AFE7511-A Accounting and Finance Interpretation and Evaluation

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AFE7511-A Accounting and Finance

Question:

Question 1:

  1. According to the International Financial Reporting Standards, Liabilities should be classified into current and non-current Liabilities. Explain what “Liabilities” means and what are the main criteria for companies to record Liabilities. How can you differentiate between current and non-current Liabilities, use examples to illustrate your answer?
  2. Discuss the main advantages and disadvantages of the Accounting Rate of Return, Internal Rate of Return, and Payback period.
  3. Discuss the differences between the Direct and Indirect costs using examples. You must use the relevant academic literature to answer these questions and include references appropriately as evidence of your wider reading and research. (20 marks)

Question 2:

The following information is also available: –

  1. Closing stock at 31 st of December 2020 is £30,000

Included in the rent expense is £14,000 rent paid for the year ended at 30th of June 2021.

Late Bills of £5,000 for November and December 2020 has not been included in the Bills expense

Required: showing full workings, you are required to:

Prepare an Income Statement and a Balance Sheet for HANY plc at 31st of December 2020.

Analyse the financial position for HANY plc, your analysis should include a discussion of their profitability, liquidity, and efficiency positions (three ratios are required for each position).

Advise the current and potential shareholders of HANY plc whether they should sell or keep their shares in the company and why. Given that the industry average for some of the ratios are as follows: net profit ratio is 25%, current ratio is 150%, debtors’ days 140 days and creditors days 100 days.

Question 3:

SGB Ltd is to be incorporated on 1st of October 2021. The opening cash balance is£30,000. The business has produced the following estimates:

1- Purchases are expected to be £6,000 on October; £9000 per month from November to March. 10% discount is agreed for immediate cash purchases over £7,000; otherwise purchases can be paid on two months credit. SGB Ltd’s policy is to receive cash discounts when available.

2- Bills will be £1500 monthly. Rent will be £3000 per month for the first three months and £5000 per month for the following three months. Both types of expense will be payable when incurred.

3- Planned sales income will be £8,000 from October until, and including January; and sales revenue will rise to £15,000 for the next two months. All sales will be on one-month credit.

4- In December, the company will buy a Machine for £8,000 on credit. Two equal instalments will be paid one in January and the other one in Feb 2022, in cash.

Required

Prepare a cash budget for SGB Ltd for the six-month period ended March 31, 2022.

Advice the management of SGB Ltd on what they need to do to properly manage their cash in the next six months (from October 2021 to March 2022).

Discuss the difference between the role of financial accountants and management accountants.

AFE7511-A Accounting and Finance

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