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business
accounting and finance

Questions and Answers of Accounting and Finance

Which technique do you think is the most appropriate to use in capital investment appraisal, and why?
What is discounted payback and how is it calculated?
What are the disadvantages in the use of internal rate of return (IRR) in the support of capital investment appraisal decisions?
What is the internal rate of return (IRR) and how is it calculated?
What is net present value (NPV) and how is it calculated?
What do we mean by discounted cash fl ow (DCF) and what are the principles on which it is based?
What is payback and how is it calculated?
What is the accounting rate of return (ARR) and how is it calculated?
Describe what is meant by investment.
What is economic value added (EVA) and what is it used for?
Discuss why bankers may refuse additional lending to a company as its debt/equity ratio increases.
Describe what is meant by systematic risk and unsystematic risk.
In broad terms how are the costs of debt and equity determined?
What is WACC and why is it so important?
Explain how a high interest cover ratio can reassure a prospective lender
What is gearing? Outline some of the ways in which it may be calculated.
Describe what is meant by debt and equity and give some examples of each. What are the other sources of long-term, external fi nance available to a company?
What makes convertible loans attractive to both investors and companies?
Most of the reasons for materials variances may be identifi ed so that the appropriate corrective actions can be taken. What are the types of action that may be taken?
What are the main differences between variance analysis using marginal costing and variance analysis using absorption costing?
What are the main areas of cost considered in variance analysis?
What does variance analysis tell us about actual performance that a direct analysis of differences to budget cannot tell us?
In what ways does a fl exed budget provide a more realistic measure of actual performance than comparison with the original budget?
Describe the way in which fl exed budgets are used in a management control system.
What are the different types of standard that may be used as the basis for standard costing and which one may be the most appropriate?
To what extent do the advantages of the use of standard costing outweigh its disadvantages?
What is meant by the standard cost of a product and what type of specifi cations and analyses are required prior to being able to calculate a standard cost?
What are the key aims of budgeting and what sort of problems are encountered that may prevent those aims being met?
As Supportex Ltd’s purchasing manager, Arthur Daley is responsible for negotiating the best deals with suppliers. For planning purposes the budget that was prepared for 2010/11 used current
Outline the system of responsibility accounting in its various forms and describe what it aims to achieve.
Describe a typical budget preparation process.
What are the decisions to be made and the policies established by a business before embarking on the budget preparation process?
Give examples of some of the techniques used to forecast the demand for a product.
What is the role of forecasting in budgeting?
What is budgeting, and how does it fi t into the overall strategic planning process?
Outline the principles involved in the use of decision trees in decision-making.
Describe how sensitivity analysis may be used to evaluate alternative sales pricing policies.
How may a business use market data to price its product in order to maximise contribution?
Outline four methods of sales pricing that do not make use of market data.
What are limiting factors and how do they impact on decisions related to product mix?
Illustrate the process used to make a make versus buy decision.
In what way is marginal costing useful in shut-down decisions?
Outline three examples of costs that are usually relevant, and three costs that are not usually relevant in decision-making.
outline the uses and purpose of accounting and the practice of accountancy
explain the development of the conceptual frameworks of accounting
outline the contents of the UK Statement of Principles (SOP)
explain the main UK accounting concepts and accounting and fi nancial reporting standards
appreciate the meaning of true and fair view
consider the increasing importance of international accounting standards
explain what is meant by fi nancial accounting, management accounting and fi nancial management
illustrate the different types of business entity: sole traders, partnerships, private limited companies, public limited companies
explain the nature and purpose of fi nancial statements
identify the wide range of users of fi nancial information
consider the issues of accountability and fi nancial reporting.
explain the convention of double-entry bookkeeping
describe what is meant by ’debit’ and ’credit’
enter business transactions into accounts
account for closing inventories and other accounting adjustments
explain the balancing of accounts
extract a trial balance from a company’s accounts
prepare an income statement, balance sheet and statement of cash fl ows from a trial balance
appreciate the concepts of accrual accounting and cash accounting
explain and account for payments in advance (prepayments) and charges not yet received (accruals)
appreciate the importance of accounting periods.
explain the differences in accounting treatment of capital expenditure and revenue expenditure
identify the fi nancial information shown in the fi nancial statements of a company:balance sheet; income statement; statement of cash fl ows
construct simple fi nancial statements
outline the structure of the balance sheet of a limited company
classify the broad balance sheet categories of shareholders’ equity, liabilities, and assets
outline the alternative balance sheet formats
prepare a balance sheet
evaluate some of the alternative methods of asset valuation
appreciate the limitations of the conventional balance sheet.
describe what is meant by profi t (or loss)
outline the structure of the income statement of a limited company
classify the categories of income and expenditure that make up the income statement
appreciate the alternative income statement formats
prepare an income statement
explain the links between the income statement and the balance sheet, particularly with regard to the valuation of non-current assets and depreciation, inventory and cost of sales, and accounts
explain the links between the income statement and cash fl ow
appreciate the subjective aspects of profi t measurement.
describe what is meant by cash fl ow
outline the structure of the statement of cash fl ows for a limited company, and its supporting schedules
classify the categories of cash infl ows and cash outfl ows that make up the statement of cash fl ows
illustrate how both the direct and indirect cash fl ow approaches are used to derive net cash fl ows from operating activities
prepare a statement of cash fl ows
explain the links between the statement of cash fl ows and the balance sheet
explain the links between the statement of cash fl ows and the income statement
consider the merits of cash fl ow versus profi t as a measure of fi nancial performance.
describe the agency problem and how the framework for establishing good corporate governance and accountability has been established in the UK Corporate Governance Code, developed from the work of
explain the statutory requirement for the audit of limited companies, the election by shareholders of suitably qualifi ed, independent auditors, and the role of the auditors
outline directors’ specifi c responsibility to shareholders, and responsibilities to society in general, for the management and conduct of companies
recognise the fi duciary duties that directors have to the company, and their duty of care to all stakeholders and to the community at large, particularly with regard to the Companies Act 2006,
explain the implications for companies and their directors that may arise from the UK Government’s newly-enacted legislation on the issue of corporate manslaughter
appreciate the importance of directors’ duties regarding insolvency, the Insolvency Act 1986 and the Enterprise Act 2002
consider the implications for directors of wrongful trading, and recognise the difference between this and the offence of fraudulent trading, and the possibility of criminal penalties
outline the implication for directors of the Company Directors Disqualifi cation Act 1986
explain the actions that directors of companies should take to ensure compliance with their obligations and responsibilities, and to protect themselves against possible non-compliance.
carry out a performance review of a business, including the use of SWOT analysis
critically evaluate the limitations of the performance review process

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