Answer Key Unit 1: Financial Accounting
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1 nswer Key Unit 1: Financial ccounting Module 1: ccounting Theory, Recording and ontrol Systems ccounting Fundamentals No. nswers Further explanations
2 Recording Financial Information No. nswers Further explanations 1 2 Explanation The body of the question says, an equivalent value of ordinary shares and makes no mention of the value of the shares. The possible answer is that ordinary shares (common stock) issued is equal to the fair value physical assets. The acquisition of assets is always at fair value not at book value. 2
3 3 Fair Value of the individual asset Fair Value of the total assets The acquisition cost = Recorded value of the individual assets = $ $ $ = $ Fair Value of the asset Fair Value of the total asset The acquisition cost = Recorded value of the individual assets = $ $ $ = $ Goodwill = The purchase price of the business the fair value of the business = $ $ = $
4 18 19 Reducing balance method for calculating depreciation Formula: epreciation for the year = *Net ook Value (NV) given percentage = * % = $ *Net ook Value = Property, Plant and Equipment at cost ccumulated epreciation The journal is r: Income Summary; r: llowance for epreciation Explanation ny issue of common stock (ordinary shares) to current shareholders at a discounted price from market price is called a rights issue. The issue of shares was a rights issue. The current ordinary shareholders were issued the shares at which is $2.00 above par ($12.00 $10.00 = $2.00). The market price does not matter in a rights issue as the shares are usually issued lower than market price, that is, a discounted price for current shareholders. s a result: r: ash: ash ollected = $ ordinary shares = $ r: Ordinary Shares: Ordinary Shares value = $ ordinary shares = $ r: Paid-in apital in Excess of Par: apital in Excess of Par = $ ordinary shares = $
5 Internal ontrols No. nswers Further explanations Explanation lthough most students see the answer as establishment of responsibility or segregation of duties, the issue here is the lack of supervision or checking of the money by someone other than the cashier to verify that the sum collected is equal to the day s recorded receipts up to the point that the deposit slip is prepared and deposited into the night deposit facility. 13 5
6 Module 2: Preparation of Financial Statements Forms of usiness Organisations No. nswers Further explanations
7 1.2.2 Preparation and Presentation of Statement of omprehensive Income No. nswers Further explanations Total number of units in stock = 900 Number of units of stock remaining in stock = Total number of units Stock issued = = 300 Value of stock using FIFO = (200 14) + (100 ) = $ Value of stock using weighted average = Total value of units in hand / Total number of units in hand = $12 200/900 = =$ = $ (Opening capital + dditional capital) (losing capital + drawings) = ($ $30 000) ($ $10 000) = $
8 1.2.3 Preparation and Presentation of Statements of Retained Earning and Financial Position No. nswers Further explanations 1 Retained Earnings 1 January 2014 $ Prior year adjustment understatement depreciation ($20 000) djusted Retained Earnings January 2014 $ Profit for the year $ $0 000 ividends declared $(20 000) alance of retained earnings for 2014 $ ost of Equipment llowance for depreciation 10% = ($ $25 000) 10% = $ llowance for depreciation + annual depreciation = ($ $7500) = $ ost of depreciation accumulated depreciation = ($ $32 500) = $
9 Monthly salary 12 = $ = $ Total salaries paid for the year salaries for the period = $ $ = $ losing capital = = 22 Net loss = Opening capital minus closing capital = = 178 loss Preparation of Financial Statement for other businesses No. nswers Further explanations 1 2 -year mortgage value 10% = % = $
10 3 $ Sales Purchases (800000) Honoraria (30 000) Insurance (5000) General (10 000) Salaries and wages (30 000) Loan interest (20 000) Net profit members 0 monthly subscriptions = $ ommon stock bonus shares = $ ommon stock + bonus shares rights issues = $ $ = $
