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accounting and finance

Questions and Answers of Accounting and Finance

What is the implication of the 'problem of the commons' for cost allocation in practice? (p. 338)AppendixLO1
Under what circumstances will ranking products by profitability be consistent with ranking them by contribution per unit of scarce resource? (p. 336)AppendixLO1
On what basis would economists argue that production output decisions be made? (p. 334)AppendixLO1
If there are three cost pools how many cost drivers would you expect to find? (p. 328)AppendixLO1
List four categories of cost driver. (p. 327)AppendixLO1
What do you understand by the terms 'cost pool' and 'cost driver'? (p. 324)AppendixLO1
List the six steps involved in the creation of a cost allocation model. (p. 321)AppendixLO1
Give five reasons for cost allocation in practice. (pp. 319-320)AppendixLO1
List five different cost classifications, separating them into vertical and horizontal costs. (pp. 317-318)AppendixLO1
What distinguishes direct and indirect costs? (p. 315)AppendixLO1
What is a flexible budget? (p. 305-306)AppendixLO1
Write out the formulas for gross, price, quantity, activity and efficiency variances. (p. 303-306)AppendixLO1
How does 'budgetary slack' and 'organisational bloat' arise? (p. 300-301)AppendixLO1
Identify the six purposes of budgeting outlined in the chapter. (p. 294)AppendixLO1
List the six accounting ratios favoured by venture capitalists when appraising a busi- ness proposal. (p. 292)AppendixLO1
List the four steps in appraising a business plan. (p. 290-291)AppendixLO1
How does a sales revenue projection differ from a statement of cash inflows? (p. 274)AppendixLO1
What would you expect to see in a financial plan? (p. 273)AppendixLO1
A business model consists of three interdependent sections. What are they? (p. 272-273)AppendixLO1
What are the six components of a strategic plan? (p. 271)AppendixLO1
The executive summary of a business plan should consist of three component parts. What are they? (p. 269)AppendixLO1
Identify four situations in which business planning would be an important exercise. (p. 268)AppendixLO1
At optimum profit what is the relationship between marginal cost and marginal revenue? (p. 258)AppendixLO1
Define the terms 'marginal revenue' and 'marginal cost'. (p. 256)AppendixLO1
List four problems with the use of cost/volume/profit analysis. (pp. 255-256)AppendixLO1
The point at which total revenue equals total cost is known as what? (p. 251-252)AppendixLO1
If a demand curve slopes downwards for a product sketch the total revenue curve that will result. (p. 250)AppendixLO1
What statistic is used to measure the 'goodness of fit'? (p. 248)AppendixLO1
There are two approaches to estimating costs in practice. What are they? (pp. 245-248)AppendixLO1
List eight different cost patterns. (p. 244)AppendixLO1
Define a 'variable cost' and say how this cost concept is different from the concept of a direct cost. (p. 242)AppendixLO1
In the make-or-buy decision what costs should management compare when consid- ering the two alternatives? (p. 240-241)AppendixLO1
What rule is used for ranking different products that use a common scarce resource? (p. 238)AppendixLO1
Define the term 'opportunity cost'. (p. 231)AppendixLO1
List the four principles that support decision costing. (pp. 228-230)AppendixLO1
Define the terms 'contribution' and 'contribution margin'. (p. 225)AppendixLO1
If attribution is the process of matching direct cost to cost objects what is the name of the process of matching 'indirect costs'? (p. 224)AppendixLO1
Define a ‘direct cost’ and say how it differs from an indirect cost. (p. 223)AppendixLO1
What item do you exclude from the current asset ratio to get the acid test ratio? (p. 197)AppendixLO1
What ratio has been shown to be most successful in predicting corporate failure? (p. 194)AppendixLO1
What information is revealed by operating cycle analysis? (p. 198)AppendixLO1
What is the linkage between return on capital employed and return on fixed capital employed? (p. 185)AppendixLO1
You need a ratio to measure the performance of the business with respect to the utili- sation of its fixed assets. Define that ratio. (p. 183)AppendixLO1
What does the acronym 'PERL' stand for? (p. 180)AppendixLO1
What are the two classes of financial ratio? (p. 180)AppendixLO1
What information is a marginal analysis likely to reveal? (p. 179)AppendixLO1
What are the four steps in undertaking the financial analysis of the accounts? (p. 174)AppendixLO1
How would you identify a strategic issue from a SWOT analysis? (p. 171-172)AppendixLO1
List three macroeconomic variables that are likely to be most important in determin- ing the performance of a company like Marks & Spencer in the UK market. (pp. 170-171)AppendixLO1
Write down the formula connecting nominal rates of economic growth to the real rate and the inflation rate. (p. 170)AppendixLO1
What two economic indicators are most useful in predicting a company's future performance? (p. 169)AppendixLO1
Outline the steps recommended by our financial analysis methodology. (p. 165)AppendixLO1
List the criteria that a limited company should meet before it can obtain a listing on the London Stock Exchange. (p. 154)AppendixLO1
When producing a consolidated profit and loss account what item found in the sub- sidiary company profit and loss account should be ignored? (pp. 150-151)AppendixLO1
When producing a consolidated balance sheet what items should be eliminated? (pp. 147-148)AppendixLO1
If a company acquires less than 100 per cent of the equity of another company what is the name given to the shareholders that remain in the acquired subsidiary? (p. 138)AppendixLO1
What does the term 'goodwill on acquisition' mean? (p. 140)AppendixLO1
List three ways in which an interest in another company may be acquired. (p. 138)AppendixLO1
