SCHOOL OF BUSINESS, ECONOMICS AND MANAGEMENT POSTGRADUATE PROGRAMME GBS 520 FINANCIAL AND MANAGEMENT ACCOUNTING QUESTION BANK
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1 SCHOOL OF BUSINESS, ECONOMICS AND MANAGEMENT POSTGRADUATE PROGRAMME 1 ST SEMESTER 2016 GBS 520 FINANCIAL AND MANAGEMENT ACCOUNTING QUESTION BANK BY BRYSON MUMBA MBA, MAcc, FCCA, FZICA, DiCG, BSc(Hons) 1 P a g e
2 Contents Unit 1: Financial Information for Decision Making... 3 Unit 2: Conceptual Framework of Accounting... 4 Unit 3: Accounting Process... 4 Unit 4: Financial Statements... 5 Unit 5: Analysis and Interpretation of Financial Statements... 8 Unit 6: Costs Unit 7: Information for Decision Making Unit 8: Budgeting Unit 9: Budgetary Control and Reporting Unit 10: Working Capital Management Unit 11:Capital Budgeting P a g e
3 Unit 1: Financial Information for Decision Making QUESTION ONE By reference to the 2014 annual report of Lafarge Plc, write a report to be presented to stakeholders of Lafarge Plc covering the following: a) An explanation of why Lafarge Plc produces annual reports b) A discussion of the main components of an annual report and the intended recipients of the information QUESTION TWO a) Discuss why accounting is relevant to: i. you personally, ii. iii. companies and society. b) Identify eleven(11) users of accounting information c) Discuss the information needs of the users you have identified in (a) above d) Compare and contrast financial accounting and management accounting QUESTION TWO Assume that you are a personnel officer in a manufacturing company, and that one of your employees is a young engineering manager called Joseph Sykes. Joseph has been chosen to attend the University of Lusaka business school to study for a Masters in management. Joseph is reluctant to attend the course because he will have to study accounting. As an engineer he thinks that it will be a waste of time for him to study such a subject. Draft an internal memorandum addressed to Joseph explaining: a) Why it would be of benefit to him to study accounting. b) The types of business ownership and their pros and cons. 3 P a g e
4 Unit 2: Conceptual Framework of Accounting QUESTION ONE a) The International Accounting Standards Board(IASB) has developed a conceptual framework for financial reporting. Briefly describe the principal features of the conceptual framework. b) Explain what measures have been instituted by the accounting profession to ensure that accounting information is truthful or valid. c) Describe the usefulness of the conceptual framework d) What do you consider to be the difficulties resulting from the development and use of the conceptual framework? e) Identify and briefly discuss four advantages of historical cost accounting. f) List and explain the qualitative characteristics of financial statements as provided for in the Conceptual Framework of the IASB. g) Explain the following accounting concepts with an appropriate examples. i. Matching concept ii. iii. iv. Accruals Concept Consistency Concept Going concern concept v. Materiality concept Unit 3: Accounting Process QUESTION ONE a) Explain the terms: a. General Journal b. General Ledger c. Book keeping d. Ledger accounts giving examples b) State the Accounting equation and explain its relevance. c) Give five examples of period end adjustments and show how they are accounted for. 4 P a g e
5 QUESTION TWO Mobela registered a new company called Mobela Enterprises Trading Ltd with PACRA and started operating on 1 January The following transactions took place during his first month in business. On 1 st Jan 2015, Mobela commenced business with K50,000 in cash. On 2 nd Jan 2015, he paid K45,000 of the cash into a business bank account. On 6 th Jan 2015, he bought a van on credit from Kitwe garage for K33,000. Mobela rented shop premises for K10,000 per quarter; he paid for the first quarter immediately by cheque on 6 th Jan He bought goods on credit from Roy Limited for K44,000 on 10 th Jan He paid shop expenses amounting to K1,500 by cheque on 10 th Jan Mobela sold goods on credit to Muyiya Ltd for K83,000 on 11 th Jan 2015 Mobela received a cheque from Muyiya Ltd for 70,000; this cheque was paid immediately into the bank on 20 th Jan 2015 He settled Kitwe garage s account by cheque on 21 st jan 2015 Mobela sent a cheque to Roy Limited for K34,000 on 24 th Jan 2015 Goods costing K30,000 were purchased from Roy Limited on credit on 31 st Jan As at 31 st Jan 2015, total Cash sales for the month amounted to K42,000. a) Enter the above transactions in appropriate ledger accounts, balance off each account as at 31 January 2015, and bring down the balances as at that date. b) Extract a trial balance as at 31 January Unit 4: Financial Statements QUESTION ONE a) State the objectives of financial statements and name components of the primary financial statements through which these objectives are communicated. b) Prepare the statement of financial position and the statement of comprehensive income for Mobela Enterprises Trading Ltd as at 31 st Jan 2015(refer to unit 1 question above). 5 P a g e
