capital + profit + drawings
D Assets – Liabilities = Capital + profit – drawings
6 What is the double entry for the purchase of materials on credit?
A Dr Materials control Cr Payables
B Dr Payables Cr Materials control
C Dr Materials control Cr Receivables
D Dr Receivables Cr Materials control

7 An integrated system combines the cost accounting and financial accounting functions into one system
of ledger accounts
...

2 A Although a policy manual is to be recommended, care must be taken that strict adherence to the
rules does not create inflexibility and in cases of doubt, a more senior member of staff should be
consulted
...


4 A A purchase requisition will need to be completed and as non-current assets are relatively
expensive, it will usually have to be authorised by senior management
...

8 (a) Dr Work in progress control account
(b) Dr Finished goods control account

Cr Production overhead account
Cr Work in progress control account

MANAGEMENT INFORMATION Page 8

INTRODUCTION TO MANAGEMENT INFORMATION
Saturday, October 17, 2020

2:03 PM

Data and information
- Raw data may be processed to produce meaningful information
...
Data are the raw materials for data
processing
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Information is anything that is communicated
...

- Management information can therefore be described as information that is given to the people who are
in charge of running an organisation
...

- Management information is often classified into two types:
• Financial information (measured in terms of money)
• Non-financial information (not measured in terms of money)

The purpose of management information
- The purpose of management information is to help managers to manage resources efficiently and
effectively, by planning and controlling operations and by allowing informed decision-making
...

• Planning
• Control
• Decision making

Planning
...


Control
...


Decision making
...
Decision making
always involves a choice between alternatives
...

- Management information is used for a wide variety of purposes
...

- Reporting information requires the active co-operation of the following groups
...

- Data and information come from sources both inside and outside an organisation
...


Management accounting and financial reporting
- Computer systems and coding structures help to sort the information into the categories and formats
required for both financial and management accounting
...

- Cost accounting is the accumulation of costs for inventory valuation in order to meet both the
requirements of external reporting and also for internal profit measurement
- The purpose of financial accounting is to provide accurate financial information for the company
accounts, which will be used by both senior management and external parties (for example, investors)
...

• There is a legal requirement for limited companies to prepare them and presentation is dictated
by accounting standards
...

• They usually include only financial information
...


The trainee accountant's role in a cost and management
accounting system
- In a cost and management accounting system, the role of the trainee accountant is to provide answers
to questions on costs and revenues
...

- The questions a trainee accountant is going to provide answers for are;
(a) What has the cost of goods produced or services provided been?
(b) What has the cost of operating a department been?
(c) What have revenues been?

QUESTIONS
1 Two statements follow about information:
1
...

2
...

Are the above statements true or false?
A Both statements are true
B Both statements are false
C Statement 1 is false but statement 2 is true
D Statement 1 is true but statement 2 is false
2 Which one of the following is not usually considered to be one of the purposes of management
information?
A Implementing
B Planning
C Control
D Decision making
3 What is the main factor to consider when designing a management report?
A The needs of the user
B The length of the report
C Confidentiality
D Neat handwriting
4 Which one of the following does not appear in the mnemonic 'accurate'?
A Accurate
B Communication
C Complete
D User-targeted
5 Which one of the following sources of information would you expect to be an internal source of
information for a business?
MANAGEMENT INFORMATION Page 10

information for a business?
A The government
B Tax consultants
C The internet
D The receivables ledger
6 Two statements follow about the format and content of information
...
There are no external rules governing the format and content of management information
2
...
It is data which is the term for facts, figures and processing
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2 A Implementing
...

3 A The needs of the user
...

4 B Communication
...
It is worth memorising the
mnemonic for the exam
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The question says 'usually' because a tax specialist company would
probably not need to use external tax consultants so their source of tax information would be
internal
...
Statement 2 is false as
financial information is subject to external rules and regulations
...
Questions
on business strategy would normally be discussed at board level
...


