AcF100 Summer Exam 2016 Solutions Section B: Managerial Finance
Question 3: Answer all parts of this question
A. Briefly explain the three basic tasks of financial managers.
Answer: Financial managers are responsible for three main tasks. First, capital b
Test Wednesday 3rd December
The ACF 100 coursework test will be Wednesday 3rd December
(Week 9) from 10a.m 11.a.m
The test is worth 7.5% of your total ACF100 mark
Please arrive at your venue in plenty of time as the exam will start
Summary and revision
Dr Catherine Salzedo
Part 1: Introduction to financial accounting, concepts,
definitions and the financial statements
Outline of what the fina
Profit and loss appropriation
Class exercise 1
Alice, Bill and Caylie are in a partnership with a profit sharing
ratio of 3:2:1. There is no interest on capital or salaries.
Profits for the year are 18,000.
What is Bills share of the pr
Online multiple choice test in
If you will need additional time to take this test, please
could you let Andrea Quail know.
She can be contacted at:
or in Office C17 on 2nd floor of the Management School
Example: Accrual based profit or cash
In January 2014, Jones Ltd sells a three-month subscription to
its monthly magazine to 1,000 customers. Each monthly
magazine costs 100.
Customers pay the full subscription price (300 = 3 x 10
Who else uses accounting information?
(in addition to primary users)
Advantages and disadvantages
of different types of entity
Proportional depreciation charges
Ben E. King has an accounting year ending on 30 April. He purchased
some shop fittings on 1 September 20X2 at a cost of 18,000. These
have an estimated useful life of 10 years and an expected residual value
Class exercise 1
A customer has owed you 1,000 for 4 months. He promises to pay within
another month but admits that he is having difficulty finding the money
because his own customer hasnt paid him. When his customer pays him,
he will pay you.
Online multiple choice test Week 6
You will receive an email to your Lancaster email account to remind you of
the test details you will be assumed to have read it. You must do the online
multiple choice test in Michaelmas week 6 based on the o
Audit reports qualified (extracts from
KPMG audit of Gyrus Group)
"In our opinion, the company has not accounted for the shares described below
and classified as liabilities in accordance with FRS 26 (IAS 39) Financial
Instruments Recognition a
Online multiple-choice test in Week 6
In Week 6, you will be asked to do an online multiple choice test.
The test is open for several days, so you can choose when to do it.
Specific details of the test will be emailed to you and discussed in
Tutorial A - Solutions
Revision of acf 212 Quiz
1. Why do we need mandatory accounting standards?
Accounting numbers define contractual relationships.
e.g. Standards change the ability of management to manage earnings to meet bonus
2. Arguments fo
Tutorial B suggested solutions 2017
To: Finance Director
From: Financial Accounting student
Subject: Accounting and disclosure implications of leases
The four key terms relevance, faithfully represented, comparable and unders
Appendix I - Common differences in accounting terminology
Terms with different meanings
The following terms have different meanings in UK, US or IAS usage.
An obligation, or a possible obligation, that does n
Tutorial Week II
Welcome to AcF308 Tutorial!
Introduction and overview
AcF 308, Lancaster University
Discussion of cases and problems
Intended to reinforce your understanding of t
Tutorial Week III
Problem 3, Chpt. 3
The presence of a controlling shareholder (The Walt Disney Company)
Managers decisions may favour the controlling shareholder, at the cost of
minor shareholders and other stakeholders
Unusual financing me
This class will review challenging problems set for the previous
topics from lectures 7 11 identified by prior students of AcF610
as challenging (see list below for problem coverage) plus the two
cases allocated to the session which link to pri
This class will review some of the problems for the previous topics
from lectures 1 5 identified by prior students of AcF610 as
challenging (see list below for problem coverage) plus the two
cases allocated to the session which link to prior lec
Additional problems to accompany Lecture 3
Drury (2005) P2-26
Cost may be classified in a variety of ways according to their nature and the information needs of
management. Explain and
Department of Accounting and Finance
Additional problems to accompany Lecture 2
P 2-1 Penglais
The Penglais Group of Companies has purchased a country mansion for use as a staff training and
conference centre. Permanent ho