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business
business accounting

Questions and Answers of Business Accounting

Why do you think this change in the definition of an associate was made?
At the end of 20X5, a parent company, P plc, with one subsidiary had a holding representing 10 per cent of the equity of R Ltd, a clothing company. It had cost £80,000 when purchased at the start of
If stock is removed from the analysis when calculating the acid test ratio, why isn’t the figure for debtors also removed? Debtors can be just as difficult to turn into cash.
Describe two ratios from each of the five groups of ratios, including how to calculate them.
What is the purpose in using each of the following ratios:(a) Current ratio(b) Net profit after tax : sales(c) Asset turnover(d) Interest cover(e) Dividend cover?
Using the following balance sheet and profit and loss accounts, calculate and comment on ten accounting ratios (ignore taxation): Fixed assets Equipment at cost Less Depreciation to date Current
A company has capital of 1 million ordinary shares of £1 each. It pays a dividend of 6 per cent out of its profits after tax of £480,000 on sales of £4 million. The market price of the shares is
The directors of L Ltd appointed a new sales manager towards the end of 20X2. This manager devised a plan to increase sales and profit by means of a reduction in selling price and extended credit
The following are extracts from the balance sheets as at 31 March 20X4 and 31 March 20X5 of Glebe Ltd:Required:(a) Calculate for each of the two years two ratios that indicate the liquidity position
J plc supplies and fits car tyres, exhaust pipes and other components. The company has branches throughout the country. Roughly 60 per cent of sales are for cash (retail sales). The remainder are
State whether you consider the following statements to be true or false:(a) The current cost of plant and machinery is likely to be its net realisable value.(b) A company should distribute dividends
Plant and machinery was purchased on 1 January 20X3 for £30,000, when the relevant specific price index was 90. What is the current cost value of the asset at 31 December 20X4 if the index at that
The plant and machinery, details of which are given in question 30.4, is depreciated on a straight line basis at 10 per cent per annum. The depreciation charge is based on year end values. What is
Calculate backlog depreciation at 31 December 20X5 for the plant and machinery whose details are given in question 30.5A.Data from Question 30.5AThe plant and machinery, details of which are given in
The historical cost of sales figure for Apple Ltd for the year ended 31 December 20X3 is calculated as follows:Price indices for stock are as follows:Required:Assuming that purchases occur evenly
A firm purchased machinery on 1 January 20X4 for £40,000, at which date the relevant price index for machinery was 100. Depreciation is charged on a straight line basis at 25 per cent per annum. The
The balance sheet of Seafield Ltd at 31 December 20X4 shows the following balances:The relevant price indices for trade debtors and trade creditors are:Required:Using the above information, calculate
If the relevant price indices for trade debtors and trade creditors are as follows, calculate the monetary working capital adjustment for Seafield Ltd, using the details given in question 30.9A.Data
The information given below has been extracted from the accounting records of Cedarwood Ltd for the year ended 30 June 20X4. Prepare a statement showing the current cost operating profit to 30 June
The balance sheet for Cremore Ltd at 31 December 20X3 is given below (£000):Required:Using the above information, calculate the gearing adjustment percentage: Plant and
The following information has been extracted from the accounting records of Sycamore Ltd for the year ended 30 June 20X3.Required:Prepare a current cost profit and loss account for Sycamore Ltd for
How would you value employee loyalty?
Describe how an increase in gross national product may not have a positive effect on the well-being of the country.
Why is an ongoing information system required in order to do this?
What types of measure could be used to measure social well-being? What difficulties would be discovered in trying to use accounting in measuring these?
What aspects of an organisation’s activities could be measured in a social audit?
Describe how there could be conflicts between short-term and long-term benefits.
Describe how PPBS may conflict with departmental budgets.
Review a set of company financial statements for social disclosures. Consider the usefulness of such disclosures to different user groups.
Why has the traditional model of income measurement failed to account for the impact of business activities on the environment?
If corporate governance is so important, why do you think unlisted companies are not required to apply the Combined Code?
Define corporate governance.
If the Combined Code is a voluntary code of conduct for the directors of all UK limited companies, why is it that all listed UK companies must report annually on their compliance with it?
Briefly describe the development of the Combined Code from 1991 to the present day.
Briefly describe the main and supporting principles relating to directors contained in the Combined Code.
Why do you think similar public sector organisations are likely to use virtually identical control systems?
