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accounting and finance

Questions and Answers of Accounting and Finance

The managing director of a large public limited company stated: ‘I’ve built up my business over the past 15 years from a one man band to a large plc. As we grew we seemed to spend more and more
From the following information, calculate the missing figure in each column.A B C D£ £ £ £Net cash flow from operating activities 14,800 ? 21,400 48,660 Interest paid (5,800) (2,900) (6,000)
8.4 Uffington Limited was formed on 1 January 2014. The company’s unpublished income statement for 2014 and its statement of financial position as at 31 December 2014 are as follows:Uffington
Salamanca Ltd’s trial balance as at 31 May 2014 was as follows:Dr Cr£ £Advertising 3,400 Loan repayable 2025 40,000 Bank balance 20,000 Sales delivery expenses 1,890 Directors’ salaries 77,300
The ‘share capital and reserves’ section of Salamanca Ltd’s statement of financial position at 31 May 2014 (see Activity 6.3 above) was as follows:£ £Equity Share capital 100,000 Share
Share capital is:(a) The way in which capital is divided at the end of each year(b) The way in which partners decide to divide profits and losses(c) Another name for the stock exchange in a capital
Explain what is meant by ‘Integrated Reporting’ and the advantages and disadvantages of this approach
Understand issues related to executive compensation, governance and shareholder ‘democracy’
Review developments in accounting standards, particularly relating to ‘fair value’ and pensions
Examine the financial implications and relevance to business of changes in sovereign debt and credit ratings
Any group or individual who can affect or is affected by the achievement of an organisation’s purpose can be called a:(a) Profit maximiser(b) Stakeholder(c) Director(d) Coalition
Integrated reporting and CSR are positively correlated with revenue and profit because:(a) Consumers respond positively to links between the organisation and ethical and environmentally acceptable
The ratio of the highest to the lowest paid in an organisation has:(a) Risen sharply over recent years(b) Decreased sharply over recent years(c) Remained static over recent years(d) None of the above
Integrated Reporting demonstrates the linkages between:(a) Revenue and cost to the organisation(b) The strategy, governance, opportunities and the social, environmental, economic and financial
Integrating reporting considers an organisation’s performance in the context of:(a) Contributions to corporate and social responsibility (CSR)(b) Concerns over current and future scarcity of
The International Integrated Reporting framework aims to:(a) Identify financially insolvent companies(b) Control excessive executive remuneration(c) Provide an international standard to ensure
The FTSE quoted company Barclays lost a shareholder vote in April 2012 because investors were angry at:(a) Poor share performance(b) A decision to withhold dividends(c) A clear disconnect between
Downgrading a country’s credit rating is likely to result in:(a) More rapid economic growth(d) Higher costs for future borrowings(c) Increased investment in plant and machinery(d) Increased export
Fair value accounting has been criticised for:(a) Increasing the proportion of final salary pensions(b) Decreasing the proportion of final salary pensions(c) Increasing earnings per share(d) Giving a
A reduction in the ratio of national debt to GDP is likely to result in:(a) A fall in a country’s credit rating(d) Higher borrowing costs(c) Lower borrowing costs(d) Less credit being available to
If reporting in the past did not seem to influence corporate behaviour, why are companies now focusing on developing Integrated Reporting?
Outline the arguments for and against regulating the pay of executives.
Read the following article, then answer the question that follows:UK retreat on accountancy standards By Simon Mundy UK accountancy regulators have rowed back from a proposal to impose international
Suggest how the downgrading of a country’s credit rating might impact on business activity in that country.
Marvin (see previous case studies) has received an offer to take his show to Spain for a three-month tour, with all costs met by a Spanish entrepreneur. However, he has just heard that the various
Explain what is meant by ‘environmental accounting’
Understand how ‘environmental accounts’ are constructed
Understand the purpose of ‘environmental accounting’ and its relevance to management decision making
Identify the different types of ‘environmental accounting’
Why is a new approach to environmental accounting seen as necessary?
What are the essential requirements for companies to be able to use such an approach?
If the disclosures of such details became mandatory, what implications will this have for companies?
The National Accounting Matrix including Environmental Accounts (NAMEA), created by the Netherlands, identifies pollutant emissions by economic sector.The system is now commonly in use in the EU to
How might the ‘positive incentives’ for forestry in China influence the environment?
How might the ‘negative incentives’ for Nestlé influence the market for its chocolaterelated products?
How might ‘green’ taxes influence the environment?
