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accounting and finance

Questions and Answers of Accounting and Finance

15.16 A company estimates the following net cash inflows and outflows for a capital investment project that is currently under consideration:Time £000 0 (1,650,000)1 480,000 2 450,000 3 390,000 4
●● Understand the role of budgeting in business organizations.
●● Know about the stages involved in setting a budget.
●● Be able to prepare straightforward budget statements.
●● Understand the issues involved in evaluating actual outcomes against budget plans.
●● Be able to discuss some of the behavioural and other issues involved in budgeting.
16.2 Pirozhki Products Limited uses a rolling budget system. The company’s directors are currently preparing a sales and production budget for the month of March 20X6, which is just over one year
16.3 Luminant Productions produces light fittings from a small factory unit. The company’s directors have just met to discuss the sales budget and related matters for the next quarter, and have
16.4 Barfield Primrose is the manufacturer of the renowned ‘Primrose’ ice cream maker, which retails at £199.Barfield Primrose sells to wholesalers at £145 per unit. The prime cost structure of
16.5 Reinhart has his own wholesale business selling goods to retailers. His sales are made entirely on credit. In respect of the sales in any given month he expects 75% to be paid for in the next
16.6 Skippy is about to set up in business as a tour operator, after several years of working in the travel industry.He is starting out on a small scale, working from a room in a friend’s office.
16.7 Referring to the information given in Exercise 16.6: at the beginning of April 20X5 Skippy reviews the past three months. Bookings on the first coach trip to Austria were not as good as planned:
16.8 Lamar Bristol plc is a large trading organization with retail stores in most major towns and cities in the UK. The key budget factor is sales; the company’s main board sets the sales budget by
16.9 It is widely recognized that budget setting can be mishandled in organizations and may result in some undesirable effects that work against an organization’s best interests. Write a short
16.10 Hildebrandt St. Martins Limited manufactures a single product. Its budget sales (in units) for December 20X4 are 9,350. Opening inventory of finished goods for the month is budgeted at 12,360
16.11 Colney Brighouse Limited makes office furniture. The company’s directors are preparing sales and production forecasts for January, February and March 20X3. Sales forecasts in units for its
16.12 Corby Thirlwell Limited manufactures ornamental birdbaths made out of reconstituted stone. The company works on a rolling budget system, and its senior management is currently examining
16.13 Discuss the advantages and drawbacks of a participative approach to budgeting.
16.14 Roxanne’s budgeted year-end accounts at 31 December 20X8 include a figure for receivables of £23,600.This represents:20% of November sales of £28,000£5,600 60% of December sales of
16.15 Silas is starting out in business on his own, running a shop selling scuba diving gear. He has gained a lot of free publicity for his new venture by writing articles in specialist trade and
●● Know about a classification of control mechanisms in organizations.
●● Know about some of the problems of control in firms.
●● Understand and be able to analyze some of the possible reasons for variances that emerge from the comparison of actual with standard costs.
●● Understand the pros and cons of standard costing systems.
17.1 Denholm Pargeter Ltd is an engineering company producing a wide range of component parts for the aerospace industry. Its component XP04/H has the following budget sales and prime costs for March
17.2 Darblay Harriett Ltd produces a single product – a wooden cabinet. The company’s budget for November 20X1 is as follows:£Sales: 2,000 units @ £19.50 39,000 Direct materials: 2,000 3 (2
17.3 What is the sales profit volume variance for the month?a) £2,707 (A)b) £2,010 (A)c) £2,707 (F)d) £2,010 (F)
17.4 What is the sales price variance for the month?a) £640 (F)b) £640 (A)c) £2,650 (F)d) £2,650 (A)
17.5 What is the direct materials price variance for the month?a) £2,226 (F)b) £2,226 (A)c) £2,385 (F)d) £2,385 (A)v17.6 What is the direct materials quantity variance for the month?a) £1,749
17.7 What is the direct labour rate variance for the month?a) £901 (A)b) £795 (A)c) £795 (F)d) £901 (F)
17.8 What is the direct labour efficiency variance for the month?a) £2,332 (F)b) £2,332 (A)c) £2,226 (F)d) £2,226 (A)
17.9 Ferguson Farrar Ltd is a manufacturing company. For the month of April 20X5 it budgeted for 4,000 units of production, each to use 1.5 hours of machine time. Production overhead absorption rates
