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business
accounting and finance

Questions and Answers of Accounting and Finance

critically compare the use of cash fl ow versus profi t as the best measure in the evaluation of fi nancial performance
use earnings before interest, tax, depreciation and amortisation (EBITDA) as a close approximation of a cash fl ow performance measure.
explain why annual reports and accounts of limited companies are fi led and published
recognise the key elements of the contents of the annual report and accounts of a typical public limited company
evaluate the information disclosed within the annual report and accounts
carry out a horizontal analysis of the income statement and the balance sheet
carry out a vertical analysis of the income statement and the balance sheet
interpret the information provided by segmental reporting
critically evaluate the quality of sustainability reporting within annual reports
appreciate the impact of infl ation on the fi nancial performance of companies
prepare and describe an alternative perception of the income statement illustrated by the value added statement.
outline the additional accounting concepts that relate to management accounting
explain what is meant by the term cost, and explain its nature and limitations
identify the bases for allocation and apportionment of costs
determine the costs of products, services and activities using the techniques of absorption costing and marginal costing
critically compare the techniques of absorption costing and marginal costing.
explain cost/volume/profi t (CVP) relationships and break-even analysis
identify the limitations of CVP analysis
outline the more recently developed techniques of activity based costing (ABC) and throughput accounting (TA)
identify the conditions appropriate to the use of life cycle costing
apply the principles of target costing
consider benchmarking as a technique to identify best practice and enable the introduction of appropriate performance improvement targets
outline kaizen as a technique for continuous improvement of all aspects of business performance
explain the types of information and measurements used in lean accounting systems
use cost of quality (COQ) to identify areas for improvement and cost reduction within each of the processes throughout the business
appreciate the importance of both fi nancial and non-fi nancial indicators in the evaluation of business performance
consider the use of both fi nancial and non-fi nancial measures incorporated into performance measurement systems such as the balanced scorecard.
explain the scope and importance of decision-making to an organisation
outline the decision-making process
explain the signifi cance of the concept of relevant costs
apply marginal costing techniques to decision-making
critically compare make or buy alternatives
consider the problem of product mix, scarce resources and limiting factors
consider the wide range of sales pricing options
use a decision tree to determine expected values of alternative outcomes.
identify budgeting as one part of the strategic management process
defi ne a budget, its purpose and uses
recognise the importance of forecasting within the budget process
outline how a business may apply the budgeting process in practice
explain the preparation of budgets for planning purposes
prepare the elements of an operating budget and a fi nancial budget to derive the master budget
describe the system of responsibility accounting and identify the four different types of responsibility centre
outline the advantages and disadvantages of ways in which divisional performance may be measured
appreciate the motivational and behavioural aspects of budgeting
explain the preparation of budgets for control purposes and how performance against budget may be evaluated
identify the potential problems that may be encountered during budget preparation.
use standard costing in the budget process
use standard costing in performance evaluation and control
identify the use of fl exible budgeting in performance evaluation and control
prepare fl exed budgets in line with changes in activity levels
explain what is meant by a variance between actual and standard performance
appreciate the importance of variance analysis in exception reporting
calculate the individual variances used to explain differences between actual and standard performance
summarise variances in the form of standard cost operating statements
explain the reasons for variances between actual and standard performance
appreciate the differences between planning and operational variances.
identify the different sources of fi nance available to an organisation
explain the concept of gearing, and the debt/equity ratio.
explain what is meant by the weighted average cost of capital (WACC)
calculate the cost of equity and the cost of debt
appreciate the concept of risk with regard to capital investment
outline the capital asset pricing model (CAPM) and the b factor
analyse return on equity as a function of fi nancial structure
explain the use of economic value added (EVA™) and market value added (MVA)as performance measures and value creation incentives.
explain what is meant by an investment
outline the key principles underlying investment selection methods
explain what is meant by discounted cash fl ow (DCF)
outline the strengths and weaknesses of the fi ve investment appraisal methods
consider investment selection using the appraisal methods of net present value (NPV)and internal rate of return (IRR)
explain the effects of infl ation, working capital requirements, length and timing of projects, taxation, and risk and uncertainty on investment appraisal calculations
evaluate the impact of risk and the use of sensitivity analysis in decision-making
consider the ways in which capital projects may be controlled and reviewed
appreciate the importance of the project post-completion audit.
explain what is meant by working capital and by the operating cycle
describe the management and control of the working capital requirement
outline some of the working capital policies that may be adopted by companies
implement the systems and techniques that may be used for the management and control of inventories, and optimisation of inventory levels
outline a system of credit management and the control of trade receivables
consider the management of trade payables as an additional source of fi nance
use the operating cycle to evaluate a company’s working capital requirement performance
consider the actions and techniques to achieve short-term and long-term cash fl ow improvement.
(i) How many diff erent types of business entity can you think of?(ii) In what respect do they diff er fundamentally?
What are conceptual frameworks of accounting?
(i) What are accounting concepts?(ii) What purpose do they serve?
What is the UK Statement of Principles (SOP)?
What do accountants mean by SSAPs and FRSs, and what are they for?
What are IASs and IFRSs and why are they important?
How do fi nancial statements ensure accountability for the reporting of timely and accurate information to shareholders is maintained?
Describe the use and purpose of the fi ve main accounting adjusting entries.
How may the fi nancial performance of a company be ascertained from its trial balance?
What is the relevance of the accounting period?
(i) What are the three main fi nancial statements?(ii) What is their purpose?(iii) What does the statement of changes in equity show?
Illustrate the diff erence between current liabilities and non-current liabilities by giving some examples of each.
Describe what is meant by intangible assets and give some examples of how they may be valued.
Describe three of the most commonly used methods of accounting for depreciation.
Describe four of the most commonly used methods of valuing inventory.
Give an example of a statement of cash fl ows showing each of the main categories.
(i) How was the UK Corporate Governance Code developed?(ii) Why was it considered necessary?
Refer to the Johnson Matthey section on corporate governance in their annual report and accounts 2010, shown on pages 192–206, and illustrate their areas of compliance (or not)under the UK
(i) Why do you think that sustainability reporting has become increasingly important in terms of corporate awareness, and with regard to the awareness of the non-business community?(ii) Examine the

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