Expansion Plans of Big Business Tabacoo (BBT)
The Australian company by the name called Big Business Tabacoo (BBT) who is a market leader in brand of cigarettes and also a producer of tobacco. Along with the continuous development in the Asian countries, Company has decided to expand its market, in other markets, in order to increase its market share in Global Market and increase its profits (Volchan, et. al., 2013). The company decided to start selling their main product cigarettes from the beginning of next month.
The marketing manager of BBT company, named Mary Bender, along with the company’s public relations manager, whose name was Randall Hedges (Volchan, et. al., 2013), was discussing the design of cigarettes packets. The issue was raised by the Hedge on the basis of basic design of pack, of whether to include the warning of health issue on the pack, which has to be displayed as per the laws of Australia. He emphasized on recent thousands of deaths that have occurred from smoking cigarette in the developing countries.
Mary Bender was against, to include the “health hazards” warning on the packets designed for the markets of Asia (Maynard, et. al., 2014). Mary Bender explained that the main purpose of the business is to earn profits. She explained that if we place such warnings of health hazards on the packets then BBT will lose a considerable market share to competitors. Besides it is not legal requirements to place such health hazard warning on the packets of cigarettes in Asian markets.
Hedges finally explained that for long run it would be beneficial for the company to place such health hazard warning on the packet of cigarettes.
In above case, the major stakeholders were shareholder, consumers, government, company etc.
Shareholders will be indirectly affected by such warning as after seeing such warnings the consumers will be reluctant to consume such product as it would be affecting their health and hence ultimate the revenue will be affected and hit will have impact on the shareholders (Hammond, et. al., 2013). If the warnings are not stated on the products, the consumers will be lesser aware and consumer will use the product in greater number. On the other hand if warning is stated they will consume the product cautiously. Besides ill effects of consumption will be borne by the ultimate consumers and so consumers are major stakeholders.
The main ethical issues involved in above case is whether to place “Health warning” on the packets of cigarettes. As per the company’s public relations manager it is necessary to place health warning on the packets, as in the developing countries hundreds of thousands of people have died from smoking cigarettes (Maynard, et. al., 2014). It is necessary to place such warning not only to save the people but also to save environment. As per Mr. hedges, it will also benefit the company in long run. As per Mr. hadges, it is corporate responsibility of the company to make its customers aware about the health issues regarding any product.
The Ethical Challenge Regarding Health Warning on the Pack of Cigarettes
As per the marketing manager, Mary Bender, who was against of placing the health hazard warning on the packet of cigarettes. As per her company’s main motive is to increase the profit, i.e. In this business, it is the bottom line i.e. profits.
If at place of Randall Hedges, then would have asked company to disclose necessary information on the packets of cigarettes and would have make realize the company about its ethical responsibilities like- it should be the responsibility of company to place such warning even if it was not legal requirement. It is the responsibility of the company to disclose all merits and demerits in respect of the product they are producing. It is their ethical responsibility (Hammond, et. al., 2013). It should have disclosed all the risk associated with the product whether it is related to health or environment or to customers etc. It is also the responsibility of the company to improve the society along with the responsibility of the people living in the society or government. Necessary measures must be adapted by the company to disclose such information. Management should appoint such people who should be responsible for social responsibility. In most of the developing countries like India it is legal requirement of the company to disclose health warnings on its products, in order to create awareness among the customers. Such disclosure
Will Help Company to defend them from the case file against the company it by any consumer? Company should disclose the age limit below which consumers should not allow consuming such products for example in countries like India people below 18 years of age are not considered adult.
Financial Accounting Statements means the record of all those transactions that have occurred in the company. It is a specialized branch of accounting that keep the record of all transactions that have occurred in company. With the help of guidelines laid down, the transactions are recorded, presented and summarized in a report i.e. being laid down before the owners of the company (VAN AUKEN & YANG, 2014). The financial Accounting Statements consists of Balance sheet, income statements, cash flow statement, and statement of changes in equity and notes to accounts. While preparing the financial statements the company must follow a common set of rules. The common set of rules which are required to be followed are called accounting standards which are published by ICAI or generally accepted accounting principles. These statements are considered external as they are given to outside users.
