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business
accounting for business

Questions and Answers of Accounting for Business

LO9 Identify the learning outcomes associated with the Australian Learning and Teaching Council’s Academic Standards Statement for Accounting: namely judgement; knowledge; application skills;
1 If you were to consider starting a business, what information would you be seeking before commencing?
2 Who might you want to work with and in what capacity?
3 How important is teamwork and good communication in decision-making? Do you see any particular issues that might arise with the people identified above?
4 How comfortable are you likely to be in a team where expertise in a particular area is held by only one team member?
1 Try to explain the thinking behind the type of decision made by footwear companies 30 years ago, in terms of sourcing shoes from poorer countries.
2 Why do you think that Nike found it necessary to transform its business model?
3 Explain the reference to US trailer camps and the idea of the sub-prime crisis.
4 How do you feel about the idea—’it was legal and others were making money this way’?
5 How might we best move away from this attitude—and what should our approach be?
6 Estimating profit as it relates to a particular business is manageable. But measurement of social and environmental issues is more difficult. How might you approach this issue?
7 What do you understand by stewardship? Does the traditional approach to stewardship accounting accord with your view? Identify reasons why the main financial reports prepared for external use are
8 Assume that you are a member of a superannuation fund.Which investment choices did you/will you make? Did you consider anything green, or ethically based, or did you simply go for growth? Why did
1 What value do you think a company creates for its employees?
2 What might be the components of value for employees in general? And at an individual level?
3 How might they be measured?
4 How might the social or environmental impact be identified and measured?
5 What kind of information might you collect if you thought that you needed to figure out how to create value, not just for investors, but for customers, suppliers, employees and communities?
6 Do you think, from your own experience, that the ideas of stakeholder theory, as compared with the traditional search for profit, are gaining ground, and if so in which areas and ways?
7 In recent years the banks have been the subject of much criticism. How might a bank balance the conflicting needs of shareholders, customers (both borrowers and depositors) and government?
1 Did the GFC actually wake people up or have we forgotten the lessons?
2 To what extent do you think global accounting standards help when something like the GFC occurs?
1 In the light of the examples included in Real World 1.4, do you believe that ethics in today’s business world are improving?
2 The guiding principles of the Institute of Global Ethics, namely honesty, responsibility, fairness, respect and compassion, are laudable. How easy do you think it will be to operationalise them?
3 Summarise your views on either the Volkswagen or 7-Eleven failings identified in Real World 1.4.
4 A whistle-blower raised questions in relation to the 7-Eleven saga as to whether the practice identified above was a fundamental part of the way in which the business was run, and whether the
5 Do you purchase any goods that might be categorised as Fairtrade? Why/why not? To what extent might your decision be influenced by your own particular circumstances.
6 What do you consider are ethical considerations that might occur with data mining and privacy?
7 ‘When we talk about an ethical culture, we are discussing a set of basic assumptions that is being lived out. We can talk all we want about those values we want to embody, but without examining
8 Identify and discuss any recent cases where you think behaviour has been unethical.
1 What do you understand by ‘bear’ territory? While accounting information is clearly important in determining share value, what do you think might be its relative importance compared with the
2 How might The Reject Shop have achieved a 43% increase in profit with a 5.6% li# in sales?
3 Discuss how shares might be valued and which accounting information might be included in the valuation process. In discussing this, you might like to factor in to your thinking the BlueScope and
1.2 LO6 Why is it important to have a partnership agreement specifying the arrangement for allocating(dividing) profits between the partners?
1.3 LO3 What type of accounting information is produced more frequently? Why?
1.4 LO4 List three reasons for starting a business. Explain which reason is most important and why.
1.5 LO5 Identify the similarities and differences between the three major external financial reports (statement of financial position, statement of financial performance, statement of cash flows).
1.6 LO6 Distinguish between ‘accounting entities’ and ‘legal entities’ as business structures.
1.7 LO7 As business changes, accounting must change. Do you agree?
1.8 LO8 ‘Understandability’ is identified in the text as a key characteristic of accounting information. By whom should the financial reports be readily understood?
1.9 LO3/4/6 Distinguish between ‘planning’ and ‘control’.
1.10 LO3/4/6 Within a business, how can accounting facilitate control?
1.11 LO3/4/6 How are annual budgets linked to the long-term plans of an organisation?
1.12 LO1 ‘Relevance’ and ‘reliability’ represent two key qualitative characteristics of accounting information.What do these two terms mean in an accounting context? Are they in conflict?
1.13 LO2 As an owner of a small business, what are three key financial attributes of the business you would wish to assess when you review financial reports?
1.14 LO3 Reconcile financial accounting with management accounting. Your textbook clearly distinguishes between them. What are the similarities?
1.15 LO4 What is meant by the ‘risk–return’ relationship? Provide a non-accounting example of the trade-off between risk and return.
1.16 LO6 Describe two advantages for each type of business organisation.
