All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

6 Operating leases are accounted for differently from finance leases.
5 Annuity calculations are useful when considering rental agreements, hire purchase and leases.
4 The real rate of interest often differs from the apparent rate and an annual percentage rate (APR] must be calculated in order to compare alternatives.
3 How to calculate simple interest, compound interest, APR, annuities and leases.
2 Interest rates may be simple or compound, and interest may be paid at any appropriate frequency. Compound interest will generate significantly greater values than the same rate of simple interest
1 As time passes, money loses value and this loss of value must be allowed for when considering long-term investments.
@ explain the difference between a standard costing system and an actual cost system
@ discuss why the costs of obtaining information should be less than the benefits of having the information
@ explain the difference between scrap, by-products, and joint products
@ discuss some of the issues relating to cost allocation between joint products
@ describe the system of job costing
@ describe the system of process costing
@ explain the appropriate treatment for under- and overabsorbed overheads
@ describe the budgetary process
@ explain the importance of budgets for planning and control
®@ explain how to apply the economic order quantity approach to stock control
@ explain the importance of cash funds to an organisation
@ explain what is meant by the term ‘cash budget’
@® prepare a cash budget
® explain the importance of cash budgeting in the control of cash funds
®@ explain how indirect costs are apportioned among cost centres
@ discuss the advantages and limitations of ABC
@ describe the flow of costs through financial accounts
@ describe the flow of costs through a manufacturing business
@ classify expenses appropriately
@ explain the importance of an effective costing system
@ explain the importance of cost allocation in the context of control
@ explain why the costs relevant for decision-making are often different from those used for the calculation of net profit
@ explain the difference between fixed, variable, semi-variable, and step-variable costs
® explain the difference between absorption and marginal costing discuss various factors underlying the pricing policy adopted by an organisation
® explain why marginal costing, not absorption costing, should be used when deciding how to utilise spare capacity through additional production
® explain what is meant by ‘full cost pricing’
@ explain the importance of contribution to pricing, production, and selling decisions is
@ explain what is meant by activity-based costing (ABC)
@ explain why a cash budget may be prepared
@ explain the difference between profits and cash in the context of organisational survival
@ describe the similarities between the variable production overhead efficiency variance and both the labour efficiency variance and the materials usage variance
@ identify appropriate reasons why variances found have occurred
® explain what is meant by ‘breakeven’
@ prepare breakeven graphs and contribution graphs
@ explain the importance of contribution and fixed costs in identifying the breakeven level of sales
@ use graphs to identify breakeven point, the margin of safety, and the contribution for any level of activity
@ use breakeven graphs to show the impact of changes in costs, volume and selling price upon profitability
@ describe some of the limitations of breakeven charts
@ use a formula in order to calculate the breakeven point
@ explain the relevance of contribution to decisionmaking
@ explain what is meant by and be able to calculate the annual percentage rate[APR]
® calculate the present value of a series of cash flows
@ calculate sales price, volume and mix variances
® suggest possible explanations for variances
@ explain the benefits of budgeting to an organisation
@ explain the importance of effective co-ordination of budgets for the organisation
® prepare a master budget
@ describe the benefits of operating a system of flexible budgeting
@ explain the advantages of adopting a standard costing system
@ distinguish between ideal standards and attainable standards
@ explain the importance of selecting appropriate standards
@ explain the difference between a favourable and an adverse variance
@ calculate materials usage and price variances
@ calculate labour efficiency and wage rate variances
@ explain the similarity between the calculation of the materials usage variance and the labour efficiency variance
@ explain the similarity between the calculation of the materials price variance and the wage rate variance
@ describe what an annuity is and be able to calculate the value of ordinary annuities
@ explain why information must fit the purpose for which it is prepared
@ calculate overhead expenditure variances, volume variances, efficiency variances, and capacity variances
@ explain the difference between the accounting treatment of normal and abnormal losses
@ describe the difference between operating and finance leases and be able to calculate the relevant figures to use in financial statements
