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accounting

Questions and Answers of Accounting

Imagine that Canada, the United States, and Mexico decide to adopt a fixed exchange rate system. What would be the likely consequences of such a system for (a) international businesses and (b) the
1. What will happen to the value of the U.S. dollar if oil producers decide to invest most of their earnings from oil sales in domestic infrastructure projects?2. What factors determine the relative
In a world of zero transportation costs, no trade barriers, and nontrivial differences between nations with regard to factor conditions, firms must expand internationally if they are to survive.
Plot the position of the following firms Procter & Gamble, IBM, Nokia, Coca-Cola, Dow Chemicals, US Steel, and McDonald’s. In each case justify your answer.
Reread the Management Focus box on Procter & Gamble and then answer the following questions: a. What strategy was Procter & Gamble pursuing when it first entered foreign markets in the period up
What do you see as the main organizational problems that are likely to be associated with implementation of a transnational strategy?
Reread the Management Focus box on the alliance between Cisco and Fujitsu. What are the benefits to Cisco and Fujitsu respectively of the alliances? What are the risks to Cisco? How can Cisco
The top management of your company, a manufacturer and marketer of laptop computers, has decided to pursue international expansion opportunities in Eastern Europe. To achieve economies of scale,
Licensing proprietary technology to foreign competitors is the best way to give up a firm’s competitive advantage. Discuss
Discuss how the need for control over foreign operations varies with firms’ strategies and core competencies. What are the implications for the choice of entry mode?
A small Canadian firm that has developed some valuable new medical products using its unique biotechnology know-how is trying to decide how best to serve the European Community market. Its choices
1. Why did Tesco’s initial international expansion strategy focus on developing nations?2. How does Tesco create value in its international operations?3. In Asia, Tesco has a long history of
A firm based in Washington State wants to export a shipload of finished lumber to the Philippines. The would-be importer cannot get sufficient credit from domestic sources to pay for the shipment but
You are the assistant to the CEO of a small textile firm that manufactures quality, premium priced, stylish clothing. The CEO has decided to see what the opportunities are for exporting and has asked
An alternative to using a letter of credit is export credit insurance. What are the advantages and disadvantages of using export credit insurance rather than a letter of credit for exporting? (a) A
How might a company make strategic use of countertrade schemes as a marketing weapon to generate export revenues? What are the risks associated with pursuing such a strategy?
1. What was the motivation for Megahertz’s shift toward a strategy of export-led growth? Why do you think the opportunities for growth might be greater in foreign markets? Do you think that
An electronics firm is considering how best to supply the world market for microprocessors used in consumer and industrial electronic products. A manufacturing plant costs about $500 million to
A chemical firm is considering how best to supply the world market for sulfuric acid. A manufacturing plant costs about $20 million to construct and requires a moderately skilled workforce. The total
A firm must decide whether to make a component part in-house or to contract it out to an independent supplier. Manufacturing the part requires a nonrecoverable investment in specialized assets. The
Imagine you are the marketing manager for a U.S. manufacturer of disposable diapers. Your firm is considering entering the Brazilian market. Your CEO believes the advertising message that has been
Within 20 years, we will have seen the emergence of enormous global markets for standardized consumer products. Do you agree with this statement? Justify your answer.
You are the marketing manager of a food products company that is considering entering the Indian market. The retail system in India tends to be very fragmented. Also, retailers and wholesalers tend
Price discrimination is indistinguishable from dumping. Discuss the accuracy of this statement.
You work for a company that designs and manufactures personal computers. Your company’s R&D center is in North Dakota. The computers are manufactured under contract in Taiwan. Marketing strategy is
What are the main advantages and disadvantages of the ethnocentric, polycentric, and geocentric approaches to staffing policy? When is each approach appropriate?
