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business
accounting for business

Questions and Answers of Accounting for Business

As the accountant at a State Government, explain to the Chief Executive Officer if the air rights above train stations is an asset that should be recorded on the Council’s statement of financial
Moonshine Enterprises hired an accountant at the rate of $5000 per week. The person is to commence duty on 3 January. Explain if the business has a liability in respect of the accountant’s salary
Discuss the significance of the following assumptions in the preparation of an entity’s financial statements:(a) Entity assumption(b) Accrual basis assumption(c) Going concern assumption(d)
Your neighbour knows that you are studying accounting. She has recently received the annual report for a company in which she is a shareholder. The financial report within the annual report is
‘Faithful representation’ is a fundamental characteristic of financial information. This term replaced ‘reliable’ in the Conceptual Framework. Discuss the rationale for this change.
Social enterprise data made available in 2016 found that in all industry areas there were at least 20,000 operating social enterprises. The social enterprise sector today continues to expand with
You are considering buying an apartment. Outline the information you would like to assist you to make this decision. Identify how much of this information is financial information?
Describe the differences between financial information and non-financial information.
Describe the characteristics of a general purpose financial statement.
'Cloud accounting is good for business'. Describe cloud accounting and why it is good for business..
List some emerging technologies that are currently influencing the accounting industry.
Discuss the concept of assurance.
Discuss the skills and competencies that accountants possess to assist business to become more sustainable.
Discuss what it means to behave ethically.
George Zac is a customer services officer for the local community bank. One day, a person walks into the bank looking for a loan to buy a new car. List six items about that individual that George
Li Nguyen’s family lives in Guangzhou, China. She has been accepted into a university course in Melbourne and has to find accommodation in the city within walking distance of the university, or at
Georgia Martin has decided to study medicine at a university in Adelaide. She has arranged to stay with a family on the north side of the city. In order to get to and from the university, she decides
Accounting provides much information to help managers make economic, environmental, social and governance decisions in their various workplaces.RequiredList examples of economic, environmental,
Carla and Sean Beach have decided to lease some newly built premises for the purpose of opening an ice-creamery.Discuss financial information that they will need to assist them to make economic
Becoming an accountant Referring to the membership areas of CPA Australia and CAANZ, answer the following questions.Required(a) Compare the entry requirements to become a full member of CPA Australia
Read the following prefix to Google's code of conduct and discuss the points that follow.Alphabet Investor Relations: Google code of conduct The Google Code of Conduct is one of the ways we put
David Johnson has decided to start a business and is a new client of your small public accounting practice called Trent Accounting Services. He has come to seek your advice about what form of
In addition to advice about which business structure David should use, he has asked for advice on how to go about setting up the business. David would like to understand any legal requirements for
Look up the answer to End-of-chapter questions 3.5. Using the statement of profit or loss and the statement of financial position, present the statement of cash flows for Laura for the year ended 31
From the financial press or internet, track the share price of the three companies given above for one week and calculate the average share price for each company. Using your average share price, the
Using the ratios you have calculated in Question 6.3 for the three companies:• Suggest reasons for the changes in profitability over the two years for all three companies.• Evaluate the
Plants Limited is looking to expand its operations in the year to 31 October 2020, but needs to raise additional finance to do so. The company proposes raising £500,000 by issuing 200,000 ordinary
A colleague who has just started studying accounting has read in another book that companies without current ratios of 2:1 and quick (acid test) ratios of 1:1 will find it difficult to meet their
Metal Bashers Limited produces steel fabrications for the construction industry. Steel girders and supports are cut to size and welded in the welding department and then painted in the paint shop
Diddle Limited produces ornamental statues for gardens whose selling price, costs and contribution per unit are as follows:The same specialized clay is used in all three statues and costs £6 per kg.
