The document provides an examiner's report on candidates' performance on a Level 5 Diploma in Credit Management exam from January 2013. The examiner notes that answers seemed to reflect poor preparation and understanding of applying theory to practical situations, as required at Level 5. Candidates appeared to feel success could be achieved without thorough preparation in all subject areas. The examiner was disappointed candidates could not accurately apply basic ratio analysis and hopes future candidates will prepare more effectively. The report then provides the exam questions, suggested answers, and comments on areas candidates struggled with or failed to address sufficiently.
Financial and Managerial Accounting for MBAs 4th Edition Easton Test BankQuinnWheelerss
Full download : https://alibabadownload.com/product/financial-and-managerial-accounting-for-mbas-4th-edition-easton-test-bank/ Financial and Managerial Accounting for MBAs 4th Edition Easton Test Bank , Financial and Managerial Accounting for MBAs,Easton,4th Edition,Test Bank
Century Auto Tech Pvt. Ltd. is an automotive components manufacturer founded in 1999 that now has annual turnover of Rs. 9.3 million. The document analyzes the company's financial statements from 2011-12 to 2012-13. Liquidity and solvency ratios are calculated, showing the company's current ratio, liquid ratio, debt-equity ratio, and proprietary ratio are below standards, indicating low short-term liquidity, high financial risk, and weak long-term financial position. The analysis suggests the company lacks working capital and its debt levels pose a danger to long-term lenders.
This document discusses the conceptual framework underlying financial accounting. It begins by outlining the learning objectives, which are to describe the meaning and usefulness of the conceptual framework, understand the objectives of financial reporting, identify the qualitative characteristics of accounting information, define the basic elements of financial statements, describe the basic assumptions of accounting, and explain the application of the basic principles of accounting. It then provides details on the conceptual framework, including that it establishes the concepts that underlie financial reporting and allows new problems to be quickly solved. It also discusses the usefulness of the conceptual framework in increasing understanding and confidence in financial reporting and enhancing comparability.
The engagement letter between the CPA firm Abernathy & Chapman and their audit client Lakeside Company outlines both parties' responsibilities. For Abernathy & Chapman, it specifies performing the audit to express an opinion on the financial statements, searching for material misstatements, reporting on internal controls and potential fee changes, and providing the final audit report by February 22, 2013. For Lakeside Company, it specifies paying the audit fee and providing interim and year-end trial balances and audit documents as specified.
The document provides an overview of exercises, problems, and cases related to financial statements and the annual report. It lists 9 learning objectives and provides details of corresponding exercises, problems, and cases for each objective. Exercises are typically easier and shorter, taking 10-15 minutes to complete. Problems and cases have increasing difficulty and estimated time requirements, from 15 minutes to over an hour. The document serves as a study guide, outlining the key concepts and skills that will be developed for understanding and analyzing financial statements and annual reports.
New Zealand Financial Accounting 6th Edition Deega Test BankMerriller
The document discusses key aspects of the conceptual framework of accounting, including its objectives, qualitative characteristics, elements, and assumptions. Specifically, it addresses:
1) The objectives of the conceptual framework, which include providing useful information to users for decision making about financing, performance, and position.
2) The primary qualitative characteristics according to the framework are relevance and reliability. Other important characteristics include comparability, understandability, and timeliness.
3) The framework outlines key elements like assets, liabilities, equity, income and expenses. It also identifies the underlying assumptions of accrual accounting and going concern.
Acc30205 basic accounting assignment august 2015ashleyyeap
This document outlines an assignment for a basic accounting course to analyze financial ratios of publicly traded companies. Students will form groups and select a company in the property or construction sector to research. They will analyze ratios from the company's annual reports from 2012-2013 and assess the company's performance, financial stability, and whether its shares are a worthy investment based on the ratios and price-to-earnings ratio. The assignment requires students to submit a 1500-word written report analyzing the company's background, ratios, and investment recommendation. It provides assessment criteria, rubrics, and appendices explaining how to calculate the price-to-earnings ratio and factors to consider for an investment recommendation.
