BYU Student Author: @Brett_Lowe
Reviewers: @Nate, @Hyrum, @Andrew
Estimated Time to Solve: 15 Minutes
We provide the solution to this challenge using:
Need a program? Click here.
Overview
Your firm is about to publish an audit opinion for your client, Nebula Nexus, but you just learned that your intern forgot to check for unrecorded liabilities. If a problem exists, it’s likely material. The partner is giving you 15 minutes to find any issues (if there be any), and she threatened to take away your bonus if you miss one—material or not. Fortunately, you have enough data to perform the search, but you’re a tad rusty with this portion of the audit.
Instructions
- Download the data
- You’ll need to confirm that the payments made in January were included as liabilities on the balance sheet at year-end. Using a lookup function in column H of the Cash Disbursements sheet, find the corresponding Invoice Date for each Reference No. that’s reflected in the Vendor Invoice Detail sheet. If the reference number isn’t found, return the text “Not Found.”
- For each payment that isn’t found in the year-end report, you’ll need to investigate further. Copy all the missing payment information into columns G through K of the Receiving Report sheet.
- In column L of the Receiving Report sheet, use another lookup to find the date that the services or goods were received. The payments that are missing and received before year-end will be your unrecorded liabilities.
Data Files
Suggestions and Hints
Lookups can be powerful when used correctly. If you’re getting an error, select the cell that contains the formula and confirm that you’ve used consistent, valid inputs. If you’re still getting an error, consider asking someone else in the office or check the spoilers for help.
Solution
Thanks Brett for the short and sweet practice! I used xlookup and filter tool to accomplish the task. The preset format really helped. Thanks again.
Challenge133_Data.xlsx (23.8 KB)
1 Like
Great quick challenge. I used arrays for my lookup values. This saved me time by preventing me from having to make my references absolute, and preventing me from having to copy my formula down. I also used a filter function for the missing payments section.
Challenge133_Data_JacobDutton.xlsx (23.8 KB)
Really straightforward and a good small refresher for the lookup functions!
Hello,
Below is solution to this challenge.
Challenge133_Data.xlsx (23.5 KB)
Thanks!
Here’s my solution to the above challenge. It took me about 10 minutes to complete and was very fun. Thanks so much!
Challenge133_Data solution.xlsx (27.2 KB)
Fun challenge! Here is my solution:
Challenge133_Data_Solution.xlsx (23.7 KB)
Thank you this challenge took me around 20 minutes to complete, the challenge itself was intermediate so it gave me a little bit of a challenge. This challenge I used the xlookup function and filter tool to accomplish the task at hand. Thanks again!
Solution is down below
Challenge133_Data-LukeManzianoSolution.xlsx (23.5 KB)
Time to complete: 10mins
Great challenge for beginners and a good example on how to use XLookups.
Here is my solution:
Challenge133_Data.xlsx (23.6 KB)
Time to Complete: Approximately 5 minutes
Rating: Beginner
Attached is my solution:
Challenge133_Data_Solution.xlsx (23.5 KB)
I enjoyed completing this challenge!
Time: 5 minutes
Difficulty: Beginner
Good quick challenge to review use of lookups, enjoyed completing.
Challenge133_Data.xlsx (23.4 KB)
Time to complete: 20 Minutes
Level: Beginner
Review: I really enjoyed practicing using the XLOOKUP function. It was really fun to apply an excel function to fictious audit data that I would likely use on the job.
Time to complete: 20 min
Level: Beginner
This was a fun challenge!
Challenge133_Data.xlsx (24.1 KB)
Challenge133_Data.xlsx (23.5 KB)
Easy but fun challenge!
Attached is my solution!
This was a fun challenge that helped me brush up on my excel knowledge!
LFTechhubChallenge133_Data.xlsx (23.7 KB)
This challenge took me around 10 minutes to complete. I reached the solution using xlookups and it was quite straightforward after reading the instructions carefuly.
My solution:
Challenge133_Data.xlsx (23.5 KB)
Great challenge that tested my understanding of xlookup!
Time to Complete: 15 Minutes
Difficulty: Beginner
Challenge133_Data.xlsx (25.5 KB)
Time to complete: 10 Mins
Difficulty: Beginner
Solution:
Challenge133_Data_Solution_Porter_Rich.xlsx (23.5 KB)
1 Like
Time to Complete: 10 minutes
Level: Beginner
Challenge133_Data.xlsx (23.4 KB)
