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business
accounting and finance

Questions and Answers of Accounting and Finance

What does ‘cost’ mean?
Explain in what ways the additional concepts have been developed to support the profession of management accounting.
What is a value added statement and what does it tell us?
Why should users of fi nancial information be aware of the effects of infl ation on fi nancial reporting?
What purpose does the responsibility of directors report serve and what information does it usually include?
What is sustainability reporting and why is it becoming increasingly important to companies?
Describe what is meant by segmental reporting and to whom it is useful.
What can a vertical analysis of the information contained in the fi nancial statements of a company add to the information provided from a horizontal analysis and a ratio analysis?
What information do the chief executive’s statement and the fi nancial review provide and how do these reports differ?
What is the purpose of a chairman’s statement?
Why are annual accounts fi led and published?
What are the benefi ts of using cash fl ow instead of profi t to measure fi nancial performance?What are the disadvantages of using cash fl ow?
What are fi nancial ratios and how may they be used to comment on the fi nancial structure of an organisation?
What are investment ratios and what is their purpose?
What are liquidity ratios and why are they so important?
What do the profi tability and effi ciency ratios tell us about the performance of a business?
How may fi nancial ratio analysis be used as part of the process of review of business performance?
What are the main limitations encountered in carrying out the performance review of a business?
Describe each of the stages in a business performance review process.
What actions should directors take to ensure they meet their obligations, and to protect themselves should things go wrong?
In what circumstances may a director be disqualifi ed?
Are there any differences between wrongful trading and fraudulent trading? If so, what are they?
How does insolvency impact on directors and what are their responsibilities in this regard?
What is meant by a duty of care and fi duciary duty with regard to company directors?
What are the main responsibilities of directors with regard to the accounting and fi nancial reporting of their companies?
What is the audit and to whom are the auditors responsible, and for what?
What is corporate governance and how is it implemented?
Outline how the agency problem may occur between the shareholders, directors and lenders of a business.
What are the confl icts that may arise between the directors and the shareholders of a business?
What are the schedules that are used to support the main statement of cash fl ows and what is their purpose?
Explain why the statement of cash fl ows is so important.
Explain what cash infl ows and outfl ows are refl ected within each of the three main headings in the statement of cash fl ows.
Describe the direct and the indirect cash fl ow methods that may be used to derive cash generated from operating activities, and their differences and their purpose.
What are the aims and purposes of the statement of cash fl ows?
What questions should a statement of cash fl ows set out to answer?
In what way does the profi t earned by a business during an accounting period differ from the cash generated during the same period? In what ways are profi t and cash affected by the settlement(or
What factors must be considered regarding the valuation of inventories?
Why are assets depreciated and what factors infl uence the decision as to how they may be depreciated?
What are the various methods that may be used to depreciate an asset? Describe two of the most commonly used methods.
Describe the ways in which a company’s income statement and its balance sheet are linked.
The profi t or loss that a business has earned or incurred during an accounting period may be ascertained by deducting the total costs from the total revenues for the period. Identify in which
What exactly do we mean by cost of sales? What types of expense does cost of sales include and what types of expense does it exclude?
How do these formats differ? Which format appears to be favoured by the majority of large companies?
There are broadly two income statement formats that are outlined in IAS
Explain the perspectives from which we may consider the profi t (or loss) of a business.
UK International Ltd invoiced a customer in the USA for goods to the value of 100,000 US$ on 31 December 2009. The US$ cheque sent to UK International by the customer was received on 31 January 2010
Does it really matter if the year-end balance sheet of a company shows non-current assets at cost, less depreciation and amortisation, but ignores any change in their value? This should be discussed
What does the horizontal format balance sheet tell us? Why is the vertical format balance sheet now used by most large companies?
(i) Which of the following items do you think may be classifi ed as assets within a balance sheet?(ii) Which ones are non-current assets and which ones are current assets?(iii) In which categories
Which of the following do you think may be classifi ed as liabilities or shareholders’ equity within a balance sheet, and under which headings should they appear?■ bank overdraft■ computer■
Why is there usually a difference between profi t and cash in an accounting period?
How can a business have made a loss during an accounting period if it hasn’t been involved in any trading during the period?
Explain the fundamental differences between the types of information presented in each of the three key fi nancial statements.
What is an accounting period?
What are accruals and prepayments and why are such adjusting entries needed?
In what way does a company’s income statement differ from the movements on its cash account during an accounting period?
Outline what a statement of cash fl ows tells us about a company.
Outline what a balance sheet tells us about a company.