What did the bank manager mean by ‘environmental footprint’?
Why has the bank manager suggested that Marvin should start to think about his‘environmental footprint’?
What kind of information would Marvin need in order to assess the ‘environmental footprint’ of his business?
1 An externality is said to exist when:(a) Private cost is the same as social cost(b) Private benefit is the same as social benefit(c) Private cost is different from social cost(d) None of the above
2 Which one of the following is an example of applying the principles of environmental accounting?(a) The Index of Sustainable Economic Welfare(b) The Retail Price Index(c) The Index of Industrial
3 Environmental accounting can help policy makers and decision makers to:(a) Manage employees more effectively(b) Pinpoint the advantages and disadvantages of using certain accounting and economic
4 Natural resources asset accounts are primarily concerned with:(a) The expenditure and taxes related to protecting the environment, and the economic contribution of environmental service
5 Pollution and material physical flow accounts are primarily concerned with:(a) Reporting the quantity of resources used in economic activities, as well as the quantity of residuals generated by
6 Monetary and hybrid accounts are primarily concerned with:(a) Stocks of natural resources(b) Reporting the quantity of resources used in economic activities, as well as the quantity of residuals
7 Environmentally-adjusted macroeconomic aggregates are primarily concerned with(a) The expenditure and taxes related to protecting the environment, and the economic contribution of environmental
8 The term ‘carbon footprint’ usually refers to:(a) Impacts of an organisation on carbon emissions throughout its supply chain(b) Impacts of an organisation on land use(c) Impacts of an
9 Which one of the following is not regarded as a problem related to environmental accounting?(a) Data is often unreliable or unavailable(b) Difficulty of evaluating natural assets such as clean
10 When a government announces a higher fuel tax to discourage the use of road transport, it is said to be imposing:(a) A ‘green’ tax(b) A ‘green’ subsidy(c) A new regulation(d) An antisocial
Read the following article and then answer the question.Apple agrees to China pollution audit By Chris Nuttall Apple has agreed to a jointly monitored audit of pollution controls at a supplier’s
Read the following article and answer the questions that follow.Putting a value on wildlife A number of case studies and investigations have involved contingent valuations. In a widely reported
Discuss what environmental accounting can be used for.
Select a company from one of the following industries:● Chemicals● Cosmetics● Furniture retailing.Conduct your own research (for example, looking at the company’s latest annual report) to
Marvin (see previous case studies) has been delighted at the growth of his business and the beginnings of his internationalisation strategy. However, he was rather surprised when his bank manager,
Evaluate alternative projects using a variety of investment appraisal techniques, including net present value, internal rate of return and payback methods
Appreciate the advantages and disadvantages of each method
1 What is the future value in exactly three years’ time of an investment of £1,000 received today and invested at 5% compound interest?(a) £1,215.50(b) £1,157.63(c) £1,150(d) £1,102.50
2 A two-year project is being evaluated using a discount rate of 7% p.a. It is expected to have a cash inflow of £40,000 at the end of its first year and £60,000 at the end of its second year. What
3 If two projects have different levels of risk, what can managers do to make their investment appraisal more realistic?(a) Apply a lower discount rate to the riskier project(b) Not consider the
4 Under which one of the following circumstances could a cumulative discount factor be used?(a) Where the same future values are receivable or payable each year for several years(b) Where different
5 Which one of the following could be considered as a benefit of using the payback period method of investment appraisal?(a) Both present and future values are being considered(b) The time value of
6 As a result of using various investment appraisal techniques, a firm has established that machine A has a payback period of 4 years, machine B has a negative internal rate of return of 6%, machine
7 Which one of the following methods of investment appraisal requires a trial-and-error approach for its calculation?(a) Internal rate of return(b) Payback period(c) Accounting rate of return(d) Net
8 A company is evaluating two alternative projects, X and Y, each of which will cost£50,000. Project X is expected to generate £20,000 p.a. for three years and project Y is expected to generate
9 Using the information contained in question 8, what is the payback period for each project?(a) Project X 3 years, project Y 4 years(b) Project X 2 years, project Y 21>3 years(c) Project X 21>2
10 Which one of the following is an acceptable definition of the internal rate of return?(a) The annualised profits as a percentage of the amount invested(d) The discounted cash flows as a percentage
A project (A) costs £3,000 today and is expected to generate a cash flow of £10,000 in a year’s time, whereas an alternative project (B) costing £4,000 today is forecast to generate£12,000 in
Using the net present value method of investment appraisal, contrast two projects, C and D. Project C will cost £10,000 and will generate £9,000 p.a. for three years.Project D will cost £12,000
Two projects, G and H, cost £20,000 and £30,000 respectively. Project G is estimated to produce annual cash flows of £4,000 for 10 years whereas project H is estimated to produce annual cash flows
Using a range of discount rates between 5% and 8% p.a., establish by trial and error the internal rate of return of the following project:Year 0 Cash outflow £20,000 Year 1 Cash inflow £6,700 Year
A private hospital needs to equip an operating theatre by installing new medical equipment. The equipment costs £700,000 to buy outright, and is expected to require continuing maintenance costs of
Catalysts plc is planning the installation of a new processing plant. It currently has two alternatives under consideration:Project Alpha: The capital cost of this plant is £10 million.Project Beta:
Allerton plc is considering investing in a new capital project and has a choice of three alternatives, only one of which can be implemented. The following data is available (assume that capital
Marvin and Chiquita (see previous case studies) had seen their business, Machiq Limited, change considerably over the years to a point where its brand name was recognised throughout the country.