Kingdom of Saudi ArabiaMinistry of EducationUniversity of Ha.docxDIPESH30
Kingdom of Saudi Arabia
Ministry of Education
University of Hail
College of Nursing
المملكة العربية السعودية
وزارة التعليم
جامـعـة حـائل
كلية التمريض
Master of Science in Nursing (MSN) - Emergency Nursing
Exam Begins: Saturday 09/05/2020 -10:00 pm
Exam Ends: Monday 11/05/2020 - 10:00 pm
Exam Duration: 48 hours
Section: Male &Female side
Final Exam of Theoretical Foundation for Nursing (NURS 501)
Semester :2nd semester 2019-2020
Answer Sheet
Answer Sheet
Student Name: ------------------- ID: ---------------------------
Page 1 of 1
Introduction
Financial statement analysis is the way toward breaking down an organization's fiscal reports for dynamic purposes. Outside partners use it to comprehend the general soundness of an association just as to assess budgetary execution and business esteem. Interior constituents use it as an observing apparatus for dealing with the accounts (KENTON, 2019).
Investigating Financial Statements
The fiscal reports of an organization record significant monetary information on each part of a business' exercises. Accordingly they can be assessed based on past, current and anticipated execution.
Task 1
1) The board of the company: The administration of the organization is the above all else client of the fiscal reports. In spite of the fact that, they are the ones who set up the fiscal reports the board and the administration all in all need to allude to them while thinking about the advancement and development of the organization. The administration of the organization takes a gander at the budget report from the point of view of liquidity, benefit, incomes, resources and liabilities, money adjusts, support necessities, obligation to be paid, venture financing and different days to day operational action. Basically, the executives of the organization needs budget summaries to settle on choices about the business.
2) Speculators: are the proprietors of the organization, they might want to comprehend keep update with the money related execution of the organization. They might want to settle on the choice dependent on the fiscal report whether they have to keep contributed or move out of the organization dependent on its presentation.
3) Clients: Clients need to see the budget summaries of the organization from which they are acquiring merchandise or administrations. Enormous customers might want to have a long haul organization or agreement with the organization along these lines they might want to work with an organization that is monetarily steady. Further, a monetarily solid organization can give its clients credit deals and can convey items and administrations at a rebate than the market.
4) Contenders: might want to know the monetary status of the contending organization. They might want to keep up a serious edge on their rivals and henceforth, might want to know the monetary wellbeing of the other organizatio ...
Financial and Managerial Accounting for MBAs 4th Edition Easton Test BankQuinnWheelerss
Full download : https://alibabadownload.com/product/financial-and-managerial-accounting-for-mbas-4th-edition-easton-test-bank/ Financial and Managerial Accounting for MBAs 4th Edition Easton Test Bank , Financial and Managerial Accounting for MBAs,Easton,4th Edition,Test Bank
Century Auto Tech Pvt. Ltd. is an automotive components manufacturer founded in 1999 that now has annual turnover of Rs. 9.3 million. The document analyzes the company's financial statements from 2011-12 to 2012-13. Liquidity and solvency ratios are calculated, showing the company's current ratio, liquid ratio, debt-equity ratio, and proprietary ratio are below standards, indicating low short-term liquidity, high financial risk, and weak long-term financial position. The analysis suggests the company lacks working capital and its debt levels pose a danger to long-term lenders.
This document discusses the conceptual framework underlying financial accounting. It begins by outlining the learning objectives, which are to describe the meaning and usefulness of the conceptual framework, understand the objectives of financial reporting, identify the qualitative characteristics of accounting information, define the basic elements of financial statements, describe the basic assumptions of accounting, and explain the application of the basic principles of accounting. It then provides details on the conceptual framework, including that it establishes the concepts that underlie financial reporting and allows new problems to be quickly solved. It also discusses the usefulness of the conceptual framework in increasing understanding and confidence in financial reporting and enhancing comparability.
The engagement letter between the CPA firm Abernathy & Chapman and their audit client Lakeside Company outlines both parties' responsibilities. For Abernathy & Chapman, it specifies performing the audit to express an opinion on the financial statements, searching for material misstatements, reporting on internal controls and potential fee changes, and providing the final audit report by February 22, 2013. For Lakeside Company, it specifies paying the audit fee and providing interim and year-end trial balances and audit documents as specified.
The document provides an overview of exercises, problems, and cases related to financial statements and the annual report. It lists 9 learning objectives and provides details of corresponding exercises, problems, and cases for each objective. Exercises are typically easier and shorter, taking 10-15 minutes to complete. Problems and cases have increasing difficulty and estimated time requirements, from 15 minutes to over an hour. The document serves as a study guide, outlining the key concepts and skills that will be developed for understanding and analyzing financial statements and annual reports.
New Zealand Financial Accounting 6th Edition Deega Test BankMerriller
The document discusses key aspects of the conceptual framework of accounting, including its objectives, qualitative characteristics, elements, and assumptions. Specifically, it addresses:
1) The objectives of the conceptual framework, which include providing useful information to users for decision making about financing, performance, and position.