Define the following terms(a) Contribution(b) Relevant costs(c) Irrelevant costs(d) Sunk costs(e) Opportunity cost(f) Break-even point(g) Margin of safety(h) Target profit
Podcaster University Press is a small publishing company producing a range of introductory textbooks on a variety of academic subjects for first year undergraduate students. The company’s marketing
Big Bucks University is planning to offer a series of professional accounting course classes. The fee payable for this professional accounting course is £400 per student per module. The university
Gurjit Limited produces and sells ink jet printers. The selling price and cost card for each printer are as follows:Currently, production and sales are running at 5,000 printers per annum. The fixed
There are 30 apple trees in the orchard attached to Bill’s farm. Bill reckons that each tree will be given five doses of fertilizer each year at a cost of £4 per tree and that 10 hours of labour
Fred bakes cakes. His budget indicates that he will produce and sell 1,000 cakes during March at a selling price of £15 each. At the end of March he calculates that his selling price was £15.50 for
Chillers plc manufactures fridges and freezers. The company is considering the production of a new deluxe fridge-freezer. The fridge-freezer will sell for £600 and the company’s marketing
Ambulators Limited makes prams and pushchairs. The company is currently evaluating two projects that are competing for investment funds.The first project is the introduction to the market of a new
Zippo Drinks Limited is considering an investment in its computerized supply chain with a view to generating cash savings from using the benefits of currently available technology. Two options are
Vijay Manufacturing produces garden gnomes. The standard cost card for garden gnomes is as follows:Fixed overheads total £24,000 and are allocated to production on the basis that 24,000 gnomes will
Sanguinary Services carries out blood tests for local hospitals, surgeries and doctors. The standard cost card for each blood test is given below.The centre has fixed overheads of £72,000 per annum
You are considering a five-year lease on a small restaurant serving light meals, snacks and drinks. The five-year lease will cost £80,000 and the lease will have no value at the end of the five
Smashers Tennis Club runs coaching courses for its junior members. Each course lasts for ten weeks and is priced at £70 for each junior member. Smashers expects each course to attract 12 junior
Dave is planning to start up in business selling ice cream from a van around his local neighbourhood from April to September. He wants to open a business bank account, but the bank manager has
Hena plc has a division that manufactures and sells solar panels. Demand for solar panels has picked up recently and the company is looking to increase its output. Hena plc’s division currently
Podcaster University Press is evaluating two book proposals, one in accounting and one in economics. The directors are keen on both books but have funding for only one and they cannot decide which
Your friend is proposing to make a bid for a manufacturing business that has come onto the market. The business makes white plastic patio chairs. The purchase price for this business is £240,000.
It is now August 2019. You have been asked by your head of department to prepare the monthly budgeted statement of profit or loss and the monthly cash budget for the 12 months ending 31 December 2020
The directors of Hena plc are impressed with your spreadsheet and your recommendation. However, they have new information that they would like you to build into your projections. The directors now
Playthings Limited produces two dolls houses, the standard and the deluxe. The direct costs and overhead information relating to these two dolls houses are listed as follows.Playthings currently
Folly Limited produces novelty products. The products are produced on machines in the manufacturing department and they are then hand painted and finished in the finishing department. Folly Limited
Applokia Limited is a manufacturer of smart phones. The company has the following costs for the month of September:* These costs remain the same no matter how many or how few smart phones are
Printers Limited has been asked by the local university press to quote for the printing of a new book. The print run will be for 2,000 books of 400 pages each. The costing records of Printers Limited
Mantinea Limited manufactures various kitchenware products. The following direct costs are incurred in producing a batch of 2,000 food processors.The factory overheads for the year are £3,000,000.
