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Download Accounting Control and Financial Strategy: Teachers’ Manual by Andrew M. McCosh, Michael J. Earl PDF

By Andrew M. McCosh, Michael J. Earl

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Example text

Computer simulations would be valuable. It is assumed that capital allowances and stock appreciation relief will continue and that unused tax relief can be carried forward. The debt projection assumes all available debt capacity (£5 million) is used. repayments are then included in the funds flow projection whilst interest on the insurance company debt is assumed to be 10%. With a 25% annual growth in turnover, the profitability outlook is strong if cost of sales and selling do not escalate. Of course if inflation continues, that assumption could be false and so sensitivity analyses on cost behaviour would also be useful.

Stem comprises information, feedback and organisation, each of which cannot be designed in isolation. 3. Management control seeks goal congruence. Responsibility accounting seeks autonomy and depends on performance measurement. These three criteria can rarely be fully satisfied in combination. Suboptimisation cannot be avoided; we seek to minimise it. 4. Transfer prices are a source of potential conflict under decentralisation. The. solution willbe a balance between the needs of economic decision-making and the requirements of decentralisation, namely evaluation of performance and unit autonomy.

Return on shareholders investment is relatively high primarily as a result of the high gearing which the company is using in its capital structure. Recently EPL has been investing amounts in fixed assets substantially in excess of the annual provision for depreciation. 5 The growth has been particularly rapid in the past two years and the Board plan capital expenditure of about £8,000, 000 in both 1976 and 1977. 91 in 1975. Apparently EPL is requiring a greater investment in assets each year to produce each £1 of sales.

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