2) The primary qualitative characteristics according to the framework are relevance and reliability. Other important characteristics include comparability, understandability, and timeliness.
3) The framework outlines key elements like assets, liabilities, equity, income and expenses. It also identifies the underlying assumptions of accrual accounting and going concern.
Acc30205 basic accounting assignment august 2015ashleyyeap
This document outlines an assignment for a basic accounting course to analyze financial ratios of publicly traded companies. Students will form groups and select a company in the property or construction sector to research. They will analyze ratios from the company's annual reports from 2012-2013 and assess the company's performance, financial stability, and whether its shares are a worthy investment based on the ratios and price-to-earnings ratio. The assignment requires students to submit a 1500-word written report analyzing the company's background, ratios, and investment recommendation. It provides assessment criteria, rubrics, and appendices explaining how to calculate the price-to-earnings ratio and factors to consider for an investment recommendation.
Kingdom of Saudi ArabiaMinistry of EducationUniversity of Ha.docxDIPESH30
Kingdom of Saudi Arabia
Ministry of Education
University of Hail
College of Nursing
المملكة العربية السعودية
وزارة التعليم
جامـعـة حـائل
كلية التمريض
Master of Science in Nursing (MSN) - Emergency Nursing
Exam Begins: Saturday 09/05/2020 -10:00 pm
Exam Ends: Monday 11/05/2020 - 10:00 pm
Exam Duration: 48 hours
Section: Male &Female side
Final Exam of Theoretical Foundation for Nursing (NURS 501)
Semester :2nd semester 2019-2020
Answer Sheet
Answer Sheet
Student Name: ------------------- ID: ---------------------------
Page 1 of 1
Introduction
Financial statement analysis is the way toward breaking down an organization's fiscal reports for dynamic purposes. Outside partners use it to comprehend the general soundness of an association just as to assess budgetary execution and business esteem. Interior constituents use it as an observing apparatus for dealing with the accounts (KENTON, 2019).
Investigating Financial Statements
The fiscal reports of an organization record significant monetary information on each part of a business' exercises. Accordingly they can be assessed based on past, current and anticipated execution.
Task 1
1) The board of the company: The administration of the organization is the above all else client of the fiscal reports. In spite of the fact that, they are the ones who set up the fiscal reports the board and the administration all in all need to allude to them while thinking about the advancement and development of the organization. The administration of the organization takes a gander at the budget report from the point of view of liquidity, benefit, incomes, resources and liabilities, money adjusts, support necessities, obligation to be paid, venture financing and different days to day operational action. Basically, the executives of the organization needs budget summaries to settle on choices about the business.
2) Speculators: are the proprietors of the organization, they might want to comprehend keep update with the money related execution of the organization. They might want to settle on the choice dependent on the fiscal report whether they have to keep contributed or move out of the organization dependent on its presentation.
3) Clients: Clients need to see the budget summaries of the organization from which they are acquiring merchandise or administrations. Enormous customers might want to have a long haul organization or agreement with the organization along these lines they might want to work with an organization that is monetarily steady. Further, a monetarily solid organization can give its clients credit deals and can convey items and administrations at a rebate than the market.
4) Contenders: might want to know the monetary status of the contending organization. They might want to keep up a serious edge on their rivals and henceforth, might want to know the monetary wellbeing of the other organizatio ...
FINANCIAL ANALYSIS OF RELIANCE JIO PDF.pdfVismayTyagi
The document provides an overview of financial analysis and ratio analysis. It discusses the need to analyze financial statements to better understand a company's financial position and performance. It classifies ratios into traditional categories such as liquidity, activity, profitability, and debt. Common financial analysis tools include ratio analysis, funds flow analysis, and cash flow analysis. Ratio analysis involves calculating and comparing financial metrics over time, against industry benchmarks, and between companies to evaluate performance. The summary discusses the purpose and importance of financial analysis and ratio analysis for decision making.
TEST BANK For Auditing & Assurance Services A Systematic Approach, 11th Editi...Donc Test
TEST BANK For Auditing & Assurance Services A Systematic Approach, 11th Edition & 12th Edi.pdf
TEST BANK For Auditing & Assurance Services A Systematic Approach, 11th Edition & 12th Edi.pdf
Acc30205 basic accounting assignment august 2015Quo Ming
This document outlines an assignment for a basic accounting course to analyze financial ratios for publicly traded companies. Students will form groups and select a company in the property or construction sector. They will analyze the company's annual reports from 2012-2013 to calculate ratios and interpret the results. Based on the ratios and P/E ratio, students must justify whether the company's shares are a worthy investment. The 1500-word report is due by the deadline and will be graded based on assessment criteria covering the company background, ratio calculations and interpretations, and investment recommendation.
