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accounting and finance for non specialists

Questions and Answers of Accounting And Finance For Non Specialists

19.17A Gospodin Grimshaw Limited manufactures hiking boots for sale which it sells principally in Russia and other parts of eastern Europe.Each pair of boots sells for £15. Variable costs are £5.50
19.18 Harrison Haworth Limited makes rucksacks. It has developed and patented a highly effective waterproof material and a revolutionary design. These make the company's products very much sought
19.19 Inez & Pilar Fashions Limited is a fashion manufacturing and wholesale business operating from rented premises. The business is well established and has operated successfully for several years.
19.20A Ince Pargeter Limited manufactures padded carrying cases for laptop computers. The market is currently buoyant, and the company's factory is working to capacity. The company has been offered
19.21 Juniper Jefferson Limited manufactures two models of baby buggy: the De Luxe and the Super De Luxe. There is currently a shortage of the special grade of aluminium required for the buggy frame.
19.22A Jackson Demetrios Limited manufactures three different types of office desk. Type A has extra drawers, type B has a printer shelf and type C has a moveable footrest.In the company's present
1.Present value (PV) at Time 0 of £1 at the end of year 3 at a discount rate of 2%PV = £1 X-^(1.02)Discounting factor = , x ' . x ^ = 0.942 = 94.2p^ (1.02) (1.02) (1.02) ^2.Present value (PV) at
21.1 A business is considering whether or not to invest in a new factory building. The managers have incurred expenditure of £15 000 on an initial land survey. For capital investment appraisal
21.2 Mellor & Ribchester Limited, a health drinks company, is considering whether or not to invest in a project to develop and sell a new range of fruit teas. Initial expenditure on a range of
21.3A Montfort Spelling Limited operates a chain of health clubs. Each year the company opens a club in a new location. For 20X6, the company is examining two possible locations; Broughton Town and
21.4 The compounding factor for an investment over 4 years at 3% per year is (to 3 decimal places):a) 0.888b) 1.093c) 0.915d) 1.126.
21.5A The compounding factor for an investment over 6 years at 8% per year is (to 3 decimal places):a) 1.587b) 0.627c) 1.595d) 0.630.
21.6 At the end of year 4, £312 invested now at an annual rate of 6% interest over 4 years will be worth (to the nearest £):a) £394b) £387c) £372d) £418.
21.7A At the end of year 6, £1900 invested now at an annual rate of 17% interest over 6 years will be worth (to the nearest £):a) £3 838b) £741c) £4874d) £2 223.
21.8 The discounting factor for an investment over 3 years at 10% is (to 3 decimal places):a) 0.700b) 0.751c) 0.100d) 1.093.
21.9A The discounting factor for an investment over 5 years at 19% is:a) 0.419b) 0.190c) 0.950d) 0.810.
21.10 Assuming a constant discount rate of 12%, the present value of £1300 receivable at the end of year 5 is (to the nearest £);a) £563b) £520c) £2 293d) £737.
21.11 A Assuming a constant discount rate of 14%, the present value of £85 000 receivable at the end of year 4 is (to the nearest £):a) £50 320b) £47 600c) £49 045d) £73 100.
21.12 Naylor Coulthard Limited is considering investing in a major advertising promotion of one of its skincare products. The advertising campaign would cost £250 000, all of which is assumed to be
21.13A Nuria Nailsworth Products Limited is a fashion clothing company. Nuria, the chief executive, regularly attends major fashion events in order to spot trends in the market. She has recently
21.14 A company estimates the following net cash inflows and outflows for a capital investment project that is currently under consideration:Time 0 1 2 3 4 £000 (680 000) 180 000 200 000 240 000 350
21.15A A company estimates the following net cash inflows and outflows for a capital investment project that is currently under consideration;Time 01 23 45£000(1 650 000) 480 000 450 000 390 000 360
21.17A Oppenheim Orgreave Limited sells sofas, armchairs and other furniture items from its premises in a retail park. Customers often ask for home delivery to be arranged, and the company has
Appreciate the need to generate accounting information for use within the business organisation.
Understand the range of uses for internal accounting information.
Understand some basic terminology such as planning, control and decision making.
