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accounting and finance for non specialists

Questions and Answers of Accounting And Finance For Non Specialists

14.4A Calculate return on total capital invested (to one decimal place). Is it:a) 15.5%b) 13.3%c) 9.1%d) 22.8%?
14.5A Calculate pre-tax return on shareholders' funds (to one decimal place). Is it:a) 15.5%b) 10.8%c) 9.1%d) 22.8%?
14.6A Calculate post-tax return on shareholders' funds (to one decimal place). Is it?a) 15.5%b) 9.1%c) 10.8%d) 6.3%?
14.7 Shania would like to invest in a company that will give her a good rate of return on her investment. She has collected information on four companies. Extracts from their most recent financial
14.8A Shirley has been thinking for a while about investing some surplus cash in an unlisted company that organises lettings of holiday properties in France. The company is run by an old friend of
14.9 Trixie Stores Limited has the following working capital items in its balance sheet at 31 December 20X4:£Stock 18 370 Debtors 24100 Cash in hand 70 Trade creditors 15 450 Bank overdraft 6 400
14.10A Tadcaster Terrier Limited has the following working capital items in its balance sheet at 31 May 20X1:£Stock 88 700 Creditors 90450 Debtors 85210 Bank overdraft 16 790 The current ratio
14.11 Trimester Tinker Limited has the following working capital items in its balance sheet at 31 December 20X1:Stock Debtors Cash in hand Trade creditors£108 770 94300 1 600 1 10 650 The company
14.12A Turnbull Taffy Limited's figures to 31 March 20X4 show the following working capital items:£Stock 67 400 Debtors 42 660 Cash at bank 6 050 Trade creditors 58 760 The company's finance
14.3 Upwood Sickert Limited has total sales in the year to 31 May 20X6 of £686430. Extracts from the company's balance sheet at that date show fixed assets as follows:Net book Cost Depreciation
14.14A Uriah Westwood pic is an advertising agency operating from rented offices in the West End of London. Ulverstone Thunderbird pic is a company engaged in heavy engineering. It owns all its own
14.15 A sole trader's stock at 31 December 20X7 is £405 000. By 31 December 20X8 stock has increased in value by 10%. Cost of sales for the year ending 31 December 20X8 is £1 506 700.What is the
14.16A The following are extracts from the profit and loss accounts of a sole trader business for the years ending 31 December 20X8 and 20X7:Opening stock Purchases Closing stock Cost of sales
14.17 A company has debtors in its year-end balance sheet of £218603. Sales for the year were £1 703 698; 70% of these were sales on credit. Debtor turnover in days is:a) 46.8 daysb) 32.7 daysc)
14.18A Whybird, a sole trader, has been advised by his accountant to keep an eye on the number of days his debtors take to pay. The accountant has explained how to calculate the debtors turnover
14.19 The managing director of Winger Whalley Limited has just received a report from one of the accounting assistants employed by the business. The report shows key ratios and supplies explanations
14.20 A business has creditors at its year-end of £206 460. Purchases for the year are £1 952 278, of which 90% were made on credit. What is the creditors turnover period?a) 42.9 daysb) 38.6 daysc)
14.21 A Wiswell Limited is a trading company. Its year-end accounts for 20X4 and 20X3 include the following relevant details:20X4£20X4£1 936 000 20X3£20X3£1 877 200 Sales Cost of sales Opening
14.22 The dividend per share is:a) lOpb) 5pc) 50pd) loop.
14.23 The dividend cover ratio is:a) 3.77b) 5.39c) 2.77d) 6.12.
14.24 Earnings per share (in pence) is:a) 18.86pb) 26.94pc) 13.86pd) 37.71p.
14.25 What is Waldo Wolff pic's market capitalisation at 31 December 20X4?
14.26 At 30 April 20X6 Wilson Streep pic has a market capitalisation of £6 303 000 with 3 300 000 ordinary 50p shares in issue. The profit attributable to ordinary shareholders in its profit and
14.27A The dividend per share is:a) 45.6pb) 11.4pc) 25.Opd) 29.1p.