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MANAGEMENT INFORMATION Page 12

B
Saturday, October 17, 2020

2:31 PM

COST
CLASSIFICATION AND
MEASUREMENTS

MANAGEMENT INFORMATION Page 13

COST UNITS , COST CLASSIFICATION AND PROFIT REPORTING
Saturday, October 17, 2020

2:34 PM

Introduction to costs
- The amount paid to the wholesaler can be split in a similar way: there will be a profit element and
amounts to cover the costs of running a wholesaling business
...


Cost units
- A cost unit is a unit of product or service to which costs can be related
...

• Room (in a hotel)
• Batch of 1,000 shoes
• Patient night ( the cost of a patient staying in a hospital for a night)
- Cost information is needed to aid price setting, decision making, planning and budgeting, control and
reporting
...
Examples include direct or
indirect costs, fixed or variable costs
...

Costs can be classified as direct or indirect
...

Direct materials – which form part of the end product
Direct labour – involved directly in making the product
Direct expenses – it is rare for expenses to be directly traceable to the product
The sum of the direct costs is known as the prime cost
...

Indirect materials – such as lubricants for machinery
Indirect labour – such as supervisors and maintenance workers
Indirect expenses – such as heating and lighting for the factory
There are also non-manufacturing overheads in a manufacturing business
...

- Cost behaviour is the way that costs change as the level of activity changes
...

- The basic principle of cost behaviour is that as the level of activity rises, costs will usually rise
...
The variable cost
per unit is the same amount for each unit produced whereas total variable cost increases as volume of
output increases
...


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- The cost will be the same for each unit produced giving the following graph for variable cost per unit
...
In other words, constant rate and efficiency levels are implied in variable costs
...

(a) The cost of raw materials, because the volume of raw materials purchased relates to the volume
used in production
...
This is due to the ability to increase or decrease the number of workers and
therefore the total cost
...

- A variable cost is not just another name for a direct cost
...

(a) Costs are either variable or fixed, depending upon whether they change in total when the
volume of production changes
...


Fixed costs
- A fixed cost is a cost which tends to be unaffected in total by increases or decreases in the volume of
output
...


Graph of total fixed cost

- The following are fixed costs
...


Graph of fixed cost per unit
MANAGEMENT INFORMATION Page 15

Graph of fixed cost per unit

Stepped-fixed costs
- Stepped-fixed costs are costs which are fixed in nature within certain levels of activity
...

(a) Rent, where accommodation requirements increase as output levels get higher
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One supervisor may be able to supervise a maximum of ten employees
...


Mixed costs (or semi-variable costs or semi-fixed costs)
- Mixed costs (semi-variable/semi-fixed costs) are partly fixed and partly variable, and therefore only partly
affected by changes in activity levels
...
An example of this is a telephone bill with a fixed charge for line rental and a
variable charge for calls made
...
For example, production, distribution and selling,
administration and financing costs
...

(a) Production costs
...

(b) Distribution and selling costs
...

(c) Administration costs
...
You might like to think of these costs as the materials
and labour used and the expenses incurred in co-ordinating the activities of the production
function and the distribution and selling function
...
The expenses incurred when a business has to borrow to purchase non-current
assets, say, or simply to operate on a day-to-day basis
...
If there are changes
in inventory levels during a period, marginal costing and absorption costing give different profit figures
...

Marginal costing: the cost of the product for inventory valuation is the variable production cost
only
...


Marginal costing and absorption costing compared
- Marginal costing and absorption costing are different
...

(ii) Fixed costs are charged in full against the profit of the period in which they are incurred
...

(ii) The effect of this is that cost of sales in a period will include some fixed overhead incurred
in a previous period (in opening inventory values)
...


Both methods are widely used for costing purposes, but marginal costing has the advantage of being
better for decision-making purposes
...


QUESTIONS
1 A unit of product or service to which costs can be related is known as?
A A cost centre
B A cost unit
C A product unit
D A service unit
2 Which one of the following cost elements does not form part of the overheads?
A Indirect expenses
B Indirect labour
C Indirect materials
D Direct labour

3 The basic principle of cost behaviour is that as the level of activity rises, total costs will usually
___________
...
Which one of the following is not an example of a
functional cost heading?
A Production costs
B Administration costs
C Financing costs
D Carriage out costs

i
...

iii
...