15.1 Cueline Limited manufactures furniture at factory premises held on a lease. The lease is due to end next year, but it could probably be renegotiated. The company's directors are also considering
15.2A Cyclostyle Limited makes metal parts for bicycles. The metal press machine, which has been used in the business for several years, is now reaching the end of its useful life. The directors are
15.3 Putt pic owns several shops selling golfing and other sporting equipment. It operates principally in the area around London. The company's directors will be meeting next month to discuss a
15.4A Preedy Price Limited is a small fashion company run by two sisters, Anne Preedy and Amelia Price. They have been very successful in marketing a range of very exclusive and expensive knitwear
15.5 Bulstrode, Barker and Bennett is a successful firm of solicitors operating in a small town. Bulstrode died some years ago. Barker has retired, but Dexter Bennett still works in the business as
15.6A Denver runs a restaurant business, operating from rented premises in the centre of a large town on the outskirts of London. His business has been relatively successful; he has succeeded in
Recognise and understand a range of basic costing terminology.
Be able to classify costs into direct and indirect costs.
Understand the build-up of materials, labour and production overheads into full production cost.
Be able to apportion costs between cost centres.
Be able to calculate and apply suitable overhead absorption rates.
Understand the basic principles of activity- based costing.
Cost Canvas material Metal spokes for wheels Spare parts for sewing machine repairs Advertising expenditure Machine oil Electricity bill for factory Wages of assembly line workers Wages of factory
a) FIFO Deliveries into stock Transfers to production Balance Date Units££Units££Units£1 Mar 55 165.00 10 Mar 160 3.20 512.00 215 677.00 12 Mar 35 3.00 105.00 180 572.00 25 Mar 20 3.00 60.00 160
Batch No: 30453A Direct materials££Metal: 100kg @ 4.50 per kilo 450.00 Paint: 2 litres @ £6.80 per litre 13.60 Glass: 500 pieces @ 30p per piece 150.00 613.60 Direct labour Grade A: 22 hours @
Swift Metals Limited: Apportionment of production overheads, year ending 31 December 20X4 Cost centre Total Preparation Tooling Finishing Basis££££Factory costs Floor area 700 000 245 000 315 000
Paige Peverell pic produces plastic casings for telephones. The following is a list of some of the costs which the company incurs:Plastic moulding machine depreciation Sales office fixtures and
16.2A Monkseaton Purnell Limited produces motherboards for PCs from a range of bought in components. The following is a list of some of the costs that the company incurs:Depreciation of factory work
16.3 ArtKit Supplies Limited manufactures metal paint tins for the artist's supplies industry. The company operates from a small rented factory unit. In the year ending 31 August 20X3 it incurs the
16.4A Brisbane Melbourne Limited manufactures a range of containers for cosmetics in metal and plastic. In the year ending 31 December 20X4 the company incurs the following costs;£Selling department
16.5 Porter Farrington Limited imports components for input into its production process. In May 20X4 the following deliveries into stock and transfers to production take place in respect of component
16.6A Wensleydale Woollen Waistcoats Limited (WWW Ltd) buys in wool to manufacture into waistcoats on its weaving machines. The stock card for wool code 78X4A shows the following movements in June
16.7 Clement is a sole trader who owns a small factory. He and his team of skilled workers produce high quality furniture to order. He has been given an order for a set of 12 dining chairs by a
16.8A Ribble & Vance Limited produces components to order for specialist motor manufacturers. An order for 100 components (code 1187AB6) was received from one of Ribble & Vance's principal customers.
16.9 Jersey Brookfield & Co. Limited is a manufacturer of soap powders and detergents.Each of the products moves through two stages: bulk production and then packaging. In the year ending 31 December
16.10A Curtis Bedford is managing director of the family business, Bedford Bowler Limited. The company manufactures children's wooden train sets. Recently Curtis has been on a course about costing
16.11 Barley Brindle Limited produces a single product, Product B. One unit of Product B has a prime cost of £6.20, which includes one hour of direct labour @ £6.20, and each unit uses 0.5 hours of
16.12A A manufacturing business, Oakshield Carver Limited, organises its production into four cost centres. In the coming financial year the company plans to produce 1 15 000 items of product.
