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financial accounting an introduction

Questions and Answers of Financial Accounting An Introduction

A8.5 State the definition of depreciation. (Section 8.7)
A8.4 What type of information would you expect to find about non-current (fixed) assets in the financial statements and notes of a major UK listed company? (Section 8.4)
A8.3 What do users of financial statements particularly want to know about non-current(fixed) assets? (Section 8.4)
A8.2 Explain the categories: (Section 8.2.1)(a) tangible non-current (fixed) assets;(b) intangible non-current (fixed) assets; and(c) non-current (fixed) asset investments;and give an example of each.
A8.1 State the definition of a non-current (fixed) asset and explain why each condition is required. (Section 8.2)
Consider the discussion between David and Leona. Do you share the concern of the employee representatives as described by David? Do you agree with Leona that the economic impact of accounting
Before you read this section, write down what you think ‘depreciation’ means. Then read the section and compare it with your initial views. Depreciation is a very subjective matter and there are
Find the annual report of a company of your choice. This may be through access to the website, or by requesting a printed copy of the annual report through the website www.ft.com, or by using the
Before you read this section, make a list of the information about non-current (fixed)assets which would be useful to you if you wished to learn more about a specific company. Then read the section
A company which has manufactured a well-known brand of brown bread for many years has decided that the brand name is so well known that it should appear in the statement of financial position
Imagine you are the owner of a big hotel in the centre of town. Make a list of the items you would expect to include in your business statement of financial position (balance sheet) as non-current
2 What is the largest non-current asset category by net book value? Is it what you would expect for a business of this kind?Our stores The Group operates from 466 stores and the strategic focus
1 Why is it important for the company to give descriptive information about the investment in stores?Our stores The Group operates from 466 stores and the strategic focus remains in the development
S6.1 Prepare ledger accounts for the transactions of Peter Gold, furniture supplier, listed in question A6.4.
It might be a useful test of your understanding of the chapter if you try to write down the debit and credit entries before looking at Table 6.11. If you find your answers don’t agree with that
B6.2 [S]Using the total from the columns of the spreadsheet of question B6.1(a), prepare for the business in the month of April:(a) a statement of cash flows;(b) a statement of financial position
B6.1 [S](a) Using the list of transactions at question A6.4 above, prepare a spreadsheet similar to that presented in Table 6.8.(b) Show the resulting impact on the accounting equation and
A6.2 [S] Summarise the transactions of question A6.1 in a spreadsheet and show that the totals of the spreadsheet satisfy the accounting equation.
A6.1 [S] On 1 May the Sea Traders Company purchased 200 spare parts for fishing boats, costing £20 each. On 5 May, 60 of these spare parts were sold to a customer at a price of £25 each. The
The business of M. Carter, wholesaler, has made a profit of £1,150 from operations during the month but the cash flow due to operating activities has been negative to the extent of£6,600. Make a
Before reading section 6.4.1, analyse each transaction in Table 6.7 using the accounting equation. (If necessary look back to Chapter 5 for a similar pattern of analysis.) Then compare your answer
Return to Table 6.4. Without looking to the rest of the section, write down the effect of each transaction on the accounting equation. At what point in the sequence of events in Table 6.4 is the
Return to Table 6.1 and change the cost price to £3 and the selling price to £3.50.Calculate the profit if the customer receives (a) 70 items, (b) 80 items, (c) 90 items and(d) 100 items. How many
2 How does the company measure trends in operating performance?Sales, margin and costs The Group’s gross transaction value grew by 0.2% during the 52 weeks ended 29 August 2009 to £2,339.7 million
1 How does the company describe its trading performance?Sales, margin and costs The Group’s gross transaction value grew by 0.2% during the 52 weeks ended 29 August 2009 to £2,339.7 million (2008:
S5.2 Which of the following errors would be detected at the point of listing a trial balance?(a) The bookkeeper enters a cash sale as a debit of £49 in the cash book and as a credit of £94 in the
S5.1 Prepare ledger accounts for the transactions of Jane Gate’s dental practice, listed in question A5.5.
