Corporate Accounting 1st Edition Anita Raman, P. Radhika - Solutions

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Briefly explain the key processing requirements of debtor-based/non-debtor-based revenue cycles.
Describe the main stages of a debtor-based revenue cycle.
Where a debtor has failed to make payment within an agreed period, it may be necessary to take action to recover the debt. Briefly explain the main stages of a debt recovery process.
Distinguish between pre-invoicing, on-demand invoicing and post-invoicing.
Identify and describe the four main methods a customer/client can use for the submission of payment.
Describe the four stages normally involved in the online processing of a cardholder present transaction (pPoS EFT).
Briefly explain the three main types of payment cards.
What are the major differences between card-based EPOS payment systems and non-cardbased EPOS payment systems.
Briefly explain the advantages and disadvantages of Pay By Touch payment systems.
BeTiCe Ltd is a newly formed, UK-based retail company. The company will specialise in street fashion accessories for both men and women, and will commence trading in three months, once a number of retail outlets have been refurbished. At a recent management meeting the company financial director
RTY plc is a UK retail company with retail outlets in the south-east and north-west of England. In total the company has six retail outlets in the south-east and eight in the north-west. The company currently employs 195 staff.The company has been trading successfully for a number of years.For the
ZKO Plc was an UK-listed company that produced digital audio equipment for the retail market. The company’s products were sold throughout Europe, North America, Australia and Canada, and were widely regarded as the best in the market. Indeed, during the period 1995 to 2001, the company’s
A company’s sales system functions not only as part of the corporate marketing cycle, but also as part of the corporate asset interface/exchange process.Required Describe the accounting controls you would expect to find in a sales system designed for the sales of electrical commodities and
You have recently been appointed by the management board of JKL Ltd, a small electrical accessories company, to design a company-wide computer-based sales/debtors system. To date, the company has maintained a manual record system for its sales/debtors.For the previous three financial year the
Distinguish between a creditor-based revenue cycle and a non-creditor-based revenue cycle.
Briefly explain the key processing requirements of creditor-based/non-creditor-based revenue cycles.
Describe the main stages of a creditor-based revenue cycle.
What information is likely to be stored in an approved supplier/provider register or database.
Distinguish between a recurring acquired service and a non-recurring acquired service.
Identify and describe the main activities within the product/service ordering stage of the creditor-based expenditure cycle.
Distinguish between period-based activity information and period-based performance information.
Briefly explain the role of the treasury/cashier’s office in the processing of payroll payments.
What information is likely to be stored in an employee’s permanent payroll master file record?
Briefly explain the advantages and disadvantages of using a payroll bureau.
The following documentation is commonly used in a creditor-based expenditure cycle:n purchase requisition, n purchase order, n goods received note, n receiving report, n creditor invoice, and n disbursement voucher.Required For each of the above, describe the purpose and function of the
HLU plc is a UK-based retail company. During a recent systems review of its creditor-based expenditure cycle, you noted the following requirements:n employees responsible for the receipting of products from product suppliers cannot be involved in the approving/authorising of invoices for payment to
You have recently been appointed Systems Accountant at BHJ Ltd, a small electrical accessories company.Your main brief is to design a company-wide computer purchasing system. To date the company has maintained a semi-manual record system for all its purchases.For the previous five financial years
Describe the accounting controls you would expect to find in the purchasing system of a high street retail company, and discuss how the failure of such accounting controls could potentially affect the valuation and security of company assets and the disclosure of company assets in the annual
SEC Ltd, a small electrical accessories company, wants to design a company-wide computer purchasing system. To date the company has maintained a semi-manual record system for all its purchases.For the previous three financial years the company has made average annual purchases of £34m (all
Briefly describe the main activities and processes that comprise the conversion cycle.
Distinguish between alpha testing, beta testing and gamma testing.
Distinguish between push-based manufacturing, and pull-based manufacturing.
Distinguish between continuous manufacturing, batch manufacturing and on-demand manufacturing.
Explain the role of a production order.
Explain the main problems associated with the use of paper-based documentation in the processing of production/manufacturing orientated transactions.
What are the advantages/disadvantages of using a target-based costing approach?
Identify the main risks associated with the conversion cycle.
Explain the term ‘world class manufacturing’
Explain what is meant by ‘engines of globalisation’.
Define information.
‘Information is the most valuable resource a company can possess.’ Discuss.
Explain what is meant by the functional context of corporate accounting information systems and why the understanding of such context is important for corporate accounting information systems managers.
What are the main influences (internal and external) on corporate accounting information systems?
Who are the main internal users of corporate accounting information systems?
Who are the main external users of corporate accounting information systems?
The long-term financial objective of a company is often seen as being ‘the maximisation of shareholder wealth’.Briefly describe how a company’s accounting information system can assist in achieving this objective.
‘Contemporary accounting information systems are ultimately political in nature.’ Discuss.
‘The increasing uncertainty and risk of organisational activity has resulted in an increasing dependency on trust systems.’ Explain to what extent contemporary accounting information systems can be regarded as a trust system and illustrate how such a system is related to the changing nature of
‘All users of corporate accounting information systems are interested in one issue only – how profitable is the company/will the company be.’ Discuss.
‘Contemporary accounting information systems can be regarded the fundamental/core resource/asset of any corporate organisation.’ Discuss.