The chairman of a public limited company has written his annual report to the shareholders, extracts of which are quoted below.Extract 1‘In May 20X6, in order to provide a basis for more efficient
The directors of the company by which you are employed as an accountant have received the forecast profit and loss account for 20X9 which disclosed a net profit for the year of £36,000.This is
Define forensic accounting and explain how it differs from traditional accounting and auditing.
Calculate the appropriate overhead variances from the following data. (a) Budgeted for £9,000 variable overhead expenditure and 1,500 labour hours of production activity. Actual variable overhead
The Morningside Company Ltd had the following results for the year to 31 December 2013. A single product — a woggley — was made by the company. Budget Actual Sales in units 140,000 168,000 Sales
Felicidade plc manufactures a detergent in one of its factories. The information for the year to 30 June 2014 was as follows: Budget Actual Sales in litres 80,000 75,000 Sales in £ 480,000 480,000
The following data was collected for Metal Chain Ltd for the year ended 31 October 2014. C Budget Budget Actual Actual Budget Budget gross gross Actual Actual gross gross selling sales profit profit
The following information relates to The Melted Cheese Company Ltd for the year to 31 December 2014: Budget Budget Actual Actual Budget selling price gross profit Actual unit selling unit gross
Singleton has been operating for some years as a manufacturer of a single product, and after several years’ growth has decided to form a company Singleton Ltd. His accountant advised him that in an
Flint Palatignium Ltd calculates the prices of its output by adding a mark-up of 15% to standard costs. These standard costs are arrived at by reference to budgeted outputs and estimated direct costs
HGW Limited produces a product called a Lexton. The standard selling price and the manufacturing costs of this product are as follows: £ Standard selling price per unit 86 Standard production costs:
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)
Cover up the schedule you constructed as your answer to 44.1(/) and look instead at the breakeven chart constructed as the answer to 44.1(ii). Answer the following: (a) What are the total costs at
Look at your schedule in answer to 44.1(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
From the schedule in 44.1(/), 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
Polemic Ltd manufacture and sell a single product. The following information is available for three financial years ending 30 September. Price per Unit volume unit 000s Sales £ Actual 2001 130 50
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
At the monthly senior management meeting of Hampshire plc on 1 May 2013, various suggestions were made to improve the profit to be made by selling the firm’s single product in the last quarter of
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. Variable cost per unit
Magwitch Limited's finance director produced the following forecast breakeven chart for the year ending 31 May 2014:During the year the company produced and sold 20,000 units, and both revenue and
(a) How far is it true to state that a company’s breakeven point occurs where the contribution just equals the fixed costs? (6) A company’s detailed information of costs and sales has been
(a) If you were lent £17,000 for 64 days at 6%, how much interest would you pay? (b) If a debt factor offered to discount a £4,000 bill of exchange at 12%, and if the bill had an outstanding period
What is the real rate of interest of discounting the bill of exchange in Question 45.1?
(a) If you were lent £8,000 for 70 days at 5%, how much interest would you pay? (b) If a debt factor offered to discount an £11,000 bill of exchange at 7%, and if the bill had an outstanding period
What is the real rate of interest of discounting the bill of exchange in Question 45.3?
f £5,000 is invested for four years at 7% compound per annum, how much interest is earned over the five years?
lf the interest on the investment in Question 45.6 had been compounded every six months, how much interest would have been earned over the four years?
Shares bought on 1 January 2010 for £2,500 were sold on 31 December 2014 for £4,400. What was the rate of annual compound interest on the investment?
Should you accept an offer of £50,000 for your rights over the next 12 years to the £5,000 annual rent from shop premises you own and have leased to a local company? You could invest the £50,000
In relation to the rental income, what rate of interest does the offer made in Question 45.9 represent?
condition of an eight-year loan of £40,000 is that the borrower will pay equal annual amounts into a sinking fund so that it accumulates at the end of the eight years to the amount of the loan. The
If the interest on the sinking fund in Question 45.11 were at 7%, how much would the annual payments into it be?
The annual rental payments on a five-year lease are £11,000. If the rate of interest payable on borrowing for this purpose is 9%, what is the capital value of the lease?

Showing 100 - 200 of 2069

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved