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business
accounting and finance

Questions and Answers of Accounting and Finance

(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
(i) What are the main roles of the management accountant?(ii) How does management accounting support the eff ective management of a business?
(i) What are the diff erences between fi xed costs, variable costs and semi-variable costs?(ii) Give some examples of each.
(i) Why do production overheads need to be allocated and apportioned, and to what?(ii) Describe the processes of allocation and apportionment.
(i) Which costing system complies with the provisions outlined in IAS 2?(ii) Describe the process used in this technique.
What is marginal costing and how does it diff er from absorption costing?
What are the main benefi ts to be gained from using a system of marginal costing?
How may cost/volume/profi t (CVP) analysis be used to determine the break-even point of a business?
Are the assumptions on which CVP analysis is based so unrealistic that the technique should be abandoned?
(i) What are the principles on which activity based costing (ABC) is based?(ii) How does ABC diff er from traditional costing methods?
(i) Is throughput accounting (TA) an alternative to traditional costing methods?(ii) What may be some of the real benefi ts from the use of TA?
Describe the process of life cycle costing, together with some examples that illustrate its aims and benefi ts.
(i) Describe the various approaches to target costing.(ii) Critically evaluate the diff erences between target costing approaches and traditional cost-plus pricing.
The kaizen philosophy includes a wide range of practices and techniques concerned with achievement of continuous improvement. Describe the role of three of these and how you think they may support
How may benchmarking be used to add value to a business?
(i) Describe what is meant by cost of quality, giving examples within each of the categories of cost of quality you have outlined.(ii) Explain how quality costing may be used to achieve business
(i) What does fi nancial performance not tell us about the health of a business?(ii) Give examples, from each of the key areas of business activity, of non-fi nancial measures that may fi ll these
(i) Why has the balanced scorecard become such an essential part of so many business management toolkits in recent years?(ii) How can the balanced scorecard be used to achieve improved business
Why is decision-making so important to organisations?
What are short- and long-range decisions, and control decisions?
What are the seven steps used in the decision-making process?
Use some examples to illustrate and explain what are meant by relevant costs, sunk costs and opportunity costs.
In what ways may marginal costing provide a better approach to decision-making than absorption costing?
What are the key factors that should be considered in make versus buy decisions?
How should limiting factors be considered if a business is seeking to maximise its profi ts?
(i) What are scarce resources?(ii) What factors does an entity need to consider to make optimising decisions related to product mix?
Outline the fi ve main approaches to sales pricing decisions.
How may risk analysis be applied to sales pricing decisions?
What is a decision tree and what is its relevance as an aid to decision-making?
(i) Why do businesses need to prepare budgets?(ii) What are they used for?
If there are diff erences between budgets prepared for planning purposes and budgets prepared for control purposes, what are these diff erences?
Describe and illustrate the diff erences between qualitative and quantitative forecasting techniques.
(i) Give some examples of the forecasts that are required to be able to prepare the complete master budget.(ii) What are the most suitable techniques for each of these forecasts?
Draw a fl ow diagram to illustrate the budget preparation process.
Explain and illustrate the way in which a business may approach the strategic management process.
(i) What are the internal and external sources of funding for a business?(ii) How may a business use the budget process to assess its future funding requirements?
How does the assignment of individual budget responsibility contribute to improved organisational performance?
Discuss the ways in which a budget may be used to evaluate performance.
Outline some of the major problems that may be encountered in budgeting.
Performance is frequently measured using residual income (RI) and return on investment(ROI). However, these measures are often criticised for placing too great an emphasis on short-term results, with
How is standard costing used in the preparation of budgets?
(i) What are the benefi ts of using standard costing?(ii) What type of standard may best ensure that those benefi ts are achieved?(iii) How are standards used to achieve those benefi ts?
Describe and illustrate the technique of fl exible budgeting.
(i) What is management by exception?(ii) How is variance analysis used to support this technique?
(i) Outline the main variances that may be reported using the bases of absorption costing and marginal costing.(ii) What do these variances tell us about direct labour, direct materials and overhead
Describe the main reasons why usage and effi ciency variances may occur and illustrate these with some examples.
What are mix and yield variances?
(i) Explain some of the problems associated with traditional variance reporting.(ii) What are planning and operational variances?
(i) What are the main sources of long-term, external fi nance available to an organisation?(ii) What are their advantages and disadvantages?
What are the advantages and disadvantages of convertible loans?
