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Questions and Answers of Accounting and Finance

5.17 Wally’s business owns several machines which he depreciates on the reducing balance basis at the rate of 10% per annum.His statement of financial position at 31 March 2012 showed the following
5.16 Valda runs a marketing agency. She prepares her own accounts and is currently working on the income statement and statement of financial position at 31 December 2012. She purchased the freehold
5.15 Virginia runs a business which supplies food for office parties and similar functions. Food is delivered to the client’s premises in vans which have been specially adapted to take shallow
5.14 Victor adopts the straight-line method of depreciation in his accounts. He purchases a new machine on 1 June 2012 for £13 750. He expects to keep the machine for approximately 6 years, at the
5.13 Several UK football clubs, especially those in the Premier League, are listed companies that are required to publish their annual reports on their websites. Use a search engine to look up a
5.11 Zoe¨ started up an independent fast food outlet at 1 January 2012, trading as Zoe¨’s Snacks. Her accountant advised her that she should depreciate her machinery and fixtures over a period of
5.10 Ying runs a wholesale business supplying art equipment to retailers. She uses two computers to keep stock and other records, one in the office and one in the warehouse.In her accounting year
5.9 Xanthe runs a florist’s shop. Her assistant goes out every day in the van delivering flowers.The van accumulates high mileage quickly and Xanthe usually replaces it every 3 years. The van cost
5.20 For several years Zak has run a contract office cleaning business. He employs several part-time staff who work at night and weekends. Zak has always run the business from rented premises; he has
6.1 Fergus’s business incurs the following transactions in the year to 31 December 2012:n Fergus introduces additional capital of £10 000 in cash.n Purchase on credit of goods for resale for
7.4 Butterthwaite plc had issued share capital on 1 January 2012, as follows:Ordinary share capital: 68 000 £1 ordinary shares Preference share capital: £20 000 6% cumulative preference shares On
7.3 Peachey plc has an issued share capital of £60 000 denominated in 25p shares. On 13 May 2012 Carina, a shareholder, sold half of her total shareholding of 8000 shares to her sister Cathy.
7.2 Bayliss Chandler Limited has an issued share capital of £20 000, split into 50p shares. In the year ending 31 May 2012 a dividend of 6p per share was paid.Ambrose owns 10% of the issued shares
6.8 Hamid prepares his business financial statements to 31 May each year. Because he attended an accounting course at college he knows how to prepare income statements and statements of financial
6.6 Grant’s business makes an operating profit of £16 632 in the year ended 30 April 2012.One of the deductions in arriving at operating profit was depreciation of £6650.At 30 April 2012 the
6.5 Flynn’s business incurs the following transactions in the year to 31 March 2012:n Purchase of inventory for cash of £1300.n Sale of a non-current asset with a written down value of £300. The
6.4 Henrietta runs a business, trading as Spicer & Co. She prepares accounts to 31 March each year. By the year-end 31 March 2012 the business has run into overdraft. Henrietta asks you to prepare a
6.3 Gaston’s business prepares accounts to 31 December each year. In the year ending 31 December 2012 inventory, trade receivables and trade payables are shown in the statement of financial
5.8 Xenia no longer needs a second van in her business, and so she decides to sell it. The van originally cost £8300 and by Xenia’s year-end of 31 March 2012 depreciation had accumulated of
5.7 At 1 January 2012 William had the following balances in his books related to the non-current asset of cars:Cars at cost £38 370 Less: accumulated depreciation (15 540)Carrying amount 22 830 He
4.10 Briefly explain the following accounting terms, providing an illustrative example in each case:a) recognitionb) accrualsc) net realisable value.