Research suggests that many expatriate employees encounter problems that limit both their effectiveness in a foreign posting and their contribution to the company when they return home. What are the
What is the link between an international business’s strategy and its human resource management policies, particularly with regard to the use of expatriate employees and their pay scale?
In what ways can organized labor constrain the strategic choices of an international business? How can an international business limit these constraints?
The U.S. Department of State prepares quarterly reports for living costs abroad. Using the most current report, identify the countries that are regarded as having a high cost of living and those that
You work in the human resources department at the headquarters of a multinational corporation. Your company is about to send several American managers overseas as expatriates. Utilize resources
Your company has developed a new product that is expected to achieve high penetration rates in all the countries in which it is introduced, regardless of the average income status of the local
Market Potential Indicators (MPI) is an indexing study conducted by the Michigan State University Center for International Business Education and Research (MSU-CIBER) to compare emerging markets on a
The Corruption Perceptions Index (CPI) is a comparative assessment of integrity performance in a variety of countries. Provide a description of this index and its ranking. Identify the five countries
Since you work for a rice production company, your current project is to determine the ten countries which—in your estimation—should have an advantage in producing rice. Using a resource that
Your firm is looking to find new sources of coffee to sustain growth as it internationalizes. Currently, your company only purchases green coffee beans from South America and is hoping to begin
You are working for a company that is considering investing in a foreign country. Management has requested a report regarding the attractiveness of alternative countries based on the potential return
Your company is considering opening a new factory in Latin America and management is evaluating the specific country locations for this direct investment. The pool of candidate countries has been
The establishment of the Free Trade Area of the Americas can be a threat as well as an opportunity for your company. Identify the countries participating in the negotiations for the FTAA. What are
The U.S. Commercial Service prepares a series of reports titled the Country Commercial Guide for each country of interest to U.S. investors. Utilize this guide to gather information on Brazil.
The Internet is rich with resources that provide guidance for companies that wish to expand their markets through exporting. Global edge provides links to these “Trade Tutorials.” Identify three
You work for a banking company that hopes to provide financial services in India. After searching a resource that enumerates the import and export regulations for a variety of countries, outline the
Jane Parker is going to set up a new business on 1 January 20X1. She estimates that her first six months in business will be as follows:(i) She will put £150,000 into a bank account for the firm on
Mr. Norman set up a new business on 1 January 20X8. He invested £50,000 in the new business on that date. The following information is available.1. Gross profit was 20% of sales. Monthly sales were
Fred and Sally own a profitable business that deals in windsurfing equipment. They are the only UK agents to import ‘Dryline’ sails from Germany, and in addition to this they sell a variety of
Jane Parker is going to set up a new business in Bruges on 1 January 20X1. She estimates that her first six months in business will be as follows:(i) She will put €150,000 into the firm on 1
Mr. Norman is going to set up a new business in Singapore on 1 January 20X8. He will invest $150,000 in the business on that date and has made the following estimates and policy decisions:1. Forecast
The Piano Warehouse Company Limited was established in the UK on 1 January 20X7 for the purpose of making pianos. Jeremy Holmes, the managing director, had 20 years’ experience in the manufacture
The following is an extract from the Financial Reporting Review Panel website relating to the Wiggins Group showing the restated financial results.Revenue recognitionThe 1999 accounts contained an
(a) Describe briefly the theory underlying Hicks’s economic model of income and capital. What are its practical limitations?(b) Spock purchased a space invader entertainment machine at the
(a) ‘Measurement in financial statements’, Chapter 6 of the ASB’s Statement of Principles, was published in 1999. Amongst the theoretical valuation systems considered is value in use – more