What are the implications for a company of diff erent levels of gearing?
What are the advantages and disadvantages for a company in using WACC as a discount factor to evaluate capital projects?
Describe the ways in which the costs of debt and equity capital may be ascertained.
What is the b factor, and how may it be related to WACC?
(i) What is capital investment?(ii) Why are capital investment decisions so important to companies?
Outline the fi ve main investment appraisal methods.
Describe the two key principles underlying DCF investment selection methods.
What are the advantages in the use of NPV over IRR in investment appraisal?
What are the factors that impact on capital investment decisions?
(i) What is meant by risk with regard to investment?(ii) How does sensitivity analysis help?
Describe how capital investment projects may be controlled and reviewed.
Describe how a company’s fi nancing of its investment in operations may be diff erent from its fi nancing of its investment in non-current assets.
(i) Explain the diff erences between working capital (WC) and working capital requirement(WCR).(ii) What are the implications for companies having either negative or positive WCs or WCRs?
Outline the policy options available to a company to fi nance its working capital requirement(WCR).
Outline the processes and techniques that may be used by a company to optimise its inventories levels.
(i) Explain what is meant by economic order quantity (EOQ).(ii) Describe some of the more sophisticated inventory management systems that the EOQ technique may support.
Describe the areas of policy relating to the management of its customers on which a company needs to focus in order to minimise the amount of time for turning sales into cash.
Outline the processes involved in an eff ective collections and credit management system.
Describe the policies and procedures that a company may implement for eff ective management of its suppliers.
(i) What is meant by overtrading?(ii) What steps may be taken by a company to avoid the condition of overtrading?
Describe(i) a review of the operating cycle, and(ii) an appropriate action plan that may be implemented to improve the short-term cash position of a business.
(i) For what reasons may some companies require increases in long-term cash resources?(ii) What sources are available to these companies?
Outline the decision-making process.
Why is decision-making so important to any organisation and what types of decision do they face?
Describe the framework of the balanced scorecard approach and explain what you think it tries to achieve.
Explain, giving some examples, what are meant by non-fi nancial performance measures and what they may add to our understanding of business performance.
How does the total quality approach to cost of quality differ from the traditional approach to quality and how may this result in improved profi tability?
What does kaizen mean in terms of business performance?
What is benchmarking and how can it be used in support of business performance improvement?
Outline what is meant by target costing and why it has become increasingly used by large manufacturers of consumer products.
How can life cycle costing achieve its aims of improving reliability and minimising costs?
What is throughput and what do we mean by throughput accounting (TA)? In what ways can TA be used to improve productivity?
Discuss the connection between TA and the electronic point of sale (EPOS) systems used by all the major supermarket chains.
Discuss the relationship between throughput and the traditional ratio of return on capital employed (ROCE) or return on investment (ROI).
Describe the activity based costing (ABC) process and in what ways it may be most effectively used.
Use an example of a media group to provide the basis for a discussion on how ABC analysis considers departmental activities as the causes of costs rather than the products that are being produced.
Why does traditional analysis of fi xed and variable costs within a fast moving company (for example, a company that supplies computer hardware, software and helpline services) not appear to provide
What is CVP analysis and on what assumptions is it based?
Discuss the usefulness of a sensitivity analysis of the factors used in calculation of the break-even point of a national fast food chain outlet that uses television advertising campaigns.
What is a break-even point? Why is it important for a business to know its break-even point, and what types of sensitivity can it be used to analyse?
Discuss how department stores might use the concept of contribution and break-even analysis when analysing their fi nancial performance.
Explain how a break-even analysis could be used within the planning of a ‘one-off‘ event that involves:■ the sales of tickets■ provision of hotel accommodation■ live music.
What is marginal costing and in what ways is it different from absorption costing?
Should managers participate in the accounting exercise of allocation of fi xed costs? (Hint: You may wish to consider the cyclical nature of the construction industry as an example that illustrates
What is absorption costing and how is it used? Give some examples of bases that may be used for the calculation of overhead absorption rates applied to cost units.
What are cost allocation and cost apportionment? Give some examples of bases of cost apportionment.
Are managers really interested in whether a cost is fi xed or variable when assessing cost behaviour within an organisation?
Discuss whether or not knowledge of labour costs can assist management in setting prices for products or services.

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