Acc30205 basic accounting assignment august 2015Lee Fong Yen
This document outlines an assignment for a basic accounting course to analyze financial ratios for publicly traded companies. Students will form groups and select a company in the property or construction sector. They will analyze the company's annual reports from 2012-2013 to calculate ratios and interpret the results. Based on the ratios and P/E ratio, students must justify whether the company's shares are a worthy investment. The 1500-word report is due by the deadline and will be graded based on assessment criteria covering the company background, ratio calculations and interpretations, and investment recommendation.
Accounting interview questions and answers by m riaz khanM Riaz Khan
This document contains 20 interview questions and answers related to accounting. It discusses key topics like the definition of financial accounting, the role of accounting in business, governance of financial reporting standards, differences between accounting and bookkeeping, objectives of financial accounting, components of financial statements, balance sheets vs. income statements, qualitative characteristics of financial statements, constraints on reliable financial reporting, fundamental accounting equations, GAAP measures in Pakistan, accounts receivables and payables, accounting for goodwill, debenture redemption reserves, deferred revenue expenditures, and contingent liabilities.
This document provides an overview of chapter 4 of an accounting textbook, which covers the accounting cycle and accruals and deferrals. It lists the learning objectives, brief exercises, full exercises, problems, and critical thinking cases covered in the chapter. It provides summaries of the problems and cases, describing what they require students to do and how long they take. It also includes sample journal entries and answers to discussion questions about key concepts related to adjusting entries, deferrals, accruals, and the matching principle. The document aims to outline and describe the entire contents and assessments within the chapter.
The document contains quiz questions and solutions related to Chapter 7 on auditing internal controls. It addresses topics like the responsibilities of management and auditors in assessing internal controls over financial reporting, the objectives of internal control, and an auditor's responsibilities to consider fraud and errors. Key objectives of auditing internal controls are to form an opinion on their effectiveness in preventing material misstatements and to evaluate controls over financial statement disclosures. Auditors must test internal controls rather than rely solely on the work of others.
Acc 291 Effective Communication / snaptutorial.comHarrisGeorg3
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
Accounting Principle 6th Edition Weygandt Test BankGaybestsarae
Full download : https://alibabadownload.com/product/accounting-principle-6th-edition-weygandt-test-bank/ Accounting Principle 6th Edition Weygandt Test Bank , Accounting Principle,Weygandt,6th Edition,Test Bank
For more classes visit
www.snaptutorial.com
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
For more classes visit
www.snaptutorial.com
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
For more classes visit
www.snaptutorial.com
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
2. Three accounting issues associated with accounts receivable are
depreciating, valuing, and collecting.
depreciating, returns, and valuing.
For more classes visit
www.snaptutorial.com
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
2. Three accounting issues associated with accounts receivable are
depreciating, valuing, and collecting.
The document is a knowledge level exam paper from the Institute of Chartered Accountants of Bangladesh. It contains questions on assurance, internal control, internal and external audit. The paper covers key concepts in these areas like the two types of assurance engagements, objectives of internal control, components of internal control like control environment and risk assessment process, roles of internal and external audit functions and key differences between them. It provides suggested answers to questions testing understanding of these fundamental assurance, internal control and audit concepts.
Project report on Financial Statement Analysis and interpretation of A CompanyPinkey Rana
This document provides a project report on the financial statement analysis and interpretation of C.B Enterprises conducted as a summer training. It includes an introduction to the company S.D Gupta & Company, the objectives of analyzing and interpreting financial statements, and an overview of the key components of financial statements including the balance sheet, income statement, and financial ratios. The report then presents an analysis of the financial statements and ratios of C.B Enterprises for 2014-2015, including comparisons between the two years. It finds that while the company's liquidity position is good, many of its ratios related to profitability, expenses, and returns are below industry standards. The report concludes with recommendations for improving the company's performance.
This document is a project report summarizing the financial statement analysis and interpretation of C.B. Enterprises conducted as a summer internship. It includes an introduction to the company and objectives of the analysis. The report presents the formats and contents of balance sheets and profit and loss statements. It then conducts ratio analysis of C.B. Enterprises' financial statements for 2014 and 2015 to evaluate liquidity, profitability, and financial stability. Key findings are that assets and profits have decreased while liquidity remains good. The report concludes the company's prospects are not positive and recommends improving accounts receivable collection and inventory turnover.
