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business
financial and management accounting

Questions and Answers of Financial And Management Accounting

Suggest three financial and three non-financial performance measures for a business which provides training in the workplace for updating wordprocessing and computing skills. Each training course
Dairies Ltd operates a milk processing and delivery business. The retail distribution of milk is controlled by a regional head office which has overall responsibility for five geographical
You are the managing director of Combine Ltd, a company engaged in the manufacture and sale of refrigerators and freezers. The board of directors has agreed to reorganise the company into two
Design a balanced scorecard for a restaurant business which owns three restaurants in the same town. Include three goals and three measurements of performance for each of the four aspects of the
You are the management accountant at the head office of a company which owns retail shoe shops throughout the country. The shops are grouped into areas, each having an area manager. Goods for sale
Obtain the annual report of a large listed company. Look throughout the report for mention of non-financial performance indicators. Having read the report, prepare a list of non-financial performance
Budgeted information relating to two departments of Rydons Tables Ltd for the next period is as follows:Individual direct labour employees within each department earn differing rates of pay according
Plot a break-even chart based on the following data and label the features of interest on the chart: Number of units Fixed cost Variable cost Total cost Sales 10 200 100 300 150 200 200 200 200 300
A company is able to sell four products and is planning its production mix for the next period. Estimated costs, sales and production data are as follows:Required(a). Based on the foregoing
(a). Using the list of transactions at question A5.5 prepare a spreadsheet similar to that presented in Table5.3.(b). Show that the spreadsheet totals satisfy the accounting equation. Table 5.3
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 position
(a). Using the list of transactions at question B6.2 above, prepare a spreadsheet similar to that presented in Table6.8.(b). Show the resulting impact on the accounting equation and demonstrate that
Using the total from the columns of the spreadsheet of question B6.3(a), prepare for the business in the month of April:(a). A statement of cash flows.(b). A statement of financial position (balance
The biscuit machine in question C8.1 was sold at the end of Year 4 for a price of £3,000. Required(a). Prepare the spreadsheet for Year 4 analysing the transactions and events of the year.(b).
You have been invited to write a proposal for the development of a new production line to process dog food. The production of dog food will take up space previously devoted to cat food. Write 250
Form a study group of four to six persons who are to act out the role of the finance director and related staff on the accounting team of a company planning to open a new supermarket chain at an
Form a study group of four to six persons who are to negotiate the development of a new production line to process canned peas. The canned peas will replace an existing product, canned carrots. Half
Set out below is a selection of advertisements for posts in management accounting. Read the text of the advertisement and relate the specified requirements to the three management accounting roles
A group of doctors operates a joint surgery. They are planning to provide a private clinic where minor surgery can be performed on a day basis (no overnight facilities will be offered). The project
A recently retired police officer has received a lump sum award and a pension. She has a hobby of making soft toys which have for some years been sold to friends and colleagues at a price to cover
Give an example of a management planning question for which it would be useful to classify costs as fixed and variable.
You are the management team in a business which makes self-assembly kitchen units and sells them to large do-it-yourself stores. One person should take on the role of the financial controller but the
Give an example of a management planning question for which it would be useful to classify costs as direct and indirect.
The group is the management team of a supermarket chain operating ten shops in out-of-town locations. Each member of the group should choose a management role, one of which must be the financial
Give an example of a management control question for which it would be useful to classify costs as direct and indirect.
Give an example of a management control question for which it would be useful to classify costs as period and product costs.