Financial Accounting Statements
Financial statements represents whether the financial position of the company is true and fair. Financial statements are prepared on the accrual basis of accounting. Under accrual system, revenues are recorded in the financial statements when they are actually earned and expenses are recorded in the financial statements when they are incurred.
Financial statements comprises of Balance sheet as at year end, cash flow statement, and income statement i.e. profit and loss account for the year ending(White, et. al., 2003). Balance sheet comprises of shareholder’s fund and assets of the company, where as income statement tells about the earnings and profitability of the business.
Financial accounting statements provide the necessary information to the external users as well as to the internal users of the company. They provide the necessary information about financial condition of the company. External users like investors, creditors, government etc, require the knowledge about financial statements of a particular company in order to make necessary decisions. Financial statements are analyzed by the users whether external or internal in order to gain knowledge and understanding about financial health of the company and also enable the users to make effective decisions. The information or the transactions contained in the Financial statements must be evaluated properly. The analysis of financial statements allows the users in evaluating the past, present and projected performance of company (Ms. Victoria et. al., 2016).The analysis of financial statements also allows the users in identifying the trends in the company, by comparing the different financial ratios like current ratio, quick ratio etc. These statements allow the users to measure the cash outflow or inflow, efficiency of the company. It also allows users to gain knowledge about gross profit, net profit, operating profit and gross turnover of a particular year. Comparison can also be done among different years. The cash flow statement provides the information regarding the cash flow from investing activities, financing activities, and operating activities. Ratio analysis can also be conducted. It provides the necessary information about how much company is being financed by outside sources, whether company is regular in paying off all its liabilities on time. The financial statements help users to take necessary decisions regarding whether to invest in company or not, whether it is profitable to invest or not.
The financial statements provide the information about past events also, all the events which have occurred In past and occurrence of such events can affect the decisions of external users, and such events must be stated in the financial statements. Thus financial statements provide the necessary information to external as well as internal users so that they can make appropriate decisions.
Plant Managers
Plant manager are the people who are responsible for organizing the daily operations of manufacturing plant. They keep watch over the employees, people who are responsible for managing the manufacturing plant, in order to be assured that company is running smoothly, safely, and efficiently. They oversee all the daily day to day operations of the plant from production and manufacturing, in order to ensure that policies and procedures are being followed (Hart, et. al., 2012). Plant managers create production schedules and keep working on these schedules. Plant managers collect the data and keep looking through the data in order to find the places of waste; they monitor the equipments of production to make sure that it stays in good working condition. He is also responsible for repair and replaces the equipment when needed. Plant managers also communicate with other department to make sure that plant runs smoothly. Plant manager are responsible for quality control of the item which is manufactured in the company.
Bean counter means a person who is mainly responsible with managing the budget. A person is responsible, to make decisions in such a manner in order to save the cost (Langfield-Smith, et. al., 2015). He is particularly an accountant or bureaucrat, perceived as placing excessive on controlling expenditure and budgets. Bean counter works for the large industries and places the restrictions on spending the money.
Management accountant are the people who are mainly responsible for success of the company. They handle the company’s basic accounting tasks, such as tracking the tax liabilities, recording incomes and expenses. A management accountant identifies the trends and opportunities for improvements. They monitor the compliance with legal and regulatory guidelines, also monitor that financial statements are prepared in accordance with appropriate financial reporting framework. They arrange the funds and finance the major operations of company. They also analyze the basic data and prepare budgets, make forecasts, and then present it to the senior management of the company. They also create financial statements and maintain the financial statements, supervise the bookkeepers. Management accountant have basic knowledge about tax, accounting and auditing (Spraakman, 2015). They also help in strategic planning, help in budget department, work under senior management etc. The role of management accountant is varies from industry to industry. They perform different roles like tax consultant, internal auditor, staff accountant etc. Management accountant has the graduate degree of M.B.A or CPA or CMA. Management accountant also assess internal control, analyze and prepare the monthly financial statements.