14.28A The dividend cover ratio is:a) 3.51b) 1.55c) 3.93d) 2.55.
14.29A Earnings per share (in pence) is:a) 17.72pb) 29.12pc) 116.49pd) 70.89p.
14.30 A What is Worsley Bacup pic's market capitalisation at 30 September 20X9?
14.31 A Watkinson Chapel pic is a listed company with a market capitalisation of£3 430 000 at 31 August 20X7. It has in issue 1 000 000 £1 ordinary shares, and profits attributable to ordinary
14.32 Brazier Barkiss pic has the following capital structure at 30 April 20X6:£Ordinary share capital (£1 shares) 1 000 000 Reserves 2 739400 Long-term loans (10% interest rate) 2 000 000 Profit
14.33A Better Belter Limited has the following capital structure at 31 October 20X7:£Ordinary share capital (£1 shares) 80 000 Reserves 696 400 Long-term loans (8% interest rate) 300 000 Profit
14.34 The directors of the Cuttlefish Biscuit Corporation Limited have calculated a set of key accounting ratios for their biscuit manufacturing business. These are detailed in the following table,
14.35 Cryer Roussillon Limited is a trading company. Shortly before the beginning of the 20X5 accounting year (which ends on 31 December) a new managing director was appointed. He made the strategic
Jimmy Bowden has run a bicycle shop for several years in rented shop premises. He sells new and reconditioned second-hand bikes and also runs a repair service, with the help of a part-time assistant.
Jackie sells garden furniture in sets comprising a dining table and four chairs. She purchases each set for £75 from the manufacturer and retails a set for £132. At the beginning of June 20X1
Jethro sells an extensive range of children's toys. He likes to be well informed at all times about the performance of his business. Part of the routine work of his administrative assistant is to
Jodie is a wholesaler of electrical discount goods. She buys in end-of-line and seconds quality stock from manufacturers and sells it on to small electrical retailers. She has to take advantage
Staff costs. The two full-time members of staff are paid £149 per week each for a five-day week, with four weeks paid holiday in each year. During staff holidays, Keith's wife. Penny, and their
Shop rental. Keith is appalled at the level of shop rental he pays for a very small unit in the town centre. Under his lease arrangement his rental was due to increase on 1 January 20X9; it increased
Kerry owns the concession to run a souvenir shop at a tourist location near London. She sells souvenir tea towels, cards, biscuits, and various toys and gifts. Kerry's sales for the year to 30
Leon runs a retail grocery business dealing in luxury and delicatessen goods. In 20X6 sales are £295 993, with cost of sales at £242 085. The equivalent figures for 20X5 are sales of £287 300 and
Lulu's sales in 20X3 are £115 399. The following year, 20X4, sales increase by 4.3%. In 20X5 sales are 7.8% higher than they were in 20X3. Gross profit margin in each of the three years is;20X3;
The summarised results of Louise's business for the three years to the end of 20X8 are as follows:20X8 20X7 20X6£££Sales 291318 282 400 269 340 Cost of sales(213916)(206420)(196071)Gross profit 77
Madigan & Co. is the trading name of Basil Madigan, a chartered accountant. He runs a small city centre office employing a part-qualified accountant as an assistant and a secretary, both on a
Nellie sells boots from her market stall and also carries out a boot repair service. This activity has never made much of a profit, but some of Nellie's long-standing customers continue to expect the
The case study brings together several of the adjustments examined in the chapter. Richard studied hotel management many years ago at college. After leaving, he spent two years as a sous-chef at a
Oscar's trading company prepares accounts to 31 December. In the year to 31 December 20X1 the following trading transactions occur:£Sales Purchases Sales returns Purchases returns 72 411 53 005 361
Olivia's trading company prepares accounts to 31 August each year. In the year ending 31 August 20X4, the following trading transactions occur:£Sales Purchases Sales returns Purchases returns 193
Omar imports onyx picture frames from India. He prepares accounts to 30 April each year. In the year ending 30 April 20X7 he records the following totals for trading transactions:£Sales 347 348
Ophelia imports glass ornaments from Norway. She prepares accounts to 30 June each year. In the year ending 30 June 20X9 she records the following totals for trading transactions:Sales 83 722
Poppy imports and sells display fireworks. She supplies her customers on credit terms, reguiring payment of invoices within 30 days. In order to encourage early payment she offers customers a