(i)
(ii)
(iii)
(iv)

7 XYZ Co produces a component W
...
70+ Variable $483
...
80 + Variable $75
...
40 = Selling price $1,000
...
70
$739
...
20
$227
...
50
$75
...
00
$124
...

2 D Direct labour is a direct cost and therefore not part of overheads
...

4 D The name given to cost unaffected by increases and decreases in the volume of output is fixed
MANAGEMENT INFORMATION Page 18

4 D The name given to cost unaffected by increases and decreases in the volume of output is fixed
costs
...
Options A, B and D are all usually fixed costs
...
These costs would normally come under the functional heading of 'distribution
and selling costs'
...
70 + $483
...
20
Selling costs are never included in inventory valuations
...

(b) $483
...
The valuation under a marginal costing
system is the variable production cost
...

- Responsibility accounting is a system of accounting that segregates revenue and costs into areas of
personal responsibility in order to monitor and assess the performance of each part of an organisation
...

- A cost centre is a production or service location, function, activity or item of equipment for which costs
are accumulated
...
Items of expenditure will be recorded with the app ropriate
cost code
...

- Information about cost centres might be collected in terms of total actual costs, total budgeted costs and total cost varianc es (the
differences between actual and budgeted costs)
...

Cost centres may include the following
...
Costs might include salary, company car and other expenses
incurred by the director)

Profit centres
- A profit centre is any section of an organisation to which both revenues and costs are assigned, so that
the profitability of the section may be measured
...

- Profit centre information is needed by managers who are responsible for both revenue and costs
...

- The manager of the profit centre has some influence over both revenues and costs, that is, a say in
both sales and production policies
...

- Investment centres refer to centres with additional responsibility for capital investment and possibly for
financing, and whose performance is measured by its return on capital employed
...

• Cost centres collect information on costs
• Profit centres collect information on costs, revenues and profits
• Investment cen
C A cost centre
D A responsibility centre

2 What is the main aim of performance measurement?
A To obtain evidence in order to dismiss someone
B To establish how well something or somebody is doing in relation to a planned activity
C To collect information on costs
D To award bonuses

MANAGEMENT INFORMATION Page 21

3 Quantitative measures are expressed in numbers whereas qualitative measure are not
...


A Profit
B Capital employed
5 Which one of the following is the correct formula for asset turnover?
A Sales ÷ capital employed
B Net profit ÷ sales
C Capital employed ÷ sales
D Sales ÷ net profit

ANSWERS
1 D This is the definition of a responsibility centre
...
Performance measurement may well be used to
decide on bonus levels but this is not the main aim
...

4

5 A Asset turnover = sales capital employed
...

- For elements of cost and income to be correctly analysed, classified and recorded they must initially be
correctly coded for entry into the accounting records
...

• They record and retrieve information quickly and easily
...

• They can file a large amount of information in a small space
...

- A good coding system will possess the both of the following features:
• Items each have a unique code
• Codes are uniform in structure and length

Types of code
(a) Sequential (or progressive) codes
- Numbers are given to items in ordinary numerical sequence, so that there is no obvious
connection between an item and its code
...
For example:
4NNNNN Nails
5NNNNN Screws
6NNNNN Bolts
(Note
...
)
(c) Faceted codes
- These are a refinement of block codes, in that each digit of the code gives information about an
item
...

(d) Mnemonic codes
- Meaning of mnemonic is a learning technique to aid the memory
...
A well-known
example of this type of code is the three letter coding used for airports
...
For example:
3 = Screws
32 = Round headed screws
31 = Flat headed screws
322 = Steel (round headed) screws and so on

Documents for buying and selling
- When goods are required by a business the person requiring the goods must normally complete a
purchase requisition which must be authorised by an appropriate manager
...
Note that an overtime payment is the total payment made for overtime hours
whereas the overtime premium is the amount paid in excess of the normal hourly rate for the
overtime hours
...
If it's due to
general pressures of production then it will be treated as an indirect cost
...