Jason commenced with Â£135,000 cash. He acquired an established shop on 1 January 20X1. He agreed to pay Â£130,000 for the fixed and current assets and the goodwill. The replacement cost of the
Shower Ltd was incorporated towards the end of 20X2, but it did not star t trading until 20X3. Its historical cost statement of financial position at 1 January 20X3 was as follows:Share capital,
The finance director of Toy plc has been asked by a shareholder to explain items that appear in the current cost statement of comprehensive income for the year ended 31.8.20X9 and the statement of
The statements of financial position of Parkway plc for 20X7 and 20X8 are given below, together with the income statement for the year ended 30 June 20X8.Statement of comprehensive income of Parkway
Raiders plc prepares accounts annually to 31 March. The following figures, prepared on a conventional historical cost basis, are included in the company€™s accounts to 31 March 20X5.1 In
The historical cost accounts of Smith plc are as follows:Statement of financial position of Smith plc as at 31 December 20X8Notes1 Land and buildings were acquired in 20X0 with the buildings
Aspirations Ltd commenced trading as wholesale suppliers of office equipment on 1 January 20X1, issuing ordinary shares of £1 each at par in exchange for cash. The shares were fully paid on
Antonio Rossi set up a par t-time business on 1 November 2004 buying and selling second-hand sports cars. On 1 November 2004 he commenced business with $66,000 which he immediately used to purchase
Constructive review of the regulators.Required:(a) Obtain a copy of the Financial Reporting Council’s Annual Review.(b) Prepare a profile of the members of the ASB.(c) Comment on the strengths and
Obtain the financial statements of two companies based in different countries. Review the accounting policies notes. Analyse what the policies tell you about the regulatory environment in which the
Consider the interest of the tax authorities in financial reporting regulations. Explain why national tax authorities might be concerned about the transition from domestic accounting standards to
The following extract is from Conceptual Framework for Financial Accounting and Reporting: Elements of Financial Statements and Their Measurement, FASB 3, December 1976.The benefits of achieving
The following extract is from ‘Comments of Leonard Spacek’, in R.T. Sprouse and M. Moonitz, A Tentative Set of Broad Accounting Principles for Business Enterprises, Accounting Research Study No.
The following is an extract from Accountancy Age, 25 January 2001.A powerful and ‘shadowy’ group of senior partners from the seven largest firms has emerged to move closer to edging control of
You have recently qualified and set up in public practice under the name Patris Zadan. You have been approached to provide accounting services for Joe Hardiman. Joe explains that he has had a lawyer
Kim Lee is a branch accountant in a multinational company Green Cocoa plc responsible for purchasing supplies from a developing country. Kim Lee is authorized to enter into contracts up to $100,000
Basalt plc is a wholesaler. The following is its trial balance as at 31 December 20X0.The following additional information is supplied:(i) Depreciate plant and machinery 20% on straight-line
The following trial balance was extracted from the books of Old NV on 31 December 20X1.Note of information not taken into the trial balance data:(a) Provide for:(i) An audit fee of â‚¬38,000.(ii)
HK Ltd has prepared its draft trial balance to 30 June 20X1, which is shown below.The following information is available:(a) The authorised share capital is 4,000,000 9% preference shares of $1 each
Phoenix plc trial balance at 30 June 20X7 was as follows:The following information is available:1. Freehold premises acquired for £1.8 million were revalued in 20X4, recognizing a gain of
The following is an extract from the trial balance of Imecet at 31 October 2005:.:.Other relevant information:(i) One million $1 Ordinary shares were issued 1 May 2005 at the market price of $1.75
Olive A/S, incorporated with an authorised capital consisting of one million ordinary shares of ‚¬1 each, employs 646 persons, of whom 428 work at the factor y and the rest at the head
Raffles Ltd trades as a wine wholesaler with a large warehouse in Asia. The trainee accountant at Raffles Ltd has produced the following draft accounts for the year ended 31 December 20X6.Statement
Graydon Ross CFO of Diversified Industries PLC is discussing the publication of the annual report with his managing director Phil Davison. Graydon says: ‘The law requires us to comply with
Filios Products plc owns a chain of hotels through which it provides three basic services; restaurant facilities, accommodation, and leisure facilities. The latest financial statements contain the
IAS 10 deals with events after the reporting period.Required:(a) Define the period covered by IAS 10.(b) Explain when should the financial statements be adjusted?(c) Why should non-adjusting events
Epsilon is a listed entity. You are the financial controller of the entity and its consolidated financial statements for the year ended 31 March 2009 are being prepared. The board of directors is
Epsilon is a listed entity. You are the financial controller of the entity and its consolidated financial statements for the year ended 30 September 2008 are being prepared. Your assistant, who has
Omega prepares financial statements under International Financial Reporting Standards. In the year ended 31 March 2007 the following transactions occurred:Transaction 1On 1 April 2006 Omega began
Omega prepares financial statements under International Financial Reporting Standards. In the year ended 31 March 2007 the following transaction occurred:Omega follows the revaluation model when
(a) In 20X3 Arthur is a large loan creditor of X Ltd and receives interest at 20% p.a. on this loan. He also has a 24% shareholding in X Ltd. Until 20X1 he was a director of the company and left
Maxpool plc, a listed company, owned 60% of the shares in Ching Ltd. Bay plc, a listed company, owned the remaining 40% of the £1 ordinary shares in Ching Ltd. The holdings of shares were acquired
The following trial balance has been extracted from the books of Hoodurz as at 31 March 2006:The following information is relevant:(i) The trial balance figures include the following amounts for a
The following is the draft trading and income statement of Parnell Ltd for the year ending 31 December 2003:You are given the following additional information, which is reflected in the above
Springtime Ltd is a UK trading company buying and selling as wholesalers fashionable summer clothes. The following balances have been extracted from the books as at 31 March 20X4:£000Auditor’s
As the financial controller of SEAS Ltd, you are responsible for preparing the company’s financial statements and are at present finalising these for the year ended 31 March 20X8 for presentation
The draft statement of financial position of Telin plc at 30 September 20X5 was as follows:Preference shares of the company were originally issued at a premium of 2p per share. The directors of the
The following is the statement of financial position of Alpha Ltd as on 30 June 20X8:The following information is relevant:1. There are contingent liabilities in respect of (i) A guarantee given to
A summary of the statement of financial position of Doxin plc, as at 31 December 20X0, is given below;During 20XI, the company:(i) Issued 200,000 ordinary shares of £1 each at a premium of I0p
Discuss the advantages to a company of:(a) Purchasing and cancelling its own shares;(b) Purchasing and holding its own shares in treasury.
Speedster Ltd commenced trading in 1986 as a wholesaler of lightweight travel accessories. The company was efficient and traded successfully until 2000 when new competitors entered the market selling
Delta Ltd has been developing a lightweight automated wheelchair. The research costs written off have been far greater than originally estimated and the equity and preference capital has been eroded
(a) Provisions are particular kinds of liabilities. It therefore follows that provisions should be recognized when the definition of a liability has been met. The key requirement of a liability is a
The directors of Apple Pie plc at the September 20X5 board meeting were expressing concern about falling sales and the lack of cash to meet a dividend for the current year ending 31 December at the
On 20 December 20X6 one of Incident plc's Lorries was involved in an accident with a car. The lorry driver was responsible for the accident and the company agreed to pay for the repair to the car.
Plasma Ltd, a manufacturer of electrical goods, guarantees them for 12 months from the date of purchase by the customer. If a fault occurs after the guarantee period, but is due to faulty manufacture
In 20X6 Alpha AS made the decision to close a loss-making department in 20X7. The company proposed to make a provision for the future costs of termination in the 20X6 profit or loss. Its argument was
Easy View Ltd had started business publishing training resource material in ring binder format for use in primary schools. Later it diversified into the hiring out of videos and had opened a chain of
On 1 April year 1, a deep discount bond was issued by DDB AG. It had a face value of £2.5 million covering a five-year term. The lenders were granted a discount of 5%. The coupon rate was 10% on

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