6 QUESTION TWO a. The following ledger balances have been extracted from the accounts of Golden Products Trading as at 30 June, Description K K Purchases 82,350 Sales 138,078 Carriage Cost 5,144 Rent and Rates 5,422 Heating and lighting 600 Insurance 1,200 Postage 2,000 Stationery 1,000 Advertising 1,000 Cleaning expense 330 Salaries 19,000 Overtime allowances 6,421 Bad debts written off 800 Bank Charges 77 Accumulated Depreciation - Machinery 10,000 Accumulated Depreciation -Fixtures 9,000 Provision for doubtful debts 130 Debtors and Creditors 12,120 6,471 Inventory on ,927 Bank 8,202 Share Capital 53,091 Cash at hand 1,177 Machinery at Cost 30,000 Fixtures at Cost 28, , ,770 Additional information: i. The company pays annual rent of K2, 400 and three month s rent was still outstanding. ii. iii. K1, 800 of carriage cost relates to carriage outwards and K1,300 is outstanding on advertising Machinery and Fixtures are to be depreciated at a rate of 15% per annum reducing balance. iv. The provision for Doubtful Debts is to be increased to K240. v. Inventory at close of year was valued at K13, 250. Prepare an Income Statement and Statement of Financial Position for Golden Products Trading for the year ended 30 th June, P a g e
7 QUESTION THREE The following is the Trial Balance of Munkoyo Limited as at 31 December 2011 Trial Balance at 31 December 2011 Dr K'000 Cr K'000 Freehold property at carrying value 389,000 Purchases 250,000 Administration expenses 92,400 Equipment at cost 60,000 Distribution costs 54,000 Inventories at 1 January ,000 Accounts receivable 20,800 Final dividend paid for 2010 in June ,500 Loan 20,000 Accounts payable 21,200 Bank 1,500 Ordinary shares of K1 each 220,000 Sales revenue 510,000 Accumulated depreciation on equipment- 1/1/ ,000 Retained profit at 1 January ,220 Share premium at 1 January ,000 Other creditors 8, , ,700 You are given the following additional information relating to the year ended 31 December i) The equipment is depreciated using straight line method at 20% per annum ii) The value of inventories at 31 December 2011 is K27,000,000 iii) Interest on the loan for 2011 has not been accrued. The agreed interest rate on the loan was 6% iv) An invoice of K500,000 for consultancy fees relating to services provided in July was received in January 2012 and is not reflected in the above trial balance. 7 P a g e
8 v) Six months rent of K2,000,000 included in administration expenses, was paid in advance on October vi) It is estimated that the corporation tax charge for 2011 is K20,000,000 Prepare the following financial statements of Munkoyo Ltd for the year ended 31 December Statement of comprehensive income 2. Statement of financial position or Balance sheet Unit 5: Analysis and Interpretation of Financial Statements QUESTION ONE a) Your company is making a review of the financial performance for the past years and you have been called upon to interpret the ratios indicated in the table below. Comment of the liquidity, efficiency and profitability of the company using these ratios. Company Ratio Quick Test) Ratio(Acid Inventory Turnover 11.4 times 10.5 times Receivables Days 20 days 36 days Payables Days 40 days 50 days Gross Profit margin 30% 28% Asset Turnover K1.10 K0.56 QUESTION TWO Company X Plc is a company listed on the Lusaka Stock Exchange. Below are extracts are from the Annual Report for Company X PLC Statement of comprehensive Income for the year ended 31st December 2014: K 000 K 000 Revenue 1,347,778 1,298,033 8 P a g e
9 Cost of sales (729,951) (681,366) Gross profit 617, ,667 Other income 3,743 1,813 Distribution costs (186,920) (172,467) Administrative expenses (184,808) (149,389) Operating profit 249, ,624 Finance Income 33,725 23,296 Finance costs (97,517) (68,905) Net foreign exchange losses Profit before income tax 186, ,015 Income tax expense (54,213) (75,537) Profit for the year 131, ,478 Other comprehensive income 5,286 7,073 Total comprehensive income for the year 137, ,551 Earnings per share Company X PLC Statement of Financial Position as at 31st December 2014: Assets Non-current assets K 000 K 000 Property, plant and equipment 1,431,111 1,304,875 Current assets Inventories 256, ,737 Trade and other receivables 275, ,453 Other financial assets 77,030 64,024 9 P a g e
10 Cash and bank balances 51,007 42,525 Total current assets Total assets Equity and liabilities Capital and reserves Share capital Hedge reserve Share premium Retained earnings Total equity Non-current liabilities Long term loan 660, ,739 2,091,312 1,854,614 5,460 5,460 5,286 7, , , , ,608 1,007, , ,000 Deferred tax liabilities 336, ,888 Total non current liabilities 336, ,888 Current liabilities Short term borrowings 432, ,006 Trade and other payables 314, ,372 Total current liabilities 746, ,378 Total liabilities 1,083, ,266 Total equity and liabilities 2,091,312 1,854,614 a) Calculate the following ratios for 2014 and 2013: 10 P a g e
