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Accounting > Semester 1 > Flashcards

Semester 1 Flashcards

1
Q

What is a statement of financial position otherwise known as ?

A

Balance sheet

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2
Q

What is a statement of financial performance or income statement known as ?

A

Profit and loss account

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3
Q

What are the 3 major financial statements ?

A
  • Statement of financial position (balance sheet)
  • Statement of financial performance or income statement (profit and loss account)
  • Cash flow statement
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4
Q

What is the balance sheet equation ?

A

Assets = capital +/- Profit + liabilities

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5
Q

What is profit defined as ?

A
  • The increase in net assets during an accounting period as shown on Statement of Financial Position
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6
Q

How can profit be calculated ?

A

Revenue minus expenses

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7
Q

How can the balance sheet equation be rearranged using the formula for profit ?

A

Assets = Capital + (Revenue – Expenses) + Liabilities; or rearranging

Assets + Expenses = Capital + Liabilities + Revenue

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8
Q

How can revenue be defined ?

A

Revenue is a ‘measure of the inflow of economic benefits arising from the ordinary operations of a business’

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9
Q

How does revenue arise ?

A
  • Revenue arises when:
    Measurable reliably;
    Probable that the economic benefits will be received;
    Ownership & control passes to buyer
    (Revenue from cash sales, credit sales, HP sales etc.)
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10
Q

How can you define expenses ?

A

Expenses are the costs incurred in earning revenue

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11
Q

What adjustments need to be made at year end to calculate the correct revenue and expenses of a business?

A
  • Cost of goods sold
  • Accruals and prepayments
  • Depreciation of non current assets.
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12
Q

How can you calculate the cost of sales ?

A

1 taking the opening inventories
2 adding inventories purchased during the period, and then
3 deducting the closing inventories held.

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13
Q

What is an accrual ?

A

Accruals are adjustments for 1) revenues that have been earned but are not yet recorded in the accounts, and 2) expenses that have been incurred but are not yet recorded in the accounts.

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14
Q

What is profit when talking about accruals ?

A
  • Profit is the excess of revenue over expenses, (not the excess of cash receipts over cash payments).
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15
Q

What is the matching principle ?

A

The Matching Principle states that all expenses must be matched in the same accounting period as the revenues they helped to earn.

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16
Q

How is depreciation shown on the income statement ?

A
  • Depreciation is matched to the revenue generated by use of the asset.
  • It is deducted from “value” of asset on the balance sheet each year; and
    treated as an expense in income statement
  • It is an application of Matching Concept
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17
Q

Define depreciation…

A
  • Depreciation is the systematic allocation of cost over an asset’s useful economic life
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18
Q

What are the 3 calculation methods for depreciation ?

A
  • The accounting rules suggest three alternative calculation methods:
  • Straight-line
  • Diminishing or reducing balance
  • Units of production (not examinable)
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19
Q

What is straight line depreciation ?

A
  • Cost less estimated residual value
  • (Estimated residual value ‘the amount for which a non-current asset is sold when the business has no further use for it’.)
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20
Q

What is reducing balance depreciation ?

A
  • Cost less depreciation to date multiplied by a fixed %
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21
Q

What is the net book value ?

A
  • Net book value, or written down value of asset, shown on the Statement of Financial Position is the amount still to be written off as an expense in the Income Statement.
  • In other words, it is the unallocated proportion of an assets cost that has not yet been matched with revenues through the Income Statement
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22
Q

How can you decide which method of depreciation to use ?

A
  • Use matching concept: Match depreciation of asset against revenue it earns each year. If asset generates same revenue each year (most do) use Straight Line Method.
  • “Value” on Statement of Financial Position is Net Book Value, not Market Value etc.
  • Method must be applied consistently
    Method used in the preparation of financial statement must be disclosed to help user’s understanding
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23
Q

Why is a trial balance needed and how is it set up ?

A
  • It is drawn up to summarise the results of the bookkeeping for the period – but before the 3 adjustments discussed this week.
  • It has 2 columns, the left, or debit column, lists all the assets and expenses
  • The right, or credit column, lists the capital, liabilities and revenue.
  • The columns should total the same – because of the balance sheet equation
  • You then adjust the figures before preparing the final accounts
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24
Q

What is the dual aspect convention ?

A

“each transactions has two aspects, and each aspect must be reflected in the financial statements”.

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25
Q

What 4 adjustments need to be made to a trial balance to produce a final account ?