17.10 Grindleton Gears Ltd is a manufacturing business which uses a standard costing system. If a variance exceeds 5% of the flexed budget total for that item, the management team investigates it,
17.11 The directors of Bellcraft are due to meet to discuss a proposal to implement a standard costing system to control their manufacturing operations. One of the directors has been reading a book
17.12 Dorchester Slugg Ltd manufactures plastic refuse bins. Its monthly budget for August 20X8 is as follows:£Sales: 4,000 units @ £18 72,000 Direct materials: 4,000 3 (7 kg 3 £1) (28,000)Direct
17.13 Dillinger Thompson Ltd produces a line of leather bags. Although they vary slightly in design the cost structure is the same for each bag. The company’s budget for January 20X9 is as
17.14 What is the sales profit volume variance for the month?a) £6,313 (A)b) £8,946 (A)c) £8,946 (F)d) £6,313 (F)
17.15 What is the sales price variance for the month?a) £2,490 (F)b) £2,490 (A)c) £15,190 (F)d) £15,190 (A)
17.16 What is the direct materials price variance for the month?a) £6,555 (A)b) £1,245 (A)c) £6,555 (F)d) £1,245 (F)
17.17 What is the direct materials quantity variance for the month?a) £3,320 (F)b) £3,320 (A)c) £7,800 (A)d) £7,800 (F)v
17.18 What is the direct labour rate variance for the month (to the nearest pound)?a) £360 (A)b) £360 (F)c) £1,021 (F)d) £1,021 (A)
17.19 What is the direct labour efficiency variance for the month (to the nearest pound)?a) £523 (A)b) £523 (F)c) £340 (F)d) £340 (A)
17.20 Feltham Finch Ltd is a manufacturing company. For the month of August 20X9 it budgeted for 780 units of production, each to use four hours of machine time. Production overhead absorption rates
●● Understand why large organizations often use divisional structures.
●● Be able to argue the advantages and drawbacks of divisionalization.
●● Understand the nature of financial performance measurement in divisions.
●● Appreciate the importance of non-financial performance measures within organizations.
●● Understand the ‘balanced scorecard’ approach to financial and non-financial performance measurement.
18.1 Identify three key characteristics of management information.
18.2 Golfstore Retail plc was established five years ago by a small team of golf enthusiasts in Scotland. The company retails a range of quality golfers’ clothing and equipment from stores around
18.3 The managers of division Alpha of Burntwood and Down Holdings determine selling prices for the division, and control almost all costs. Decisions on non-current assets purchases are made at head
18.4 Perkora Bains manufactures household fittings. The company uses a system of divisional management, with divisions split by product type. All divisions are treated as profit centres. The
18.5 Identify and explain two reasons why Return on Investment (ROI) may be an unreliable measurement of divisional performance.
18.6 Tripp and Hopp Limited is a booking agency that specializes in selling London theatre tickets via its website.The company’s objective is ‘to provide a competitive, efficient and secure
18.7 Your company is considering the introduction of a balanced scorecard system. Your head of department has attended a briefing session on the new system and has circulated the following email:To:
18.8 Identify and briefly discuss the principal drawbacks to divisional organization within large businesses.
18.9 The management team of Florian Space Products plc is meeting to discuss a proposal to divide the company’s operations into three divisions. Each division will deal with one of the business’s
18.10 Identify one from each list of words given below to fill in the missing words in the following sentence:A divisional performance statement for (1) ___ centre identifies contribution, (2) ____
18.11 Spall Spelling plc operates several manufacturing divisions, with each division treated as a profit centre. Division D’s accountant has drawn up the following list of data prior to preparing
18.12 Answer TRUE or FALSE to the following statements about the balanced scorecard method of performance measurement.1 The balanced scorecard is helpful to managers who are not accountants because
18.13 As part of its implementation of the balanced scorecard method of performance appraisal, the directors of Bretton Tallis plc have met to discuss the key question: ‘Can we continue to improve
●● Be able to identify the principal components of working capital and to understand the potential consequences of the mismanagement of each of the components.
●● Understand and be able to apply simple techniques used in the management of inventory.
●● Understand the problems and opportunities involved in offering credit to customers, and the techniques involved in managing trade receivables.
●● Understand some of the important issues relating to the management of cash, and of trade payables.