11 Profitability Efficiency ratios Liquidity Ratios Financing/capital structure Investment ratios Gross Profit % Net Profit % Net working capital turnover Stock days Debtor days Creditor days Current ratio Cash ratio Acid test ratio Debt to equity ratio Interest cover ratio Return on Total Assets(ROA) Return on Equity(ROE) b) Evaluate the financial performance of the company based on the ratios in (a) c) Explain trend analysis as a method for analysing the performance of a company d) Explain common size analysis as a method for analysing the performance of a company e) Discuss the limitations of ratio analysis QUESTION THREE Cruise Limited is a diversified enterprise with overseas operations. The financial statements for the year ended 31 December 2011 include the following information: Income Statement for the year ended 31 December K 000 K 000 Sales Zambia 60,420 57,180 Overseas 90 15,600 60,510 72, P a g e
12 Gross Profit Zambia 19,920 18,900 Overseas 30 5,160 19,950 24,060 Operating 19,680 18,900 Operating profit 270 5,570 Financing costs Profit/Loss before tax ,190 Taxation - 2,400 Net profit/loss after tax ,790 Statement of Financial Position (Balance Sheet) as at 31 December K 000 K 000 K 000 K 000 K 000 Current Assets Bank Accounts receivable 11,910 12,630 Inventory 18,750 20,550 30,800 33,330 Non-current assets Property, plant &Equipment 21,780 20,700 Investments-market value 1,840 1,830 23,620 22,530 Total assets 54,420 55,860 Current Liabilities Accounts payable 12,600 11,250 Short-term borrowings 4,470 3, P a g e
13 Income tax - 3,300 17,070 18,330 Non-current liabilities Loan 2,250 2,250 Equity Paid-up ordinary capital 21,000 21,000 Share premium account 6,000 6,000 Retained profit 8,100 8,280 35,100 35,280 Total liabilities & equity 54,420 55,860 Additional Information i.in January 2011 overseas sales ceased as a result of the introduction of import restrictions by the government of the country to which goods had previously been exported. ii.cruise Ltd has an overdraft with a local bank for which you work as a Finance Director. The maximum overdraft facility is K4,500,000. The Managing Director of Cruise Ltd wrote to your bank on 10 February 2012, requesting a renewal of the overdraft facility for a further year and enclosing a copy of the above draft accounts. The letter draws attention to the fact that the level of the company s operations has declined due to the loss of the overseas market, and continues as: You will see from the accounts that we have succeeded in increasing our sales in Zambia during the year and that the gross profit margin remains at the level achieved during the previous accounting period. We expect to achieve a satisfactory level of profitability in the year ending 31 December Write a report for the Credit Committee of the board of directors of your bank covering the financial performance of Cruise Ltd and a recommendation as to whether the bank should renew the bank overdraft facility that has been applied for. The report should include (as an appendix ) calculations of relevant ratios to support your recommendations Unit 6: Costs QUESTION ONE 13 P a g e
14 Cranks Machine Parts Limited is a spare parts manufacturing company. The following budget information relates to the assembling department for the year to 31 st December 2015: Assembling department Total Budgeted Direct material cost K800,000 Budgeted Direct labour K600,000 Budgeted total fixed factory overhead K300,000 Budgeted Number of units to be produced and sold 20,000 Budgeted Direct labour hours 40,000 Budgeted Machine hours 200,000 a) Explain the difference between absorption costing and marginal costing b) Calculate the overhead absorption rates for the assembling department using each of the following methods: i. Direct material cost ii. Direct labour cost iii. Prime cost iv. Direct labour hours v. Machine hours. c) If the budgeted selling price per unit is K200.00, prepare the budged statement of comprehensive income for the year ending 31 st December 2015 using: i. Marginal costing ii. Absorption costing using direct labour hours absorption rate Unit 7: Information for Decision Making QUESTION ONE a) Discuss the uses, underlying assumptions and limitations of breakeven analysis b) Chongwe Real Estates Company was established in 2013 and business looks to be sluggish at the moment. Management are however hopeful that business will pick with the improvement in the income levels among the local population. The company is currently operating below its breakeven point and is targeting to breakeven within six months. The company specializes in residential accommodation in suburbs of Lusaka East and has 14 P a g e
