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business
accounting for business

Questions and Answers of Accounting for Business

Explain why a shortage of resources in an organization is a short-term phenomenon.
Many organizations, at particular times, will be subject to shortages of resources. These shortages will effectively restrict their ability to meet the demand for their products or services. Describe
Calculators P1c manufacture and sell pocket calculators. The sales price of these calculators is £22. The company's current output is 40000 units per month, which represents 90% of the company's
In the majority of cases fixed costs will be irrelevant in decision making, but on some occasions they may be relevant. Describe the circumstances when fixed costs are relevant to future decisions.
Depreciation is an important concept in the determination of profit.Discuss why it is classified as an irrelevant cost in decision making.
In the context of decision making explain the meaning of D sunk costs D differential costs D avoidable and unavoidable costs D opportunity costs
Discuss the reasons why accrual accounting methods are not appropriate to future decision making.
The management of Absent Ltd has been studying the first three years'results of this newly formed company and are a little concerned with the figures produced. They tend to think of profits as being
Drawrod Pic has three manufacturing cost centres: Punching, Stamping and Assembly. In addition the company has two service cost centres: Maintenance and Inspection.The following details the estimated
Barclay Pic uses a predetermined overhead rate in applying overheads to product costs on a direct labour cost basis for cost centre X and on a machine hour basis for cost centre Y. The following
Discuss the advantages and disadvantages of applying marginal costing for product costing.
Explain why it is necessary to use estimates in determining an absorption rate.
Give examples of expenditure that would be classified, in a manufacturing organization, as direct costs and indirect costs.
Define direct and indirect costs.
Explain why it is important to determine the cost of products.
Cords Pic manufactures a style of corduroy trousers that it sold last year at £18 a pair. The cost specifications for these trousers were as follows:Variable costs per pair of trousers Materials
Clean-it Pic makes washing machines and with its existing plant capacity the maximum production possible is 1000 units per year.Fixed costs are estimated at £18 000 per annum and the selling price
In the table below fill in the blank spaces:Sales Variable Fixed Total Profit Contribution costs costs costs£ £ £ £ £ £1000 700 1000 1500 .100 500 500 800 1200 2000 .100 200
What arc the problems associated with CVP analysis in a multi-product firm?
Variable and fixed costs are traditionally assumed to be linear. Explain why this assumption is unrealistic.
Explain what is meant by the relevant range of activity and its significance in CVP analysis.
It is often assumed that there is only one independent variable in cost behaviour. Explain the nature of independent variables and why this assumption is made.
What should the selling price be to make a profit of £4320 on sales of 120 units'?
Would it be a worthwhile policy to introduce advertising at a cost of£1200 and to increase sales output from 300 to 350 units?
How many units must be sold to make a profit of £600'?
How many units need to be sold to break even (i.e. to make neither a profit nor a loss)'?
Describe why it is important to set objectives in the firm and comment on the problems of setting objectives.
For plans to be effective management should consider the wider environmental factors that relate to the firm. Discuss.
Give illustrations of how the behaviour of individuals can affect the planning and control process.
Discuss the main differences between the control models of accountants and engineers. Detail any limitations to the planning and control process that can be identified through this comparison.
Define responsibility accounting with reference to the planning and control process.
In recent years external users of accounting information have required from firms their internal management accounting information. Explain why such information is useful to these users.
You work for an organization primarily involved in health care which runs a number of nursing homes for the elderly and has a head office staff consisting of yourself and two owner directors. Each of
In each of the situations outlined below identify what you believe your information needs would be.Situation I You are the manager of a local branch of a national retail organization.All buying is
Would the way in which managers use the information you have identified in your answer to question 5 above differ from the way it is used by bankers and if so how would it differ?
What additional information would bankers wish to have and what purpose would they use this for?
What useful management information is available from the accounting system from which the annual accounts are produced?
What is likely to be the major impact of organizational size on the information needs of managers?
One of the major improvements that bankers wish to see in respect of financial information is an improvement in the timeliness of information. Explain what this means and why it is important to
What are the main reasons why management would require additional information to the annual accounts?
For what purposes is accounting information used?(a) by the individual, (b) by the enterprise.PROBLEMS FOR DISCUSSION AND ANALYSIS 21
Who are the users of accounting information and which accounting reports do they normally use?
What are the needs of internal users? Can you identify any other needs of internal users? If so, can you suggest how these would be met?
What are the limitations of accounting information?
Examples were given for certain of the limitations. Can you give examples of your own?
What are the major determinants of 3 useful accounting system?
It was pointed out that accounting information is only a part of the input to the decision-making process. In order to expand your understanding of the role of accounting information, for the
Tack was left some money in his mother's will and decided that he should give up his job and go into business for himself. Whilst the lawyers were still sorting out his mother's estate he started
Toscanini Ltd makes a standard product, which is budgeted to sell at $24.00 per unit, in a competitive market. The product is is made with a budgeted 0.4 kilograms of material, budgeted to cost
7 Do the assets look in reasonable condition? Will you need to replace any in the short-term?
6 What are the credit arrangements regarding sales and purchases? What implications does this have for the level of accounts receivable and payable?
