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frank woods business accounting

Questions and Answers of Frank Woods Business Accounting

The following project costs have been estimated relating to the upgrading of some equipment; all the costs are being incurred solely because of the project: 2013 £ January 1 One year’s rent on
Assume the company in Question 46.1 pays tax at 30%, on 30 September each year, nine months after the end of its financial period. The company receives 20% writing-down allowances on the cost of
Assuming an interest rate of 6%, what is the net present value of the net of tax cash flows in Question 46.2 for 2013, 2014, 2015 and 2016?
The annual forecasted profit from a project is: £ £ Sales 220,000 Labour, materials, and overheads 60,000 Depreciation 15,000 (75,000) Net profit before tax 145,000 Tax at 30% (43,500) Net profit
if the interest rate is 7%, what is the net present value of the net cash flows arising from the project in Question 46.4A?
if retained, a machine would be depreciated £3,000 for each of the next five years, at which point it would be fully written-down and scrapped. The machine could be sold at any point in the next
What is the payback period on the following project cash flows? (Brackets indicate expenditure.) Year Net cash flows if 0 (15,000) 1 10,000 2 6,000 3 3,000 4 1,000
Using a discount rate of 8%, what is the net present value of the project in Question 46.7?
What is the internal rate of return on the project in Question 46.7?
What is the annualised amount of the net benefits from the project in Question 46.7?
Using a discount rate of 6%, what is the net present value of the project in Question 46.11A?
What is the internal rate of return on the project in Question 46.11A?
What is the annualised amount of the net benefits from the project in Question 46.11A?
The annual profit forecast for a project is: £ £ Sales 160,000 Labour, materials, and overheads 46,000 Depreciation 24,000 70,000 Net profit before tax 90,000 The project requires that a new
Assuming that all sales are for cash, what is the internal rate of return on the project in Question 46.15A?
Which of the following two mutually exclusive alternatives should be selected if a 5% interest rate is used for the calculation of net present value? Net cash flow Net cash flow Year 0 Year 3 ef iB
Using internal rate of return, which of the two projects in Question 46.17 would be preferred?
Which of the following two mutually exclusive alternatives should be selected if a 7% interest rate is used for the calculation of net present value? Net cash flow Net cash flow Net cash flow Year 0
Using internal rate of return, which of the two projects in Question 46.19A would be preferred?
Equipment with an estimated useful economic life of four years has an NPV of £4,200 using an 8% discount rate. What is the annualised equivalent of the £4,200 NPV?
Two mutually exclusive alternatives are available. Project X will require initial investment of £50,000 and run for three years at a cost of £8,000 per annum. Project Y will require initial
A machine with a four-year useful life could be purchased for £50,000. It would have zero residual value at the end of the four years. Alternatively, the machine could be rented at £15,180 per
Roadwheelers Ltd were considering buying an additional lorry but the company had not yet decided which particular lorry to purchase. The lorries had broadly similar technical specifications and each
Hirwaun Pig Iron Co. operate a single blast furnace producing pig iron. The present blast furnace is obsolete and the company is considering its replacement. The alternatives the company is
Moray Ferries Ltd own a single ship which provides a short sea ferry service for passengers, private vehicles and commercial traffic. The present ship is nearing the end of its useful life and the
The Rovers Football Club are languishing in the middle of the Premier Division of the Football League. The Club have suffered a loss of £200,000 in their last financial year and whilst receipts from
47.2 Compare the balanced scorecard to a traditional financial-accounting-based performance measurement.
Compare and contrast the four perspectives of the balanced scorecard.
What is enterprise resource planning?
What is e-commerce?
