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business
accounting and finance for non specialists

Questions and Answers of Accounting And Finance For Non Specialists

How do you think that the books of account kept by different businesses might vary? L01
Computerisation means that there is no need to understand double-entry bookkeeping.Discuss. L01
How much trust can be placed in a trial balance which balances? L01
Why are there usually more debit balances in a trial balance than credit balances? L01
Show the debit and credit accounts of the following transactions in the ledger and what effect (i.e., income/decrease) they have on assets, liabilities, capital, income and expenses.The first one is
Balance off the following four accounts at the month end. Transfer the balances for sales and purchases to the trading account.(i) Sales (ii) Purchases£ £ 2 2 8 June Bank 1,000 1 June Bank 500 9
Katherine Jones sets up a small agency that markets and distributes goods. She has the following regular credit customers (Edwards, Smith and Patel) and regular suppliers of credit goods (Johnston
July Settles half of the outstanding creditors and receives half of the money outstanding from debtors.Required:Prepare Katherine Jones’:(i) Ledger accounts. Balance off the trading and profit and
Explain the nature of partnerships and limited companies. L01
Outline the distinctive accounting features of partnerships and limited companies. L01
Demonstrate how to prepare the accounts of partnerships and limited companies. L01
Why do you think that three different types of business enterprise (sole traders, partnerships and limited companies) exist? L01
Discuss the view that the accounts of partnerships are much like those of sole traders except for the need to share out the capital and profit between more than one partner. L01
Distinguish between a private limited company and a public limited company. Is there any difference between the users of the accounts of each type of company? L01
Why is the distinction between capital and revenue reserves so important for a company? L01
Two partners, Peter Tom and Sheila Thumb, have the following details of their accounts for the year ended 31 December 2001.Net profit before appropriation £100,000 Capital accounts: Tom 8,000 Profit
J. Waite and P. Watcher’s trial balance as at 30 November 2001 is set out below. L01£ £Capital accounts: Waite 88,000 Watcher 64,000 Current accounts: Waite 2,500 Watcher 12,000 Drawings: Waite
Sister and Sledge are trading in partnership, sharing profits and losses in the ratio of 2:1, respectively. The partners are entitled to salaries of Sister £6,000 per annum and Sledge£5,000 per
Red Devils Ltd has the following extracts from its accounts.Red Devils Ltd Trial Balance as at 30 November 2001 ra oD Gross profit for year 150,000 7% Debentures 200,000 6% Preference share capital
Lindesay Trading Ltd Trial Balance as at 31 March 2001£000 Ordinary share capital Preference share capital Share premium account Revaluation reserve General reserve as at 1 April 2000 Profit and
Leisureplay (continued).Notes (all figures are in 000s):(a) Stock as at 31 December 2001 is £12,000(b) Depreciation is to be charged as follows:(i) Freehold premises 2% on cost(ii) Motor vehicles
20.1 The demand curve plots the relationship between:a) selling price and costb) quantity and costc) quantity and selling priced) selling price and discounts.20.2 Demand is described as elastic where
An oligopoly exists in cases where:a) one supplier controls the marketb) about three to five suppliers control the marketc) there are many suppliers of about equal size in the marketd) new suppliers
Burke and Harpur are solicitors who have recently set up in partnership together and are working hard to establish themselves in a town that already has several solicitors. Both have a charge out
Know about the most common sources of business finance for start-ups.
Understand the need for, and the principal elements of, the business plan.
In this case study we will examine some of the problems that can face even a successful business. The business context is that of a partnership, but some of the problems could also be found in a sole
Introduce and explain the nature of capital investment. LO1
Outline the main capital investment appraisal techniques.LO1
Appreciate the time value of money. LO1
Lan Explain the use of discounting. LO1
How much will the stadium cost? LO1
How many extra spectators can the new stadium hold? , LO1
How much can be charged per spectator? LO1
How many years will the stadium last? LO1
What is the net financial effect when compared with the present stadium? LO1
How confident is the club about future attendance at matches? LO1
Discuss the general assumptions that underpin capital investment appraisal. LO1
Briefly outline the four main capital investment appraisal techniques and then discuss the specific advantages and disadvantages of each technique. LO1
Why is time money? LO1
State whether the following statements are true or false. If false, explain why. LO1(a) The four main capital investment appraisal techniques are payback period, accounting rate of return, net
What are the appropriate discount factors for the following: LO1(i) 5 years at 10% cost of capital (iv) 4 years at 12% cost of capital(ii) 6 years at 9% cost of capital (v) 3 years at 14% cost of
Acompany, Fairground, has a choice between investing in one of three projects: the Rocket, LO1 the Carousel or the Dipper. The cost of capital is 8%. There are the following cash flows.Rocket
Wetday is evaluating three projects: the Storm, the Cloud, and the Downpour. The company’s cost of capital is 12%. These projects have the following cash flows. LO1 Storm Cloud Downpour Year 2 ‘3
A company, Choosewell, has £30,000 to spend on capital investment projects. It is currently evaluating three projects. The initial capital outlay is on a piece of machinery that has a four-year
Explain the nature and importance of sources of finance. LO1
Discuss the nature of short-term financing. LO1
Analyse the ways in which the long-term finance of a company may be provided. LO1
Understand the concept of the cost of capital. LO1