4 What is the nature and cost of the staff currently employed????? ????????
3 What about the costs incurred? Are they reasonable? What potential is there for reducing these relative to sales?
2 Can you get a feel about the nature and level of sales, and the potential for the future?
You are given the following data for a company, for a four week period, at two forecasted level of activity.???????????????????????????????????????? ????????????????????????????????????????Sales at
The monthly budget report provided for a department included the following:???????????????????????? ???????????????????????? Variance Sales (in units) 10,000 11,000 1,000 Favourable Variable costs
Jose Company produced the following information for the month of April:????1. Sales price variance 39,000 (favourable)2. Sales volume variance 43,000 (adverse)????????????
Miller Manufacturing Company’s budgeted income statement includes the following data:????????????????????????????????????????????????????????????????????????????????????????????????????????????????
(e) How might this situation have been avoided?
(d) Identify the critical decisions (possibly implicit) that have been made and have led to the resulting cash balance.
The following basic information relates to a new business and its expected performance over the next six months.1 Puts in capital of $40,000.2 Buys, for cash, goods for resale amounting to $60,000.3
Give some examples of how a manager might achieve his or her budget by methods that are harmful to the organisation. How would you stop this?
Explain the different reasons why a manager might submit a budget estimate that is biased. How do you guard against this?
Discuss the behavioural implications of the shift in emphasis from top-down to bottom-up budgeting.
Discuss the meaning of an adverse sales volume variance, and provide an alternative means of calculating this variance besides comparing the master and flexed budget profit figures.
Discuss how the control objective might be thwarted in your weekly comparison of your budgeted study hours to your actual study time.
One of the benefits of budgeting is that budgets provide a means for control of activities so that plans can be achieved.
Under what set of conditions will the budgetary system operate optimally? In its simplest form variance analysis can simply require a comparison between budgeted figures for a particular area and
Budgetary control is about modifying employee/manager behaviour. Describe various techniques that consider such behavioural implications.
Discuss controllable and uncontrollable factors that a manager should consider when using variance analysis to assist with control of the business.
8 What is the resale value of the assets????? ????????
What is this factor, and how will it influence the accounts receivable budget? What is meant by the expression 'management by exception'?
A real-world business's accounts receivable budget would need to consider another factor with its estimation of the collectible amount of credit sales.
You are about to prepare your company's accounts receivable budget. You require information from what two other budgets that link or interact with accounts receivable? What information do you need,
Preparation of a master budget (e.g. forecasted financial statements) requires the preparation of a number of related, interlinked individual budgets. Which of these budgets is normally the first to
Discuss the advantages/disadvantages of a rolling or continual budget as compared to a periodic budget.
Identify the main advantages of using spreadsheets to develop forecast financial statements to assist strategic decision-making.
What is 'scenario analysis'? How does it assist in decision-making?
What are the key areas that you might decide to change in a sensitivity analysis?
Explain sensitivity analysis in the context of forecasting.
What questions can be answered from projected financial statements in assessing the financial viability of a project?
Discuss the proposition that the modified form of statement of cash flows, built around the reconciliation of net profit and cash inflows from operations, is more useful for decision-making.
What is the main difference between preparing 'projected' and 'actual' financial reports?
How might comparison between budget and actual results help in the improvement of future budgeting?
List and briefly discuss four general problems with, or limitations of, budgetary control through variance analysis.
Describe the basic concept of 'flexing the budget'. Illustrate the concept with a simple example.
You have already prepared a budgeted income statement for your 'ready to be launched' business venture. You're eager to get working and don't really want to waste time preparing a cash budget. Is it
Why is the sales projection often key to the preparation of projected financial statements?
Describe how they're different. How important do you regard forecast financial plans in the development of a business strategy?
Explain the idea of budgets, long-term plans and objectives in the context of this decision. In the past you have always thought that budgets and forecasts were pretty much the same thing.
You have decided to get serious with your business career and see if you can't become a High Distinction (HD) student.
L06: Use a budget as a means of exercising control over the business, explain and apply flexible budgeting, and calculate a series of variances between budget and actual to help control activity
L05: Construct a range of other budgets from relevant data
L04: Explain the importance of cash budgeting, and prepare a simple cash budget from relevant data
LO2: Explain the role of projected financial statements, prepare and evaluate a simple set of projected financial statements, explain how each of the statements above is useful for planning and
5 The emphasis of Beyond Budgeting presumes a committed and enthusiastic workforce. While this may be a reasonable assumption for top companies who can pick and choose staff, the question needs to be
4 The Better Budgeting forum saw budgeting as evolving, yet still essential to most organisations. Is Beyond Budgeting simply part of that necessary evolution, or is it a quite different approach to
3 Beyond Budgeting advocates a more adaptive set of management principles and a highly decentralised organisation. What are the criticisms of traditional budgeting that are implicit in this? What are
2 Beyond Budgeting uses team rewards based on relative performance. What kind of advantages might result? What kind of difficulties might you envisage in implementation of such an approach?
1 Do you feel that criticisms of traditional budgeting as being command and control oriented are valid?

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