The document discusses the analysis of financial statements. It defines financial statement analysis as the classification and interpretation of items in statements like the income statement and balance sheet. This helps evaluate the financial strengths and weaknesses of a company. The document outlines different types of analysis including external, internal, horizontal, and vertical analysis. It also describes various techniques used like comparative statements, trend analysis, common-size statements, and ratio analysis. Key ratios are discussed including liquidity, leverage, profitability, and activity ratios.
The document provides information on a conceptual framework for financial reporting, including:
- It includes tables classifying questions and assignments by topic and learning objective.
- It discusses the objectives of a conceptual framework, qualitative characteristics of accounting information like relevance and faithful representation, and the elements of financial statements.
- It also covers basic assumptions of accounting like going concern, principles like revenue and expense recognition, and constraints like materiality.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
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Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
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The document provides an overview of financial analysis and ratio analysis. It discusses the need to analyze financial statements to better understand a company's financial position and performance. It classifies ratios into traditional categories such as liquidity, activity, profitability, and debt. Common financial analysis tools include ratio analysis, funds flow analysis, and cash flow analysis. Ratio analysis involves calculating and comparing financial metrics over time, against industry benchmarks, and between companies to evaluate performance. The summary discusses the purpose and importance of financial analysis and ratio analysis for decision making.
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This document outlines an assignment for a basic accounting course to analyze financial ratios for publicly traded companies. Students will form groups and select a company in the property or construction sector. They will analyze the company's annual reports from 2012-2013 to calculate ratios and interpret the results. Based on the ratios and P/E ratio, students must justify whether the company's shares are a worthy investment. The 1500-word report is due by the deadline and will be graded based on assessment criteria covering the company background, ratio calculations and interpretations, and investment recommendation.
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This document contains 20 interview questions and answers related to accounting. It discusses key topics like the definition of financial accounting, the role of accounting in business, governance of financial reporting standards, differences between accounting and bookkeeping, objectives of financial accounting, components of financial statements, balance sheets vs. income statements, qualitative characteristics of financial statements, constraints on reliable financial reporting, fundamental accounting equations, GAAP measures in Pakistan, accounts receivables and payables, accounting for goodwill, debenture redemption reserves, deferred revenue expenditures, and contingent liabilities.
This document provides an overview of chapter 4 of an accounting textbook, which covers the accounting cycle and accruals and deferrals. It lists the learning objectives, brief exercises, full exercises, problems, and critical thinking cases covered in the chapter. It provides summaries of the problems and cases, describing what they require students to do and how long they take. It also includes sample journal entries and answers to discussion questions about key concepts related to adjusting entries, deferrals, accruals, and the matching principle. The document aims to outline and describe the entire contents and assessments within the chapter.
The document contains quiz questions and solutions related to Chapter 7 on auditing internal controls. It addresses topics like the responsibilities of management and auditors in assessing internal controls over financial reporting, the objectives of internal control, and an auditor's responsibilities to consider fraud and errors. Key objectives of auditing internal controls are to form an opinion on their effectiveness in preventing material misstatements and to evaluate controls over financial statement disclosures. Auditors must test internal controls rather than rely solely on the work of others.
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merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
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For more classes visit
www.snaptutorial.com
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
For more classes visit
www.snaptutorial.com
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
For more classes visit
www.snaptutorial.com
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
2. Three accounting issues associated with accounts receivable are
depreciating, valuing, and collecting.
depreciating, returns, and valuing.
For more classes visit
www.snaptutorial.com
1. The term “receivables” refers to
cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
2. Three accounting issues associated with accounts receivable are
depreciating, valuing, and collecting.
The document is a knowledge level exam paper from the Institute of Chartered Accountants of Bangladesh. It contains questions on assurance, internal control, internal and external audit. The paper covers key concepts in these areas like the two types of assurance engagements, objectives of internal control, components of internal control like control environment and risk assessment process, roles of internal and external audit functions and key differences between them. It provides suggested answers to questions testing understanding of these fundamental assurance, internal control and audit concepts.
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PQP/9FIA/Jan 13
continued
Copyright of the Institute of Credit Management
Institute of Credit Management
The Water Mill, Station Road, South Luffenham, Oakham, Leicestershire LE15 8NB
Bookshop Tel: 01780 722901. Education Tel: 01780 722909
Switchboard Tel: 01780 722900. Fax: 01780 721333
3. 3
PQP/9FIA/Jan 13
continued
Financial Analysis Questions, Answers and
Examiners’ Comments
LEVEL 5 DIPLOMA IN CREDIT MANAGEMENT
JANUARY 2013
Instructions to candidates
Answer all questions Time allowed: 3 hours
The answers to this examination were disappointing. They seemed to reflect poor
preparation and equally poor understanding of the practical nature of the assessment.
