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1 THIS PAPER IS NOT TO BE REMOVED FROM THE EXAMINATION HALLS University of London BSc Examination 2010 for External Students BBA0020 Business Administration Accounting for Management DATE DO NOT TURN OVER UNTIL TOLD TO BEGIN Time allowed: THREE hours All questions carry equal marks You are expected to answer FOUR questions in total You must answer one question from section A You must answer one question from section B You must then answer two further questions from either section A or B Please start each answer each question on a separate page Electronic calculators may be used. These should be of a hand-held nonprogrammable (where relevant) type and the name and model should be stated CLEARLY on the front of your answer book. University of London 2010 UL10/ PLEASE TURN OVER 1 of 12
2 SECTION A Answer One (1) Question from Section A Question 1 Below is the trial balance of Jaste Products Ltd, year ending 31 st May 2010: Dr Cr Sales Purchases Stock (01/06/09) Salaries Telephone Electricity Insurance Returns Out Returns In Bad Debts Bank Discounts Allowed Discounts Received Provision for Doubtful Debtors Debenture Interest Interim Dividend % Debenture Investment Income Fixed Assets at cost: Motor Vehicles Fixtures and Fittings Premises Long Term Investments Provision for Depreciation (01/06/09) Motor Vehicles Fixtures and Fittings Creditors Debtors Profit and Loss Account (01/06/09) (38 600) Capital of 12
3 Additional Notes : i) Stock (31/05/10) ii) Insurance prepaid iii) Electricity owing iv) Provision for doubtful debtors to be 10 % of outstanding debtors at 31/05/10 v) Depreciation: Motor Vehicles, Reducing Balance Method 20 % Fixtures and Fittings, Straight Line Method 10% vi) Investment income due vii) Auditors fees owing viii) ix) Tax on profit after interest to be charged at 20 % and is to be paid in arrears Nominal value per share is 1.00 and the directors of the company have declared a final dividend of 0.10 per share Required: 1) Prepare the following statements for Jaste Products Ltd: a) The Profit and Loss Account for the year ended 31 May 2010 (11 marks) b) The Balance Sheet as at May 2010 (11 marks) 2) Define and illustrate three (3) accounting concepts that you have used in the preparation of the financial statements for Jaste Products Ltd. (3 marks) TOTAL 25 MARKS PLEASE TURNOVER 3 of 12
4 Question 2 Below are the balance sheets of Sheila Scott s business, year ending 31 st of May: s 000 s Fixed Assets : Cost Cum. NBV Fixed Assets : Cost Cum. NBV Dep. Dep. Premises Premises Current Assets: Current Assets: Stock 114 Stock 82 Debtors 84 Debtors 130 Bank Bank Current Liabilities: Current Liabilities: Creditors 58 Creditors 114 Bank 8 Bank 0 Tax Due 40 Tax Due 60 Dividend Due Dividend Due Net Current Assets 86 Net Current Assets Less Long Term Loan (300) Less Long Term Loan (100) Financed By : Financed By : Share Capital & Reserves 400 Share Capital and Reserves 840 Profit and Loss Account 186 Profit and Loss Account of 12
5 Additional Note : i) Interest paid during the year Required : 1) Given the balance sheets of Sheila Scotts s business, prepare a cashflow statement (FRS 1 revised addition) for year ending 31 st May Use the indirect approach when deriving net cashflow from operating activities. (16 marks) 2) Make comments as to why the business started the year with an overdraft, however by the end of the year Sheila has successfully managed to now have money in the bank account. (5 marks) 2) If a company is profitable this does not necessarily imply that there will be an automatic increase in the cash position of the firm. Briefly discuss this statement and explain why there is a difference between accounting profit and cash. (4 marks) TOTAL 25 MARKS 5 of 12
6 PLEASE TURNOVER Question 3 Below are figures which have been abstracted from the financial statements of two companies, Maxtec and Balco Ltd, year ending May Both companies operate in the same market sector, that of retailing women s clothing. Profit and Loss Account for : Profit and Loss Account for : Maxtec Balco Sales Sales Less Cost of Sales Less Cost of Sales Gross Profit Gross Profit Less Expenses Less Expenses Net Profit Net Profit Balance Sheet of : Balance Sheet of : Maxtec Balco Fixed Assets Fixed Assets Premises Premises Current Assets Current Assets Stock Stock Debtors Debtors Bank Bank Current Liabilities Current Liabilities Creditors Creditors Long Term Loans Long Term Loans Financed By Financed By Share Capital Share Capital Reserves Reserves of 12
