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frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

explain how the further overriding concepts of materiality, prudence, consistency and substance over form affect the recording and adjustment of data
explain what accounting standards are
explain the basic concepts of accounting
explain what is meant by objectivity and subjectivity
explain why one set of accounts has to serve many purposes
describe the assumptions which are made when recording accounting data
Write up the accounts to record the following transactions:20X7 March 1 Started with £1,000 cash.,, 2 Received a loan of £5,000 from M Chow by cheque, a bank account being opened and the cheque
Write up the asset, capital and liability accounts in the books of C Walsh to record the following transactions:20X9 June 1 Started business with £5,000 in the bank.,, 2 Bought motor van paying by
You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of C Williams.20X8 June 1 Started business with £2,000 in
Write up the asset and liability and capital accounts to record the following transactions in the records of G Powell.20X7 July 1 Started business with £2,500 in the bank.,, 2 Bought office
explain how the double entry system follows the rules of the accounting equation
explain what is meant by the double entry system
F Dale has the following assets and liabilities as on 30 November 20X9:Creditors £3,950; Equipment £11,500; Motor vehicle £6,290; Stock of goods £6,150; Debtors£5,770; Cash at bank £7,280; Cash
C Sangster has the following items in his balance sheet as on 30 April 20X8:Capital £20,900; Creditors £1,600; Fixtures £3,500; Motor vehicle £4,200; Stock of goods£4,950; Debtors £3,280; Cash
Draw up A Foster’s balance sheet from the following as at 31 December 20X8: Capital 23,750 Debtors 4,950 Motor vehicles 5,700 Creditors 2,450 Fixtures 5,500 Stock of goods 8,800 Cash at bank 1,250
Distinguish from the following list the items that are liabilities from those that are assets:(a) Office machinery (d) Motor vehicles(b) Loan from C Shirley (e) We owe for goods(c) Fixtures and
You are to complete the gaps in the following table: Assets Liabilities Capital 55,000 16,900 ? ? 17,200 34,400 36,100 ? 28,500 119,500 15,400 ? 88,000 ? 62,000 ? 49,000 110,000
You are to complete the gaps in the following table: Assets Liabilities Capital 12,500 1,800 28,000 16,800 4,900 ? ? 12,500 19,600 ? 16,450 ? 6,300 19,200 ? 11,650 39,750 (a) 300808
describe how accounting transactions affect the items in the accounting equation
explain the meaning of the terms assets, capital, liabilities, debtors and creditors
explain the relationship between the accounting equation and the layout of the balance sheet
list the main users of accounting information and what accounting information they are interested in
explain the relationship between bookkeeping and accounting
explain what accounting is about
(a) How far is it true to state that a company’s break-even point occurs where the contribution just equals the fixed costs? (5 marks)(b) A company’s detailed information of costs and sales has
Magwitch Limited’s finance director produced the following forecast break-even chart for the year ending 31 May 20X1:During the year the company produced and sold 20,000 units, and both revenue and
You are employed by Monarch Ltd which manufactures specialist hydraulic seals for the aircraft industry. The company has developed a new seal with the following budgeted data:The draft budget for the
At the monthly senior management meeting of Hampshire plc on 1 May 20X0, various suggestions were made to improve the profit to be made by selling the firm’s single product in the last quarter of
The relationship between income/cost/volume suggests that there are four ways by which profit can be increased. These are:1 Increase unit selling price.2 Decrease unit variable cost.3 Decrease fixed
Polemic Ltd manufactures and sells a single product. The following information is available for three financial years ending 30 September.Additional information 1 When the management of Polemic
From the schedule in 22.1(i) calculate the profit or loss that would be made at levels of (i )3,000 units, (ii) 10,000 units, (iii ) 4,000 units, (iv) 7,000 units, (v) 8,500 units (this last figure
From your break-even chart for 22.1(ii) calculate the profit or loss that will be made at levels of (i ) 3,000 units, (ii ) 10,000 units, (iii ) 4,000 units, (iv) 7,000 units, (v) 8,500 units.