Bean Counters
As stated above, the roles and duties of bean counter, management accountant and plant managers are different. All three performs different functions. It is explained as above all three that is bean counter, plant manager and management accountant performs different functions and roles are also different from each other (Spraakman, 2015). All three are appointed by the company so that they can perform their respective function. No one can perform the function of another. Each and every person should perform the function as stated to them. Functions performed by each other can be reviewed by each other, but they shouldn’t interfere in the work of each other.
The above statement is correct. Management accountant are the people who are responsible for success and failure of the company. They handle the basic accounting tasks such as recording income and expenses, tracking tax liabilities, preparing budgets etc (de Andrés, et. al., 2012). A management accountant, in order to be successful, he required to have a skills of general business, technical skills and as well as people skills. A management accountant must have necessary knowledge about computer technology in order to perform the functions efficiently. With the knowledge of computers, management accountant can obtain necessary information about competitors, which help in gaining the competitive edge over its competitors. Accounting and computer software can be used to record, analyze, and store financial data. The financial statements prepared by accountant by using computers are more reliable. With the use of computers time can be consumed, all transactions can be performed on computer easily, less consumption of paper, it is cost effective.
Management accountant should have necessary skills, effective enough to perform all the functions in an effective and efficient manner. Management accountant should have appropriate knowledge about the policies, strategies, procedures etc, knowledge about the business. Management accountant should perform all functions with due care and no negligence. Management accountant is required to have specialized knowledge and experience in accounting, taxation, financing etc.
Hence, it is important for management accountant to have knowledge about basic computers as well as knowledge about technical issues relating to computers, so that management accountant is capable of performing its functions in an efficient manner.
- Current ratio = Total current assets/Total current liabilities
- Quick ratio =Total current assets-stock-Prepaid expense/Current liabilities
(1) Current ratio = 9900/5300 = 1.867 times
(2) Quick ratio = 9900-300-2800/5300= 1.283 times
2011
(3) Cash = $7400
Cash = 16800-100-7300-2000,
Cash = 7400.
(4)Total current assets = $16800
current ratio =1.07
1.07= Total Current Assets/15700,
Management Accountants
Total Current Assets =16799 = 16800
2012
(5) Accounts Receivable =$ 9134
Quick Ratio = 1.31
1.31 = Total current Assets – 8400-8500/11400,
1.31 = 5800 + Account receivable/11400,
Accounts receivable = 9134
(6) Total Current Assets = cash + accounts receivable + inventory + prepayments
Total Current Assets = 5800 + 9134 + 8400 + 8500
Total Current Assets = 31834
(7)Current Ratio = 31834/11400 = 2.80 times (Browne, et. al., 2012).
2013
(8) Prepayments = $9860
Current ratio = 4200+4200+9900+prepayments/16000,
1.76 = 18300+prepayments/16000,
Prepayments = 9860.
(9)Total Current Assets = 4200+4200+9900+9860
Total Current Assets = 28160.
(10)Quick Ratio =.525 times
Quick Ratio = 28160-9900-9860/16000 = .525 times
2014
(11)Inventory = $3964
Current Ratio = 1700+7600+inventory+8100/19600,
1.09 = 17400+inventory/19600,
Inventory = 3964.
(12) Total current assets = $21364
Total current assets = 1700+7600+3964+8100,
(13) Quick ratio = .474times
Quick ratio = 21364-3964-8100/19600,
Quick ratio = 9300/19600 = .474 times.
015
(14) Accounts payable =$8100
Quick ratio = 16500-8700-2600/4000+7900+Accounts payable,
0.26 = 5200/11900+accounts payable,
Accounts payable = 8100.
