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Questions and Answers of Accounting and Finance

9.25 Tadcaster Terrier Limited has the following current assets and current liabilities in its statement of financial position at 31 May 20X7:£Inventory 88,700 Trade payables 90,450 Trade
9.26 Turnbull Taffy Limited’s figures at 31 March 20X6 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
9.27 Uriah Westwood plc is an advertising agency which operates from rented offices in the West End of London. Ulverstone Thunderbird plc is a company engaged in heavy engineering. It owns all of its
9.28 A sole trader’s inventory at 31 December 20X7 was £605,000. By 31 December 20X8 inventory had increased in value by 10%. Cost of sales for the year ended 31 December 20X8 was £2,560,800.What
9.29 The following are extracts from the statements of profit or loss of a sole trader business for the years ended 31 December 20X9 and 20X8:20X9 20X8£000 000 Opening inventory 1,605.3 1,396.4
9.30 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 this figure was sales on credit.What is trade
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
9.32 Wiswell Limited is a trading company. Its year-end financial statements for 20X3 (with comparatives for 20X2) included the following relevant details:20X3 20X3 20X2 20X2£ £ £ £Revenue
9.33 What is the dividend per share?a) 45.6pb) 11.4pc) 25.0pd) 29.1p
9.34 What is the dividend cover ratio?a) 3.51b) 1.55c) 3.93d) 2.55
9.35 What are the earnings per share (in pence)?a) 17.72pb) 29.12pc) 116.49pd) 70.89p
9.36 What was Worsley Bacup plc’s market capitalization at 30 September 20X8?
9.37 Watkinson Chapel plc is a listed company with a market capitalization of £3,430,000 at 31 August 20X4.It has in issue 1,000,000 £1 ordinary shares, and profits attributable to ordinary
9.38 Better Belter Limited had the following capital structure at 31 October 20X2:£Ordinary share capital (£1 shares) 80,000 Retained earnings 696,400 Long-term borrowings (8% interest rate)
9.39 Refer back to question 9.20 which examined extracts from the financial information of Tesco plc in its 2019 Annual Report. By the time this book is published, Tesco will have produced subsequent
●● Understand in principle the nature and purpose of management and cost accounting.
●● Know about some of the principal features of management and cost accounting.
●● Appreciate the usefulness of management and cost accounting in helping management to make decisions, and to plan, control and monitor business activity.
10.1 Cueline Limited manufactures furniture at factory premises held on a lease. The lease is due to end next year, but it could probably be renegotiated. The company’s directors are also
10.2 Putt plc owns several shops selling golfing and other sporting equipment. It operates principally in the area around London. The company’s directors will be meeting next month to discuss a
10.3 Bulstrode, Barker and Bennett is a successful firm of solicitors operating in a small town. Bulstrode died some years ago, Barker has retired, but Dexter Bennett still works in the business as
10.6 Denver runs a restaurant business, operating from rented premises in the centre of a large town. His business has been relatively successful; he has succeeded in making a small profit each year,
●● Recognize and understand a range of basic costing terminology.
11.1 Paige Peverell produces plastic casings for telephones. The following is a list of some of the costs which the company incurs:●● plastic moulding machine depreciation●● sales office
11.2 ArtKit Supplies manufactures metal paint tins for the artist’s supplies industry. The company operates from a small rented factory unit. In the year ended 31 August 20X2 it incurred the
11.3 Porter Farrington Limited imports components for input into its production process. In November 20X2 the following deliveries into inventory and transfers to production took place in respect of
11.4 Each of the following scenarios describes an approach to costing.a) Greenaway Slipknot Limited produces high quality prints of contemporary art. Typically, a production run will involve the
11.5 Xiang Products produces motherboards for PCs from a range of bought in components. The following is a list of some of the costs which the company incurs:●● depreciation of factory work
11.6 Brisbane Pinker Limited manufactures a range of containers for cosmetics in metal and plastic. In the year ended 31 December 20X2 the company incurred the following costs:£Selling department
11.7 Wensleydale Woollen Waistcoats Limited (WWW Ltd) buys in wool to manufacture into waistcoats on its weaving machines. The inventory card for wool code 78X4A shows the following movements in June
11.8 Ravenna & Michele produces components to order for specialist motor manufacturers. An order for 100 components code 1187AB6 was received from one of the business’s principal customers. A job
●● Understand some important issues in relation to the costing of services.
