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accounting and finance for non specialists

Questions and Answers of Accounting And Finance For Non Specialists

Why might a public company with an ASX listing revert to being an unlisted company?AppendixLO1
How would you determine the appropriate level of gearing for a specific business?AppendixLO1
In recent years, many banks have sold their freehold property and entered into long-term lease-back arrangements. (a) Why would they do this? (b) How would the transaction be recorded in their
Distinguish between invoice discounting and debt factoring.AppendixLO1
Provide one advantage and one disadvantage for each of the various means by which long-term equity finance can be raised.AppendixLO1
As increased gearing results in greater EPS, why don't businesses borrow more to achieve this benefit to the maximum?AppendixLO1
Provide details of three means by which lenders can gain further protection for their loan.AppendixLO1
Given the economic volatility of the past few years, what pattern of dividends and retentions would you expect to have occurred over this period? For a company, a rights issue makes a lot of sense
Distinguish between a renounceable rights issue and a non-renounceable issue.AppendixLO1
What factors should be taken into account when determining the balance between short-term and long-term debt finance?AppendixLO1
Nyeve Company wants to raise funds with a bonus share issuance. Discuss.AppendixLO1
What is meant by 'gearing', and is it beneficial for a business?AppendixLO1
Provide at least one advantage for each of the main external sources of finance available.AppendixLO1
Briefly describe each of the main sources of internal finance.AppendixLO1
Briefly describe each of the two categories of finance.AppendixLO1
Explain the ways in which long-term equity fi nance can be raised.AppendixLO1
Explain the relationship between gearing and the fi nancing decision.AppendixLO1
Identify and explain the main external sources of fi nance available.AppendixLO1
Categorise sources of fi nance, and explain the main sources of internal fi nance.AppendixLO1
Summarise the key aspects of management of accounts payable.AppendixLO1
Explain the reasons for holding cash, and the basis of its management and control.AppendixLO1
Discuss the provision of credit to customers, and use various management tools to monitor and control the resulting asset.AppendixLO1
Demonstrate the importance of inventory, and the techniques available to manage this asset effi ciently.AppendixLO1
List the items that make up working capital, discuss the nature and importance of working capital, and illustrate the working capital cycle.AppendixLO1
Describe investment appraisal in practice, and explain the need to link it with strategic planning.AppendixLO1
Identify and deal with a range of practical issues relating to investment appraisal.AppendixLO1
Demonstrate an understanding of the ‘internal rate of return’ method with respect to the formula, decision rule, and strengths and weaknesses.AppendixLO1
Demonstrate an understanding of the ‘net present value’ method with respect to the formula, decision rule, and strengths and weaknesses.AppendixLO1
Demonstrate an understanding of the ‘payback’ method with respect to the formula, decision rule, and strengths and weaknesses.AppendixLO1
Demonstrate an understanding of the ‘accounting rate of return’ method with respect to the formula, decision rule, and strengths and weaknesses.AppendixLO1
Identify the essential features of investment decisions, and state the four common capital investment appraisal methods.AppendixLO1
Explain and apply the concept of relevant costing to a range of decision-making situations.AppendixLO1
Defi ne and distinguish between relevant costs, outlay (historic) costs and opportunity costs.AppendixLO1
Explain and apply the concept of contribution and contribution margin.AppendixLO1
Apply the distinction between fi xed and variable costs to explain and apply break-even analysis.AppendixLO1
Distinguish between fi xed costs and variable costs, and explain the importance of a detailed understanding of cost behaviour.AppendixLO1
Identify a range of other issues relating to fi nancial analysis, including the main limitations of ratio analysis.AppendixLO1
Identify the main ratios used to analyse investment performance, and apply these ratios to a business.AppendixLO1
Identify the main ratios used to analyse fi nancial gearing (leverage), and apply these ratios to a business.AppendixLO1
Identify the main ratios used to analyse liquidity, and apply these ratios to a business.AppendixLO1
Identify the main ratios used to analyse effi ciency regarding usage of assets, and apply these ratios to a business.AppendixLO1
Identify the main ratios used to analyse profi tability, and apply these ratios to a business.AppendixLO1
Explain the importance of ratios in analysing fi nancial performance, identify the possible bases for comparison, and identify the key aspects of fi nancial performance and fi nancial position that
Explain the balanced scorecard approach and its advantages.AppendixLO1
Outline the Global Reporting Initiative, and discuss its main framework in broad terms and its linkage with ideas of integrated accounting.AppendixLO1
Explain triple bottom line reporting.AppendixLO1
Outline the major studies that have occurred on accounting for corporate social responsibilities.AppendixLO1
Explain what is meant by corporate social responsibility and the Ceres Principles.AppendixLO1
Outline and discuss a range of social and environmental issues, and the way in which accounting can contribute.AppendixLO1
Explain what the statement tells us, and illustrate how the statement of cash fl ows can be useful for identifying cash fl ow management strengths, weaknesses and opportunities, both historically and
Identify some of the potential complexities that arise with statements of cash fl ows AppendixLO1
Prepare a reconciliation of profi t with cash fl ow from operating activities, and explain how useful this is in decision-making AppendixLO1
Prepare a simple statement of cash fl ows AppendixLO1
Explain the nature, purpose and layout of the statement of cash fl ows AppendixLO1
Explain why cash and cash fl ows are important to the reporting entity AppendixLO1
Bradley-Allen Ltd makes one standard product. Its budgeted operating statement for May is as follows:£ £Sales revenue: (800 units) 64,000 Direct materials: Type A 12,000 Type B 16,000 Direct
kg of the raw material, which costs £1.50 per kg.Raw materials are paid for in the month after purchase.5 Labour and overheads The direct labour cost of each Zenith is £0.50. The variable overhead