Candidates must be prepared to apply the knowledge gained from their studies to a
practical situation. That is the nature of a Level 5 assessment, application of theory.
The assessment will cover all of the learning outcomes of the subject so candidates need
to be well versed in all the subject areas.
The candidates who attempted this paper appeared to feel that success can be achieved
without the appropriate degree of preparation. It should be remembered that this is a
QCF Level 5 course which requires a thorough knowledge of the subject matter and the
ability to apply that knowledge meaningfully to given situations. The application of
knowledge is the key to success. The mere regurgitation of theory will not suffice at Level
5. It was disappointing to note that candidates were not able to apply accurately even
some of the basic matters they learned in Level 3 such as ratio analysis.
It is hoped that candidates realize the level that this course requires and enjoy preparing
more effectively for it in the future.
4. 4
PQP/9FIA/Jan 13
continued
1. Explain, as if to someone without any accounting knowledge:
a) The relevance of an independent audit report on published financial statements to
a credit manager, you should include both its advantages and disadvantages.
(10 marks)
b) The significance of the specific audit OPINION in the audit report of Three Quarter
Time Ltd to a credit manager. (10 marks)
Total 20 marks
Suggested answer
a) This answer should include points made in the guidebook and textbook. It is an
opportunity for the candidate to demonstrate what they have learnt about audit, and
so any reasonable comment will be given marks.
An audit is an ‘Independent examination of evidence from which the financial
statements are derived, in order to give an opinion as to whether they show a true
and fair view’
The audit report should make the information in the financial statements more
reliable for decision making purposes because the auditor has access to all the
company’s records and any explanations they require in order to support their
opinion.
The report gives an opinion as to whether the financial statements show a true and
fair view, but also reports on other items by exception, e.g. that the director’s report
is consistent with the accounts and that the financial statements agree with the
underlying records.
If the auditors disagree with any of the directors’ judgments or if they haven’t been
able to obtain sufficient evidence for their opinion, they will qualify their report.
Additionally if they come across a matter that is crucial to an understanding of the
financial statements they will modify their report to highlight the matter. This is
useful to the credit manager as it identifies the potential risk of trading with such
companies.
On the other hand the published accounts are published 6-9 months after the balance
sheet date, so there is some doubt as to whether the time lag in reporting makes the
audit report less relevant to the credit manager. Indeed the auditor has no duty of
care in law to any user of the statements apart from the shareholders. Therefore if
the credit manager relies on these statements and the auditor is proved negligent
there is no redress for them.
b) Suggested answer
The auditor has issued a qualified report. It is qualified due to a material
disagreement.
The auditor has disagreed with the director’s treatment of a loan to a subsidiary
company. They believe that according to Accounting Standards this loan should be
‘written off’, however the directors have chosen to keep it in the balance sheet as a
debtor in current assets.
5. 5
PQP/9FIA/Jan 13
continued
By qualifying their opinion rather than giving an ADVERSE opinion (i.e. do not a true
and fair view) the auditors are advising users of the financial statements, that apart
from this one issue that affects the debtor balance, the financial statements do show
a true and fair view.
The auditor gives information about the qualification in the ‘Basis of Opinion’
paragraph, which enables the user of the statements to quantify the effect of the
disagreement on the financial statements.
In this case, the debtor figure will be reduced by £192,004 and the profit for the year
will also be reduced, leaving a significant loss to the company.
This question tests understanding of the significance of the audit report. Candidates failed
to explain the significance of the ‘Emphasis of Matter’ paragraph on the report.
6. 6
PQP/9FIA/Jan 13
continued
Question 2
The conceptual framework underpinning regulation of published financial statements,
states that information contained in the statements should have certain specified,
qualitative characteristics.
Select two desirable qualities of information from the conceptual framework and select
examples from the published financial statements of Three Quarter Time Ltd that
illustrate these qualities. (10 marks)
Suggested answer
There are many qualities that the candidate could select, e.g. relevance, reliability,
understandability, comparability, prudence, consistency, etc
There were marks available for each quality selected (these must be in the conceptual
framework as stated in the guidebook)
There are further marks available for a relevant example from the financial statements.