A
  • Cost of goods sold / cost of sales
  • Accruals and prepayments
  • Depreciation of non-current assets
  • Bad and doubtful debts
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26
Q

What happens when we sell goods on credit ?

A
  • Revenue (sales) increases; and

- Receivables (Debtors) increase

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27
Q

How does revenue appear on a trial balance ?

A

On the trial balance revenue is in the credit column and appears on the Income Statement

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28
Q

How do receivables appear on the trial balance ?

A

Receivables is in the debit column and appears on the Balance Sheet as a Current Asset

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29
Q

How are bad debts created ?

A
  • When selling goods on credit, not all of our receivables (debtors) actually pay what they owe. - Some will become bad debts, they will change from being an asset and become an expense
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30
Q

What 4 characteristics do assets have ?

A

An asset has the following characteristics:

  • A future benefit;
  • from a past transaction or event;
  • Be controlled by the business;
  • Capable monetary measurement.
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31
Q

What is conservatism or prudence ?

A

the convention that financial statements should err on the side of caution.

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32
Q

How is it that a debt can turn from an asset to an expense ?

A
  • if we do not expect one of our customers to pay, the debt can no longer be regarded as an asset – it fails the first test that “a future benefit must arise”
  • The assets becomes an expense – a bad debt – and we must reduce our receivables
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33
Q

What is the provision for doubtful debts ?

A

If we have a lot of individual receivables experience tells us that some will not pay – and the convention of conservatism means that we must also reduce the value of receivables by this (estimated) amount.

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34
Q

What are the 2 costs of bad on the income statement ?

A
  • Actual bad debts written off in the year.
  • The increase in the provision for doubtful debts in the year (or, exceptionally, a reduction which will reduce the expense for the year)
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35
Q

Why is a cash flow statement important ?

A

The Cash Flow Statement shows the major sources and uses of cash during a period and may highlight cash problems.

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36
Q

Examples of differences between cash and profit ?

A

Credit sales: revenue not receipt
Sale of non-current asset: receipt not revenue
Purchase of non-current assets – payment but not expense
Depreciation – expense but not payment

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37
Q

5 sources of cash ?

A 
Profit from operations
Sales of non-current assets
Issue of shares
Long-term borrowings
Decrease in working capital
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38
Q

5 uses of cash ?

A 
Losses from operations
Buying of non-current assets
Paying dividends
Repaying loans & interest
Increases in working capital
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39
Q

How can cash flows be summarised under 3 main headings ?

A

Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities

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40
Q

What are cash equivalents ?

A

Cash equivalents are defined as ‘short-term highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value’

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41
Q

6 ways that a cash flow statement is useful ?

A
  • Shows actual cash movements rather than estimates as on income statement
  • Cash is easier to understand than profit
  • Helps assess possibility of generating future cash flows
  • Assess future financing requirements
  • Assess possibility of repaying loans, paying interest etc.; and
  • Ability to replace worn out assets
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42
Q

What is a limited company ?

A

A form of business unit that is granted a separate legal existence from that of its owners.

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43
Q

How liable are limited company shareholders to debts ?

A

The owners (shareholders) of this type of business are liable for debts only up to the amount that they have agreed to invest.

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44
Q

How are limited companies managed ?

A

Companies are managed by directors appointed annually by the owners (shareholders)

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45
Q

What are limited company directors required to do by law ?

A

Directors are required by law to report yearly to the owners on their management
There is a framework of law and regulations controlling companies and directors.

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46
Q

What does legal framework for limited company directors ensure ?

A

Disclosure of all material information
Accountability for the actions of directors
Fairness in directors’ dealings with shareholders

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47
Q

What are the main points in the framework of law and reg for limited companies ?

A 
Statutory regulation (formats for statements)
Financial Reporting Council (oversees accounting standards)
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48
Q

What are the 2 sets of accounting standards in use in the UK ?

A

International Financial Reporting Standards which must be used by all EU listed companies
Financial Reporting Standards (FRS) these can still be used by non-listed (usually smaller) companies in the UK.

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49
Q

How are limited companies governed ?

A

Company owned by shareholders
Company run by directors
Directors may be more concerned about their salaries, share options etc.

50
Q

What conflicts can arise within a limited company with directors ?

A

‘Fat cat’ salaries cause conflict

Gradual strengthening of the rules since 1992

51
Q

What standards does the UK corporate governance code set out ?

