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AS and A Level: Accounting & Financial Management

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  • Marked by Teachers essays 4
  1. Describe why an industry such as nancial services should require regulation.

    Financial regulation protects investors, maintain orderly markets and promote financial stability. There are four main objectives of financial regulations. First is market confidence; this is to preserve confidence in the financial system in the UK. This is to guarantee that markets are fair, efficient and transparent and that individuals and companies have assurance in financial intermediaries and in the money supply. Another aim is financial stability. This is the contribution to the protection and improvement of the stability of the financial system. This is to maintain and raise understanding to the public of the financial system. They will be told of the benefits and risks of the different forms of financial transactions. Consumer protection is another financial regulation aim.

    • Word count: 830
  2. Describe the key features of UK and EU nancial service legislation and regulation likely to inspire investor condence.

    Regulatory bodies also inspire investors in the UK. There are many regulatory bodies including Financial Conduct Authority (FCA). FCA aim to make sure that financial markets work well so that consumers get a fair deal. This means that they ensure that the financial industry is run with honesty, first?s product customers with appropriate products and services and customers can trust that the firm has their best interests at heart. Secondly, Prudential Regulatory Authority (PRA) is another regulatory body. PRA was created as part of the Financial Services Act (FSA)

    • Word count: 1362
  3. Analyse the extent to which issues of nancial service ethics are effectively addressed.

    An example of unethical practice was when financial institutions like bank and building societies mis-sold payment protection insurance (PPI). Banks devised an insurance product that was designed to not pay out due to the strict terms and conditions and began to force customers to buy the insurance when taking out loans, mortgages and credit cards. This was very unethical and the financial services were not taking any duty of care. The Financial Services Authority (FSA) then imposed fines to all banks and building societies who mis-sold PPI and were instructed the institutions to compensate their customers. Lloyds had to pay £9.8billion, Santander £500million and the Co-operative Bank £100million proving that they had to pay large sums of fines.

    • Word count: 1246
  4. Produce a report evaluating the relative significance of solvency and profitability ratios in identifying serious problems of business performance.

    Also you can see if your business is performing successfully or is performing poorly in relative to the figures of another business. In addition, ratio analysis helps in trend analysis which involves comparing a single company over a period of time. And lastly, it can highlight important information in simple form quickly; businesses can explore their business performance by just looking at few numbers instead of reading the whole financial statement. The first ratio is the solvency ratio. This ratio will measure the ability of the business to settle its debts in the short term.

    • Word count: 1294
  5. Analyse reasons for the performance of a selected business by the use of nancial ratios.

    Acid test ratio measures the ability for Alpha Ltd to pay its debts over a period of two or three months without requiring the sale of their stock. Formula: Acid test ratio = Current assets - Stock Current Liabilities = £75000 - £60000 £50000 = £15000 £50000 = 0.3:1 Alpha Ltd’s acid test ratio of 0.3:1 is very close to a typical Acid test ratio of 0.4:1. This means that Alpha Ltd are in a position to settle their short-term debts despite selling their stock.

    • Word count: 3871
  6. Justify a proposed comprehensive and integrated nancial service package that is appropriate for the financial needs of two customers at different life stages.

    In addition to his overdraft he also has a student loan of £13,000. Once Ifter starts work he will be required to pay off is student loan as he will be earning a salary more than £21,000. To work out how much Ifter has to pay I took his salary of £25,000 and subtracted £21,000 which gave me £4,000. I then found out 9% of this which is £360 which I then divided by 12 to get a monthly payment of £30.

    • Word count: 2464
  7. Describe three savings products appropriate to meet the nancial needs of two contrasting customers.

    Premium bonds can give the saver prizes from £25 to £1 million of tax free cash. However, this money doesn’t earn any interest but can be withdrawn at any given time with no penalties. You can enter online or on the phone if you are 16 or over and can invest anything from £100 to £50,000. People ages 17 to 22 can invest in premium bonds as it’s a better opportunity to win some extra cash that they can save. They could also use Direct ISA’s. An ISA is an individual saving account which allows individuals to hold cash, shares, and unit trusts free of tax on dividends, interest, and capital gains.

    • Word count: 6887
  8. Define the terms used in a trading and profit and loss account and balance sheet.

    5. Closing stock ? a business?s remaining stock at the end of the financial year. It includes finished products, raw materials or work in progress and is deducted from the period?s costs in the balance sheets. 6. Gross profit ? The difference between revenue and the cost of producing goods or services sold. It is sometimes expressed as a percentage. 7. Expenses ? money or costs incurred in a business?s efforts to generate revenue, representing the cost of doing business 8. Wages - a fixed regular payment earned for work or services, typically paid on a daily or weekly basis 9.

    • Word count: 916
  9. Illustrate the use of budgets as a means of exercising financial control of a company

    However, budgets can also become a problem. Sometimes budgets can be inaccurate and unreasonable and can cause problems to a business. This is because if they are unrealistic the company are going to be over spending. In addition, if budgets are unrealistic it can unmotivated employees; this is because they will have to work hard to ensure they don?t go over the budgets, but this may be impossible and could lead to lots of stress. Nevertheless, if budgets are too high staff may spend up to budget.