A factory manufactures garden huts. The production process is classified into two production departments, Assembly and Joinery. There is one service department, the canteen. The relevant forecast
Oven Pies Ltd plans to buy a delivery van to distribute pies from the bakery to various neighbourhood shops. It will use the van for three years. The expected costs are as follows: *
In a general engineering works the following routine has been followed for several years to arrive at an estimate of the price for a contract.The process of estimating is started by referring to a
As a group you are the senior teaching staff of a school where each subject department is regarded as a cost centre. The direct costs of each cost centre are teachers’ salaries, books and
A company manufactures golf bags. Golf bags have the following manufacturing costs:
You have been asked for advice by the owner of a small business who has previously estimated overhead costs as a percentage of direct labour cost. This method has produced quite reasonable results
Two bus companies are competing for passengers on the most popular routes in a major city. The long-established company has strong customer loyalty, provides weekend and evening services as well as
As a group, you are planning to establish a partnership supplying examination advice and tuition to school pupils in their homes. Each course of lessons will be regarded as a single ‘job’.
Restoration Ltd buys basic furniture units and creates period layouts in clients’ homes. The following transactions relate to jobs 801, 802 and 803 in the month of May. Prepare job cost records for
Insulation Ltd has been established to manufacture insulation material for use in houses. At present, one machine is installed for production of insulation material. A further similar machine can be
As a group you are planning a garden renovation service to take advantage of the current popularity of television programmes dealing with garden design. Within the group, allocate the following
Fixed costs are £5,000. Variable cost per unit is £3 and the unit selling price is £5.50. What is the break-even volume of sales?
Dairy products Ltd has recently developed sales of cream in aerosol dispensers which are sold alongside the company’s traditional products of cartons of cream and packets of cheese. The company is
Leisure Furniture Ltd produces furniture for hotels and public houses using specific designs prepared by firms of interior design consultants. Business is brisk and the market is highly competitive
In groups of three, take the role of finance director, production director and sales director in a company manufacturing pressure die castings, gravity die castings and sand castings. The three types
Montrose Glass Products Ltd manufactures three ranges of high-quality paperweights – Basic, Standard and Deluxe. Its accountant has prepared a draft budget for Year 7:Fixed overheads are allocated
Your company manufactures furniture units to customers’ specifications. In groups of three, take the role of sales director, production director and finance director. You have met to decide on the
Chris Gibson Kitchenware Limited sells kitchen appliances to department stores. Product costs are ascertained using an absorption costing system from which the following statement has been prepared
Capital Tours Limited sells weekend tours of London for £200 per person. Last month 1,000 tours were sold and costs were £180,000 (representing a total cost per tour of £180). These costs included
The following extracts are typical of the annual reports of large listed companies. Which of these extracts satisfy the definition of ‘accounting’? What are the user needs that are most closely
Obtain the annual report of a listed company. Each member of the group should choose a different company. Most large companies will provide a copy of the annual report at no charge in response to a
Obtain the annual report of a listed company. From the statement of financial position (balance sheet) list the items shown as assets and liabilities. This will require you to look in detail at the
Explain why each of the following items would not meet either the definition or the recognition criteria of an asset of the business:(a). A letter from the owner of the business, addressed to the
Prepare a statement of financial position (balance sheet) from the following list of assets and liabilities, regarding the ownership interest as the missing item. £ Trade payables (creditors)
Choose one or more characteristics from the following list that you could use to discuss the accounting aspects of each of the statements 1 to 5 and explain your ideas:• Relevance •
Continuing to use the annual reports of a company that you obtained for Chapter 1, look for the evidence in each report of the existence of the directors, the auditors and the various regulatory
Choose one or more accounting principles from the following list that you could use to discuss the accounting aspects of each of the problems 1–5 and explain your ideas.• going concern •
Discuss the extent to which the regulatory bodies explained in this chapter have, or ought to have, a particular concern for the needs of the following groups of users of financial statements:(a).