4.9 Ursula is a wholesaler trading in stationery supplies. She sells to offices and shops around the country and at any one time has up to 350 customers due to pay her. She allows 30 days credit but
4.8 Ulrich prepares his accounts to 31 July each year. At 31 July 2012 his trade receivables list totals £397 700. Included in the list is an amount of £17 000 owing by Gayle Associates. Gayle
4.7 Ted sells belts and accessories to fashion stores around the country, buying in most of his goods from China. Long experience in the business has developed his judgement in purchasing;he needs to
4.6 Simon trades in soft furnishings from shop premises in the centre of a small town in Northern England. He provides basic summaries of his transactions for his accountant, Bernie, who prepares his
4.5 Patience pays a subscription to a business trade association annually in advance. The subscription is due on 30 September each year, to cover 1 year running from the 1 October. Patience’s
4.4 Pookie’s business involves telephone sales, so her business telephone bills are high. Her accounting year ends on 31 August, and in the year to 31 August 2012 she has received bills for
4.3 Poppy imports and sells display fireworks. She supplies her customers on credit terms, requiring payment of invoices within 30 days. In order to encourage early payment she offers customers a
4.2 Omar imports onyx picture frames from India. He prepares accounts to 30 April each year.In the year ending 30 April 2012 he records the following totals for trading transactions:£Revenue 347 348
4.11 Olivia’s trading company prepares accounts to the 31 August each year. In the year ending 31 August 2012, the following trading transactions occur:£Revenue 193 306 Purchases 144 315 Sales
4.12 Ophelia imports glass ornaments from Norway. She prepares financial statements to 30 June each year. In the year ending 30 June 2012 she records the following totals for trading
4.13 Paolo trades in promotional goods. His customers order items like mouse mats, biros, playing cards, golf balls, and so on, printed with their own logo. Paolo keeps an inventory of blank goods.
5.5 Vincenzo’s statement of financial position at 31 August 2012 showed the following balances in respect of non-current assets:Buildings at cost 306 000 Less: accumulated depreciation (18
5.3 Vinny is expanding his electrical components business. During his accounting year ending 31 December 2012 he buys new machinery as follows:n On 1 April a machine costing £10 300. The estimated
5.2 Victoria owns a gym. In her financial year to 31 August 2012 she buys a new exercise bike for £450. The date of purchase was 1 March 2012. Victoria aims to keep gym equipment for 3 years. After
5.1 Valerie runs a small delivery business. She has a van which she replaces every 4 years.On 1 January 2012 she sells her old van for £2000 and buys a new one for £14 460. She expects to be able
4.17 Umberto makes an allowance of 1.5% against his total trade receivables each year. In the year to 31 August 2012 he has used up £650 of this allowance because a company has gone out of business
4.16 Sylvester runs a consultancy business, employing two members of staff as consultants and a secretarial assistant. Because he has done an accountancy course, he is able to prepare his own
4.15 Paula’s business expenses for the year ended 31 October 2012 are summarized as follows:Insurance £7 280 Telephone £2 017 Other expenses £36 470 Examination of the detailed transactions in
4.14 In 2012 the gas bills for Peregrine’s business are received and paid as follows:Date received Date paid Period covered Amount £4 March 2012 10 March 2012 1.12.11 – 28.2.12 841 6 June 2012
4.1 Oscar’s trading company prepares accounts to 31 December. In the year to 31 December 2012 the following trading transactions occur:£Revenue 72 411 Purchases 53 005 Sales returns 361 Purchases
9.19 Cryer Roussillon Limited is a trading company. At the beginning of the 2012 accounting year (which ends on 31 December) a new managing director was appointed. He made the strategic decision to
9.17 Brazier Barkiss plc had the following capital structure at 30 April 2013:£Ordinary share capital (£1 shares) 1 000 000 Retained earnings 2 739 400 Long-term borrowings (10% interest rate) 2
9.16 At 30 April 2013 Wilson Streep plc had a market capitalization of £6 303 000 with 3 300 000 ordinary 50p shares in issue. The profit attributable to ordinary shareholders in its income