    • Word count: 821
  10. Describe sources of internal and external finance for a business

    Nevertheless, once all the money is gone, they will not have any money to use in the event of an emergency. Sell assets The business could sell unused assets to gain cash. These assets could include machinery or equipment in which the business does not use. This is good for them to do as it is good business practice and they are making use of something they don?t need. In addition, they could rent out part of their property they no longer need which will allow them to gain money.

    • Word count: 1032
  11. Analyse the reasons why costs need to be controlled to budget.

    Furthermore, if they do not control their budget it will also lead to an adverse variance and a decrease in profits. This is because, when businesses overspend than they budgeted for, their costs will go up and the profit will fall; they may even make losses. This means they wouldn?t be able to pay their monthly bills or declare dividends to their shareholders. Additionally, not keeping to the budget will affect other departments in the business. This is because if they overspend in one department they will need extra funds and this money may come from other departments.

    • Word count: 805
  12. Interpret the contents of a trading and profit and loss account of a food retailer.

    Acid test ratio measures the ability for Alpha Ltd. to pay its debts over a period of two or three months without requiring the sale of their stock. Formula: Acid test ratio = Current assets - Stock Current Liabilities = £75000 - £60000 £50000 = £15000 £50000 = 0.3:1 Alpha Ltd.’s acid test ratio of 0.3:1 is very close to a typical Acid test ratio of 0.4:1. This means that Alpha Ltd. are in a position to settle their short-term debts despite selling their stock.

    • Word count: 3875
  13. There are many reasons why the use of ratio analysis will benefit Alpha Ltd

    There are many internal stakeholders who will be interested in Alpha Ltd ratio analysis.2) Internal Stakeholders are anyone within the business such as managers, employees and shareholders. Managers will be interested in Alpha Ltd ratios because they can make use of business ratio to see if they are meeting their business objectives and using their resources effectively ; this will then allow them to highlight where they may need improving. In addition, employees will make use of the ratio to see if the business is stable and their jobs are safe.

    • Word count: 669

Conclusion analysis

Good conclusions usually refer back to the question or title and address it directly - for example by using key words from the title.
How well do you think these conclusions address the title or question? Answering these questions should help you find out.

  1. Do they use key words from the title or question?
  2. Do they answer the question directly?
  3. Can you work out the question or title just by reading the conclusion?
  • compare and contrast financial and management accounting

    "In conclusion, all three writers/authors agree that the social and economic change in the past has pushed the change barrier further and further. As the society continues to change, so also will be change in organisation strategy in the use of information in making quality decision in the running of their affairs. The nature and effect of government legislation in the control of a more global organisation not only has contributed, but will continue to contribute to further development of financial and management accounting in the future. Organisations that are not ready for a re-think will further find they are unable to face competition in the new global market."

  • Identify and evaluate costs involved in the purchase of business assets.

    "As you can see that loan has been spread out over 2 years and each month is paying 532 pound also by leasing the van this cost us 124.99 pound a month. This saves us 10,000 pound year as shown in the highlighted box. With the �10,000 she can invest this in the bank and gain interest for the money invested. 1 2 3 4 5 6 RECIEPTS Capital �5,000.00 Sales(France) �0.00 �360.00 �360.00 �720.00 �540.00 �550.00 Sales(UK) �605.00 �630.00 �1,010.00 �1,025.00 �1,200.00 �1,290.00 Total Receipts �5,605.00 �990.00 �1,370.00 �1,745.00 �1,740.00 �1,840.00 PAYMENTS Raw Materials(France) �190.00 �190.00 �380.00 �285.00 �290.00 �187.50 Raw Materials(UK) �247.50 �255.00 �415.00 �417.50 �490.00 �525.00 Electricity �65.00 �65.00 �65.00 �65.00 �65.00 �65.00 Rent for garage �75.00 �75.00 �75.00 �75.00 �75.00 �75.00 Advertising �50.00 �0.00 �50.00 �0.00 �0.00 �50.00 Ferry Fees �50.00 �50.00 �50.00 �50.00 �50.00 �50.00 Sues Other Wages �400.00 �400.00 �500.00 �500.00 �500.00 �500.00 Car boot fees �40.00 �40.00 �40.00 �40.00 �40.00 �40.00 Van running expenses �30.00 �30.00 �30.00 �30.00 �30.00 �30.00 loan �532.00 �532.00 �532.00 �532.00 �532.00 �532.00 Small Van �124.99 �124.99 �124.99 �124.99 �124.99 �124.99 Total Payments �1,804.49 �1,761.99 �2,261.99 �2,119.49 �2,196.99 �2,179.49 Net Cash Flow Per Month �3,800.51 -�771.99 -�891.99 -�374.49 -�456.99 -�339.49 Opening balance �0.00 �3,800.51 �3,028.52 �2,136.53 �1,762.04 �1,305.05 Closing balance �3,800.51 �3,028.52 �2,136.53 �1,762.04 �1,305.05 �965.56"

  • Assess Effects of Corporate Personality

    "Conclusion Corporate personality has had a significant affect in forming company law over the last centuries, and the Salomon case has been a crucial benchmark to company law and is still being used in courts today. However, there is a need for more clear definition in key concept and a solid framework, where as when to lift the veil or who should be liable and what is mere fa�ade etc. Or would the future of company law revolutionise and abandon the Salomon theory?"

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