The following list of transactions relates to the business of Peter Gold, furniture supplier, during the month of April. Analyse each transaction to show the two aspects of the transaction. Date
A listed company is of the view that shareholders might welcome a statement of highlights and supplementary information as a leaflet to be inserted in the annual report. Give advice on the principles
Continuing to use the annual reports of companies which you obtained for Chapters 1 and 4, find the financial statements and the notes to the accounts.1. Compare the financial statements with the
The Biscuit Manufacturing Company commenced business on 1 January Year 1 with capital of £22,000 contributed by the owner. It immediately paid cash for a biscuit machine costing £22,000. It was
Turn to the annual report of a listed company which you have used for activities in previous chapters. Find every item of information about non-current (fixed) assets. (Start with the financial
On 1 January Year 1, Angela’s Employment Agency was formed. The owner contributed £300,000 in cash which was immediately used to purchase a building. It is estimated to have a 20-year life and a
During its first month of operations, a business made purchases and sales as shown in the table below:All sales were made at £2 each. Required Calculate the profit for the month and the stock value
Turn to the annual report of a listed company which you have used for activities in previous chapters. Find every item of information about current assets. (Start with the financial statements and
A company has a stock of goods consisting of four different groups of items. The cost and net realisable value of each group is shown in the table below.Required Calculate the amount to be shown as
It is the policy of Seaton Ltd to make provision for doubtful debts at a rate of 10% per annum on all debtor balances at the end of the year, after deducting any known bad debts at the same date. The
The Souvenir Company purchased, on 1 January Year 1, a machine producing embossed souvenir badges. The machine cost £16,000 and was estimated to have a five-year life with a residual value of
At the end of Year 3 the Bed Company has a statement of financial position (balance sheet) comprising £3,000 receivables (debtors), £8,000 other assets and £11,000 ownership interest, consisting
The Bed Company continues trading during Year 4. The statement of financial position (balance sheet) at the end of Year 4, in its first draft, showed receivables (debtors) as £4,850 and the
On 1 December Year 1 a company paid £2,400 as an insurance premium to give accident cover for the 12 months ahead. The accounting year-end is 31 December. RequiredPrepare an accounting equation
The following file of papers was found in a cupboard of the general office of Green Ltd at the end of the accounting year. Explain how each would be treated in the financial statements and state the
Turn to the annual report of a listed company which you have used for activities in previous chapters. Find every item of information about current liabilities. (Start with the financial statements
Turn to the annual report of a listed company which you have used for activities in previous chapters. Find every item of information about liabilities. (Start with the financial statements and notes
Explain why each of the following is reported as a contingent liability but not recognised as a provision in the statement of financial position (balance sheet).(a). Some leasehold properties which
Explain the effect on the accounting equation of each of the following transactions:(a). At the start of Year 1, Bright Ltd issues 200,000 shares at nominal value 25 pence per share, receiving
Set out below is a summary of the accounting records of Titan Ltd at 31 December Year 1:The summary of the accounting records includes all transactions which have been entered in the ledger accounts
Carry out a ratio analysis of Safe and Sure plc, using the financial statements set out in Appendix I (at the end of this book) and applying the method of analysis set out in section13.6. Making a
The following financial statements relate to Charity plc:Income statement (profit and loss account) for year ended 30 September Year4Required(a). Calculate ratios which measure:(i). Liquidity and the
Carry out a trend analysis on Safe and Sure plc, using the historical summary set out in Appendix I. Write a short report on the key features emerging from the trends.
Turn to the annual report of a listed company which you have used for activities throughout the previous chapters. Split the group to take two different roles: one half of the group should take the
Turn to the annual report of a listed company which you have used for activities in previous chapters. Is this a group? How do you know? Where is the list of subsidiary companies? If you do not have
Divide the group into sections to take on four different roles: a private shareholder in a company; a financial journalist; a finance director of a company; and a broker’s analyst providing an
The directors of Fruit Sales plc produced the following income statement (profit and loss account) for Year 2 and balance sheet at the end of Year 2.Income statement for Year
Turn to the annual report of a listed company which you have used for activities in earlier chapters. Find every item which relates to the ownership interest (including any discussion in the
The following financial statements relate to Hope plc:Income statement (profit and loss account)for the year ended 30 June Year 4£
Consider the following:................................................................................................................................... £mRevenue

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