ACCOUNTING AND FINANCE for Non-Specialists

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1 Seventh Edition ACCOUNTING AND FINANCE for Non-Specialists Peter Atrill and Eddie McLaney Financial Times Prentice Hall is an imprint of Harlow, England London New York Boston San Francisco Toronto Sydney Singapore Hong Kong Tokyo Seoul Taipei New Delhi Cape Town Madrid Mexico City Amsterdam Munich Paris Milan

2 Preface (-Tow to use this book Integrated assessment material End-qf-chapter assessment material Guided tour of the book Guided tour of MyAccountingLab Acknowledgerffents I to accounting and finance What are accounting and finance?,j Who are the users of accounting information? Providing a service But... is it material? Weighing up the costs and benefits Accounting as an information system Management accounting and financial accounting Scope of this book Has accounting become too interesting? The changing face of accounting How are businesses managed? What is the financial objective of a business? Balancing risk and return Not-for-profit organisations Why do I need to know anything about accounting and finance? Summary Key terms Further reading Review questions xv xvi xvi xvi xviii xxi xxiii VII

3 Parti FINANCIAL ACCOUNTING 2 Measuring and reporting financial position Making financial decisions 30 The major financial statements - an overview 30 The statement of financial position 35 The effect of trading transactions 42. Classifying assets 44 Classifying claims 47 Statement layouts 48 Self-assessment question Capturing a moment in time 50 The role of accounting conventions 51 Money measurement 55 Valuing assets 58 Meeting user needs 63 Summary '" 64 Key terms 66 Further reading 66 Review questions 67 Exercises 67 3 Measuring and reporting financial performance 70 /' 70 D. 70 What does it mean? 71 The income statement 71 Different roles 73 Income statement layout 74 Further issues 75 Recognising revenue.78 Recognising expenses 83 Depreciation 87 Costing inventories 97 Trade receivables problems 101 Self-assessment question Uses and usefulness of the income statement 104 Summary 105 Key terms 107 VIII

4 ^Further reading Review questions 'Exercises Accounting for limited companies ^The main features of limited companies Managing a company - The UK Corporate Governance Code Financing limited companies Raising share capital Borrowings Withdrawing equity The main financial statements Dividends Additional financial statements The directors' duty to account The need for accounting rules Sources of accounting rules The auditors' role The directors' report Creative accounting Self-assessment question 4.1 Summary Key terms Reference Further reading Review questions Exercises Measuring and reporting cash flows The statement of cash flows Why is cash so important? The main features of the statement of cash flows A definition of cash and cash equivalents The relationship between the main financial statements The form of the statement of cash flows The normal direction of cash flows / Preparing the statement of cash flows IX

5 What does the statement of cash flows tell us? 175 Self-assessment question Summary 178 Key terms 179 Further reading 180 Review questions 180 Exercises j Analysing and'interpreting financial statements Financial ratios 187 Financial ratio classifications 188 Trie need for comparison 189 Calculating the ratios 190 A brief overview 192 Profitability 193 Efficiency 200 Relationship between profitability and efficiency 205 Liquidity 207 Financial gearing 209 Self-assessment question Investment ratios 217 Trend analysis 224 Using ratios to predict future outcomes 226 Limitations of ratio analysis 226 Summary ' 228 Key terms 230 Further reading 230 Review questions 230 Exercises 231 Part 2 MANAGEMENT ACCOUNTING I 7 «Cost-volume-profit analysis Cost behaviour 240 Fixed cost 240 Variable cost 242

6 8 Semi-fixed (semi-variable) cost Finding the break-even point Contribution Margin of safety Achieving a target profit Operating gearing Profit-volume charts Failing to break even Weaknesses of break-even-analysis Using contribution to make decisions: marginal analysis Self-assessment question 7.1 Summary Key terms Furthehceading Review questions Exercises Full costing Why do managers want to know the full cost? What is full costing? Single-product businesses Multi-product businesses Direct and indirect cost Job costing Overheads as service Tenderers How job costing works Batch costing Full (absorption) cost as the break-even price Self-assessment question 8.1 Activity-based costing Using full (absorption) cost information Summary Key terms Further reading Review questions Exercises Budgeting Learnina outcomes XI

7 I Budgets and budgeting 313 I How budgets link with strategic plans and objectives 313 Time horizon of plans and budgets 316 Limiting factors 316 Budgets and forecasts 317 Periodic and continual budgets 317 How budgets link to one another 318,. How budgets help managers " Using budgets in practice 323 Incremental and zero-base budgeting v 325 ' Preparing the cash budget 327 Preparing other budgets 331 Non-financial measures in budgeting 334 Self-assessment question Budgeting for control 335 Measuring variances from budget 336 Making budgetary control effective 343 Behavioural issues 344 Summary 345 Key terms " 346 Reference 346 Further reading 346 Review questions 347 Exercises 347 Part 3 FINANCIAL MANAGEMENT 10; Making capital investment decisions The nature of investment decisions 356 Investment appraisal methods 357 Accounting rate of return (ARR) 359 Payback period (PP) 364 Net present value (NPV) 368 Why NPV is better 377 Internal rate of return (IRR) 379 Some practical points 384 Investment appraisal in practice 388 Self-assessment question Summary 393 XII

8 Key terms 395 Further reading 395 Review questions 396 Exercises i Financing a business Sources of finance 403 Sources of internal finance 403 [long-term sources of internal finance 403 Short-term sources of internal finance 405 Sources of external finance 407 Long-tefrn sources of external finance 408 Gearing and long-term financing decisions 423 Share issues 426 The role of the Stock Exchange 431 T-he Alternative Investment Market 435 Short-term sources of external finance 436 Long-term versus short-term borrowing 440 Providing long-term finance for the small business 441 Self-assessment question Summary 446 Key terms 447 References 448 Further reading 448 Review questions ~ 448 Exercises Managing working capital , 453 What is working capital? 454 The scale of working capital 456 Managing inventories 458 Managing receivables 470 Self-assessment question Managing cash 479 Managing trade payables 487 Summary 490 Key terms 492 Further reading I 493 XIII &

9 Review questions 493 Exercises 494 Appendix A: Glossary of key terms 498 Appendix B: Solutions to self-assessment questions 511 Appendix C: Solutions to review questions 522 Appendix D: Solutions to selected exercises 535 Appendix E: Present value table 563 Index 565 XIV

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