For example
The information needs to be consistent and note one tells us that the same accounting
policies are used for both the current and comparative figures
There is no definitive answer, the question is meant to assess whether the candidate can
apply the knowledge they have gained to the case study.
Question 2 tests understanding of the conceptual framework underpinning financial
statement. Candidates barely attempted this, if at all.
7. 7
PQP/9FIA/Jan 13
continued
Question 3
The credit sales form 25% of the sales and 25% of the cost of sales relate to credit sales.
Three Quarter Time Ltd. has a thirty day payment incorporated in its terms of trade. It is
considering increasing the credit facilities in order to increase sales in the short term.
Comment on the viability of this proposal and comment on the working capital
management of TQT. (20 marks)
Suggested answer
There needs to be the calculation of the under-mentioned ratios in respect of the
liquidity.
2012 2011
Current Ratio 1.46 1.28
Acid Test 1.37 1.17
The ratios should be described. Comments should be then made about the comparison
of the above.
There should be further ratios in terms of working capital cycle as follows bearing in mind
that only 25% of the sales are credit sales. These ratios should be described and
synthesized to give a working capital cycle period.
2012 2011
Stock Days 15 21
Debtor Days 127 141
Creditor Days 189 254
Sensible comparisons should be made and commented upon. There should be some
concern expressed about the creditor days which appear to be very excessive. It is
unlikely that such credit terms are contractually agreed. The debtor days are also well
above the contractual period. Credit control should cause some concern. An expansion
of activities would result in a worsening of working capital management.
Please remember to read the question carefully as candidates failed to take into account
the instruction that only 25% of sales were credit sales.
8. 8
PQP/9FIA/Jan 13
continued
Question 4
Andre Strauss and his orchestra are well known musicians who bring an element of fun
into the enjoyment of music. They are famous throughout the world their Waltz music.
Three Quarter Time Ltd. is considering sponsoring a concert in London to promote the
Waltz and increase their sales in the process. The cost of the sponsorship will be 0.5
million. The concert is scheduled to be held in Spring 2013 in a reputable venue. Three
Quarter Time Ltd has approached your company for a loan for these funds. Assuming
that the Balance Sheet would continue to remain the same as the current published
accounts for the year ended 31 August 2012, till Spring 2013, until the proposed loan is
granted, calculate the gearing of the company and comment on this and all other
findings particularly on the qualifications of the audit report. (20 marks)
Suggested answer
The following gearing ratios should be correctly calculated
After Loan
of 0 .5m
2012 2011
71.46% 39% 52%
There has been an improvement in gearing from 2011 to 2012. However there is a
serious increase in gearing if the proposed loan of £500k is given. This shows that 71p
of every one pound of capital is borrowed. This is a significant risk. The better students
will also calculate gearing after the proposed write off of £192k suggested in the audit
report.
Mention should be made that gearing is a measure of risk and that the level of risk is
unacceptable. The better students may look at the possibility of obtaining personal
guarantees from the directors who may be substantially wealthy in their own right.
There is no one right answer. This is an opportunity for the students to apply their
learning in a well-argued manner exploring all the pros and cons of the proposal.
Comments such as the viability of having a sales boom in a dance form that is fast dying,
the economic downturn and other PESTEL matters as described in the manual should be
applied appropriately.
For 20 marks students were expected to analyse the impact of the new loan on the
company’s gearing and makes some comment on future solvency.
9. 9
PQP/9FIA/Jan 13
continued
Question 5
The company has made a profit of £13,587 in the year 31st
August 2012, yet has
generated a operating cash OUTFLOW of £109,690.
a) Explain, using both facts and figures, how Three Quarter Time Ltd has made a profit
yet has suffered a significant negative operating cashflow. (10 marks)
b) Evaluate the significance of the cashflow statement when making credit decisions.
(6 marks)
c) If the adjustment outlined in the auditor’s opinion was put in place what effect would
this have on the Profit and Loss Account and on the Cashflow Statement. (ignore any
tax effect). (4 marks)
Total 20 marks
a) Suggested answer
Note to the cashflow statement
Reconciliation of operating profit to net cash outflow from operating activities
Operating profit 13,587
Depreciation charges 99,966
Profit on sale of tangible fixed assets (83)
Decrease in stocks 21,769
Increase in debtors (162,222)
Decrease in creditors (82,707)
Net cash outflow from operating activities (109,690)
If non- cash items such as depreciation are added back to profit, and then the company
should have had a net cash inflow of over £100,000.
The fact that they have a net operating cash outflow is entirely due to their management
of working capital.