Briefly explain the concept of ‘trust in systems’.
What are the key features of the systems approach?
What is sub-optimality?
A sales system has 14 sub-systems. How many possible connections could there be?
What is control?
Why is control necessary in any type of social organisations?
What is a feedback loop?
What are the key components of a feedback loop?
Why is control often regarded as a political process?
Control is a fundamental issue for any company seeking to function efficiently and maximise the wealth of its shareholders. Describe the basic elements of control and explain why it is necessary in corporate organisations?
One component aspect of control theory is surveillance. Identify and describe the systems of ‘surveillance’you would expect to find in a large manufacturing organisation and describe the likely impact of constant surveillance on employees within an organisation.
Control systems can generally be divided into three levels:n operational accountability, n tactical control, and n strategic management.Explain how the increasing use of computer technology and information management has affected processes and procedures at each of the above three levels of control.
(a) Why is the timing of control important and what delays could exist in a company’s control cycle?(b) What would be the possible consequences of excessive delays in a company’s control cycle?
Does the control function differ between soft systems and hard systems?
Briefly explain the contribution APRAnet made to the development of the internet.
Distinguish between the internet, and the web.
Define and explain two of the following internet services/facilities:• e-mail,• file sharing,• media streaming,• VoIP (Voice over IP),• internet relay chat,• newsgroups.
Define and distinguish between direct credit and direct debit.
What are the major types of computer-based accounting software?
In a scheme of capital reduction, any new liability to be provided for, such as arrears of preference dividend, must be met out of _______ account.
LMK Ltd. has an issued capital of ₹5,00,000 in shares of ₹100 each, on which ₹80 per share has been called up. The company now decided to reduce the share capital to share of ₹80 each fully paid by cancelling the uncalled amount of ₹20 per share. Show journal entry.
Reserves of the company can be utilised in meeting the accumulated _______ at the time of internal reconstruction.
ABC Ltd. has a paid-up share capital of ₹11,20,000 divided into 1,60,000 equity shares of ₹10 each, ₹7 per share paid-up. The company decided to reduce the paid-up capital to ₹6 per share, capital to ₹6 per share paidup paying off the necessary amount. Give the necessary journal
Sub division of shares does not affect the amount of ________.
A company can convert fully paid ________ into stock and also reconvert ________ back into shares.
Cancellation of shares not taken up does not amount to ________ of capital.
A company can carry out ________ only after a court approves a scheme.
In order to provide fund for capital reduction scheme, the preference shareholders of ₹10,00,000 have agreed to take over the building for ₹8,00,000 in full settlement. Pass journal entry for the above transactions.
Any debit balance in profit and loss account represents ________ and such losses will be written off as part of a capital organisation.
Rani Company Ltd., with a share capital of ₹20,000, equity shares of ₹10 each fully-paid, carries out by proper resolution, a sub-division into shares of ₹1 each. Pass journal entry to give the effect to the above information.
Alteration of shares of smaller amount into shares of larger amount is called _______ of share capital.
On 31st March 2008, Rahim Ltd. passed resolution to sub-divide 50,000 equity shares of ₹100 each into shares of ₹50 each. Show the necessary journal entries to give effect to the above resolution.
Consent of ________ is not required if capital reduction involves the writing off of paid-up capital not represented by available assets.
After giving permission for capital reduction, the Court may order the use of the words _______ after the name of the company, for a specified period.
Lawrence Ltd. has 20,000 equity shares of ₹100 each, ₹80 per share called up and paid up. The company decided to pay off ₹30 per share of the paid-up capital and to reduce the ₹100 shares to ₹50 shares fully paid-up by cancelling the unpaid amount. Pass journal entries for the above
As a contribution towards capital reduction scheme, the 5% debenture holders, who were to receive ₹13,80,000 from the company, have agreed to reduce their claims to 50%, which is to be satisfied half by the issue of 7% mortgage debentures and half by the issue of 8% preference shares of ₹100
What is Capital Reduction?
Explain the different kinds of Alteration of Share Capital, which do not require approval of a court of law.
Alteration of share capital is affected by a company if it is authorised by the: (a). Register of Members (b). Articles of Association (c). Minutes Book (d). Board of Directors
What is Internal Reconstruction?
True or False. Internal reconstruction refers to the reorganisation of capital structure of a company with the liquidation of the company.
What is Capital Reduction? State the provisions of the Companies Act in regard to the reduction of share capital.
The Capital Reduction Scheme can be implemented only after getting permission from: (a). SEBI Board (b). Controller of Capital Issues (c). Shareholders (d). Competent Court
True or False. In case the unissued share capital is to be decreased, the share capital account need not be cancelled.
What do you mean by Alteration of Share Capital’?
Explain the procedure to be followed for reducing share capital?
In case of sub-division of share capital, the total number of shares:(a). Do not change (b). Decreases (c). Increases (d). Increases disproportionately
True or False. A company is free to reduce or extinguish the uncalled liability of its members.
When a company converts its equity shares into the capital stock, then the account to be credited is: (a). Preference Share Capital A/c (b). Equity Share Capital A/c (c). Equity Capital Stock A/c (d). No entry is required
Enumerate alterations of share capital, which do not require court approval.

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