16.13A The facts are as in Exercise 16.12A. The prime cost and timing details for one unit of production are:£Materials 14.20 Direct labour 18.00 Prime cost 32.20 Each unit uses two hours of machine
16.14 Washington and Middlewich Limited produce two types of metal shelving in their factory - one for domestic use, and one, which is produced to a higher quality standard, for commercial use (in
16.15A Activity-based costing (ABC) is a costing system that was developed in the 1980s as a result of an increasing awareness in businesses of the deficiencies of traditional approaches to
Buchanan International Designs is still in business at the end of the first year of trading. Initially the business was set up with £10 000 in cash contributed as capital by Isobel Buchanan. In
9.1 Valerie runs a small delivery business. She has a van that she replaces every four years. On 1 January 20X3 she sells her old van for £2000 and buys a new one for £14460. She expects to be able
approximately £4000 in four years time.Assuming that Valerie adopts the straight-line method of depreciation in her accounts what is her depreciation charge for the accounting year ending 31
9.2A Victor adopts the straight-line method of depreciation in his accounts. He purchases a new machine on 1 June 20X4 for £13 750. He expects to keep the machine for approximately six years, at the
9,3 Victoria owns a gym. In her financial year to 31 August 20X2 she buys a new exercise bike for £450. The date of purchase was 1 March 20X2. Victoria aims to keep gym equipment for three years.
9.5 Vinny is expanding his electrical components business. During his accounting year ending 31 December 20X6 he buys new machinery as follows:• On 1 April a machine costing £10 300. The estimated
9.7 Vincenzo's balance sheet at 31 August 20X7 shows the following balances in respect of fixed assets:£Buildings at cost 306 000 Less: accumulated depreciation(18 360)Net book value 287 640 Motor
9.8A Valda runs a marketing agency. She prepares her own accounts and is currently working on the profit and loss and balance sheet at 31 December 20X7. She purchased the freehold of a small office
9.10At 1 January 20X3 William has the following balances in his books related to the fixed asset of cars:£38 370 (15 540) 22 830 Cars at cost Less: accumulated depreciation Net book value He
9.11 A Wally's business owns several machines that he depreciates on the reducing balance basis at the rate of 10% per annum. His balance sheet at 31 March 20X8 shows the following balances in
9.15A Xavier depreciates his machinery over ten years using the straight-line method. On 31 December 20X7 he sells a machine that he has owned for exactly seven years. Its original cost was £73 730.
9.18 Zoe starts up an independent fast food outlet on 1 January 20X4, trading as Zoe's Snacks. She has the following balances in her books at 31 December 20X4. Her accountant has advised her that she
Following completion of her degree course in textiles, Isobel Buchanan was unable to find a job that really used her skills and knowledge. For the last five years she has worked in a clothing firm
Amir has a consultancy business that he runs from rented offices. The following are descriptions of some of the items in his balance sheet. For each item fill in the adjacent box with Fixed asset.
Brian's balance sheet shows totals for assets of £83 000 and £36 500 for liabilities. Use the accounting equation to find the total for Brian's capital.
Bernie's business has liabilities of £63 000. Flis capital is £28 000. What is the total for assets?
Bryony's balance sheet shows the following totals:Fixed assets Current assets Current liabilities Long-term liabilities £35 840 16 500 12 000 6 000 Which of the following is Bryony's capital in the
A Bashir's balance sheet shows the following totals:£Capital 68 350 Fixed assets 79 403 Current assets 16 276 Which of the following is the total of liabilities in Bashir's business?a) £131 477b)
Benito's balance sheet shows the following totals:£39 497 26 004 16 777 33 058 Fixed assets Current assets Current liabilities Capital Work out the missing figure for long-term liabilities. (Hint:
Benedict's balance sheet shows the following totals:Current assets Current liabilities Long-term liabilities Capital£716237 426 663 100 000 1 373 424 What is the total for fixed assets?