Spectacular plc is a company that manufactures computer equipment. It has three production departments and a service department, and has produced the following budgeted cost of production for the
Fripple Limited manufactures coats. The company’s management is preparing a budget for the next financial year and has prepared the following information:£Selling price per coat 100 Materials per
Humbug Ltd manufactures artificial Christmas trees in batches of 600. During October, batch no. 701 was manufactured at the rate of 12 per hour. Ninety of the trees failed quality tests, but of
Appraise plc is considering manufacturing and developing a new product requiring a £2m investment. The following are estimates of costs and revenues for the first five years of the product’s
Janet works as a door-to-door salesperson for a vacuum cleaner producer. She has to decide whether to spend her hard-earned money on a new car, or an all-inclusive cruise around Asia with a
Understand the scope and importance of decision-making for an organisation
Outline the different types of decision-making
Be aware of the different classifications of costs for decision-making purposes
Evaluate shut-down or continuation decisions
Incorporate cost and financial data into various decision-making situations
The ice-cream business is highly seasonal. A German ice-cream producer finds that in autumn, it encounters spare capacity due to low demand. However, it then receives a special order from an
1 Which one of the following items is least useful for decision-making?(a) Relevant costs(b) Accruals and prepayments(c) Net cash flow(d) Opportunity costs
2 Decision-making can be defined as(a) Planning(b) Choosing between alternatives(c) Developing alternative courses of action(d) Monitoring and control
3 Which one of the following items refers to past costs that cannot be recovered?(a) Opportunity cost(b) Sunk cost(c) Committed cost(d) Avoidable cost
4 Which one of the following items is normally ignored when deciding whether or not to close a factory for a short period?(a) Fixed costs (b) Opportunity costs (c) Total costs (d) Variable costs
5 What is the minimum cost a company must be able to cover if it is to continue production even in the short-run?(a) Variable cost(b) Total cost(c) Below variable cost(d) Between variable cost and
6 Transfer price refers to:(a) Charges made internally(b) Charges made externally(c) Market price(d) Price of outsourcing
7 A Balanced Scorecard is:(a) A management tool that measures the financial aspects of the business(b) A management tool used for strategic planning(c) A management tool used for measuring
8 The long-run is a period of time in which:(a) The firm is able to maximise total profit(b) The firm may want to build a bigger plant, but cannot do so(c) The firm can hire all the workers that it
9 If there is a 30% probability of an investment giving a return of £40m and a 70% probability of the investment giving a return of £50m, what is the expected value of the investment?(a) £12m(b)
10 If data availability requires new data to be generated by a questionnaire, we call this:(a) Secondary data(b) Tertiary data(c) Primary data(d) Quaternary data
15.1 WV is a car manufacturer. It is currently deciding whether to buy in car doors for a particular model rather than continue to manufacture them. The estimated costs for one door are as
15.2# Senior Ltd is thinking about launching a new product. The marketing department estimated, based on market research, that the expected sales and respective probabilities are as follows:Revenue
15.3 Sabine entered her second year of business. She makes product A, which takes 3 hours using a basic machine. The marginal (variable) cost and selling price are £50 and £62 respectively.
15.4# What is meant by the Balanced Scorecard? What are its four perspectives?
15.5# British Foam Group (BFG) Ltd makes and sells packaging solutions products. The material cost is £15 per packaging solution which requires 112 hours of skilled labour at £10 per hour.BFG Ltd

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