What is the difference between an associated company and a subsidiary? (pp. 138-139)AppendixLO1
List the documents that company law in the UK requires to be published in the finan- cial report. (p. 137)AppendixLO1
Name three types of reserve which will be shown in the typical limited company balance sheet and state whether each reserve you name is potentially distributable to the shareholders. (p.
What is the purpose of a 'share premium account'? (p. 132)AppendixLO1
What distinguishes an ordinary from a preference shareholder? (p. 131)AppendixLO1
What is the key statement of opinion that appears in an auditor's report? (p. 126-127)AppendixLO1
Name the two types of director on the board of a company. (p. 125)AppendixLO1
Identify three issues raised by limited company status that are relevant to accoun- tants. (p. 123)AppendixLO1
What does the term 'limited liability' mean? (p. 123)AppendixLO1
Name three capital maintenance concepts.AppendixLO1
Define deprival value and fair value. (p. 111)AppendixLO1
What are the two procedures by which a company can revalue its assets? (p. 109)AppendixLO1
What are the four accounting concepts mentioned in the Companies Act 1985? (pp. 107-108)AppendixLO1
Explain the difference between the cost of sales and the cost of goods sold. (p. 103)AppendixLO1
In published accounts conforming to IAS 2 should stock be valued on a marginal or an absorption basis? (p. 104)AppendixLO1
In a situation of rising prices for the purchase of stock would you expect FIFO or LIFO to record the higher inventory value in the balance sheet at the year-end? (p. 102)AppendixLO1
What is the principal advantage in keeping a fixed asset register? (p. 97)AppendixLO1
If a fixed asset is sold for more than its book value how is the surplus on sale shown in the profit and loss account? (p. 96)AppendixLO1
FRS 15 mentions just two methods of depreciation. What are they? (p. 90)AppendixLO1
List the four issues that need to be considered when calculating the depreciation charge on an asset for the year. (p. 88)AppendixLO1
How is an accrued expenditure shown in the profit and loss account and in the balance sheet? (p. 86)AppendixLO1
List the five conditions for recognising the revenue accruing from a given sale. (pp. 83-84)AppendixLO1
Name the four principal drivers of company value. (p. 80-82)AppendixLO1
20.1 Erika is planning to become a self-employed graphic designer working from a small one room office in a new development in the middle of town. You are a small business adviser and she has asked
n Know about sources of finance for larger business.
19.21 Tucker & Ali Limited’s 2012 financial statements were as follows:Tucker & Ali Limited: Income statement for the year ended 31 December 2012 2012 2011£m £m Revenue 37.6 38.3 Cost of sales
19.20 Theydon Limited has the following efficiency ratios at 31 January 2013:Average inventory turnover period: 77.8 days Average trade receivables period: 66.4 days Average trade payables period:
19.12 Linwood Lees Limited’s 2013 financial statements were as follows:Linwood Lees Limited: Income statement for the year ended 31 January 2013 2013 2012£ £Revenue 662 550 651 440 Cost of sales
20.3 Nancy is a self-employed hairdresser. She runs a salon with the assistance of one untrained employee who takes bookings, tidies and sweeps up, and makes tea and coffee for the clients. Nancy
20.15 Tatiana, a friend of yours, has recently been left approximately £50 000 of listed company investments in her grandmother’s will. She has been trying to read the Financial Times in order to
20.10 Norman and Naylor Partners is a business which runs corporate events. Sam Norman and Sally Naylor founded the business about 5 years ago, and it has been very successful.The partners share
20.9 Speke Septima Limited was started up 3 years ago to market a range of designer kitchen products. The company has been very successful, but now needs finance to expand into overseas markets. The
20.7 Warminster Toys plc has a total issued share capital of £3 000 000 in 50p shares. The company decides to make a rights issue of 1 for 5 at a price of £5.42 per share. To take up the rights the
20.4 Oleander Enterprises Limited is a small holiday company run by its two principal directors and shareholders, Libby and Lisa. The company organizes exclusive (and expensive)holiday tours of
19.11 Skipholt Limited has the following efficiency ratios at 31 March 2013:Average trade payables period: 43.7 days Average inventory turnover period: 49.6 days Average trade receivables period:
19.10 Burstein Lyall Limited has an operating cycle for the year ended 31 December 2012 of 78.4 days. The comparative figure for the year ended 31 December 2011 was 75.3 days. The industry average
19.8 You are the newly-appointed credit controller of Mohinder Benton Limited, which produces a summary age analysis of its outstanding trade receivables at each month-end. The company allows 30 days
14.14 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.
14.11 Garbage Solutions Limited makes wheelie bins. In the 2013 financial year each bin will sell to local authorities for £25, with variable labour costs of £3.20 per bin and variable raw
14.10 Gimball Grace Limited manufactures a single model of electric fan heater. Each heater sells for £21. Variable costs of manufacture are £7.50. Fixed costs of the business are estimated at £54
14.9 Gropius Maplewood Limited manufactures a single product that it sells for £150 per unit. Variable costs of each unit are £62, but are expected to rise at the beginning of 2013 to £63; because
14.8 Foster Beniform Limited makes mannequins for shop window displays. The company’s directors are meeting to discuss sales budgets for 2013. The business has struggled to make a profit in recent

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