2011年ACCA考试《F9财务管理》辅导讲义（37）

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2011年ACCA考试《F9财务管理》辅导讲义（37）

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为了帮助考生系统的复习ACCA考试全面的了解2011年ACCA考试的相关重点，小编特编辑汇总了2011年ACCA考试辅导资料，希望对您参加本次考试有所帮助！！

3. Problems faced by small businesses

Although working capital problems can be experienced by businesses of any size, it is usually small businesses which have most problems, especially during their start up phase. We can illustrate this with the aid of a detailed example.

William Miller has recently started a business producing pine dining furniture. The furniture is produced by himself and two employees and is then sold to a national chain of furniture retailers. The retail chain insists on a two month credit period. However, since the business is new, suppliers require immediate payment for raw materials. Wages and other expenses are paid as incurred. At the end of each month, Miller has no stock remaining. The opening in cash balance in January was £1,000.

Miller has provided the following forecast figures from which he would like you to construct a cash budget and profit and loss account.

SalesPurchases ofWages and

raw materialsother expenses

£££

Jan10,0005,0003,000

Feb10,0005,0003,000

Mar20,00010,0004,500

Apr30,00015,0006,000

Table 1 contains the forecast cash budget, profit and loss account and summary of working capital for the business and illustrates the problems faced by many small businesses. The forecast profit and loss account shows that William Miller is running a profitable business (£18,500 profit during the four months), with monthly sales increasing threefold during the period under review. However, due to the credit terms offered to his customers, and the payment terms required by his suppliers, Miller has severe cash flow problems highlighted by the cash deficit of £30,500 at 30 April. Consequently the business has a weak working capital position, with net current liabilities of £18,500.

For small businesses that are starting up or expanding, the problems faced by William Miller are not uncommon. As sales increase, businesses are required to acquire more raw materials to produce enough goods to meet the increase in demand, whilst workers are required to work longer hours necessitating the payment of overtime wages. However, the cash from credit sales may not be received for several weeks, whilst suppliers and employees require immediate payment. In this situation a business is heavily dependent upon its bank overdraft and loans. In the long term, if the business survives, the problem will be reduced through negotiating better credit terms with customers and suppliers.

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