19.1 Which of the following is NOT an element of working capital?a) Inventoryb) Property, plant and equipmentc) Trade receivablesd) Cash
19.2 Which of the following is a possible consequence to a business of keeping its trade payables at too high a level?a) A loss of goodwill on the part of suppliers, who may cease to supply goods to
19.3 Companies A and B have the following assets in their statements of financial position:A B£m £m Non-current assets 76.0 2.1 Current assets Inventories 10.6 5.0 Trade receivables 1.1 13.7 Cash
19.4 Explain the interaction between inventory holding costs and ordering costs.
19.5 Prestbury Hannah Limited uses the EOQ formula to determine the optimal size of inventory orders.The company’s management accountant has identified the following information in respect of
19.6 You are the management accountant of Bright Sigmund Limited, which imports garden furniture for sale to retailers. Most of the business’s sales occur between March and September. The
19.7 Sims & Aktar Limited currently offer 30-day credit terms to their customers. The company’s most recent monthly figures show that trade receivables have been outstanding on average for 67 days.
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
19.9 Which of the following statements is correct?The operating cycle is calculated as:a) Average trade receivables turnover period 2 Average inventory turnover period 2 Average trade payables
19.10 Burstein Lyall Limited has an operating cycle for the year ended 31 December 20X9 of 78.4 days. The comparative figure for the year ended 31 December 20X8 was 75.3 days. The industry average
19.11 Skipholt Limited has the following efficiency ratios at 31 March 20X3:Average trade payables period: 43.7 days Average inventory turnover period: 49.6 days Average trade receivables period:
19.12 Linwood Lees Limited’s 20X5 financial statements were as follows:Linwood Lees Limited: Statement of profit or loss for the year ended 31 January 20X5 20X5 20X4£ £Revenue 662,550 651,440
19.13 Which of the following is a possible consequence to a business of keeping its inventory levels too low?a) Too much cash is tied up, which could lead to adverse consequences for the business.b)
19.14 Companies X and Y have the following assets in their statements of financial position:X Y£m £m Non-current assets Intangible assets 136.0 —Property, plant and equipment 25.7 189.6 161.7
19.15 Tutbury Limited uses the EOQ formula to determine the optimal size of inventory orders. The company’s management accountant has identified the following information in respect of inventory
19.16 Wells Xavier Limited uses the EOQ formula to determine the optimal size of inventory orders. The company’s management accountant has identified the following information in respect of
19.17 Identify and explain the benefits to a business of employing a credit controller.
19.18 Identify and explain the ways in which the risk of non-payment of trade receivables can be minimized by a business.
19.19 Snaresbrook & Debden Limited produces a monthly age analysis of trade payables. The age analysis at 30 June 20X4 is as follows:Category £ % Last month % June 20X3 %0–30 days 283,432 66.8
19.20 Theydon Limited has the following efficiency ratios at 31 January 20X7:Average inventory turnover period: 77.8 days Average trade receivables period: 66.4 days Average trade payables period:
19.21 Tucker & Ali Limited’s 20X8 financial statements were as follows:Tucker & Ali Limited: Statement of profit or loss for the year ended 31 December 20X8 20X8 20X7£m £m Revenue 37.6 38.3 Cost
●● Understand the key issues involved in financing a business start-up.
●● Know about some of the most important sources of small business finance.
●● Understand the problems and opportunities presented by business growth, and some of the financing issues related to growth.
●● Know about sources of finance for larger business.
●● Know how the UK stock market operates, and the advantages and disadvantages of operating as a listed company.
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
20.2 Ben has a degree in public relations and a huge list of useful contacts in the aerospace business which he has established over a period of several years while working for Amis & Lovett, a large
20.5 Ashton Longton plc, a listed company, has issued share capital of £8,000,000 comprising shares of£1 nominal value. The current quoted price per share is £3.85.What is the company’s market
20.6 What is the Alternative Investment Market a market for?a) Companies that do not currently wish to proceed to full listingb) Companies that promote alternative lifestylesc) British Government
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. How much will the holder
20.8 Yolande Brighton is the managing director of Brighton Bestwines plc, a company which supplies the licensed trade. The company has been very successful but has now reached the point where it
20.9 Speke Septima Limited was started up three 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.
20.10 Norman and Naylor Partners is a business which runs corporate events. Sam Norman and Sally Naylor founded the business about five years ago, and it has been very successful. The partners share
20.11 Lionel is an experienced chartered surveyor with many years of experience. He is employed by a large property company where he receives a good salary and a performance-related bonus. He has

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