4 C Debit Work in progress

Credit Wages control

5 D This is the definition of differential piecework
...
(Remember that indirect materials would be
debited to the production overhead)
...
When prices are rising
these will be the lowest priced items
...

- Under absorption costing principles, the production overheads of a business are absorbed into the cost of each of the product s
...

- The overheads of the business, under absorption costing are required to be included in the cost of the
products of the business
...
For product costing and profitability purposes all overheads need to be
considered
...

- However we have to recognise that not all of these cost centres are production cost centres, ie cost centres that
actually produce goods
...
These
are areas of the business that provide necessary services to the production cost centres such as stores,
maintenance or a canteen
...

- The first stage in the process is to allocate any specific production overheads to individual cost centres
that have incurred them
...

- These will often be items such as indirect materials and indirect labour
...
These joint expenses must be apportioned between the cost centres on
some suitable basis
...
The machinery
insurance costs might be apportioned on the basis of the value of the machinery in each cost centre
- The overheads of the service cost centres must then be reapportioned to the production cost centres on
an appropriate basis
...

- Overhead absorption rate is 'a means of attributing overhead to a product or service, based for
example on direct labour hours, direct labour cost or machine hours'
...
This is done by finding a basis for absorption
which will generally tend to be based upon the activity of the department
...

- For each product that is produced in the two departments a certain amount of overhead will be included
in the cost of the product based upon the number of hours that the product spends in each production
cost centre
...

- So the process of absorbing overheads into the costs of production starts with the allocation and
apportionment of the indirect expenses to the each cost centre
...

- For items of expense that are to be allocated to a specific cost centre, there will be only one code
...
If any invoices are received for expenses for a specific cost
centre then the net amount of the invoice must be coded to that cost centre
...

- In absorption costing, it is usual to add overheads into product costs by applying a predetermined
overhead absorption rate
...

- The rate at which overheads are included in cost of sales (absorption rate) is predetermined before the accounting period act ually
begins for a number of reasons
...
It would be inconvenient to wait until the year end in order to decide
what overhead costs should be
...
The difficulty with this approach would be that actual overheads from month to
month would fluctuate randomly; therefore, overhead costs charged to production would depend
on a certain extent on random events and changes
...
50
...
Such charges are considered
misleading for costing purposes and administratively and clerically inconvenient to deal with
...
For example, actual overhead costs might
be $20,000 per month and output might vary from, say, 1,000 units to 20,000 units per
month
...


Calculating predetermined overhead absorption rates
- The absorption rate is calculated by dividing the budgeted overhead by the budgeted level of activity
...

- Overhead absorption rates are therefore predetermined as follows
...

(b) The total hours, units, or direct costs on which the overhead absorption rates are to be based
(activity level) are estimated
...


Selecting the appropriate absorption base
- Management should try to establish an absorption rate that provides a reasonably 'accurate' estimate of
overhead costs for jobs, products or services
...

Examples are as follows
...

(a) A direct labour hour basis is most appropriate in a labour intensive environment
...
This basis is becoming more appropriate as factories become more heavily automated
...
Actual
overheads incurred will probably be either greater than or less than overheads absorbed into the cost of
production
...

(b) Under absorption means that insufficient overheads have been included in the cost of production
...


The reasons for under/over absorbed overhead
- The overhead absorption rate is predetermined from budget estimates of overhead cost and the
expected volume of activity
...

• Actual overhead costs are different from budgeted overheads
...

• Both actual overhead costs and actual activity level are different from budget
...
It is an alternative method of
accounting for costs and profit, which rejects the principles of absorbing fixed overheads into unit costs
...

(ii) Fixed costs are charged in full against the profit of the period in which they are incurred
...

(ii) This means that the cost of sales in a period will include some fixed overhead incurred in
a previous period (in opening inventory values) and will exclude some fixed overhead
incurred in the current period but carried forward in closing inventory values as a charge to
a subsequent accounting period
...

In a marginal costing system, all variable costs are deducted from the sales figure to give a contribution
figure
...