●● Understand the nature of activity-based costing (ABC) and be able to apply its principles to straightforward costing examples.●● Be able to contrast ABC with traditional costing methods,
12.1 Jersey Brookfield & Co is a manufacturer of soap powders and detergents. Each of the products moves through two stages: bulk production and then packaging.In the year ended 31 December 20X8
12.2 Barley Brindle produces a single product, Product B. One unit of Product B has a prime cost of £6.20, which includes one hour of direct labour @ £9.20, and each unit uses 0.5 hours of machine
12.3 WGB produces two types of metal shelving in their factory – one for domestic use, and one, which is produced to a higher quality standard, for commercial use (in factories and hotel kitchens,
12.4 Identify the cost object that is likely to be used in an architect’s practice which employs 15 architects and 15 support staff. List the principal costs that are likely to be incurred by the
12.5 David has recently been elected as a local councillor for an area in England served by two primary schools(note: English primary school education usually lasts for six years). The council has
12.6 ABC is a costing system that was developed in the 1980s as a result of an increasing awareness in businesses of the deficiencies of traditional approaches to production overhead absorption.i)
12.7 Arbend is a web-based bookseller which uses an ABC system. The chief management accountant and his team have produced the following information about expected annual overhead cost pools,
12.8 Hallett Penumbra Systems produces a range of building products at several factories. The company’s directors have decided to pilot an ABC system at one of its factories. The factory produces
12.9 Christine Bedford is managing director of the family business, Bedford Bowler. The company manufactures children’s wooden trainsets. Recently Christine has been on a course about costing and
12.10 A manufacturing business, Oakshield Carver Limited, organizes its production into four cost centres. In the coming financial year the company plans to produce 115,000 items of product. Further
12.11 Facts as in 12.10.The prime cost and timing details for one unit of production are:£Materials 14.20 Direct labour 18.00 Prime cost 32.20 Each unit uses two hours of machine time in the
12.12 Bushey Travel is an online travel agent. Clients can book online or by telephoning the company’s headquarters which are located in a business park. Bushey Travel operates as an agency only
12.13 Combe Cullen Systems manufactures two products in its Oldfield division. Traditionally the company has used an overhead absorption system based on machine hours. However, following a management
12.14 Queen’s Move plc specializes in household removals and storage services. The business runs its own fleet of removal vehicles and also has freehold premises used for storage in many major
●● Understand the various additional factors which play a part in pricing decisions.
13.1 Which statement is correct? The demand curve plots the relationship between:a) selling price and costb) quantity and costc) quantity and selling priced) selling price and discounts.
13.2 Which statement is correct? Demand is described as elastic where it:a) is highly sensitive to changes in priceb) seldom increases or decreasesc) cannot be metd) increases only where there is a
13.3 Which statement is correct? An oligopoly exists in cases where:a) one supplier controls the marketb) about three to five suppliers control the marketc) there are many suppliers of about equal
13.4 Auger Ambit Limited is a manufacturing company which sets prices based on total costs plus a mark-up.For the year ending 31 December 20X3 the company is forecasting total fixed costs of
13.5 Belvedere, Bharat & Burgess are in partnership together as accountants. They have recently enlarged their practice and have taken on extra staff. The partners meet to discuss charge-out rates,
13.6 Discuss the key factors which would arise in determining selling prices for:i) a garden centre ii) a small grocery store which is open for 24 hours.Exercises: Answers Available on the
13.7 Ainsley Witt Limited manufactures old-fashioned dolls houses. The manufacturing process is labour intensive, and involves a cost of £54 per house. Materials costs are £22 per house, and in
13.8 Burke and Harpur are solicitors who have recently set up in partnership together and are working hard to establish themselves in a town which already has several solicitors. Both have a
13.9 Discuss the key factors which would arise in determining selling prices for:i) a plumber (sole trader)ii) a biscuit manufacturer.
13.10 Regulation exists in the UK to prevent the operation of cartels. It could be argued, however, that regulation against cartels interferes with the operation of a free market and the
●● Understand the principal factors involved in decision making, including the importance of relevant costs.
●● Be able to use cost–volume–profit analysis to establish a break-even point and to assist in business decision making.
●● Understand the issues involved in making decisions in special circumstances.
●● Understand the limitations of marginal costing for decision making.
14.1 Bubwith Girolamo Ltd has been asked by one of its regular customers to supply goods for a special contract. The order is for 1,000 units of metal casing, for which the contract price is £27 per
14.2 Wetwang Ltd owns a piece of machinery that is now surplus to requirements following changes in its production systems. The machinery was bought for £24,000 and since purchase a total of £6,000
14.4 Classify each of the following costs as:●● variable●● fixed●● stepped●● semi-variable.i) Sales staff members’ mobile telephone charges. There is a basic rental cost
14.6 Porton Fitzgerald Ltd manufactures wardrobes. The selling price of a wardrobe is £210. Each wardrobe costs £52 in direct materials (all variable) and £34 in direct labour (all variable). In
14.7 Fullbright Bognor Ltd, a manufacturing business, has the following cost structure:Selling price per unit: £85 Variable costs per unit: £41 The company’s directors expect to incur fixed costs
14.8 Foster Beniform Ltd makes mannequins for shop window displays. The company’s directors are meeting to discuss sales budgets for 20X8. The business has struggled to make a profit in recent
14.9 Gropius Maplewood Ltd 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 20X5 to £63; because of
14.10 Gimball Grace Ltd 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 £54,000
14.11 Garbage Solutions Ltd makes wheelie bins. In the 20X1 financial year each bin will sell to local authorities for £25, with variable labour costs of £3.20 per bin and variable raw materials
14.12 Hubert and Hix Ltd makes rucksacks. It has developed and patented a highly effective waterproof material and a revolutionary design. These make the company’s products very much sought after,
14.13 Inez & Pilar Fashions Ltd is a fashion manufacturing and wholesale business operating from rented premises.The business is well established and has operated successfully for several years.