15 available 270 housing units of 3 bed rooms each located in Silverest area. The following information has been provided relating to the units. i. Maximum Number of Housing Units to let per annum: 270 ii. Rental Price per house per month: K 6, iii. Fixed Overhead Costs per annum: K 3,900,000 iv. The contribution sales ratio (C/S): 20% QUESTION TWO i. Calculate the Break-Even number of housing units. ii. Calculate the housing units required to be rent out to make a target profit of 10% of annual Fixed Costs. iii. Calculate the margin of safety as a % iv. Advise management on whether it should add more housing units than it currently has at the moment and give your reasons. Bestnut Ltd. is producing a part at a cost of K11.00 per unit. The composition of the cost is as follows: Item Cost (ZMK) Materials 3.00 Wages 4.00 Overheads Variable Fixed Total Presently, the firm has been incurring a total fixed cost of K15,000 for manufacturing the current production of 10,000 units. An outsider is offering the same component, in all aspects identical in features, for K10.00 per unit. On enquiry, it is found from the firm that the machine that is manufacturing the parts would remain idle as the machinery cannot be utilized elsewhere. a) Advise with reasons whether the offer be accepted b) If the outside firm reduces the price to K9.00 per unit after negotiation, explain with workings what your advise would be. c) Explain the impact of the fixed costs in the decision-making process? d) List any four(4) advantages and disadvantages of marginal costing. 15 P a g e
16 QUESTION THREE Looking ahead to the financial year ending 31 March 2012, the directors of Problems Limited are faced with a budgeted loss of K10,000. This is based on the following data. Budgeted number of units: 10,000 Sales revenue 100,000 Less: Variable costs (80,000) Contribution 20,000 Less: Fixed costs (30,000) Budgeted loss (10,000) The directors would like to aim for a profit of K20, 000 for the year to 31 March Various proposals have been put forward, none of which require a change in the budgeted level of fixed costs. These proposals are as follows: 1. Reduce the selling price of each unit by 10 per cent. 2. Increase the selling price of each unit by 10 per cent. (a) For each proposal calculate: (i) The break-even position in units and in value terms. (ii) The number of units required to be sold in order to meet the profit target. (b) State which proposal you think should be adopted. Unit 8: Budgeting QUESTION ONE Clement Moonga Nyambe has approached the bank to apply for a mortgage for the construction of a house for the family. Among many other requirements the bank needs applicants for credit to supply is a cash budget for the next two years. As a friend of his, he has approached you, via an that he sent to you, to assist him prepare the cash budget required by the bank. The is a follows: 16 P a g e
17 Hi. The bank has asked me to submit a cash budget covering 2016 and This is in support of my application for a mortgage. I do not understand what a cash budget is let alone how to prepare it. I seek your assistance as I know that you are studying a Masters course at UNILUS. Please prepare my cash budget and it to me Prepare a report to Clement: i. Explaining what a cash budget is, ii. Explaining why it is required by the bank, iii. Explaining how to prepare a cash budget and iv. Attaching a draft cash budget for Clement as requested QUESTION TWO a) On 31 st December 2014, the summary statement of financial position for Arm Services 17 P a g e Limited, was as follows: Arm Services Ltd Statement of financial position As at 31st December 2014 All amounts in Zambian Kwacha 2014 Assets Non-current assets Motor vehicles 6,750 Intangible assets 500 Total non-current assets 7,250 Current Assets Inventories 7,000 Trade and other receivables 3,750 Cash and cash equivalents 2,250 Total current assets 13,000 Total Assets 20,250 Equity Share capital 10,000
18 Revaluation reserves Retained earnings 500 Total equity 10,500 Liabilities Non-current liabilities Loans 1,500 Total non-current liabilities 1,500 Current liabilities Trade and other payables 5,725 Interest accrued 25 Dividends proposed 1,000 Current tax payable 1,500 total current liabilities 8,250 Total liabilities 9,750 Total equity and liabilities 20,250 The following transactions are forecast for the months of January, February, March and April 2015: i. Sales and purchases: Month Credit Sales Cash sales Credit purchases Cash purchases Jan-15 13,750 3,500 6,000 1,500 Feb-15 14,500 11,200 5, Mar-15 15,000 8,500 5,760 1,350 Apr-15 16,000 15,000 16, ii. Wages per month is K2,500 iii. Postage per month is K3,500 iv. Debtors normally pay one month after the credit sale v. Creditors are paid one month after receipt of purchases vi. A new motor vehicle at a cost K50,000, will be in April 2015 but paid for in July 2015 vii. The proposed dividends as at 31 st December 2014 will be paid in March P a g e