11 ommon Stock = $ $ $6 000 = $ The bonus shares total of $ will deducted from the additional capital first and the remainder from retained earnings Therefore dditional apital = $ $ = 0 and Retained Earnings = $ $1 000 = $ $ Sales revenues $0 000 ost of goods sold (80 000) Gross profit Other revenues Selling expenses (10 000) dministrative expenses (20 000) Other expenses ( 000) Finance costs (8000) Profit before tax Profit before tax $ % = $7 400 Profit before tax $ orporation tax $7400 = $ ccounting for Partnerships No. nswers Further explanations 1 2 Total Fair market value of assets Total capital = ($ $ $ $40 000) $ = $
12 5 Value of shares ($ ) old capital added to new investment ($ ) = $ Old partners capital + new partner capital = ($ $ $ ) = $ Total investment 1/5 interest = $ = $ Wood s investment Wood s interest = $ $ = $ Net profit $ Salary $6 000 = remaining profits to be shared $ /5 share of profit $ = $ /5 share of profit $ = $ Total income to be shared = Income less share of interest of capital ($ % =$10 000) + ($ % = $5 000) = $ mount of income to be shared between partners = $ = $ each Old partners capitals + New partner capital = $ $ $ = $ New partner 1/5 share of capital is $ = $
13 Total loss to be shared equally = $ = $ Module 3: Financial Reporting and Interpretation Preparation of ashflow Statement (Indirect Method Only) No. nswers Further explanations 1 2 Explanation It is important to remember that not only are cash items and items that can be easily converted to cash considered to be cash and cash equivalents, but a bank overdraft, because of its nature of being a demand payment, significantly affects the cash balance and should be included in this total
14 10 Explanation and working Under IS 7, operating activities start with the profit before interest and tax. djustment must also be made for any Investment income, such as dividend income or interest income for the period. Profit before interest and tax = Net Income + Tax for the year + Interest expense for the year Interest income or Investment income for the year = $ $ $00 ($ $6000) = $ Explanation and working Net cash flow from operating activities is calculated as follows: Profit before interest and tax + *Net non-cashflow adjustments + *Net changes to working capital Tax paid Interest paid *(this figure can be positive or negative) In this question it is calculated as follows: Profit before interest and taxes as calculated in the previous question $ djustments (noncash flow items) epreciation $1750 Gain on sale of equipment ($900) $28 0 hanges in working capital Net increase in current assets except cash ($6000) Net increase in current liabilities $4500 ($00) Interest paid ($1200) Tax paid ($3200) Net cashflow from operating activities $ Explanation Since the land was exchanged for ordinary shares there is no exchange of cash in the transaction. However, because of its significance to the financial statements and as a result the users of these statements, IS 7 requires that there must be separate disclosure of this transaction in the notes. 14
15 13 Explanation and working Net cashflow from investing activities = Proceeds from sale or disposal of non-current assets Purchase of non-current assets + Investment income In this question the following items are investing activity items: 14 Purchase of motor van ($ 000) Proceeds from sale of equipment $6000 ividend Income $6000 Interest income received $1200 Net cash flow from investing activities ($1800) Financial Statements nalysis: Ratios No. nswers Further explanations losing inventory = Opening inventory 110% = $ % = $ verage inventory = (Opening Inventory + losing Inventory) 2 = ($ ($ %)) 2 = $ Stock Turnover = ost of Sales verage Inventory = *$ $ = 3.05 times *ost of sales = 80% of sales = 80% $ = $
16 6 ccounts receivable days ratio = verage ccounts Receivables redit Sales Number of business days = *$ $ = 57 days *verage receivable = (Opening Receivables + losing Receivables) 2 = ($ $ 000) 2 = $ ccounts payable days ratio = verage ccounts Payables ost of Sales Number of business days = *$ 000 $ = 64 days *verage Payables = (Opening Payables + losing Payables) 2 = ($ $ 000) 2 = $ urrent Ratio = urrent ssets urrent Liabilities = ($ $ $ $ 000) ($ $ $ 000) = $ $ = 1.81:1 11 cid Test/Quick Ratio = (urrent ssets Inventory) urrent Liabilities = ($ $ $30 000) ($ $ $ 000) = $ $ = 1.41: Gross Profit Percentage = *Gross Profit Net Sales 100 = $ $ = 52.63% Gross Profit = *Net Sales ost of Sales = $2 000 $ = $ Net Sales = Sales Sales returns and llowances = $6 000 $4000 = $
