2011年ACCA考试《F9财务管理》辅导讲义（33）

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2011年ACCA考试《F9财务管理》辅导讲义（33）

发表时间：2011/7/14 9:00:16 来源：互联网点击关注微信：

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！！

Use of EOQ Formula

You need to take care over which figures you put into the formula, particularly in multiple-choice questions. The areas to beware of fall into two categories:

1. Relevant costs – only include those costs affected by order quantity. Only include those holding costs which (in total in a year) will double if you order twice as much at a time. Only include those order costs which (in total in a year) will double if you order twice as often. (Thus, fixed salaries to storekeepers or buying department staff will be excluded.)

2. Consistent units – ensure that figures inserted have consistent units. Annual demand and cost of holding a unit for a year. Both holding costs and re-ordering costs should be in £, or both in pence.

Summary

During the course of this article we have looked at the items which make up working capital and considered how organisations can improve their management of working capital. We have seen that the ideal level of working capital is difficult to calculate and will vary from one organisation to another depending upon the industry in which they operate. What is essential is that a business avoids both the situation of too little or too much working capital.

Too little working capital is known as over-trading, and is common when a business is starting up or is experiencing a period of rapid growth. As we saw in our Willam Miller example, the level of sales might grow very quickly, but inadequate working capital is available to support this growth. The situation will then arise whereby a business may be profitable on paper but has insufficient funds available to pay debts as they become due. In the short term this situation can be solved through a combination of measures including:

· obtaining an increased overdraft facility;

· negotiating a longer credit period with suppliers;

· encouraging debtors to pay faster.

However, in the long term a business is unlikely to survive without a combination of:

· new capital from shareholders/proprietor;

· better control of working capital;

· the building up of an adequate capital base through retained profits.

Almost as bad is too much working capital or over-capitalisation. Poor management of working capital will result in excessive amounts tied up in current assets. Such a scenario will lead to a business earning a lower than expected return.

It must be remembered that the shorter an organisation�s working capital cycle, the faster cash, and hence profits, from credit sales will be realised. In order to achieve this an organisation must regularly review its working capital, taking action where necessary.

Bibliography

1. Atrill, P., and McLaney, E., (1999), Management Accounting for Non-specialists, (2nd edition), Prentice Hall.

2. Messenger, S., and Shaw, H., (1993), Financial Management in the Hospitality, Tourism and Leisure Industries, MacMillan.

Wood, F., (1987), Business Accounting Volume 1, Pitman

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