Outline what an income statement tells us about a company.
What is a trial balance and what are its uses?
What are the usual books of account and ledgers you would expect to be used in a company’s accounting system?
Explain broadly what is meant by accounting adjustment entries.
Outline what is meant by double-entry bookkeeping.
In what ways may the reliability of fi nancial reporting be ensured?
How many users of fi nancial information can you think of and in what ways do you think they may use this information?
What are the three main fi nancial statements reported by a business? How are business transactions ultimately refl ected in fi nancial statements?
There are some differences between those businesses that have been established as sole traders and those established as partnerships, and likewise there are differences between private limited
What are the different types of business entity? Can you think of some examples of each?
What services does accounting offer and why do businesses need these services?
What are the main differences between fi nancial accounting, management accounting and fi nancial management?
What is the signifi cance of the International Financial Reporting Standards (IFRSs) that have been issued by the IASB?
What is meant by accounting concepts and accounting standards, and why are they needed? Give some examples.
What are the aims of the UK Statement of Principles and how does it try to achieve these aims?
‘A manufacturing company that adopts a policy of minimising its operating cycle may achieve short-term gains in profi tability and cash fl ow but may suff er longer-term losses resulting from the
‘Management of working capital is simply a question of forcing suppliers to hold as much inventory as we require for order and delivery at short notice, and extending payment as far as possible to
If working capital is the ‘lubricant’ of a company’s investment in its operations that enables its investment in non-current assets to be most eff ectively exploited, how does the company
‘If you don’t take a risk you will not make any money.’ Discuss.
‘This discounted cash fl ow business seems like just a bit more work for the accountants to me. Cash is cash whenever it’s received or paid. I say let’s keep capital investment appraisal
‘I know that cash and profi t are not always the same thing but surely eventually they end up being equal. Therefore, surely we should look at the likely ultimate profi t from a capital investment
‘Economic value added (EVA) is nothing more than just fl avour of the month.’ Discuss.
The marketing manager of a large UK subsidiary of a multinational plc: ‘Surely the interest rate that we should use to discount cash fl ows in our appraisal of new capital investment projects
In the long run does it really matter whether a company is fi nanced predominantly by ordinary shares or predominantly by loans? What’s the diff erence?
The former owner and manager of a private limited company recently acquired by a large plc, of which he is now a board member, said: ‘This company has grown very quickly over the past few years so
‘Traditional variance analysis tends to focus on cutting costs and increasing output in a way that is detrimental to product and service quality and the longer-term viability of the
To what extent do you think that the techniques of fl exed budgets and variance analysis complicate the otherwise simple process of comparing the various areas of actual performance against budget?
‘The standard-setting process is sometimes seen as management’s way of establishing targets that demand better and better manufacturing performance.’ To what extent do you think that is true,
‘We set the budget once a year and then compare the actual profi t after the end of the fi nancial year. If actual profi t is below budget, then everyone needs to make more eff ort to ensure this
You are the general manager of a newly formed subsidiary company. The group managing director has declared that he has targeted your company to make a profi t of £250,000 in its fi rst year. What
‘The area of budgeting is a minefi eld of potential problems of confl ict.’ How can these problems be usefully used as a learning experience to ultimately improve the performance of the business?
‘Once I know what the forecast sales revenue is for next year I can tell you how much profi t we will make within fi ve minutes, so there’s no need for this annual time-wasting and costly
‘The selling price of a product is the amount that the average customer will pay.’ Discuss.
‘What is all the fuss about decision-making? Surely it’s simply a question of adding up a few accounting numbers and the decision makes itself.’ Discuss.
The balanced scorecard is a recently developed technique, but it also appears to be the grouping together of a number of well-established principles and techniques. In what ways does it represent a
‘ Kaizen is probably the Japanese business tool that has had the most signifi cant impact on performance improvement in the West.’ Why should that be so?
‘Many companies benchmark every element of every process, at great cost, but seem to lose sight of what they are trying to achieve.’ Discuss.
Is activity based costing (ABC) a serious contender to replace the traditional costing methods?What are some of the drawbacks in implementing this?
‘Do the benefi ts from using marginal costing outweigh the benefi ts from using absorption costing suffi ciently to replace absorption costing in IAS 2 as the basis for inventory valuation and the
‘Surely an accountant is an accountant! Why does the function of management accounting need to be separated from fi nancial accounting and why is it seen as such an integral part of the management
‘The main reason that companies increasingly include sustainability reports in their annual reports and accounts is to change the views of users and regulators about the activities in which their
Is accounting objective? Discuss with reference to at least six diff erent accounting concepts.

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