9.15 What is Waldo Wolff’s market capitalization at 31 December 2012?
9.14 What is the earnings per share (in pence)?a) 18.86pb) 26.94pc) 13.86pd) 37.71p.
9.11 A business has trade payables at its year-end of £206 460. Purchases for the year are£1 952 278, of which 90% were made on credit.What is the trade payables turnover period?a) 42.9 daysb) 38.6
9.10 The managing director of Winger Whalley Limited has just received a report from one of the accounting assistants employed by the business. The report shows key ratios and supplies explanations
9.9 A company has trade receivables in its year-end statement of financial position of£218 603. Revenue for the year was £1 703 698. 70% of the revenue was in respect of sales made on credit. Trade
9.20 The table below presents some of the key figures from the income statement of Tesco plc, extracted from its 2009 Annual Report.2009 2008£m £m Revenue 54 327 47 298 Cost of sales (50 109) (43
9.24 Shirley has been thinking for a while about investing some surplus cash in an unlisted company which organizes lettings of holiday properties in France. The company is run by an old friend of
9.25 Tadcaster Terrier Limited has the following current assets and current liabilities in its statement of financial position at 31 May 2012:£Inventory 88 700 Trade payables 90 450 Trade
9.38 Better Belter Limited had the following capital structure at 31 October 2012:£Ordinary share capital (£1 shares) 80 000 Retained earnings 696 400 Long-term borrowings (8% interest rate) 300
9.37 Watkinson Chapel plc is a listed company with a market capitalization of £3 430 000 at 31 August 2012. It has in issue 1 000 000 £1 ordinary shares, and profits attributable to ordinary
9.36 What was Worsley Bacup plc’s market capitalization at 30 September 2012?
9.35 What is the earnings per share (in pence)?a) 17.72pb) 29.12pc) 116.49pd) 70.89p.
9.32 Wiswell Limited is a trading company. Its year-end financial statements for 2012 (with comparatives for 2011) included the following relevant details:2012 2012 2011 2011£ £ £ £Revenue 1 936
9.31 Whybird, a sole trader, has been advised by his accountant to keep an eye on the number of days it takes for his trade receivables to be settled. The accountant has explained how to calculate
9.29 The following are extracts from the income statements of a sole trader business for the years ending 31 December 2012 and 2011:2012 2011£000 £000 Opening inventory 1 605.3 1 396.4 Purchases 19
9.28 A sole trader’s inventory at 31 December 2011 was £405 000. By 31 December 2012 inventory had increased in value by 10%. Cost of sales for the year ending 31 December 2012 was £1 506
9.26 Turnbull Taffy Limited’s figures at 31 March 2013 show the following working capital items:£Inventory 67 400 Trade receivables 42 660 Cash at bank 6 050 Trade payables 58 760 The company’s
9.8 A sole trader’s inventory at 31 December 2011 was £405 000. By 31 December 2012 inventory had increased in value by 10%. Cost of sales for the year ended 31 December 2012 was £1 506 700.What
9.7 Upwood Sickert Limited has total revenue in the year to 31 May 2012 of £686 430. Extracts from the company’s statement of financial position at that date show non-current assets as
8.1 Ronald’s trading business operates from a shop in a large city centre. Extracts from Ronald’s most recent income statements for 2012 and 2011 show the following key figures:2012 2011£
7.13 Penge and Purley plc have in issue at 31 December 2012:138 000 ordinary shares of 50p each 40 000 8% preference shares of £1 each, issued on 1 July 2012.Derek owns 3250 ordinary shares in the
7.11 Western Gadgets Limited has an issued share capital of £5000 denominated in 25p shares. In the year ending 30 April 2012 an interim dividend of 2p per share and a final dividend of 2.5p per
7.10 Three of the following six statements are correct:1 The audit report of a company states that the accounts are correct.2 A private limited company does not have to make any information available
7.9 Explain the status of UK accounting standards and international accounting standards in financial reporting for UK companies, and briefly outline any change to this status that is likely to take
7.8 The more traditional view of the company, and the role of the directors, is quite narrow, focusing upon the interests of shareholders only, principally the need to generate cash from the business
7.7 Two of the following statements are correct:1 Listed companies are obliged to produce a social responsibility report as part of their annual report.2 Consolidated financial statements bring
8.2 Rory’s income statement statements show the following figures for the period 2009 to 2012 inclusive:2012 2011 2010 2009£ £ £ £Revenue 562 064 539 409 520 665 505 500 Cost of sales (410 619)
8.3 Inge Larsen is the principal shareholder in Larsen Locations Limited. Her company provides services to businesses who are in the process of moving from one location to another. Inge and her staff
8.4 Chapter Protection Limited is a security firm. Its income statement for the year ending 31 December 2012 is as follows:£Revenue 188 703 Cost of sales (115 863)Gross profit 72 840 Administrative
9.5 Trixie Stores Limited has the following current asset and current liability items in its statement of financial position at 31 December 2012:£Inventory 18 370 Trade receivables 24 100 Cash in
9.4 Shania would like to invest in a company which will give her a good rate of return on her investment. She has collected information on four companies. Extracts from their most recent financial
8.10 Starkey Wilmott Limited has the following statement of financial position at 31 March 2012:£ £ASSETS Non-current assets 704 710 Current assets Inventories 369 440 Trade receivables 416 700
8.9 Isaac Prentiss Limited produce parts and components for ships’ engines. The business requires a continuing investment in new machinery in order to keep production as efficient as possible.
