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UMAD5153 Accounting For Managers
Task
Instructions to Students:
Submission will be made by using a normal VLE submission portal in the Assignments folder of this module on VLE
Assessment opens: 29/01/2021 at 10:00 am
Deadline/Submission closes: at 14:00 pm
Assessment Weighting: 60% per cent of total module mark
Candidates must answer ALL of the questions in section A (25 marks) and ALL of the questions in section B (75 marks)
As is usual for an exam, for this assessment you are not expected to include full referencing, but, if applicable, are encouraged to cite the sources of key theories, models, case studies, statutes etc.
This is an individual assessment: do not copy and paste work from any other source or work with any other person during this exam. Text-matching software will be used on all submissions.
Where stated, a maximum number of words for each part question must be adhered to.
Formatting
Please use the following file format(s), Word. We cannot ensure that other formats are compatible with markers’ software and cannot guarantee to mark incorrect formats.
Please include the module name and number and your student number (not your name). Please indicate clearly which questions you are answering.
Instructions for submission
You must submit your assignment before the stated deadline by electronic submission through VLE.
- Multiple submissions can be made to the portal, but only the final one will be accepted. Please save your work frequently.
- It is your responsibility to submit exam in a format stipulated above.
Your marks may be affected if your tutor cannot open or properly view your submission.
- Do not leave submission to the very last minute. Always allow time in case of technical issues.
- The date and time of your submission is taken from the VLE server and is recorded when your submission is complete.
- It is essential that you check that you have submitted the correct file(s),and that each complete file was received.
There is no late submission permitted on this timed assessment.
Instructions to Candidates:
Candidates must answer ALL of the questions in section A (25 marks) and ALL of the questions in section B (75 marks)
Section A
Question 1
Curtis PLC has 1,000,000 shares in issue with a nominal value of £1 per share. The current market value of each share is £2.20 ex div.
The Finance Director is proposing to raise new equity finance via a rights issue on a one-for-four basis at £1.50 per share. She believes that the rights issue will be successful.
Required
Explain two reasons which may explain why the Finance Director believes that the rights issue will be successful. (4 marks) (maximum 200 words)
Question 2
Jamie Ltd is currently showing trade receivables of £628,000 in its trial balance as at 31st December 2020. One of the company’s customers has just gone bankrupt, owing the company £28,000. Recovery of this debt is not expected, and an adjustment should be made.
Jamie Ltd wishes to maintain an allowance for receivables of 5% against unknown bad and doubtful debts. As at 31st December 2019, the provision for doubtful debts was £40,000.
(a) Calculate Jamie Ltd.’s bad debt expense charge for the year ended 31st December 2020. (3 marks)
(b) State, and briefly explain, the accounting concept demonstrated by the treatment of bad and doubtful debts in part (a). (2 marks) (maximum for (b) 100 words)
Question 3
Pleasance Ltd has split its forecast overheads for the forthcoming year into two cost pools.
|
Pool 1 – Receiving and inspecting |
£560,000 |
|
Pool 2 – Production set up |
£450,000 |
The overheads in pool 1 are driven by the number of orders, whilst the overheads in pool 2 are driven by the number of set ups.
For the forthcoming year, Pleasance Ltd is expecting to have 280 orders and 1500 set ups.
The company is expecting to make 10,000 units of product DN in the year, which will require 15 orders and 20 set ups. Product DN also requires a component costing £2.50 per unit.
Required
Calculate the forecast full cost per unit of product DN for the forthcoming year. (5 marks)
Question 4
Lee Ltd has prepared the following standard cost card based on producing 10,000 units per month:
Variable production costs 20
Fixed production cost 10
Cost per unit 30
Actual production for December was 9,000 units and this has resulted in the following actual costs:
Variable production costs 202
Fixed production costs 105
Total cost 307
Using a flexible budgeting approach, prepare a cost statement for Lee Ltd, showing the original fixed budget, the flexed budget, the actual costs and the total variances for each of variable production costs and fixed production costs. (5 marks)
Question 5
Michael Ltd has provided the following forecast information in respect of the product life cycle of its new knife, the Myer:
|
Stage |
Introduction |
Growth |
Maturity |
Decline |
|
Units produced and sold |
1,000 |
6,000 |
20,000 |
5,000 |
|
Selling price per unit £ |
50 |
40 |
30 |
15 |
|
Variable cost per unit £ |
20 |
15 |
10 |
15 |
Required
Explain ONE possible reason for the changes in the selling price and TWO possible reasons for the changes in the variable cost during the life cycle of the product. (6 marks) (maximum 300 words)
Section B
This part of the case study has already been made available, as has some of the information stated within questions 6, 7 and 8.
Question 6
The financial statements of E Ltd for the past two years are:
Income statements for the years ended 31 December
|
2020 |
2019 |
|||
|
Revenue Cost of Sales Opening inventories Purchases Closing inventories Gross profit Administrative and Distribution Expenses Operating Profit Finance Costs Profit before taxation Taxation Profit after taxation |
£000 1,301 8,459 9,760 (1,341) |
£000 8,796 (8,419) 377 (500) (123) (250) (373) (373) |
£000 847 9,375 10,222 (1,301) |
£000 10,835 (8,921) 1,914 (450) 1,464 (500) 964 (193) 771 |
A total dividend of £400,000 was paid in respect of year ended 31st December 2019 and the directors were anticipating the payment of a similar level of dividend for the year ended 31st December 2020.
Statements of financial position as at 31 December
|
2020 £000 |
2019 £000 |
|
|
ASSETS Non-current assets Current assets Inventories Trade receivables Bank Total assets EQUITY AND LIABILITIES Equity £0.50 ordinary shares Reserves Non-current liabilities Long term borrowings Current liabilities Total equity and liabilities |
4,509 1,341 1,601 471 3,413 7,922 3,000 1,547 4,547 2,000 1,375 7,922 |
5,183 1,301 1,505 2,950 5,756 10,939 3,000 1,920 4,920 4,000 2,019 10,939 |
The directors require you to examine the financial statements for 2020 and 2019 and to report on the performance of the business over the two years using relevant ratios and any other information.
Required
Prepare a REPORT* for the Board of Directors of E Ltd including;
- A schedule, containing ONE ratio for EACH of the years in EACH of the areas of profitability, liquidity, gearing, efficiency and investment. (10 marks)
- A discussion of the financial performance and position of E Ltd based upon EACH pair of the ratios that you have calculated; (10 marks) (maximum for (b) 500 words)
- An explanation of TWO ways in which the financial statements of a limited company such as E Ltd differ from the financial statements of a sole trader. (4 marks) (maximum for (c) 200 words)
*For an appropriately addressed, well-presented report with sub-headings. (1 mark) (Total: 25 marks)
UMAD5153 Accounting For Managers
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