17 Net profit margin = *Net Profit Net Sales 100 = $ $ = 25.16% *Net Profit = Profit before tax corporation tax = $ ($ %) = $ Profit before tax = Net Sales + other revenues ost of Sales operating and other expenses = $ $7000 $ $ $ = $ Net Sales = Sales Sales returns and llowances = $6 000 $4000 = $2 000 Income attributable to ordinary shareholders = Net Income Preference ividend = $ $6000 = $ Earnings per share = Income attributable to ordinary shareholders divided by average number of ordinary shares in issue = ($ $6000) ((26000 shares shares) 2) = $3.00 per ordinary share MV per share / EPS = $25 / 3 = 8.33 (TL + TNL) / T = ( ) / 750 = 40% (TL + TNL) / TSE = ( ) / 250 = isclosures and Receivership No. nswers Further explanations
18 Total 90% = ( ) 90% =
19
20 Unit 2: ost and Management ccounting Module 1: osting Principles Introduction to ost and Management ccounting No. nswers Further explanations Manufacturing ccounts Preparation No. nswers Further explanations
21 5 eginning finished goods inventory $ dd cost of goods manufactured $ $ Less ending finished goods inventory $ ost of goods sold $ ost lassification and urves No. nswers Further explanations Elements of ost: Materials No. nswers Further explanations
22 8 ost of goods sold is calculated as follows. $ = $ $ = $ $ = $ $ $ = ($33 600) $ = ($48 000) $ = ($8 400) $ Safety stock = (maximum expected usage for the week average usage per week) lead time = (0 100) 3 = 0 Reorder point = (lead time average weekly usage) + safety stock = (3 100) + 0 = Elements of ost: Labour No. nswers Further explanations
23 3 Normal hours idle hours rate per hour = 40 3 = = $666 4 Idle time rate per hour + total direct labour = = $ Explanation These are alternative treatments; they cannot be applied simultaneously. Period costs is not an option in this case because it refers to production workers Number of hours rate per hour = 40 $50 = $ Time and half overtime hours = $ = $ $0.50 = $ $0.55 = $55 45 $0.60 = $27 $382 23
24 2.1.6 Elements of ost: Overheads No. nswers Further explanations 1 Household department total space occupied = ( ) $ = $ llocation basis: Janitorial + Mixing + aking = = 140 llocation: (10 140) $ =$ udgeted overhead costs budgeted direct labour hours = $ = $ Total overhead = ssembly (8 $8 = $64) + Finishing ( $ =$225) = $289 24
25 14 irect material ($130 + $35) $165 irect labour ($40 + $90) $130 Overhead (from previous question) $289 $ ecision Making Relevant osting No. nswers Further explanations 1 ost per unit for direct material = $ = $5.00 ost per unit for direct labour = $ = $8.00 Variable manufacturing overhead = ($ %) 7500 = $0.80 Variable selling overhead = ($ %) 7500 = $1.00 Total unit cost = $5 +$8 + $ $1 = $14.80 ost to produce special order = (200 $14.80) + $400 [additional fixed cost] = $ Price per unit to earn $1000 = ($ $1000) 200 =
26 4 Make $ uy $ Net income increase (decrease) $ irect materials irect labour Variable manufacturing overhead Fixed manufacturing overhead Purchase price ( $1.50) ( ) Expected decrease in revenue ($ ) Expected decrease in total variable cost $ Expected decrease in fixed cost (50%) $ Expected decrease in total cost $ Expected decrease in operating income ($20 000) 13 26
27 14 irect material $2 500 irect labour $1000 Variable manufacturing overhead $200 Total variable costs $3 700 Variable cost: Make $ Outsource $ ifference $ irect material irect labour Variable manufacturing overhead Purchase price (7 $500) (3500) Module 2: osting Systems Traditional osting and ctivity ased osting No. nswers Further explanations units 2.5 hrs = hours 27