8.8 Reva has a jewellery business in a well-established shop. Her most recent income statements show the following key figures:2012 2011£ £Revenue 696 400 585 702 Cost of sales (416 447) (352
8.7 Rasheda’s sales for 2011 were £206 400, and for 2012 were £214 656.Her gross profit margins were: 36.3% for 2011 and 36.4% for 2012.Rasheda expects sales in 2013 to increase by the same
8.6 The 5-year financial record for Marks & Spencer plc published in the company’s 2009 Annual Report includes the following information:2009 2008 2007 2006 2005£m £m £m £m £m Revenue:UK
8.5 Causeway Ferguson plc is a trading company specializing in the supply of tea and coffee and related products. Jason has a small shareholding in the company which was left to him by a relative. He
7.6 Brighton Magnets Limited has the following balances in its books at 31 August 2012:£Closing inventories 186 420 Delivery vans at carrying amount 120 000 Secretarial costs 51 498 Electricity
●● Understand the treatment in the statement of profit or loss of complexities such as discounts and returns of goods.
●● Understand and be able to apply some of the important accounting conventions in preparing the statement of profit or loss and the statement of financial position.
●● Know about the measurement of inventory and trade receivables, and the need for allowances against them, and be able to make appropriate adjustments to the statement of profit or loss and
4.1 Oscar’s trading company prepares accounts to 31 December. In the year to 31 December 20X1 the following trading transactions occur:£Revenue 72,411 Purchases 53,005 Sales returns 361 Purchases
4.2 Omar imports onyx picture frames from India. He prepares accounts to 30 April each year. In the year ended 30 April 20X4 he records the following totals for trading transactions:£Revenue 347,348
4.3 Poppy imports and sells display fireworks. She supplies her customers on credit terms, requiring payment of invoices within 30 days. In order to encourage early payment she offers customers a
4.4 Pookie’s business involves telephone sales, so her business telephone bills are high. Her accounting year ends on 31 August, and in the year ended 31 August 20X2 she has received bills for
4.5 Patience pays a subscription to a business trade association annually in advance. The subscription is due on 30 September each year, to cover one year running from 1 October. Patience’s
4.6 Simon trades in soft furnishings from shop premises. He provides basic summaries of his transactions for his accountant, Bernie, who prepares his final accounts and tax computation. The business
4.7 Ted sells belts and accessories to fashion stores around the country, buying most of his goods from China.Long experience in the business has developed his judgement in purchasing because he
4.8 Ulrich, who runs a public relations consultancy business, prepares his accounts to 31 July each year. At 31 July 20X5 his trade receivables list totals £397,700. Included in the list is an
4.9 Ursula is a wholesaler trading in stationery supplies. She sells to offices and shops around the country and at any one time has up to 350 customers due to pay her. She allows 30 days credit but
4.10 Briefly explain the following accounting terms, providing an illustrative example in each case:a) recognitionb) accrualsc) net realizable valued) going concern.Exercises: Answers Available on
4.11 Olivia’s trading company prepares accounts to 31 August each year. In the year ended 31 August 20X5, the following trading transactions occur:£Revenue 193,306 Purchases 144,315 Sales returns
4.12 Ophelia imports glass ornaments from Norway. She prepares financial statements to 30 June each year.In the year ended 30 June 20X9 she records the following totals for trading
4.13 Paolo trades in promotional goods. His customers order items like pens, playing cards, golf balls, and so on, printed with their own logo. Paolo keeps an inventory of blank goods. When he
4.14 In 20X6 the gas bills for Peregrine’s business are received and paid as follows:Date received Date paid Period covered Amount £4 March 20X6 10 March 20X6 1.12.X5 – 28.2.X6 841 6 June 20X6
4.15 Paula’s business expenses for the year ended 31 October 20X3 are summarized as follows:Insurance £7,280 Broadband and phone £2,017 Other expenses £36,470 Examination of the detailed

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