What is the public sector?
Briefly describe the differences between the structure of local authority auditing in Northern Ireland compared to England and Wales
Briefly describe the role of the Accounting Officer of a central Government department.
Briefly describe the differences between the structure of public sector auditing in Scotland compared to the rest of the UK.
Imagine we bought a building in 1990 for £40,000 that is now worth £120,000. If we rented a similar building now it might cost us £30,000 a year. What use would you make of the knowledge that the
‘Financial accounting looks behind, whilst management accounting looks ahead.’ To what extent does this quotation accurately reflect the role of the two branches of accountancy?
What other objectives can you think of? Try to think of another two. If you can, try to make them objectives which cannot be identified or demonstrated using information provided by financial
‘Financial accounting is non-dynamic, backward looking, conservative, as objective as possible, and subject to statutory and other regulation. Management accounting is future oriented, is dynamic,
Both these examples have something in common relating to the timeframe in which the actions taken can be justified. What is it?
What are some of the deficiencies of financial accounting?
Apart from what is said above, what do you think is the main difference between formal and informal information systems?
Why is it important that the employees of an organisation should clearly understand what the objectives of the organisation are?
How can there be a conflict between the various objectives of an organisation?
Describe how the management process is carried out.
Which aspects of this exhibit also relate to financial accounting?
Categorise each of the following costs into one of these six categories:(i) Direct materials(ii) Direct labour(iii) Indirect manufacturing costs(iv) Administration expenses(v) Selling and
Here is a list of typical types of expenses found in a manufacturing firm. These can be analysed as to whether they are direct materials, direct labour, direct expenses, indirect manufacturing costs,
Apart from the obvious fact that it is irrelevant, why is useless data such a bad thing?
Categorise each of the following costs into one of these six categories:(i) Direct materials(ii) Direct labour(iii) Indirect manufacturing costs(iv) Administration expenses(v) Selling and
From the following information, calculate:(a) Prime cost(b) Production cost(c) Total cost. Wages and salaries of employees: In factory (70 per cent is directly concerned with units being
From the following information work out:(a) Prime cost(b) Production cost(c) Total cost. Wages and salaries of employees: In factory (60 per cent is directly concerned with units being
Raleigh Ltd’s costs and revenues for the current year are expected to be:It was expected that 200,000 units would be manufactured and sold, the selling price being £12 each. Suddenly during the
(a) The terms cost behaviour and analysis of total cost are regularly used in cost accounting to classify costs. Distinguish between the two terms.(b) Explain how the following costs will:(i)
Jack Ltd expects its cost per unit, assuming a production level of 200,000 units per annum, to be:Selling price is £15 per unit.The following propositions are put to the managing director. Each
Assume that two companies have exactly the same pattern of costs and revenue and both use FIFO when valuing stock, but that Columbus Ltd uses a marginal costing approach to the valuation of stock in
Greatsound Ltd manufactures and sells compact disc players, the cost of which is made up as follows:The current selling price is £187.Greatsound Ltd works a day shift only, at present producing
Your company has been trading for three years. It has used a marginal costing approach to value its stock in its financial statements. The directors are interested to know what the recorded profits
Arncliffe Limited manufactures two types of product marketed under the brand names of ‘Crowns’ and ‘Kings’. All the company’s production is sold to a large firm of wholesalers.Arncliffe
Gainford Ltd is a manufacturing company which produces three specialist products – A, B and C. For costing purposes the company’s financial year is divided into thirteen periods of four weeks.