Given the activities of each company, comment on how you would expect each company to generate its cash inflows together with an assessment of the liquidity, solvency and long-term financial
Listed below is information relating to four companies:• Ted Baker is a global lifestyle brand that operates through three main distribution channels: retail, which includes e-commerce, wholesale
Samoco plc operates a chain of in town grocery convenience stores and edge of town supermarkets across the UK. The company is expanding rapidly and is adding new stores every year. Below are the
Extracts from the income statements (= statements of profit or loss), statements of financial position and notes to the financial statements for Bovis Homes Group plc (years ended 31 December 2017
The following information has been extracted from the financial statements of DD plc for the years ended 30 June 2019 and 30 June 2018:Further information for the two years 30 June 2019 and 30 June
Cuddles Limited produces teddy bears. The statements of profit or loss for the years ended 30 April 2019 and 30 April 2018 are presented below.Other information for the two years 30 April 2019 and 30
At 1 July 2019 Halyson plc had 500,000 ordinary shares of 25 pence each in issue together with 300,000 7.5% preference shares of £1 each. The balance on Halyson’s retained earnings at 1 July 2019
Plants Limited runs a garden centre business selling garden plants and products to the public from its busy edge of town site. In the year to 31 October 2019, Plants Limited’s issued share capital
A printing company wishes to raise £3,000,000 to finance its expansion. It can do this in one of three ways: borrowing from the bank at an annual interest rate of 5; issuing ordinary shares at their
An investor has £200,000 to invest and has to choose between three different investments:• An investment in a £200,000 bond paying 5% interest per annum• An investment in a new issue of
Which business format would be most suitable for the following businesses? Can you say why your chosen format would be most suited to each business?• An oil exploration company• A taxi driver•
Statements of financial position for Metal Bashers plc, together with extracts from the statement of profit or loss and relevant notes, are given below. Metal Bashers plc produces machine tools for
The statements of financial position for Potters Limited, together with relevant notes, are given below. Potters Limited produces crockery for sale to shops and through its site on the
Alison runs an online gift shop, trading for cash with individual customers and offering trading on credit terms to businesses. Alison provides you with the following list of statement of financial
Look up the answer to End-of-chapter question 3.1. Using details of Abi’s assets and liabilities at the start of the trading year, her statement of profit or loss, her statement of financial
Laura was made redundant on 1 July 2018 and received £50,000 in redundancy pay. With this money, she opened a business bank account and set up a small building company undertaking household and
The following figures have been extracted from the accounting records of Textiles Limited, a cloth manufacturer and wholesaler, at 30 June 2019:Additional information• Audit and accountancy fees
The following figures have been extracted from the accounting records of Volumes Limited, a book binder, at 30 September 2019:Additional information• Inventory at 30 September 2019 was valued at a
Alison runs an online gift shop, trading for cash with individual customers and offering trading on credit terms to businesses. She presents you with the following figures from her accounting records
Abi runs a market stall selling fashion clothing for cash. Her business bank account balance at 1 September 2018, the start of her most recent trading year, was £7,342. She also had inventory of
The directors of Oxford Academicals Football Club Limited are discussing whether player registrations can be recognized as assets on the club’s statement of financial position. There are two groups
(a) The following figures have been extracted from the books of account of Frankie Limited at 31 December 2019.RequiredUsing the statement of financial position format presented in this chapter, draw
Andy Limited’s statement of financial position at 30 June 2019 is shown. The following transactions took place in the first week of July 2019:• 1 July 2019: paid a trade payable with a bank
Maria runs a small corner shop. Her statement of financial position at 31 October 2019 is shown below.The following transactions took place in the first week of November 2019:• Trade payables of
The following balances have been extracted from the books of the limited companies Alma, Bella, Carla, Deborah and Eloise at 30 April 2019. Using the statement of financial position format presented
Using the criteria outlined in the summary in Figure 2.2, explain why the following items are assets that entities recognize on the statement of financial position:(a) Motor vehicles purchased by an
A premier league football club has received an offer for its star striker from Real Madrid. The star striker is eager to leave and join the Spanish team and the board of directors has reluctantly
What accounting and other information would the managers of the following organizations require in order to assess their performance and financial position?• A charity• A secondary school• A

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