14.14 Juniper Jefferson Ltd manufactures two models of baby buggy: the deluxe and the super deluxe. There is currently a shortage of the special grade of aluminium required for the buggy frame. This
14.15 The directors of Darlene Fabrik are considering whether or not to start up a new production process.The process would use a machine that is no longer required for the purpose for which it was
14.16 A tour operator, Colby Overland, is organizing a coach trip to Russia as one of its new season’s forthcoming attractions. Two of the major costs incurred are described as follows:●● Coach
14.17 For each of the following types of business, list at least two fixed and two variable costs that might typically be incurred:●● milk delivery business●● coffee bar●● stationery
14.18 Vernon Ltd is a xylophone manufacturer. The direct materials cost of a xylophone is £300; the direct labour process is intensive and costs £450 per xylophone. Both direct materials and direct
14.19 Finch Fletcher Ltd manufactures trumpets. Each trumpet sells for £350, and has variable costs of manufacture of £120. The company can produce no more than 1,200 in a year. In the year ending
14.20 Fallon Frodsham Ltd manufactures and installs small prefabricated building structures that are sold to people who want to establish a home office using part of their gardens. Each prefabricated
14.21 Gulf Gadgets Ltd manufactures chess sets. Each chess set sells for £185. Variable costs of manufacture are £78. The company’s directors are currently setting the budget for 20X4. Fixed
14.22 Gecko Grimsby sells specialist aquaria. In the 20X2 financial year each aquarium sold for £1,320. The variable costs of manufacture were £321 per aquarium and the total fixed costs incurred
14.23 Gospodin Grimshaw Ltd manufactures hiking boots for sale which it sells principally in Russia and other parts of eastern Europe. Each pair of boots sells for £15. Variable costs are £5.50 per
14.24 Ince Pargeter Ltd manufactures padded carrying cases for laptop computers. The market is currently buoyant, and the company’s factory is working to capacity. The company has been offered the
14.25 Jackson Demetrios Ltd manufactures three different types of office desk. Type A has extra drawers, type B has a printer shelf and type C has a moveable footrest.In the company’s present
●● Understand the need for control over capital investment decision making.
●● Understand some of the limitations of capital investment appraisal techniques.
15.1 A business is considering whether or not to invest in a new building. The managers have incurred expenditure of £15,000 on an initial land survey. For capital investment appraisal purposes,
15.2 Mellor & Ribchester Limited, a health drinks company, is considering whether or not to invest in a project to develop and sell a new range of fruit teas. Initial expenditure on a range of
15.3 The compounding factor for an investment over four years at 3% per year is (to three decimal places):a) 0.888b) 1.093c) 0.915d) 1.126
15.4 At the end of year 4, £312 invested now at an annual rate of 6% interest over four years will be worth(to the nearest £):a) £394b) £387c) £372d) £418
15.5 The discounting factor for an investment over three years at 10% is (to three decimal places):a) 0.700b) 0.751c) 0.100d) 1.093
15.6 Assuming a constant discount rate of 12%, the present value of £1,300 receivable at the end of year 5 is(to the nearest pound):a) £563b) £520c) £2,293d) £737
15.8 A company estimates the following net cash inflows and outflows for a capital investment project that is currently under consideration:Time £000 0 (680,000)1 180,000 2 200,000 3 240,000 4
15.10 Montfort Spelling plc operates a chain of health clubs. Each year the company opens a club in a new location. For 20X7, the company is examining two possible locations: Broughton Town and Carey
15.11 What is the compounding factor for an investment over six years at 8% per year (to three decimal places)?a) 1.587b) 0.627c) 1.595d) 0.630
15.12 What will £1,900 invested now at an annual rate of 17% interest over six years be worth (to the nearest pound) at the end of year 6?a) 838b) £741c) £4,874d) £2,223
15.13 What is the discounting factor for an investment over five years at 19%?a) 0.419b) 0.190c) 0.950d) 0.810
15.14 Assuming a constant discount rate of 14%, what is the present value of £85,000 receivable at the end of year 4 (to the nearest pound)?a) £50,320b) £47,600c) £49,045d) £73,100
15.15 Nuria Collezione Limited is a fashion clothing company. Nuria, the chief executive, regularly attends major fashion events in order to spot trends in the market. She has recently returned from

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