19 viii. Closing stock as at 30th April was valued at K10,000 ix. The loan will be serviced by a monthly payment of K200. Loan interest is charged at 10% per annum on the loan balance on the last day of the month. x. The loan interest is paid the following month (a) Prepare a cash budget for the four months to 30 th April 2015 (b) Advise management on the financial outlook for the three months based on the cash budget you have prepared in (a) above. Unit 9: Budgetary Control and Reporting QUESTION ONE a) Discuss the role of the following people in budgeting and budgetary control: i. Board of directors ii. iii. iv. Management Budget committee Budget Officer v. Staff members Unit 10: Working Capital Management QUESTION 1 i. Discuss the most important factors which determine the optimum level of stockholding for a company ii. Define overtrading and discuss its consequences iii. What are the main elements of a company s credit policy iv. Cash is often considered the life-blood of a business. Discuss QUESTION 2 Sound working capital management and in particular credit management plays an important role in the financial success of a business. 1. Discuss the major elements of working capital 2. Explain the role of the credit manager within a business 3. Discuss the major factors a credit manager would consider when assessing the creditworthiness of a particular customer 4. Identify and discuss the major sources of information that may be used to evaluate the creditworthiness of a company 5. State the basis upon which any proposed changes in credit policy should be evaluated 6. Discuss the role of a credit reference bureau in credit management 19 P a g e
20 QUESTION 3 1. Compare and contrast an aggressive working capital strategy versus a relaxed working capital strategy 2. Compare and contrast the three main strategies for financing working capital QUESTION 4 a) What are the main costs associated with stockholding? b) A manufacturer uses 500 units of a component every month and buys them entirely from outside. The ordering costs K60 Price per unit Inventory carrying costs K100 15% on average inventory costs Calculate Economic Order Quantity (EOQ) and total costs of managing inventory c) Discuss possible methods of assessing the creditworthiness of a new customer, identifying potential weaknesses as well as advantages Unit 11:Capital Budgeting QUESTION ONE Kabwe Moonga has just been retired from a company he has worked for as a human resources officer over 20 years. Having been paid his retirement pension, he now wants to invest part of the pension in a business venture. After carrying out a market survey he has identified three different mutually exclusive business ventures but he can only invest in one venture. The projected cash flows and initial investments for the three business ventures are as shown below. Projected cash flows Name of business Venture Fish Farming Piggery Transport ZMK ZMK ZMK Initial Investment required 200, , ,000 Cash flows Year(t) 1 (30,000.00) 45, (80,000.00) 2 40, , , , , , , , , , , , , , , , , , P a g e
21 8 150, , , , , , The cost of capital is 24%. a) Define the following investment appraisal methods and illustrate how projects are selected based on each method: i. Payback period ii. Net Present Value iii. Internal Rate of return iv. Profitability index b) Calculate each business venture s payback period. c) Calculate the net present value (NPV) for each business venture d) Calculate the internal rate of return (IRR) for each business venture. e) Calculate the profitability index(pi) for each business venture f) Rank the three business ventures based on the measures you have calculated above g) Which business venture would you recommend to Kabwe Moonga to invest in. Explain why QUESTION TWO a) Briefly describe two advantages and two disadvantages of Net Present Value b) A company is considering three projects, whose initial capital investment requirements and NPVs are as follows: Project Investment Required NPV ZMK Million ZMK Million A B C Total funds available for investment are K4.0million. All the projects are divisible. Calculate profitability indices for the projects and advise the company how it should invest its funds c) An opportunity has arisen for your company to acquire the specialized product stocks of a bankrupt business for K50,000. The net proceeds from the sale of these stocks will be influenced by a number of factors originating from outside the company but the range of possibilities appears to be as follows: 21 P a g e Possible Amounts of Net Sales Proceeds Probability ZMK % Year 1 24,000 60
22 20, , Year 2 60, , , The estimates for year 2 are independent of those for year 1. The company s required rate of return is 20% a) Calculate the expected net sales proceeds each year; and state whether on this basis the project would be yield the required rate of return. b) Briefly outline five methods of dealing with risk and uncertainty in the appraisal of capital investment projects 22 P a g e
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