A

Sets out standards of good practice in relation to board:

  • leadership;
  • effectiveness;
  • remuneration;
  • accountability; and
  • relations with shareholders.
52
Q

What are the 5 key elements of the UK corporate governance code ?

A
  • Every listed company to be led by a Board of Directors to lead and control the company;
  • Division of responsibility between chairman & chief executive officer – single person does not have unbridled control;
  • Balance between executive & non-executive directors;
  • Use of Annual General Meetings to communicate with private investors
  • Board must present a balanced & understandable assessment of company’s position and performance
53
Q

What 2 differences are there between the financial statements a limited company and sole trader produce ?

A
  • Because a company is a separate legal person it pays corporation tax which affects the income statement
  • Because a company has many owners (shareholders) not just one, the capital / equity on the Statement of Financial Position is more complicated.
54
Q

How does a company initially raise capital when it is set up ?

A

When a company is set up it raises capital in the form of “shares”.
It decides how much capital in needs and divides this in to units or shares
And these shares may be bought by many individual shareholders

55
Q

What is the initial issue price of a share called ?

A

The initial issue price (e.g. £1 or 50p above) is the “nominal” or “par” value

56
Q

What are the 2 types of shares ?

A 
Ordinary shares (most common)
Preference shares
57
Q

How are profits shown differently on financial statements for sole traders and limited companies ?

A

If a sole trader makes a profit it is added to the capital – for a company it is shown separately as a reserve – “Retained earnings”

58
Q

What is the share premium ?

A
  • If a company decides it wishes to raise more capital in order to expand.
  • It may issue ordinary shares at a premium price.
  • The share capital is increased by the nominal value of the shares issued
  • The premium goes into a separate reserve in equity called share premium
59
Q

What is the non current asset revaluation reserve ?

A
  • Non current assets are valued at their historical cost.
  • However, as Land & Buildings may appreciate companies may show their current value and add the “profit” into a Revaluation Reserve
60
Q

What 2 things may a company do with its profits ?

A

Pay dividends: usually 2 dividends per year - an interim during the year; and a final payable after the year end (the other 2 reserves we have discussed may not be used to pay dividends)
Retain some to provide funds for expansion

61
Q

How is a dividend a current liability ?

A

IF the final dividend has been declared at year end it is a current liability

62
Q

What are features of loan notes ?

A
  • Loan notes (may also be called debentures)
  • Like a bank loan but many lenders not one lender
  • Secured on the company assets
  • At fixed rate of interest, usually paid every 6 months
  • Repayable at agreed time
  • If all or part of the loan is repayable within 12 months the part repayable becomes a current liability
  • It may be necessary to accrue (i.e. add to expense and show as current liability) any interest for the year not paid before the year end
63
Q

What is required in terms of financial statements for a limited company ?

A
  • Required to be produced annually in legal format
  • Include the three main financial statements
  • Include auditors’ report (independent report that the statements are “true & fair”)
  • Directors’ report accounting for their stewardship
  • Extensive Corporate Governance disclosures
64
Q

Differences between income statement of a limited company and sole trader ?

A

Limited Company:

  • Less detail with expenses classified under only 2 main headings (administrative expenses & distribution costs)
  • Layout more prescriptive
  • Interest on loans & overdrafts shown separately
  • Audit fee included (in admin expenses)
  • Taxation charge is included at bottom
65
Q

Differences between statement of financial positions of a limited company and sole trader ?

A

Limited company:
Ordinary share capital
Preference share capital (if any)
Reserves: including Share Premium, Revaluation, Retained Earnings
No drawings (but dividends are deducted from equity)

66
Q

5 advantages of operating as a limited company ?

A
  • the shareholders’ liability is limited to the amount already contributed or agreed to be contributed in the future
  • easier to raise large sums of capital to expand
  • shares in the business are easier to transfer than for a sole trader or partnership
  • legal separation between the owners of the business and those running the business, which clarifies who is actually running the business
  • may be tax advantages
67
Q

5 disadvantages of operating as a limited company ?

A
  • cost of forming a limited company
  • necessity of complying with company legislation (filing accounts, audit etc.)
  • could be tax disadvantages
  • directors have greater responsibilities than either a sole trader or partnership
  • expense of returning capital to shareholders (rarely done)
68
Q

What 3 benchmarks can be used to judge the success of a business ?

A

Past periods - see trends, detect improvements or deteriorations - consider accounting treatments and inflation.