1.17 LO7 In relation to recent corporate crashes, what have been the main lessons in relation to the accounting process (recording and reporting procedures)?
1.18 LO8 Which economic principle should determine which accounting information should be produced?Should economics be the only issue here? (Consider who the users of accounting information are.)
1.19 LO5/6 Accounting is said to perform a ‘decision-usefulness role’ as well as an ‘accountability (stewardship)role’. Distinguish between these two roles and provide an example of each.
1.20 LO6 Control in accounting is linked to timely comparison between actual and budget figures. What are the implications of this relationship for:(a) the budgeting process, and(b) the financial
1.21 LO1 Financial accounting statements tend to reflect past events. In view of this, how can they help a user make a decision when decisions, by their very nature, can only be made about future
1.22 LO2/6 However a business is organised, it must meet the needs or demands of various stakeholders.• What are the different types of business structure?• What is meant by the term
1.23 LO3 You have just graduated from university with an accounting degree and are about to start jobhunting.You want to have a job that will allow you to use your creative streak. Discuss how
1.24 LO4 The global financial crisis showed us that risk is bad. Do you agree?
1.25 LO5 ‘The statement of financial performance reflects the financial performance for the period and explains the changes in the statement of financial position.’ Do you agree or disagree with
1.26 LO7 It has been suggested that the global financial crisis might have been avoided if we had used cashbased accounting. Discuss.
1.27 LO8 Which financial information would be useful if you were running the sales department of a large business? Can you think of any non-financial information that you might want to have?
1.28 LO7 Access the overview of APES 110 on the internet. How important, in your opinion, is acceptance of the overarching responsibility by professional accountants to act in the public interest?
1.29 LO1–8 Accounting is normally defined in terms of ‘recording, classifying, summarising and communicating economic information about a reporting entity’. Explain and provide an example of
1.30 LO9 How important do you think communication and teamwork is in business?
1.31 LO9 Self-management is one of the key threshold learning outcomes expected of new graduates embarking on a career in accounting. This is almost certainly expected of any business graduate as
1 What is the main issue in running a business in the internet age?
2 What is likely to be the impact on profits of a business cutting prices to meet the competition?
3 Explain what is meant by ‘the most disastrous assumption anyone can make’.
5 Do you know the difference between profit and cash? Explain.
7 What kind of financial information might be useful to you in running a small business?
8 Explain what you understand by a debtors or accounts receivable analysis.
9 What kind of information would you need before you set a price for a product that you wish to sell?
10 Why does the article suggest that discounting can be dangerous to an SMB’s health?
11 Assume that you plan to sell a product for $10 that costs you $6. At that price you expect to be able to sell 1,000 units. You are being pressured to discount the price by 10%. How many units will
12 What is the main message of the article?
13 Which ways were identified for ‘trimming the fat’?
14 What do you think might be meant by the term ‘scenario analysis’?
Why might an organisation’s customers and suppliers need to read its financial statements? (Sections 1.2.4, 1.2.5)
What is operating profit? (Section 2.4.3)
What are intangible non-current assets? (Section 3.4.1)
State another term that is used to describe the current asset of stock. (Section 3.5.3)
State another term that is used to describe the current asset of debtors. (Section 3.5.4)
How is the stock (inventory) turnover period calculated and what is the significance of a relatively long inventory turnover period? (Section 6.6.1)
What is the difference between the two main ratios used to assess liquidity: the current ratio and the acid test ratio?(Sections 6.7.1, 6.7.3)
Sketch a graph of the total fixed cost and the fixed cost per unit. (Sections 10.2.1, 10.2.2)
What is the fundamental principle of responsibility accounting? pk5
List five important factors that should be considered in designing reports for a responsibility accounting system. pk52
How soon should accounting reports be prepared after the end of the performance measurement period?Explain. pl41
Name and describe three types of responsibility centers. pl5
Describe a segment of a business enterprise that is best treated as an expense center. List four indirect expenses that may be allocated to such an expense center. pk5
Compare and contrast an expense center and an invest- ment center. pk4
What purpose is served by setting transfer prices? dj5
What is the advantage of using investment centers as a basis for performance evaluation? uj4
Which categories of items must a segment manager have control over for the investment center concept to be applicable? mk5
What is the connection between the extent of decentralization and the investment center concept? mk5
11 . Give some of the advantages of decentralization. m4
Differentiate between a direct cost and an indirect cost of a segment. What happens to these categories if the segment to which they are related is eliminated? mk4
Is it possible for a cost to be direct to one cost object and indirect to another cost object? Explain. mk5
Describe some of the methods by which indirect expenses arc allocated to a segment. mn
Give the general formula for return on investment(ROI). What are its two components? m45
Give the three sets of definitions for income and investment that can be used in ROI calculations, and explain when each set is applicable. nj4
Give the various valuation bases that can be used for plant assets in investment center calculations. Discuss some of the advantages and disadvantages of these methods. nmk44

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