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BUS106 Accounting for Business
Question
Part A (Mandatory)
1. The convention of consistency is designed to provide a degree of uniformityconcerning the application of accounting We have seen that, in certain areas, there may be more than one method of accounting for an item, for example inventories. The convention of consistency states that, having decided on a particular accounting policy, a business should continue to apply the policy in successive periods. While this approach helps to ensure that users can make valid comparisons concerning business performance over time, it does not ensure that valid comparisons can be made between business. This is because different businesses may consistently apply different accounting policies. (20 marks)
a. An accrued expense is not one that relates to next year. It is one that needs to bematched with the revenue of the accounting period under review, but that has yet to be met in terms of cash payment. As such, it will appear on the statement of financial position as a current (20 marks)
b. Students need to discuss the importance of fair value accounting vs historiccost accounting. When there is a period of development, fair value accountinghelps companies show increased prices for investments, thus reporting profits. However, the opposite is happening in periods of recession. Students needs to explain how this works by discussing its consequences through accounts we have seen in class, i.e. depreciation, revaluation of assets, bad and doubtful debts. {45 marks}
Part B
2 [40 marks]
Students need to consider the following points among others:
Oil is a main cost for the airline companies.
Oil price is affected by demand and supply but also political powers, reduced activity due to Covid-19 situation, spending cuts from big consumers. Students need to consider and analyse all these points including the ethical factors that is reflected in the Environmental agencies’ acts.
If a company makes a budget for next year, what shall they consider for the oil price that will include? Which budgets will be affected and why?
3 [40 marks]
Students need to consider the role of CVP in decision making. Students need to discuss and make a classification of the main costs including the variable and fixed costs of running an airline company. Then, students need to support the argument about the company’s future profitability by identifying the potential contribution margin which plays the major role in the company. Students need to consider financial and non-financial factors in supporting the decision about profitability.
BUS106 Accounting for Business
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