Rimham plc prepares its budgets annually and as the accountant you are responsible for this task. The following standard data is available: Material content Product X Product Y Product Z kg kg kg
Calculate the materials variances from the following data: (i) Material A: Standard price per tonne £10 Standard usage per unit 30 tonnes Actual price per tonne £9 Actual usage per unit 35 tonnes
A Calculate the materials variances from the following data: (i) Material T: Standard price per metre £11 Standard usage per unit 176 metres Actual price per metre £11 Actual usage per unit 171
Calculate the labour variances from the following data: Standard Actual Standard Actual hours hours wage rate (£) wage rate (£) (i) JobJ 440 432 6.00 6.00 (if) Job K 230 230 5.60 5.80 (iif) JobL
Calculate the labour variances from the following data: Standard Actual Standard Actual hours hours wage rate (£) wage rate (£) (i) Joba 450 426 5.20 5.60 (ii) Jobb 660 680 4.90 4.70 (iii) Jobc 150
The company for which you are the accountant manufactures three related, but different, products. These are dishwashers, washing machines and refrigerators. Each product has a standard time per unit
Central Grid plc manufactures tungsten parts which pass through two processes, machining and polishing, before being transferred to finished goods. The management of the company have in operation a
Borrico Ltd manufacture a single product and they had recently introduced a system of budgeting and variance analysis. The following information is available for the month of July 2014: = 1 Budget
(a) How does a system of standard costing enable a business to operate on the principle of management by exception? (b) Some of the following materials and labour variances have been wrongly
Makers Ltd assembles computer games machines. Standard costs have been prepared as follows: Gamesmaster Gotchya i £ Standard cost: Direct material: boards 5 10 components 20 30 Direct labour:
Richard Toms has agreed to purchase the business of Norman Soul with effect from 1 August 2013. Soul's budgeted working capital at 1 August 2013 is as follows:\begin{tabular}{lccc}Current assets &
A A company's estimated pattern of costs and revenues for the first four months of 2013 is as follows:\begin{tabular}{|c|c|c|c|c|}\hline \multicolumn{5}{|c|}{ Costs and Revenues: January-April 2013 (
F. Tain is opening his first boutique on 1 July 2014. He is investing $£ 30,000$ as capital. His plans are as follows:(i) On 1 July 2014 to buy and pay for premises $£ 60,000$; shop fixtures $£
A M. Lamb is going to set up a new business on 1 April 2014. She estimates that her first six months in business will be as follows:(i) She will put $£ 60,000$ into a bank account for the business
(a) What is meant by the terms:(i) Budget(ii) Operating budget(iii) Master budget?(b) The information below relates to the business of Madingley Ltd:Statement of Financial Position as at 30 May 2013
The following information has been extracted from the books of Issa Ltd for the financial year ended 31 December 2013.Income Statement for the year ending 31 December
The statement of financial position of Pies and Cakes Ltd at 30 June 2014 was expected to be as follows:The plans for the six months to 31 December 2014 can be summarised as:(i) Production costs per
The following information relates to the actual sales of Griffton Ltd during the last four months of its financial year.\begin{tabular}{lcccr}& March & April & May & June \\Quantity (units) & 900 &
Bedford Ltd is a manufacturing business with several production departments. Benjamin Kent, the manager of the machining department, submitted the following figures for the firm's annual budget for
A The summarised statement of financial position of Newland Traders at 30 May 2013 was as follows:\begin{tabular}{lrr}$\mathbf{1 0 0 0}$ & $\mathbf{1 0 0 0}$ \\Non-current assets at cost & & 610
A Len Auck and Brian Land trade as partners in Auckland Manufacturing Company making components for minicomputers. To cope with increasing demand the partners intend to extend their manufacturing
In a factory, four types of jobs are performed in separate production departments A, B, C and $\mathrm{D}$. In addition there are three service departments, K, $\mathrm{L}$ and $\mathrm{M}$. Costs
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 $£ 7$ ?\begin{tabular}{llr}Job 351:
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
For the company in Question 37.3A, what would be the costs of the following jobs, given that the direct labour rate per hour is Dept $P £ 6 ; Q £ 9 ; R £ 8 ; S £ 11 ; T £ 10$ ?Job 701: Dept R
(a) Define the term equivalent production and state when the principle is used.(b) During May 2013, M Wurzel \& Co. Limited's output was 4,000 finished items plus 600 partly finished items. There was
(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 batches
A 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
A From the information given below, you are required to:(a) Prepare a standard cost sheet for one unit and enter on the standard cost sheet the costs to show sub-totals for:(i) Prime cost(ii)
Using the data provided below, what production levels should be set for each month?\begin{tabular}{lcccccc}Units 2014 & Jul & Aug & Sept & Oct & Nov & Dec \\(a) Inventory levels wanted at the & & & &
For the year ended 31 December 2013, the quantities of units sold are expected to be:\begin{tabular}{llll}January & 330 & July & 210 \\February & 540 & August & 290 \\March & 310 & September & 510
The Wizard Emporium specialises in clothing for students attending the local school. Demand is seasonal and care is needed to ensure there is sufficient inventory at the three peak periods of demand.