Similar businesses - useful but no two businesses are the same - different year ends, different accounting policies, different management styles.

Performance (budgets) - comparison with budgets prepared by management if available, or market expectations

69
Q

What is the formula for ROSF ?

A

Return on shareholders’ funds (ROSF)

Net profit after tax & preference dividend / (Average**) Ordinary share capital & reserves

70
Q

What is the formula for ROCE ?

A

Return on capital employed (ROCE)
Operating profit / x 100% Capital employed*

  • Capital employed = Share capital, Reserves & Long-term borrowings
71
Q

What can ROSF and ROCE often depend upon ?

A
  • Consideration of real interest rates – is it better than achievable elsewhere?
  • Target returns for the business
  • The ratio is affected by the valuation of non-current assets:
    Age and condition
    Whether owned or leased
    Whether revalued or at historical cost
72
Q

Profit margin formulas ?

A

Profit / Rev x 100

73
Q

Things to consider when calculating operating profit margin ?

A
  • Change in gross profit margin – also affect operating profit margin
  • Any changes in individual expenses - & why
  • Are there more, or fewer, “one-off” costs than last year
74
Q

Things to consider when calculating gross profit margin ?

A

If sales and purchase costs to increase at similar rates (e.g. both by 10%) the Gross Profit % would not change

75
Q

What factors may cause a change in gross profit margin ?

A

Factors which might cause a change:

  • Changes in selling or purchase price without a similar change in the other
  • Changes in sales mix (e.g. from higher to lower margin goods)
  • Higher or lower inventory write offs
76
Q

Inventory turnover formula ?

A

( Inventory / cost of sales ) x 365 days

77
Q

Trade receivables formula ?

A

( Trade receivables / credit sales revenue ) x 365 days

78
Q

Trade payables formula ?

A

( Trade payables / Trade purchases ) x 365 days

79
Q

What impacts can a high / low inventory turnover have ?

A

High turnover - possible “stock-outs”

Low turnover - inefficient - possible obsolescence

80
Q

What factors can impact trade receivables ratio ?

A

Possible bad debts if taking too long to collect
May be explained by change in credit terms
Change in type of customer (e.g. overseas?)

81
Q

What factors can impact trade payables ratio ?

A

High number of days - possible payment problems & suppliers may refuse to supply
Low number of days - poor use of “free” credit

82
Q

Sales revenue to capital employed formula ?

A

Sales rev / Capital employed

83
Q

Current ratio formula ?

A

Current assets / Current liabilities

84
Q

Acid test ratio formula ?

A

(Current assets - inventory) / Current liabilities

85
Q

What can liquidity ratios often tell us about a business ?

A
  • Low ratio may indicate liquidity problems
  • High ratio may indicate poor use of resources
    1. Possible inventory obsolescence
    2. Possible bad debts
86
Q

How are companies usually financed ?

A

Companies may be financed by a combination of :
Share capital and Reserves
Long-term borrowings

87
Q

What does gearing aim to measure ?

A

Gearing tries to measure the proportion of the entity financed out of borrowings

88
Q

How can gearing be interpreted ?

A 
High gearing (50%+) or debt/equity (100%+) indicate high risk –
Because: Interest must be paid and the borrowings must be repaid when due
BUT ‘normal’ gearing levels do depend on the sector
89
Q

Capital gearing formula…

A

(NCL/Capital employed) x 100

90
Q

Debt/Equity formula…

A

(NCL / Equity ) x 100

91
Q

Interest cover formula…

A

Operating profit / Interest payable

92
Q

Dividend cover formula…

A

(Earnings for year available for ordinary dividends / Paid and/or announced ordinary dividends for the year )

93
Q

Earnings per share formula…

A

(Earnings available to ordinary shareholders / Number of ordinary shares in issue)

94
Q

Price/earnings ratio…

A

(Market share price / Earnings per share)

95
Q

What are the limitations of ratio analysis ?

A
  • Calculated using historical cost figures
  • Used in isolation - needs to be compared
  • Consistent calculations ?
  • Is ratio relevant ?
  • Group accounts may distort.
  • Drawn up on one day may not be typical.
96
Q

What is a budget and how is it expressed ?

A

A budget is a short term plan, normally a year in length
To facilitate control, it is divided into shorter periods, usually of a month
It is expressed in financial terms
Budgets exist at all levels in the organisation, e.g. for every department and/or function

97
Q

What does the final budget for a company consist of ?

