Accounting for Business Organisations: A Practical Approach by G J Taylor (auth.)

By G J Taylor (auth.)

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Article method if 'one-offs'. Wholesaler Cost/replacement cost FIFO Category Much work-in-progress on long term projects. (See SSAP9). Delicatessen Perishable stock which should be cleared as quickly as possible. Net realisable value FIFO Article Further details required on nature of selling. 6 a) Osgerby, as a professional accountant, should use the method which gives a 'true and fair' view of the profits reported, liabilities and assets of Giraffe (UK) Ltd. This, as we have shown, can be highly subjective and open to personal judgement.

000 ) = j 4 £ 1~000 100000 - 1~000 , = 4 = l year's depreciation = £ ~) £ 22J00 1~250 Depreciation does not automatically provide funds for replacement nor does it affect cash flow. Funds could be set aside and invested in the hope that the realisable sum will be enough to buy new assets j but this is not usually done in isolation; rather businesses coordinate their budgets to include cash and working capital needs as well. Kim and Don should forecast their liquidity needs more carefully to avoid unexpected bank ~) overdraf~~.

Additionally, because lower profits are reported, dividend payments can be limited. This again helps to keep funds in the business. d) It may be that Osgerby cannot see the advantages to the company's liquidity position but there are usually technical reasons for using the average cost method, such as complex and varied stock which would render other methods (short of fixing a standard cost - see chaptert6) inappropriate because of the calculations involved. 34. 5. 1 The letter should point out that verbal agreements are difficult to enforce.

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