7 Required : 1) Calculate the following accounting ratios for both companies. a) Gross Profit Margin b) Mark Up c) Net Profit Margin d) Return on Capital Employed e) Current Ratio f) Acid Test g) Stock Turnover h) Debtors Collection Period i) Creditors Payment Period j) Gearing (1 mark for each pair of ratios, total 10 marks) 2) Comment on the financial performance of both companies using the ratios calculated above and making use of the financial data given in the profit and loss accounts and balance sheets. Make comments as to the profitability, liquidity, management of working capital and the financial structure of both companies. (10 marks) 3) According to J R Dyson, accounting ratios are only as good as the data on which they are based. Briefly discuss this statement as regards to the advantages and disadvantages of the use of accounting ratios. (5 marks) TOTAL 25 MARKS PLEASE TURNOVER 7 of 12
8 SECTION B Answer One (1) Question from Section B Question 4 Lamplite Limited manufactures a single product and operates a standard costing system. The following data is available: Budgeted Data (per unit) : Materials 9 kgs Material cost per kg Labour 7.5 hours Labour cost per hour Budgeted production for May was expected to reach units, however units were actually produced. The actual costs incurred were as follows: Materials Labour kgs at per kg hrs at per hr Required: 1) Calculate the following variances : a) material price b) material usage c) total material variance d) labour rate e) labour efficiency f) total labour variance g) total variance (2 marks for a-f, 1 mark for g, total 13 marks) 2) Suggest possible reasons for the material and labour variances calculated. (5 marks) 3) What are the limitations of a standard costing system? (4 marks) 4) Standard costing is a system of budgetary control and so is one function of budgeting. Briefly define three other functions of why businesses prepare budgets. (3 marks) TOTAL 25 MARKS PLEASE TURNOVER 8 of 12
9 Question 5 Clashcom Ltd is preparing its annual budgets for the year ending 31 st December The company manufactures one product which currently sells for 70 per unit. The Sales Director believes that the price can be increased by 10 % with effect from 1 st July The sales volumes for each quarter are expected to be as follows : Quarter Quarter Quarter Quarter Sales Volume (units) Sales for the first quarter of the year 2011 are estimated to be units. Each unit of the finished product requires 4 kgs of material. The current price per kilogram of material is 6. The price however is expected to increase as of 1 st April 2010 by 10 %. Assembly of each unit requires 3 hours of direct labour. Labour is currently paid a rate of 8 per hour although the personnel department anticipates a wage rise of 10 % to take effect from 1 st July Stock at 31 st December 2009 is expected to be units. Closing stock at the end of each quarter is expected to be 25 % of next quarter s sales. 9 of 12
10 Required : 1) Prepare the following budgets for the company : a) sales budget (in s) b) production budget (in units) c) material usage budget (in kgs) d) material price budget (in s) e) labour usage budget (in hours) f) labour price budget (in s) (3 marks for each budget, total of 18 marks) 2) Discuss as fully as possible the importance of budgeting, by addressing the functions of budgeting within a managerial framework. (7 marks) TOTAL 25 MARKS PLEASE TURNOVER 10 of 12
11 Question 6 Page 10 of 12 Lambas Products Plc are investigating two possible investment projects, MAY 100 and the MAY 101. The data regarding the two projects are as follows : MAY 100 MAY 101 Initial Investment ( ) Cash Outflows ( ) Year Year Year Year Year Residual Value Additional Notes: i) The cost of capital is at present 10 %. ii) The following is an extract from the discount tables: Year 10 % of 12
12 Required : 1) For both projects calculate the following: a) Payback Period (5 marks) b) Discounted Payback (5 marks) c) Net Present Value (5 marks) 2) Under each method which project should the company adopt and why? (3 marks) 3) Discuss the advantages and disadvantages of payback, discounted payback and the net present value method. (7 marks) TOTAL 25 MARKS END OF PAPER 12 of 12
DO NOT TURN OVER UNTIL TOLD TO BEGIN
THIS PAPER IS NOT TO BE REMOVED FROM THE EXAMINATION HALLS University of London BSc Examination 2012 BA1020 (BBA0020) Business Administration Accounting for Management Day, May 2012: Time DO NOT TURN OVER
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