A Paolo trades in promotional goods. His customers order items like mouse mats, biros, playing cards, golf balls and so on, printed with their own logo. Paolo keeps a stock of blank goods. When he
Per prepares his accounts to 31 January each year. At 31 January 20X4 he has the following balances on electricity and telephone accounts:£Electricity 6 464 Telephone 3118 Per is due to receive an
Pookie's business involves telephone sales, so her business phone bills are high. Her accounting year ends on 31 August, and in the year to 31 August 20X8 she has received bills for phone charges as
A In 20X7 the gas bills for Peregrine's business are received and paid as follows;Date received 4 March 20X7 6 June 20X7 6 September 20X7 9 December 20X7 Date paid 10 March 20X7 20 June 20X7 15
A Parvati's business insurance is paid annually, with the bill running from 1 June to 31 May each year. Her accounting year-end is 31 December. Her insurance transactions over a two-year period are
Patience pays a subscription to a business trade association annually in advance. The subscription is due on 30 September each year, to cover one year running from 1 October. Patience's accounting
A Paula's business expenses for 31 October 20X1 are summarised as follows:£Insurance 7 280 Phone 2 017 Other expenses 36 470 Examination of the detailed transactions in the insurance account shows
Simon trades in soft furnishings from shop premises in the centre of a small town in northern England. He provides basic summaries of his transactions for his accountant, Bernie, who prepares his
A Sylvester runs a consultancy business, employing two members of staff as consultants and a secretarial assistant. Because he has done an accountancy course, he is able to prepare his own accounting
Sharon runs a business selling cards and novelty items from a busy shop in a large shopping centre. She has the following list of account balances at 31 August 20X1:£Administration expenses 8219
Ulrich prepares his accounts to 31 July each year. At 31 July 20X1 his debtors list totals £397 700. Included in the list is a debt of £17 000 owing by Gayle Associates. Gayle Associates has
Ursula is a wholesaler trading in stationery supplies. She sells to offices and shops around the country and at any one time has up to 350 debtors due to pay her. She allows 30 days credit but finds
Understand the distinctions between 'raw materials', 'work in progress' and 'finished goods' stock.
Be able to calculate cost of sales for a manufacturing business.
Be able to prepare the profit and loss account and balance sheet for a manufacturing business.
Atul left university with a first class degree in chemistry. He had been particularly interested in plastics, and continued to study in his spare time after he started his career as an industrial
10.1 Amber runs a small factory making hats. She employs several people who are directly engaged in hat production, as well as a supervisor and a couple of clerks who deal with sales orders, invoices
10.2A Alice runs a sweetie factory, manufacturing a wide range of sweets that are sold to retailers ready packaged in plastic bags. The following list includes some of the costs that she incurs:•
10.3 Bob runs a manufacturing business. Included in his books are the following balances relating to the costs of running his business for the year ending 30 November 20X4:£Raw materials purchase 26
10.4A Brett's factory manufactures parts for bicycles. The balances in his books at 31 December 20X6 include the following items of cost;£Depreciation of factory 1 200 Production supervisor's salary
10.5 Carrie runs a shoe factory and is about to prepare a manufacturing account for the month of May 20X6. The following balances are relevant;£Production supervisor's salary 15 760 Maintenance of
10.6A Curtis has a chewing gum factory. A manufacturing account is required for the year ending 31 December 20X4. Curtis has listed the following relevant balances from the accounting records of the
10.7 Cornelius runs a small factory that manufactures artists' watercolours. He employs two staff. Maisie is engaged full-time in production, whereas Maggie spends 75% of her time in production and
10.8 Dilip has run a successful umbrella manufacturing business for several years. His gross profit margin has remained constant at around 34%, and his net profit margin is usually between 14% and
10.9A Debra is in business producing household linen. She buys in plain fabrics, dyes them and makes them up into table and bed linen. Her small factory employs six people, five of whom are directly
10.10 Ermintrude makes components for the motor industry, buying in plastic and metal raw materials from the UK and overseas. Her factory contains mostly quite old machinery, some of which is fully
Be able to draw up a simple cash flow statement for a sole trader business.