Lewisham Ltd manufactures one product line – the Zenith. Sales of Zeniths over the next few months are planned as follows:1 Demand units July 180,000 August 240,000 September 200,000 October
kg of material, budgeted to cost £3.00 a kilogram, and working on it by hand by an employee, paid a budgeted £5.00 an hour, for a budgeted 15 minutes.Monthly fixed overheads are budgeted at
Pilot Ltd makes a standard product, which is budgeted to sell at £5.00 a unit. It is made by taking a budgeted
Daniel Chu Ltd, a new business, will start production on 1 April, but sales will not commence until 1 May. Planned sales for the next nine months are as follows:Sales units May 500 June 600 July 700
You have overheard the following statements:(a) ‘A budget is a forecast of what is expected to happen in a business during the next year.’(b) ‘Budgets must be prepared with a column for each
What is meant by a variance? What approaches might be used to decide whether a variance should be investigated?
use a budget to provide a means of exercising control over the business.
explain the interlinking of the various budgets within the business;
define a budget and show how budgets, corporate objectives and long-term plans are related;
‘In a job costing system, it is necessary to divide up the business into departments. Fixed costs (or overheads) will be collected for each department. Where a particular fixed cost relates to the
Kaplan plc makes a range of suitcases of various sizes and shapes. There are ten different models of suitcase produced by the business. In order to keep inventories of finished suitcases to a
Athena Ltd is an engineering business doing work for its customers to their particular requirements and specifications. It determines the full cost of each job taking a ‘job costing’ approach,
Pieman Products Ltd makes road trailers to the precise specifications of individual customers. The following are predicted to occur during the forthcoming year, which is about to start:Direct
Distinguish between:n job costing;n process costing;n batch costing.What tend to be the problems specifically associated with each of these?
Are direct costs and variable costs the same thing? Explain your answer.
discuss the problem of charging overheads to jobs in a multi-product environment;
distinguish between direct and indirect costs and use this distinction to deduce the full cost of a job in a multi-product environment;
deduce the full cost of a unit of output in a single-product environment;
Gandhi Ltd renders a promotional service to small retailing businesses. There are three levels of service: the ‘basic’, the ‘standard’ and the ‘comprehensive’. On the basis of past
Darmor Ltd has three products, which require the same production facilities. Information about the production costs for one unit of its products is as follows:Product X Y Z£££Labour: Skilled 6 9 3
1.0 0.5 Fixed costs for next year are expected to total £42,000. It is the business’s policy for each unit of production to absorb these in proportion to its total variable costs.The business has
1.0 0.5 Time required per unit on assembling machines (hours)
A business makes three products, A, B and C. All three products require the use of two types of machine: cutting machines and assembling machines. Estimates for next year include the
A hotel group prepares financial statements on a quarterly basis. The senior management is reviewing the performance of one hotel and making plans for next year.The managers have in front of them the
The management of a business is concerned about its inability to obtain enough fully trained labour to enable it to meet its present budget projection.Service Alpha Beta Gamma Total£000 £000 £000
Define the terms fixed cost and variable cost. Explain how an understanding of the distinction between fixed costs and variable costs can be useful to managers.
Bradbury Ltd is a family-owned clothes manufacturer based in the southwest of England.For a number of years the chairman and managing director was David Bradbury. During his period of office, sales
Threads Limited manufactures nuts and bolts, which are sold to industrial users. The abbreviated financial statements for 2005 and 2006 are as follows:Income statements for the year ended 30 June
Conday and Co. Ltd has been in operation for three years and produces antique reproduction furniture for the export market. The most recent set of financial statements for the business is set out as
Amsterdam Ltd and Berlin Ltd are both engaged in retailing, but they seem to take a different approach to it according to the following information:Ratio Amsterdam Ltd Berlin Ltd Return on capital
Jiang Ltd has recently produced its financial statements for the current year. The directors are concerned that the return on capital employed (ROCE) had decreased from 14 per cent last year to 12
Two businesses operate in the same industry. One has an inventories turnover period that is higher than the industry average. The other has an inventories turnover period that is lower than the
Some businesses operate on a low net profit margin (for example, a supermarket chain).Does this mean that the return on capital employed from the business will also be low?
calculate important ratios for assessing the financial performance and position of a business;
The following financial statements for Blackstone plc are a slightly simplified set of published accounts. Blackstone plc is an engineering business that developed a new range of products in 2004;
Torrent plc’s income statement for the year ended 31 December 2006 and the balance sheets as at 31 December 2005 and 2006 are as follows:Income statement£m £m Revenue 623 Less Cost of sales 353
The following information has been taken from the financial statements of Juno plc for last year and the year before last:Year before last Last year£m £m Net operating profit 156 187 Depreciation
What causes the net profit for the year not to equal the net cash inflow?
interpret a cash flow statemen
prepare a cash flow statement;
Rose Limited operates a small chain of retail shops that sell high-quality teas and coffees.Approximately half of sales are on credit. Abbreviated and unaudited financial statements are given
Presented below is a draft set of financial statements for Chips Limited.Chips Limited Income statement (profit and loss account) for the year ended 30 June 2006£000 £000 Revenue 1,850 Cost of
Briefly explain each of the following expressions that you have seen in the financial statements of a limited company:(a) dividend;(b) debenture;(c) share premium account.

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