A

The final budget for the company as a whole consists of the following statements:
Income Statement / Profit & Loss Account
Cash Flow
Statement of Financial Position / Balance Sheet

98
Q

What are objectives ?

A

Objectives are specific targets that the organisation aims to achieve

99
Q

What characteristics must all objectives have ?

A 
The characteristics required of a budget may be remembered by the mnemonic SMART
Specific
Measurable 
Attainable 
Results oriented
Time bounded
100
Q

What are corporate objectives ?

A

Corporate objectives relate to the whole company

101
Q

How are corporate objectives often derived ?

A

They are derived either:
from the first year of the Strategic Plan (Long-Term Plan); or
by using an Incremental approach: that is, taking current year levels and “adding a bit on”

102
Q

How are corporate objectives normally expressed ?

A

They are normally expressed in terms of
Level or growth of Profits
Earnings per share
Return on Capital Employed

103
Q

What is a limiting factor ?

A

Limiting Factor is the element that prevents the expansion of the firm

104
Q

What are common examples of limiting factors ?

A 
It is usually sales demand, but may also be:
Production capacity
Availability of  raw material
Availability of skilled labour
Availability of transport
105
Q

How can limiting factors influence corporate objectives ?

A

Identification of limiting factor may lead to modification of corporate objectives
If corporate objectives are not modified the budget process continues with the preparation of secondary objectives

106
Q

How will a business adjust its budgets when it identifies a limiting factor ?

A
  • Will prepare the budget containing the limiting factor first.
  • If limiting factor is sales, the budget for raw material purchases will be decided first.
107
Q

What are secondary budgets ?

A

Secondary Objectives are those which support the Corporate Objectives (also known as Primary Objectives)

108
Q

What are secondary normally associated with ?

A

These will normally be associated with individual functions within the company, e.g.:
sales volume
production volume
purchase of raw materials

109
Q

What are resource budgets ?

A

Resource budgets identify the resources which will be required to fulfill the secondary objectives

110
Q

How are resource budgets often expressed ?

A 
These will be expressed as:
quantity of raw materials
level of manpower
level of services
plant and equipment etc.
And these may need to be ordered/planned months before  production  is required
111
Q

What are the 4 types of costs ?

A
  • Fixed
  • Variable
  • Direct
  • Indirect
112
Q

What are fixed costs ?

A

Costs that stay the same when changes occur to the volume of activity (number of products or services produced)

113
Q

What are variable costs ?

A

Costs that vary according to the volume of activity

114
Q

What are direct costs ?

A

A cost that can be identified with a specific cost unit (e.g. a product or service), to the extent that the effect of the cost can be measured in respect of that cost unit

115
Q

What are indirect costs ?

A

The element of production cost that cannot be directly measured in respect of a particular cost unit – that is, all production cost except direct cost. Also known as overheads

116
Q

How can you calculate budget cost at unit level ?

A

Resource budgets are translated into financial terms
Manpower levels are converted into labour cost by multiplying by:
hourly rates
monthly salaries etc.
Quantities of materials are translated into costs by multiplying by price
Depreciation is calculated on plant and equipment
Costs are calculated for services

117
Q

What are budget centres ?

A

Costs are collected at the lowest level in the organisation - around Budget Centres
Budget Centres usually correspond to Cost Centres

118
Q

What is a budget holder ?

A

A person held responsible for the budget of one of the budget centres is called a Budget Holder – often lower/middle management

119
Q

What is the master budget ?

A

The overall budget which covers the entire company is called the Master Budget

120
Q

5 benefits of creating budgets ?

A

Promote forward thinking and identification of possible short-term problems
Can facilitate co-ordination between different sections of a business
Can motivate managers and staff
Provide a basis for a system of control
and a system of authorisation for managers to act

121
Q

Why do cash flows differ from profit in the income statement ?

A
  • Non-current assets are depreciated (expense not payment)
  • Capital expenditure is not shown on Income Statement (payment not expense)
  • Sales are made on credit (revenue not receipt)
  • Purchases are made on credit (expense not payment)
  • Expenses are accrued or prepaid
  • Tax is paid after the year end
122
Q

What are 4 advantages of cash budgeting ?

A

Allows identification of:

  • Temporary cash deficit (arrange short term finance)
  • Permanent cash deficit (arrange long term finance)
  • Temporary cash surplus (arrange short term investment)
  • Permanent cash surplus (arrange long term investment)

Accounting (1 decks)

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