Look at your schedule in answer to 22.1(i) and answer the following:(a) What are the total costs at production levels of (i ) 4,000 units, (ii ) 7,000 units, (iii) 9,000 units, (iv) 5,500 units? You
Cover up the schedule you constructed as your answer to 22.1(i) and look instead at the break-even chart constructed as the answer to 22.1(ii). Answer the following:(a) What are the total costs at
Hedges Ltd has fixed costs of £8,000. The variable costs are £4 per unit. The revenue (selling price) is £6 per unit.You are required:(i ) to draft a schedule as follows filling in the columns (a)
The following information relates to the actual sales of Griffton Ltd during the last four months of its financial year.The budgeted information below relates to the next financial year commencing 1
The balance sheet of Gregg Ltd at 30 June 20X6 was expected to be as follows:The plans for the six months to 31 December 20X6 can be summarised as:(i ) Production costs per unit will be:£Direct
The following information has been extracted from the books of Issa Ltd for the financial year ended 31 December 20X0.The company had commenced the preparation of its budget for the year ending 31
(a) What is meant by the terms:(i ) Budget(ii ) Operating budget(iii ) Master budget? (8 marks)(b) The information below relates to the business of Madingley Ltd:The following is a schedule of the
B Cooper is going to set up a new business on 1 January 20X8. He estimates that his first six months in business will be as follows:(i ) He will put £10,000 into a bank account for the firm on 1
D Smith is to open a retail shop on 1 January 20X4. He will put in £25,000 cash as capital. His plans are as follows (i ) On 1 January 20X4 to buy and pay for premises £20,000, shop fixtures
discuss the benefits of using flexible budgets
discuss the importance of effective co-ordination of budgets
discuss the benefits of budgeting to an organisation
Melvin Books Ltd manufactures bookmarks, which sell for £1.00 each.The bookmarks are made by people working at home, who are paid 20p for every bookmark they produce. The raw materials bought 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 business
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
The managing director of Pumpkin Ltd was reviewing the results of the company for the financial year ended 31 March 20X2. The following summarised information was available:Note: There were no other
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
Mtoto Ltd operate as wholesale ‘cash and carry’ stores and in addition to their main store have two other depots.The company’s summarised balance sheet as at 31 August 20X1 was as follows.l
Herbert Limited make a single product, whose unit budget details are as follows:Additional information 1 Unit sales are expected to be:June July August September October 1,000 800 400 600 900 2
Draw up a cash budget for N. Morris showing the balance at the end of each month, from the following information for the six months ended 31 December 20X2:(a) Opening cash (including bank) balance
Ukridge comes to see you in April 20X3. 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
(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)
What would the production levels have to be for each month if the following data were available?Jan Feb Mar Apr May Jun(i ) Stock levels wanted at the end of each month 690 780 1,100 1,400 1,160
What stock should be held by a firm on 1 July 20X7 if the following data are available?Jul Aug Sep Oct Nov Dec(i ) Sales expected to be 100 140 180 270 190 130(ii ) Production expected to be 160 200
A firm wants to maintain an even production flow for the first six months of 20X4 followed by an even production flow of 20 units more per month for the last six months of 20X4.Opening stock of units
For the year ended 31 December 20X6 the sales of units are expected to be:The opening stock at 1 January 20X6 will be 120 units. The closing stock desired at 31 December 20X6 is 150 units.(a) What
(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 (10 marks)(b) In process costing, it
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
(a) What is meant by the term, ‘specific order costing’? (3 marks)(b) In what ways does specific order costing differ from process costing? (6 marks)(c) The Acme Shelving Co. Ltd manufactures
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) Explain the difference between the terms overhead allotment, overhead apportionment and overhead absorption. (5 marks)(b) Why are estimated figures used in calculating overhead absorption rates?