Why are the sources of finance available to a firm so important? What are the main sources of finance and which activities of a business might they finance? LO1
What is working capital and how might a company try to manage it? LO1
What are the advantages and disadvantages of retained funds, debt and equity as methods of funding a business? LO1
What is the weighted average cost of capital and why is it an important concept in business finance? LO1
Winter Brollies wishes to revise its credit collection policy. Currently it has £500,000 sales, LO1 a credit policy of 25 days and an average collection period of 20 days. 1% of debtors default.
Albatross plc has the following information about its capital. LO1 Source of Finance Current Present Cost Market Value of Capital million %Ordinary shares 4 12 Preference shares 1 10 Long-term loan 3
Explain the nature and importance of budgeting. LO1
Outline the most important budgets. LO1
Prepare the major budgets and a master budget. LO1
Discuss the behavioural implications of budgets. LO1
What the advantages and disadvantages of budgeting? LO1
Why do some people think that the cash budget is the most important budget? LO1
The behavioural aspects of budgeting are often overlooked, but are extremely important.Do you agree? LO1
Jill Lee starts her business on 1 July with £15,000 in the bank. Her plans for the first six months are as follows.(a) Payments for goods will be made one month after purchase:January February March
John Rees has the following information for the six months 1 July to 31 December.(a) Opening cash balance 1 July £8,600(b) Sales at £25 per unit:April May June July Aug. Sept. Oct. Nov. Dec.Units
John Rees (continued)(c) Production in units:April May June July Aug. Sept. Oct. Nov. Dec. Jan.Units” 140°" 140°" “1405-180, | 200. 5190 5%. 200 2100 = 2605 52200(d) Raw materials costing £10
Fly-by-Night plc has the following sales forecasts for two products: the Moon and the Star.(a) The Moon will sell at 1,000 units in January, rising by 50 units per month. From January to March each
David Ingo has opening debtors of £2,400 (November £1,400, December £1,000). The debtors will pay two months in arrears. Credit sales in January will be £1,000 rising by 10%per
Thomas lIger has opening creditors of £2,900 (£400 October, £1,200 November, £1,300 December). Creditors will be paid three months in arrears. Credit purchases in January will be £2,000 rising
Brenda Ear will have production costs per unit of £5 raw materials, £5.50 direct labour and£2 variable overheads. Production will be 700 units in January rising by 50 units per
Freddie Ox has £9,000 of opening finished goods stocks. In July, 1,500 units will be produced at a production cost of £10 each. Production will increase at 100 units per month; production cost
Asia is a small manufacturer. There are the following details.Asia plc Abridged Balance Sheet as at 31 December 2001£ E e Fixed Assets 99,500 Current Assets Debtors (Nov. £10,000, Dec. £11,000)
Asia (continued)Notes 1. Fixed assets are at cost. Depreciation is at 10% straight line basis per year.2. Purchases will be £4,800 in January increasing by £200 per month. They will be paid two
Peter Jenkins manages a department and has the following budget for the year. LO1= £Sales 100,000 Discretionary costs:Purchases (20,000)Advertising (10,000)Training (8,000)Repairs (19,000)
Explain the nature and importance of standard costing. LO1
Outline the most important variances. LO1
Calculate variances and prepare a standard costing operating statement.Interpret the variances. LO1
‘Setting the standards is the most difficult part of standard costing.’What considerations should be taken into account when setting standards? LO1
‘Standard costing is good for planning and control, but unless great care is taken can often be very demotivational.’ Discuss. LO1
Standard costing is more about control than motivation. Do you agree with this statement? LO1
‘The key to standard setting is providing a good, fair initial set of standards.’ Discuss. LO1
Stuffed restaurant has the following results for May 2002: LO1 Budget Actual Number of meals 10,000 12,000 ia ‘s Price per meal 10.00 10.60 Food cost 30,000 37,200 Labour cost 35,000 36,000
Engines Incorporated, a small engineering company, has the following results for April 2002 for its product, the Widget. It budgeted to sell 12,500 widgets at £9.00 each. However, 16,000 widgets
Birch Manufacturing makes bookcases. The company has the following details of its June production.Estimated Actual Number of bookcases 10,000 11,000 Metres of wood 100,000 120,000 Price per metre
Sweatshop has the following details of direct labour used to make tracksuits for July.(a) Standard: 550 sweatshirts at 2 hours at £3.50 per hour.(b) Actual production: 500 sweatshirts at 1,050 hours
Toycare manufactures puzzlegames. It has the following details of its March production.Estimated Actual Number of puzzlegames 11,000 12,000 Kilos of raw materials 5,500 4,800 Price per kilo 0.45p
Peter Peacock pic manufactures a subcomponent for the car industry. There are the following details for August.(a) Budgeted data Sales: 200,000 subcomponents at £2.80 each Direct labour: 40,000
Supersonic plc manufactures an assembly mounting for the aircraft industry. In July, it was expected that 80,000 assembly mountings would be sold at £18.80 each. In actual fact, 76,000 assembly
Explain the nature of short-term business decisions. LO1
Understand the concept of contribution analysis. LO1
Investigate some of the decisions for which contribution analysis is useful. LO1
Draw up break-even charts and contribution graphs LO1
Which products should the business continue to make this year? LO1
Which departments should the business close down this year? LO1
How should the business maximise limited resources this year? LO1
At what level of production does the business currently break even? LO1
How can the business maximise current profits? LO1
Have the internal employees other work? L01
Is the external price sustainable over time? L01
Do we want to be dependent on an external provider? L01
Will we be able to take action against the external provider if there is a deficient service? L01

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