(a) What is meant by the terms contribution and marginal cost?(b) Barton & Co Ltd make and sell 2,000 units per month of a product ‘Barco’. The selling price is £65 per unit, and unit costs are:
Reed Ltd manufactures three products A, B and C. Budgeted costs and selling prices for the three months ending 30 September 20X2 are as follows:Labour costs are £3 per hour, and material costs are
Paul Wagtail started a small manufacturing business on 1 May 20X8. He has kept his records on the double entry system, and has drawn up a trial balance at 30 April 20X9 before attempting to prepare
The figures given below are all that could be salvaged from the records after a recent fire in the offices of Firelighters Limited. The company manufactures a single product, has no raw materials or
Vale Manufacturing started in business on 1 April 20X3, and incurred the following costs during its first three years.Required:(a) Prepare a statement showing the gross profit for each of the three
Lenses Ltd makes six different products: P, Q, R, S, T and U. An analysis of costs ascertains the following:Fixed costs of £34,200 are allocated per unit as P: £12; Q: £21; R: £21; S: £30; T:
Frames Ltd make four different products: K, L, M and N. They have ascertained the cost of direct materials and direct labour and the variable overhead for each unit of product. An attempt is made to
(a) What are the differences between marginal cost pricing and full cost pricing?(b) How far is it true to state that marginal cost pricing is a short-term strategy? (c) A.S. Teriod Ltd makes five
In a factory, four types of jobs are performed in separate production departments A, B, C and D. In addition there are three service departments, K, L and M. Costs have been allocated to the
For the factory in Question 37.1, what would be the costs of the following jobs given that the direct labour costs per hour are: Dept A £5; B £4; C £6; D £7?Data from Question 37.1In a factory,
How do you think this is done?
A manufacturer is producing five types of job, each in a separate production department P, Q, R, S and T. In addition, there are two service departments F and G. Costs have been allocated to the
How would you split the cost of cutting up the cow between joint products?
(a) Define the term equivalent production and state when the principle is used.(b) During May 20X1, M Wurzel & Co. Limited’s output was 4,000 finished items plus 600 partly finished items. There
(a) What is meant by the term equivalent production?(b) At Earith Industries at the beginning of April there were no partially finished goods on hand. During the month, 6,000 completed units were
(a) Explain the difference between the terms overhead allotment, overhead apportionment and overhead absorption.(b) Why are estimated figures used in calculating overhead absorption rates?(c) The
Kalmo Ltd offers a subcontracting service in assembly, painting and packing. Components are supplied by customers to the company, the required operations are then carried out, and the completed work
(a) What is meant by the term ‘specific order costing’?(b) In what ways does specific order costing differ from process costing?(c) The Acme Shelving Co. Ltd manufactures shelving brackets in
Horden Products Ltd manufactures goods which could involve any or all of three production departments. These departments are simply entitled A, B and C. A direct wages cost percentage absorption rate
What does this statement concerning the harm budgets may bring to an organisation remind you of from earlier chapters?
(a) Explain the following terms as used in process costing:(i) Normal losses(ii) Abnormal losses(iii) Equivalent production(iv) Joint cost(v) Split-off point.(b) In process costing, it is neither the
What is the relationship between the sales budget, the production budget and the materials purchase budget?
Using the data provided below, what production levels should be set for each month? Units 20X2 (a) Stocks levels wanted at the end of each month Jul 138 160 (b) Expected sales each month (c) The
For the year ended 31 December 20X7, the quantities of units sold are expected to be:The opening stock at 1 January 20X7 will be 144 units. The closing stock desired at 31 December 20X7 is 150
(a) For each of the following, state three reasons why a firm may wish to keep:(i) A minimum stock level of finished goods, and(ii) An even level of production in the face of fluctuating demand.(b)
Draw up a cash budget for F. Jack showing the balance at the end of each month, from the following information for the six months ended 31 December 20X4:(a) Opening cash (including bank) balance on 1
Herbert Limited make a single product, whose unit budget details are as follows:Additional information:1. Unit sales are expected to be:2. Credit sales will account for 60 per cent of total sales.
What other disadvantages do you think there might be in waiting until the last minute to arrange a loan of this type?
Took comes to see you in March 20X6. He is full of enthusiasm for a new product that he is about to launch on to the market. Unfortunately his financial recklessness in the past has led him into
Mtoto Ltd operate as wholesale ‘cash and carry’ stores and in addition to its main store have two other depots. The company’s summarised balance sheet as at 31 August 20X1 was as follows.Over
Belinda Raglan owns a clothing factory. Trading over the last two years has been very successful and she feels that having achieved good results it is now time to request an increase in the overdraft
David Llewelyn has been advised by his bank manager that he ought to provide a forecast of his cash position at the end of each month. This is to ensure that his cash inputs will be sufficient to
Ian Spiro, formerly a taxi-driver, decided to establish a car-hire business after inheriting £50,000.His business year would be divided into budget periods each being four weeks.He commenced
Sales are expected to be: January 70, February 40, March 50, April 120, May 140 and June 70. The stock level must not fall below 120 units, which is the level at the end of May, and an even
How can an entity have control of another entity when it does not own over 50% of the voting share capital?

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