- In absorption costing, all production cost
(d) At the appropriate time, the job will be 'loaded' on to the factory floor
...


Collection of job costs
- Each job will be given a number to identify it
...
The process of collecting job costs may be outlined as follows
...

(b) The materials requisition note will be used to cost the materials issued to the job concerned, and
this cost may then be recorded on a job cost sheet
...

MANAGEMENT INFORMATION Page 36

(c) The job ticket is passed to the worker who is to perform the first operation
...

(e) The relevant costs of materials issued, direct labour performed and direct expenses incurred as
recorded on the job cost card are charged to the job account in the work in progress ledger
...

(g) On completion of the job, the job account is charged with the appropriate administration, selling
and distribution overhead, after which the total cost of the job can be ascertained
...


Job cost card
- When jobs are completed, job cost cards are transferred from the work in progress category to finished
goods
...


Job costing and computerisation
- Job cost cards exist in manual systems, but it is increasingly likely that in large organisations the job
costing system will be computerised, using accounting software specifically designed to deal with job
costing requirements
...


Batch costing
- Batch costing is a form of specific order costing in which costs are attributed to batches of products
...
The
cost per unit manufactured in a batch is the total batch cost divided by the number of units in the
batch
...
It is
especially relevant where products are not made for a specific job, but are produced for inventory using
a single production line
...
) Examples of industries where batch costing is common would be food manufacturing, paint
manufacturing, drug manufacturing
...

- The procedures for costing batches are very similar to those for costing jobs
...

˅˅˅
˅˅˅
Once the batch has been completed, the cost per unit can be calculated as the total
batch cost divided by the number of units in the batch
...


Process costing features
- Process costing is a costing method used where there are continuous processes
...


MANAGEMENT INFORMATION Page 37

Features of process costing
- Process costing is a co
which are used to apportion costs between work in progress and completed output
...
08

MANAGEMENT INFORMATION Page 40

E
Sunday, October 18, 2020

8:28 AM

THE SPREADSHEET
SYSTEM

MANAGEMENT INFORMATION Page 41

THE BASICS OF USING SPREADSHEETS
Sunday, October 18, 2020

8:29 AM

Spreadsheets
- A spreadsheet is basically an electronic piece of paper divided into rows and columns
...

- A spreadsheet is essentially an electronic piece of paper divided into rows (horizontal) and columns
(vertical)
...
etc and the columns lettered A, B C
...
Each
individual area representing the intersection of a row and a column is called a 'cell'
...
For example, in the spreadsheet below the word
Jan is in cell B2
...
This is shown by the box around the
cell
...

- The main examples of spreadsheet packages are Lotus 1 2 3 and Microsoft Excel
...


- Spreadsheets provide a tool for calculating, analysing and manipulating numerical data
...
For example, the spreadsheet above
has been set up to calculate the totals automatically
...


Basic spreadsheet skills
- Essential basic skills include how to move around within a spreadsheet, how to enter and edit data and
formulae, how to select cells, how to fill cells, how to insert and delete columns and rows and how to
improve the basic layout and appearance of a spreadsheet
...

- A single cell can be accessed by clicking on the cell using the mouse or by using the arrow keys on the
keyboard
...


- A worksheet is a single page or sheet in Excel
...


MANAGEMENT INFORMATION Page 42

The contents of any cell can be one of the following
...
A text cell usually contains words
...
To do this, enter an apostrophe before the number eg '451
...

(b) Values
...

Values are right aligned by default, with no overflow feature
...
A formula refers to other cells in the spreadsheet, and performs some sort of
computation with them
...
In Excel, a formula always begins with an equals sign: =
...


Data can be entered into cells in a few different ways
...
Simply type it in
2
...
Use Excel's Fill feature to automatically fill a range from a base cell or cells

Copy, cut and paste
Ctrl + C for Copy
Ctrl + X for Cut
Ctrl + V for Paste

Spreadsheet formulae
- Formulae can be used in spreadsheets to perform a wide range of calculations, all of which are
performed much quicker than manual calculations

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