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 2013:(a) Opening cash (including bank) balance on 1
Herbert Limited make a single product, whose unit budget details are as follows:\begin{tabular}{lll}Selling price & $£$ & $£$ \\Less Costs & & 30 \\Direct material & 9 \\Direct labour & 4 \\Direct
A Mtoto Ltd operate as wholesale 'cash and carry' stores and in addition to its main store have two other depots. The company's summarised statement of financial position as at 31 August 2014 was as
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
The managing director of Pumpkin Ltd was reviewing the results of the company for the financial year ended 31 March 2013. The following summarised information was available:Balances as at 1 April
A lan 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
Plant and equipment was purchased on 1 January 2012 for $£ 30,000$, when the relevant specific price index was 90 . What is the current cost value of the asset at 31 December 2013 if the index at
A The plant and equipment, details of which are given in Question 30.4, is depreciated on a straight line basis at $10 \%$ per annum. The depreciation charge is based on year-end values. What is the
Calculate backlog depreciation at 31 December 2014 for the plant and equipment, the details of which are given in Question 30.5A.
A A company purchased equipment on 1 January 2013 for $£ 40,000$, at which date the relevant price index for equipment was 100 . Depreciation is charged on a straight line basis at $25 \%$ per
The historical cost of sales figure for Pear Ltd for the year ended 31 December 2012 is calculated as follows:\begin{tabular}{lr}Opening inventory & $£$ \\Purchases & 50,000 \\& 450,000 \\Closing
A The statement of financial position of Seafield Ltd at 31 December shows the following balances:\begin{tabular}{lcc}& 31 December 2013 & 31 December 2012 \\Trade accounts receivable & $£$ & $£$
If the relevant price indices for trade accounts receivable and trade accounts payable are as follows, calculate the monetary working capital adjustment for Seafield Ltd, using the details given in
A The information given below has been extracted from the accounting records of Cedarwood Ltd for the year ending 30 June 2013. Prepare a statement showing the current cost operating profit to 30
The statement of financial position for Cremore Ltd at 31 December is given below ( $£ 000$ ):2012 2011 Non-current assets Plant and equipment$\begin{array}{ll}\text { Cost } & 800 \\
A The following information has been extracted from the accounting records of Sycamore Ltd for the year ended 30 June 2012.\begin{tabular}{lr}& $£$ \\Sales & $9,000,000$ \\Historical cost trading
During a period of inflation, many accountants believe that financial reports prepared under the historical cost convention are subject to the following major limitations:1 inventories are
A You are presented with the following information relating to Messiter plc:\begin{tabular}{|c|c|c|}\hline Year to 31 December & \begin{tabular}{c}2007 \\$\mathrm{fm}$\end{tabular} &
Describe the management process and how it operates.
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
A 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 ( $70 \%$ is directly concerned with units being
A From the following information work out:(a) Prime cost(b) Production cost(c) Total cost.Wages and salaries of employees: ..... $£$In factory ( $60 \%$ is directly concerned with units .....
Explain the difference between financial accounting and management accounting and the relationship between cost accounting, financial accounting, and management accounting.
Raleigh Ltd's costs for the current year are expected to be:$£ \quad £$Direct labour 600,000 Direct materials Indirect manufacturing costs:Variable 450,000
A Jack Ltd expects its cost per unit, assuming a production level of 200,000 units per annum, to be:\begin{tabular}{ll}& $£$ \\Direct materials & 3.2 \\Direct labour & Fixed \\Indirect manufacturing
Using the data from the solution to Review Question 36.3: (a) explain why there is a difference between the total gross profits of Lima over the three years and that of Delfina; and (b) how is the
Greatsound Ltd manufactures and sells compact disc players, the cost of which is made up as follows:\begin{tabular}{lr}& $£$ \\Direct material & 74.80\\Direct labour & 18.70\\Variable overhead &
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 is in
A Reed Ltd manufactures three products A, B and C. Budgeted costs and selling prices for the three months ending 30 September 2012 are as follows:\begin{tabular}{lccc}& A & \multicolumn{1}{c}{ B } &
Paul Wagtail started a small manufacturing business on 1 May 2011. He has kept his records on the double entry system, and has drawn up a trial balance at 30 April 2012 before attempting to prepare
A 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
A 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 13 periods of four weeks. There
A Vale Manufacturing started in business on 1 April 2011, and incurred the following costs during its first three years.\begin{tabular}{lccc}Year ending 31 March & 2012 & 2013 & 2014 \\Direct
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

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