Delroy Desmond has run a pizza restaurant for several years, trading as Dezzie's. He also provides a pizza delivery service to homes and a lunchtime delivery service to local offices, some of whom
11.1 Fergus's business enters into the following transactions in the year to 31 December 20X2:• Fergus introduces additional capital of £10 000 in cash.• Purchase on credit of goods for resale
11.2A Flynn's business enters into the following transactions in the year to 31 March 20X5:• Purchase of stock for cash of £1300.• Sale of a fixed asset with a written down value of £300. The
11.3 Gilbert's business sells a fixed asset for cash proceeds of £1300. The asset originally cost £20 700, and accumulated depreciation at the point of sale was £18 210. Three of the following six
11.4A Grant's business makes an operating profit of £16 632 in the year ending 30 April 20X1. One of the deductions in arriving at operating profit was depreciation of £6650.At 30 April 20X1 the
11.5 Gaston's business prepares accounts to 31 December each year. In the year ending 31 December 20X4 stock, debtors and creditors are shown in the balance sheet, with comparative figures at 31
11.7 Henrietta runs a business, trading as Spicer & Co. She prepares accounts to 31 March each year. By the year-end 31 March 20X4 the business has run into overdraft. Henrietta asks you to prepare a
11.8A Hamid prepares his business financial statements to 31 May each year. Because he attended an accounting course at college he knows how to prepare profit and loss accounts and balance sheets.
11.9 Horst is in business as a sole trader, trading under the name of Box Distributors. His accountant has prepared a profit and loss account for the business for the year ending 31 December 20X5 and
One of the following statements about the sole trader form of business is correct:a) A sole trader has to pay corporation tax.b) Sole traders submit annual information to the Registrar of
Select from the following list the most appropriate form of finance for purchasing a new office building:a) ten-year mortgage loanb) a loan repayable in six months' timec) an arrangement with a
1.6 A Select from the following list the most appropriate way of financing the build-up of stocks of Easter eggs in a chocolate business:a) venture capitalb) overdraftc) issue of new share capitald)
Select from the following list the most appropriate way of financing a new office photocopier:a) grant financeb) issue of new share capitalc) leased) mortgage.
The idea Pete has a full-time job as a clerk in a factory office, working from 9.00am to 5.30pm Monday to Friday. Having left school with very few qualifications he has little scope in his present
Ben has a degree in public relations and a huge list of useful contacts in the aerospace business, which he has established over a period of several years while working for Amis & Lovett, a large PR
What are the elements of cost? (Section 9.2.1)
Why is overhead absorption necessary? (Section 9.3.1)
Why has overhead absorption traditionally been based on time? (Section 9.3.2)
Explain how a direct labour hour rate is used to absorb overheads. (Section 9.3.3)
Why are overhead absorption rates determined in advance of each period? (Section 9.3.6)
What is a cost driver? (Section 9.4.2)
What is a cost pool? (Section 9.4.3)
CT Limited manufactures traditional teddy bears for the retail trade and for the collectors ’ market. Place each of the costs listed below into one of the following cost classifications: ◆ direct

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