B5.2 [S]Using the totals from the columns of the spreadsheet of question B5.1, prepare for the dental practice in the month of April:(a) a statement of cash flows;(b) a statement of financial
B5.1 [S](a) Using the list of transactions at question A5.5 prepare a spreadsheet similar to that presented in Table 5.3.(b) Show that the spreadsheet totals satisfy the accounting equation.
A5.5 [S] Analyse each of the following transactions to show the two aspects of the transaction:(Section 5.3)Apr. 1 Jane Gate commenced her dental practice on 1 April by depositing £60,000 in a
A5.4 [S] Which of the items in the list of transactions in question A5.1 will have an effect on a statement of financial position (balance sheet)?
A5.3 [S] Which of the items in the list of transactions in question A5.1 will have an effect on a statement of cash flows?
A5.2 [S] Which of the items in the list of transactions in question A5.1 will have an effect on an income statement (profit and loss account)?
A5.1 [S] The following list of transactions relates to a television repair business during the first month of business. Explain how each transaction affects the accounting equation:(Section 5.2)(a)
Compare the financial statements of Dr Lee’s medical practice with the information collected in the spreadsheet of Table 5.3. Take a pencil and, very lightly, place a tick against each amount in
The medical practice of Dr Lee has made a profit of £1,700 over the month but the cash flow caused by operations is an outflow of £900. How can a business make a profit and yet see an outflow of
Write down the transactions of Table 5.1 in a different order and put the piece of paper away for two days. Then take it out and practise the analysis of each transaction without looking at the
Choose a service business and write down the main activity of that business. Then write down the types of expense you would expect to find in the income statement (profit and loss account) of such a
l Explain the main aspects of the statement of cash flows, income statement (profit and loss account) and statement of financial position (balance sheet) of a service business.
l Explain how the accounting equation is applied to transactions of a service business
2 What are the risks to a service business of strong reliance on its ‘people’ resource?Employees as assets of a service business The following extracts are taken from the annual reports of two
1 What are the costs to each company of maintaining the ‘people’ assets that will not appear in the statement of financial position (balance sheet)?Employees as assets of a service business The
1 What do we learn about cash flow from the information provided by Marks and Spencer ( a retail business) and First Group (a transport business).Cash flows Extracts from management reviews within
2 Why are both companies placing emphasis on reduction of net debt (external borrowing minus cash and short-term investments)?Cash flows Extracts from management reviews within annual reports Marks
1 What do we learn about cash flow from the information in the table?After deducting interest, tax and dividend payments, £467 million of operating cash flow was available to fund our capital
2 How does the description in words help the user to understand the information in the table?After deducting interest, tax and dividend payments, £467 million of operating cash flow was available to
Explain the purpose and structure of the statement of cash flows.
Analyse your own view of wealth and changes in wealth. Which items would you include in your personal statement of financial position (balance sheet) today? Which items would you include in your
A3.1 Explain why an accounting period of 12 months is used as the basis for reporting to external users of financial statements. (Section 3.3)
A3.2 Explain how the structure of the statement of financial position (balance sheet) corresponds to the accounting equation. (Section 3.4)
A3.3 Explain how the structure of the income statement (profit and loss account) represents a subsection of the accounting equation. (Section 3.5)
S3.1 [S] Analyse the debit and credit aspect of each transaction listed at (a), (b) and (c) of question B3.2.
A3.7 List three features of a statement of cash flows which are particularly useful in making the format helpful to readers. (Section 3.6.1)
A3.6 List three features of an income statement (profit and loss account) format which are particularly useful in making the format helpful to readers. (Section 3.5.1)
A3.5 List three features of a statement of financial position (balance sheet) which are particularly useful in making the format helpful to readers. (Section 3.4.3)
A3.4 Explain how the structure of the statement of cash flows represents another subsection of the accounting equation. (Section 3.6)
S2.5 What is the bookkeeping entry for an increase in revenue?
S2.4 What is the bookkeeping entry for a withdrawal of owner’s capital?
S2.3 What is the bookkeeping entry for an increase in an expense?
S2.2 What is the bookkeeping entry for a decrease in a liability?
S2.1 What is the bookkeeping entry for an increase in an asset?