Stock has decreased which should improve the cashflow
Creditors have decreased significantly which could be a concern for potential lenders as it
could signify a reluctance for suppliers to provide credit.
The main issue appears to be a large increase in debtors, people owing the company
money. This could be a concern as it may signal significant disputes with companies or
an under provision for bad debt.
The notes to the accounts will need to be examined to gain more detail
10. 10
PQP/9FIA/Jan 13
continued
The creditor note shows that although there is a fall in trade creditors, the majority of
the decrease is due to the repayment of leases.
An examination of the debtor note (below) tells the user that although debtors have
increased as a whole, trade debtors have decreased and have offset the new debt of
£197,202 from a related company, and also an increase in prepayments.
2012 2011
£ £
Trade Debtors 230,084 282,323
Amounts owed by group undertakings 197,202
Other Debtors 5,200 4,558
Called up Share capital not paid 1 1 1
Prepayments and accrued Income 57,503 40,886
489,990 327,768
Therefore overall the reason why there is a net operating cash outflow in spite of the net
profit is the new related debtor of £197,202.
b) Suggested answer
Is the information reliable?
The cashflow statement of large companies is included in the statutory audit and
therefore shows a ‘true and fair view’ of the company’s cashflows. Additionally it is
prepared according to accounting standards, either FRS1 or IAS 7, and therefore is
comparable from company to company and consistent in its underlying assumptions and
presentation.
As previously stated, cash based accounting is not subject to accounting policies or
adjustments and therefore is more objective than other statements. Indeed cash itself is
easily verified by the banks, which are independent of the company. Compare this to the
value of stock/inventory, which is subjective.
Is the information relevant?
As the credit manager is concerned principally with the ability of a customer to pay its
short term debts, i.e. its short term liquidity, then both the company’s cash position and
its ability to generate cash from trading is highly relevant information.
Additionally a credit manager can ensure that the cash that is generated is being fairly
distributed and not being taken by the owners as dividend or ‘management fees’ in a
group situation.
Conversely it must be acknowledged that the information is untimely in its publication
and by the time the credit manager receives it, it may be too late to be useful.
However the cashflow when analysed with other figures such as debt can offer a warning
of potential future cashflow problems, particularly when considered with the company’s
debt repayment schedule (found in the notes to the accounts).
Is the information understandable?
It could be argued that the concept of the ‘indirect method’ is confusing for non-finance
professionals; however the absence of underlying accounting policies makes the
information more understandable for the non-accountant. The majority of adults manage
a bank account and this statement is merely an analysed form of bank statement. It
details where cash has been generated and where it has been spent.
11. 11
PQP/9FIA/Jan 13
continued
c) Suggested answer
Reconciliation of operating profit to net cash outflow from operating activities
Operating profit (13,587 – 197,202) (183,615)
Depreciation charges 99,966
Profit on sale of tangible fixed assets (83)
Decrease in stocks 21,769
Decrease in debtors (162,222) +197,202 34,980
Decrease in creditors (82,707)
Net cash outflow from operating activities (109,690)
Candidates need to explain why the movements in working capital affect profit in relation
to cash. Candidates failed to evaluate the usefulness of the cashflow statement to a credit
manager assessing the liquidity.
12. 12
PQP/9FIA/Jan 13
Question 6
Write a memorandum for circulation to all the junior members of the credit control
department that highlights FIVE key indicators of customer solvency problems, which can
be identified from published financial statements. (10 marks)
Suggested answer
This question is a chance for the candidate to apply their knowledge to a work place
situation.
Again, there is no definitive answer and any well-reasoned, factually correct answer will
gain marks. There are 2 available for each indicator.
Examples:
Net current liabilities may indicate that the company doesn’t have the short term liquidity
to pay debts when they fall due
Low interest cover, if profits fall even a small amount then the company may not have
resources to pay their creditors and default on their loans
High gearing combined with debts falling due in the coming year, the company may not
be able to renew debt facilities
Over reliance on short term funding such as overdrafts, which may not be renewed.
Resignation of directors may indicate severe problems in the company.
Negative operating cashflows, if these are year on year then the company will have
declining cash amounts and may have liquidity problems.
Lengthening credit payment period, the company may not be paying suppliers, but also
shortening credit payment periods as suppliers may not be extending credit.
Any reasonable answer will be given credit.
This was an opportunity for candidates to apply not only theoretical knowledge but
practical experience. Any reasoned comment was given credit. However, candidates
seemed nonplussed and resorted to repeating ratios without an explanation as to their
significance.
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