28 7 OHR = Total estimated overhead cost Total estimated activity = $ ((4000 units $22.50) + (6000 units $31.50)) = $ $ = $0.90 per direct labour dollar units 2.5 hrs $9 = $ $ / hrs = $ $ / 10 phone calls = $ POHR = Total estimated overhead cost Total estimated activity = Total estimated overhead cost Total labour hours = $ ( ) = $ Overhead absorbed = POHR ctivity for product = $ direct labour hours = $ ost $ Total activity Overhead activity rate $ ustom tablets overhead cost using Set ups set ups 570/set up $ = $ Machine maintenance machine hours 9/mhr $ = $ Total manufacturing Overhead costs $ $ = $
29 2.2.2 Job osting ost $ Total activity Set ups set ups Machine maintenance machine hours Total manufacturing Overhead costs 29 Overhead activity rate $ Slimline tablets overhead cost using 570/set up $ = $ /mhr $ = $ $ $ = $1 200 ifference in overhead = cost traditional costing cost = $1 200 $ = $ No. nswers Further explanations Overhead applied = ctivity for the job *POHR = Labour cost 60% = (*$ hours) 60% = $2016 *Labour rate per hour = $ hours = Selling price of Job 121 = *ost of Job % = $ % = $ *ost of Job 121 = irect materials + irect labour + Manufacturing overhead = $ ($ hours) + ($ hours 60%) = $12 144
30 7 8 9 Overhead application rate = (Total cost of Job P123 irect costs) Total irect labour costs 100 = ($ ($ $5000)) $ = 16% 10 Overhead application rate = (Total cost of Job 2 34 irect costs) Total irect costs 100 = ($ {[32 hours $250] + $6000}) {[32 hours $250] + $6000} 100 = ($ ) = 20% 11 Total overhead applied = Total labour cost Predetermined overhead rate = ($120 + $130 + $300 + $240 + $250 + $230 + $260) 120% = $ Ending WIP inventory = Job Job 623 = ($100 + $240 + $ %) + ($390 + $260 + $ %) = $90 13 Remember to include all the elements of cost, not only direct costs. Jobs 617, 618 and 621 were sold during the period. The calculation is as follows. Job No. Opening work in process $ irect materials $ irect labour $ Overhead applied $ Total $ % = % = % = Total cost of goods sold $
31 $ % = $0 000 $ $0 000 = $ under-applied Overhead % for Job N75 = Overhead applied Total cost of job 100 = (4000 labour hours $25.00) ( ( )) 100 = 40% Total over/under applied overhead = ctual overhead overhead applied = $ (4000 hrs hrs) 25 = $ $ = $ 000 under applied Gross profit percentage = (Selling price ost of Job) Selling Price 100 = {$ [$ $ (4000 $25.00)]} $ = = 11% Process osting No. nswers Further explanations
32 4 eginning work-in-process inventory (80% to complete): % 3200 Units started and completed during the period: (Total units accounted for *ending WIP inventory *beginning WIP inventory) ( units 3000 units 4000 units) 5000 Units completed and transferred out 8200 Ending work-in-process inventory (40% complete): % 1200 Total equivalent units 9400 *This does not consider the percentage of completion 5 eginning work-in-process inventory (80% to complete): % 3200 Units started and completed during the period: (Total units accounted for *ending WIP inventory *beginning WIP inventory) ( units 6000 units 4000 units) Units completed and transferred out Ending work-in-process inventory (40% complete): % 2400 Total equivalent units *This does not consider the percentage of completion 6 When using weighted average, the percentage on completion for beginning inventory is ignored. Units completed and transferred out (Total units accounted for *ending WIP inventory) ( ) Ending work-in-process inventory (40% complete): % 2400 Total equivalent units *This does not consider the percentage of completion 32
33 7 Using both FIFO and weighted average methods the answer is the same. This part of the production report does not consider the percentage of completion. Total units to account for = eginning WIP inventory + Units started during the period = 4000 units units = units 8 Using both FIFO and weighted average methods the answer is the same. This part or the production report does not consider the percentage of completion. Total units to account for = eginning WIP inventory + Units started during the period = units units = units 9 ( %) ( %) = ( %) = =