B2.3 [S]Explain why each of the following items would not meet either the definition or the recognition conditions of an asset of the business:(a) a letter from the owner of the business, addressed
B2.2 [S]Explain whether each of the items from question B.2.1 above which you have identified as assets and liabilities would also meet the conditions for recognition of the item in the statement of
A2.20 Explain the auditor’s approach to giving assurance about assets and liabilities.(Section 2.12)
A2.19 Set out the accounting equation which represents the position after a change has occurred. (Section 2.11.2)
A2.18 Define ‘revenue’ and ‘expenses’. (Section 2.11.1)
A2.17 Set out the accounting equation for a change in the ownership interest. (Section 2.11)
A2.16 Explain what is meant by ‘net assets’. (Section 2.9)
A2.15 Define the term ‘equity’. (Section 2.9)
A2.14 Explain why an item may pass the definition test but fail the recognition test for a liability.(Section 2.8)
A2.13 State the conditions for recognition of a liability. (Section 2.8)
A2.12 Use the definition to explain why each of the items in your answer to A2.11 is a liability.(Section 2.7)
A2.11 Give five examples of items which are liabilities. (Section 2.7)
A2.10 Define a liability and explain each part of the definition. (Section 2.6)
A2.9 Some football clubs include the players in the statement of financial position (balance sheet) as an asset. Others do not. Give the arguments to support each approach.(Section 2.5)
A2.8 Give three examples of items which pass the definition test for an asset but fail the recognition test. (Section 2.5)
A2.7 Explain why an item may pass the definition test but fail the recognition test for an asset.(Section 2.5)
A2.6 State the conditions for recognition of an asset. (Section 2.5)
A2.5 Explain what ‘recognition’ means in accounting. (Section 2.5)
A2.4 Use the definition to explain why each of the items in your answer to A.2.3 is an asset.(Section 2.4)
A2.3 Give five examples of items which are assets. (Section 2.4)
A2.2 Define an asset and explain each part of the definition. (Section 2.3)
A2.1 Write out the basic form of the accounting equation. (Section 2.2)
Define liabilities.
Define assets.
2 How does the group explain the main changes? Presenting the accounting equation Shareholders’ funds as at 21 March 2009 were £4,376 million (2008: £4,935 million), a reduction of £559 million,
1 How does the summary statement of financial position (balance sheet) reflect the accounting equation? Presenting the accounting equation Shareholders’ funds as at 21 March 2009 were £4,376
identify the main elements of working capital.AppendixLO1
The following is the statement of financial position of David’s business at 1 January of last year.£ £ASSETS Non-current assets Property, plant and equipment Buildings 25,000 Fittings: cost
(a) R ecord the following transactions in a set of double-entry accounts:1 February Lee (the owner) put £6,000 into a newly-opened business bank account to start a new business 3 February Bought
Goliath plc is a food wholesaler. The most recent financial statements of the business are as follows:Income statement for the year to 31 May£000 £000 Sales revenue 2,400.0 Cost of sales Opening
Boswell Enterprises Ltd is reviewing its trade credit policy. The business, which sells all of its goods on credit, has estimated that sales revenue for the forthcoming year will be £3 million under
Your superior, the general manager of Plastics Manufacturers Limited, has recently been talking to the chief buyer of Plastic Toys Limited, which manufactures a wide range of toys for young children.
Hercules Wholesalers Ltd has been particularly concerned with its liquidity position in recent months. The most recent income statement and statement of financial position of the business are as
Identify the costs of holding:(a) too little cash; and(b) too much cash.Review questions Exercises 685 Statements of financial position as at 30 September Last year This year£000 £000 ASSETS
The chief executive officer of Sparkrite Ltd, a trading business, has just received summary sets of financial statements for last year and this year:Sparkrite Ltd Income statements for years ended 30
Identify the costs of holding:(a) too little cash; and(b) too much cash.AppendixLO1
What are the reasons for holding inventories? Are these reasons different from the reasons for holding cash?AppendixLO1
How might each of the following affect the level of inventories held by a business?(a) A n increase in the number of production bottlenecks experienced by the business.(b) A rise in the business’s
Tariq is the credit manager of Heltex plc. He is concerned that the pattern of monthly cash receipts from credit sales shows that credit collection is poor compared with budget. Heltex’s sales

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