(a) What is meant by the term equivalent production? (3 marks)(b) At Earith Industries at the beginning of April there were no partially finished goods on hand. During the month, 6,000 completed
(a) Define the term equivalent production and state when the principle is used. (4 marks)(b) During May 20X1, M Wurzel & Co. Limited’s output was 4,000 finished items plus 600 partly finished
In the firm mentioned in Question 18.3X what would be the costs of the following jobs, given that the direct labour rate per hour is Dept P £1.9, Q £2.5, R £2.0, S £2.7, T £2.4? Job 701: Dept R
In a firm there are five types of jobs performed in separate production departments P, Q, R, S and T. In addition there are two service departments F and G. Costs have been allocated to the
In the firm mentioned in Question 18.1 what would be the costs of the following jobs given that the direct labour costs per hour are: Dept A £2.1; B £1.7; C £2.4; D £2.3? Job 351: Dept A Direct
In a firm there are four types of jobs 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
discuss some of the issues relating to cost allocation between joint products1
explain how service costs can be apportioned across a range of production departments;
explain the difference between job, batch and process costing
Loyal Construction plc commenced a new long-term contract on 1 April 20X1. At the financial year end, 31 March 20X2, the following details are available.Additional information available:(i ) Direct
(a) Define the term contract costing and explain what differences exist between contract and job costing(b) If a lengthy contract is being undertaken, profit must be accounted for in different
(a) How and why do companies account for profits on uncompleted contracts? (8 marks)(b) From the following information prepare a contract account for the year ending 31 December 20X0. Show clearly
Skimpy plc is a construction company currently undertaking three large construction contracts in its South West Division. Information relating to these three contracts for the year ended 31 October
The final accounts of Diggers Ltd are made up to 31 December in each year. Work on a certain contract was commenced on 1 April 20X5 and was completed on 31 October 20X6. The total contract price was
Barley Construction plc are the contractors for the building of a replacement high technology factory for a multinational company. The total value of the contract is £8,500,000 over a three-year
explain how an appropriate amount of profit may be recognised on a long-term contract before it is completed
describe, in brief, how the accounting standard, SSAP 9, prescribes that long-term contracts be dealt with in the financial statements
explain why long-term contracts are treated differently from normal production or service work
a) The terms cost behaviour and analysis of total cost are regularly used in cost accounting to classify costs. Distinguish between the two terms. (12 marks)(b) Explain how the following costs
Analyse the following costs between:(i) Direct materials(ii) Direct labour(iii) Factory indirect expenses(iv) Administration expenses(v) Selling and distribution expenses(vi) Finance expenses.(a)
describe the flow of costs through a manufacturing company
The Board of Directors of a multinational chemical producing company are considering the final accounts for the year and are discussing the emphasis to be made in the Annual Report.l The Financial
What types of measures could be used to measure social well-being? What difficulties would be discovered in trying to use accounting in measuring these?
describe the conflict between the shareholders’ interests and social considerations.
describe some of the difficulties in the measurement of qualitiative fact
describe five general areas of social accounting
describe the implications of social accounting for the accounting function
explain the term ‘social accounting
Study the passage below and then answer the questions which follow.‘. . . The Government should make auditors produce a standardised set of accounts on a single piece of paper aimed at shareholders
André Lefevre runs a car valeting business and now wishes to expand his operations into car hire. He is considering purchasing a small fleet of five identical cars. His accountant has provided him
A recent survey showed that in investment appraisal, the popularity of payback as an evaluation method continues to grow in spite of its known drawbacks. Of some 92 per cent of firms which use the
Following a particularly stormy board meeting several of the directors are having a private conversation, on the following lines:(i ) The sales director says, ‘I think someone has been stealing
The Grubby Brushes Co. Limited has the following capital structure:The holders of the ordinary shares expect a dividend of 14 per cent per annum. Debenture interest is an allowable charge against
(a) (i ) Calculate the weighted average cost of capital for each of the companies above, on the assumption that debenture interest is an allowable expense against corporation tax, which stands at 40
Richards Chemicals Ltd currently disposes of its waste material by using waste skips (large refuse containers) located around its site. The company has ten skips on site, with each skip being able to
Barchester United (a football club) is negotiating with an Italian club for the transfer of the noted player Luciano Gudshotti to the Barchester United team. It is now the start of the new season and
Eastinteg plc, a major chemical company, had been invited to set up a plant in Eastern Europe in order to provide work in a region of high unemployment. The regional government also hoped that plant

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