34 eginning work-in-process inventory (30% to complete): % = 4500 Units started and completed during the period: (Total units accounted for *ending WIP inventory *beginning WIP inventory) ( units units 000 units) Units completed and transferred out Ending work-in-process inventory (60% complete): % Total equivalent units eginning work-in-process inventory (60% to complete): % = Units started and completed during the period (Total units accounted for *ending WIP inventory *beginning WIP inventory) ( units units 000 units) Units completed and transferred out Ending work-in-process inventory (20% complete): % 9000 Total equivalent units Equivalent unit cost: irect Materials = ost added during the period Equivalent units = $ = $2.176 Equivalent unit cost: onversion ost = ost added during the period Equivalent units = $ = $2.224 Total Equivalent Unit ost = Equivalent unit cost: irect Materials + Equivalent unit cost: onversion ost = $ $2.224 = $ % =
35 2.2.4 Marginal osting and bsorption osting Techniques No. nswers Further explanations Explanation and working To calculate the fixed manufacturing overhead unit cost, remember to divide the total fixed manufacturing overhead by the number of units produced. Remember this unit cost can change based on the level of output. The calculation for this question is as follows. Total fixed manufacturing overhead Number of units produced = $ units = $ bsorption costing: total unit cost irect materials $20 irect labour $40 Variable manufacturing overhead $8 Unit fixed manufacturing overhead $20 Total unit cost $88 10 Variable costing: total unit cost irect materials $20 irect labour $40 Variable manufacturing overhead $8 Total unit cost $68 35
36 11 bsorption costing closing inventory cost = losing inventory units total unit product cost = *700 units $88 total unit product cost = $ *losing inventory units = Opening Inventory units + units produced Units sold = = 700 units 12 bsorption costing closing inventory cost = losing inventory units total unit product cost = *700 units $68 total unit product cost = $ *losing inventory units = Opening Inventory units + units produced Units sold = = 700 units Service Sector osting No. nswers Further explanations POHR = Total Estimated Overhead Total Estimated ctivity = ($ $ $ ) $ = $
37 8 lexander aterers = POHR ctual auditor direct labour costs Total overhead applied = $0.85 (360 [$ hours]) = $ ost of lexander Job = irect Labour cost + Overhead pplied = (360 hours $125 per hour) + $ = $ $ / hrs = $125 ph 10 Module 3: Planning and ecision Making udgeting No. nswers Further explanations Sales 120 Ending inventory (60% 140) ugust 84 Opening inventory (50) udgeted purchases for July
38 January February March udgeted sales in units selling price $20 $20 $20 $ $ $ January February March ccounts receivable Sales January (25%, 75%) Sales February (25%, 75%) Sales March (25%, 75%) ash balance $ ash collections $ ash available $1 000 ash disbursement $(0 000) ash deficit $(35 000) Ending cash balance required is $ Therefore, the company must borrow $ to make up the cash deficit of $
39 July $ ugust $ September $ Standard osting and Variances No. nswers Further explanations ctual cost(h SR) = $ 000 (1600 $10) = $1 000 F
40 = SR(H SH) = $5( ) = $2500 U (H R) (H SR) = (30 000) ( 000 $3) = $ 000 F SR(H SH) = $3( 000 hrs ( units)) = $7500 U ost Volume Profit No. nswers Further explanations $ ($ / 0.5) = $ Selling price variable cost = ($1 000 $700) = $300 Fixed cost ontribution margin per unit = $ $300 = $ $ = 30% Variable cost = 70% = $ Therefore sales = $
41 ( units $3) $ $ = $ therefore variable cost = $ reak-even in dollars = fixed expenses contribution margin ratio = $ % = $ Margin of safety = Sales breakeven sales = $ $ = $ Margin of safety % = Margin of safety sales = $ $ = 60% Per unit ($) % Selling price ($ ) Variable expense ($ ) ontribution Fixed expenses / ontribution margin % = / 0.4 = $
42 2.3.4 apital udget Techniques on Investment ecision Making No. nswers Further explanations 1 nnual average investment = ($ $20 000) 2 = $ ccounting rate of return = $ $ = 36.4% Initial investment expected annual net cash flows = $ $ = 4 years 42
43 16 17 Number of years iscount $ 0 (5 000) $ $ $ $ Total value of discounted cash flows Initial investment (5 000) NPV
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