Blanche's balance sheet shows the following totals:Fixed assets Current assets Current liabilities Capital£36 609 38444 26 300 39 477 Which of the following is the missing figure for long-term
Callum's balance sheet at 31 July shows the following:£Fixed assets 18337 Stock 12018 Debtors 365 Cash 63 Bank overdraft 3 686 Creditors 2 999a) What is the total of assets in the business?b) What
Carmela's business has the following balances at 18 October:£Amounts due from customers 16 303 Fixed assets - machinery 12 722 Amounts payable to creditors for materials 6 868 Bank balance 6 993
Dan's balance sheet at 1 May is as follows:££Fixed assets 30 000 Current assets Stock 15 000 Debtors 5 000 Bank account 18 000 38 000 Current liabilities Creditors(16 000)Net current assets (£38
Diana's balance sheet at 28 August is as follows:££Fixed assets 13 500 Current assets Stock 10 300 Debtors 1 200 Bank account 1 000 Petty cash 600 13 100 Current liabilities Creditors(6 400)Net
Ernest runs an art gallery. He organises exhibitions at which painters and sculptors show their work. If a piece of art work is sold, Ernest takes a commission of 50% of the selling price. He banks
A Erik has a retail business selling china and glass ornaments from a small shop in a town centre. He has the following balances at his year-end of 30 November:Freehold premises 16 800 Shop fittings,
Understand the problems that can arise in comparing businesses with each other.
The case study for this chapter is relatively short; it is intended to demonstrate some aspects of the trend analysis of financial statements in the context of real company results. Note that many of
Since the business started sales have increased each year, apart from 20X4 when there was a small drop. Jared claimed at interview that he would be able to increase sales by 15% each year, but it is
a) Sales increase The increase in the sales figures for the companies are:Barnes & Jack Limited ^ (2 044032 - 1 743 906) ^ ^ 17.2%1 743 906 Carleen Baker Limited = - ^ ”’00 = '18.3%1 564 774
13.1 Ronald's trading business operates from a shop in a large city centre. Extracts from Ronald's most recent profit and loss accounts for 20X4 and 20X3 show the following key figures:20X4
13.2A Rasheda's sales for 20X2 were £206400, and for 20X3 were £214656. Her gross profit margins were 20X2 = 36.3% and 20X3 = 36.4%. Rasheda expects sales in 20X4 to increase by the same percentage
13.3 Rory's profit and loss account statements show the following figures for period 20X3 to 20X6 inclusive:20X6 20X5 20X4 20X3££££Sales 562 064 539409 520 665 505 500 Cost of sales(410 619)(392
13.4A Reva has a jewellery business in a well-established shop. Her most recent profit and loss accounts show the following key figures;20X5 £20X4 £Sales Cost of sales Gross profit 696400 585 702
13.5 Inge Larsen is the principal shareholder in Larsen Locations Limited. Her company provides services to businesses that are in the process of moving from one location to another. Inge and her
13.6A Isaac Prentiss Limited produces parts and components for ships' engines. The business requires a continuing investment in new machinery in order to keep production as efficient as possible.
13.7 Chapter Protection Limited is a security firm. Its profit and loss account for the year ending 31 December 20X2 is as follows:£Turnover 188 703 Cost of sales(115 863)Gross profit 72 840
13.8A Starkey Wilmott Limited has the following balance sheet at 31 March 20X3:Fixed assets Current assets Stock Debtors Cash at bank £ £704 710 369 440 416700 81 450 867 590 Creditors: amounts
13.9 The following is a simplified extract from the balance sheet of The Boots Company pic at 31 March 2001, with comparative figures for 31 March 2000.2001 2001 2000 2000£m£m£m£m Fixed assets
This is a long case study that brings together the analysis techniques covered in both Chapters 13 and 14. Students should work through it carefully to ensure that they understand all aspects of the
Augustus Algernon Limited's pre-tax ROCE (return on shareholders' funds) equals:Profit before taxation and after interest Shareholders' funds 162 120 + 1000 X 100 = 14.46%Post-tax ROCE (return on
Current ratio = Current agets Current liabilities Quick ratio =Current assets - Stock Current liabilities For Arbus Nugent Limited for 20X8 and 20X7:20X8 20X7 Current ratio 87 620 .1 -) 0.1 31450 ' '

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