(15)Total current Liabilities = 8100+4000+7900
Total current liabilities = $20000.
(16) Current ratio = 0.825 times
Current ratio = 16500/20000 =0.825 times
The acid test ratio or quick ratio or liquid ratio and current ratio are both financial ratios. Both the methods are used to measure company’s solvency and liquidity (Beaver, et. al., 2011). Each ratio can be calculated by taking the figures as stated in the balance sheet as on the year end. Each ratio provides the key information to its investors regarding company’s short term financial position. The commonly use ratio is current ratio as compare to liquid ratio. The current ratio is financial ratio that are used by the investors and analysts in order to examine the liquidity of the company and its ability to wipe off all its short term liabilities (debt and payables) with its short term assets (cash, inventory, receivables).
CURRENT RATIO is the company’s ability to repay its debt. In other words, current ratio is the liquidity ratio that measures the company’s ability to repay backs its debts either long term or short term. Current ratio is also called Working capital ratio (Burri, et. al., 2015). Current ratio is called current because it includes both current assets as well as current liabilities. It establishes the relation between total current assets as well as total current assets. The mathematical formula for calculating company’s current ratio is:-
Current ratio = Total Current Assets/Total Current Liabilities,
Where, current assets = cash and cash equivalents, trade receivables, inventory, prepaid expenses, etc. and
Current liabilities = trade payable, debt, outstanding expenses.
Current ratio can be used to measure the company’s financial health (Soyode & Bande, 2016). The higher the current ratio, then company is in better position to repay back its debt obligations, as it has larger portion of current assets then current liabilities, where as lower the current ratio, then company is not capable of repaying its debt liabilities on time, and company has lesser value of assets as compare to current liabilities.
The ideal current ratio is different for different companies, that is, it varies from industry to industry. Acceptable current ratio is 1.5% or 3%.
A current ratio below 1 indicates that company is not good condition to repay back its liabilities; it doesn’t mean that company will go bankrupt. A current ratio above 1 indicates, that company has good financial condition, it means company is in better position to repay its debt obligations (Akkizidis,et. al., 2016).
A current ratio over and above 3 (high ratio), indicates that company is not using its assets properly or not managing its working capital in an efficient manner and it also indicates that company is in good financial position.
A current ratio can give a sense of the efficiency of a company’s operating cycle or its ability to convert its product into cash (Sherman, 2015). Company may face the problems of receivables being converted into cash, it may take time.
The limitation of current ratio is its lack of uniqueness. Among all of the liquid ratios that exist, the least stringent ratio is current ratio. Another limitation of current ratio is comparing the results of current ratio of different companies working under different industries (Subramanyam, 2014). The current ratio can vary from company to company depending upon the industry in which they are working, hence it is difficult to compare the different companies within different industries on the basis of current ratio. As such it is always more useful to compare companies within same industry.
QUICK RATIO, ACID-TEST RATO, OR LIQUID RATIO is a financial ratio that indicates how company is able to pay its liabilities mainly short term. A quick ratio is called liquidity ratio or acid test ratio or quick ratio. It is the ratio between current assets as reduced by stock or inventory and current liabilities (Gibson, 2013). A quick ratio is a financial ratio. The quick ratio is calculated by adding cash and cash equivalents, marketable investments and dividing it by current liabilities. The mathematical formula for calculating quick ratio or acid-test ratio is –
Quick Ratio = Liquid assets / current liabilities,
Where, Liquid assets = cash and cash equivalents, marketable securities, accounts receivable. It doesn’t include inventory and prepaid expenses.
Current liabilities = trade payables, accrued liabilities, wages payable etc.
The quick ratio differs from the current ratio as some current assets are excluded while calculating quick ratio that is inventory and pre paid expenses. The reason why inventory is excluded while calculating the quick ratio is because it is not converted into cash as quickly (Samonas, 2015). The reason why prepaid expenses are excluded from current assets while calculating quick ratio, is because prepaid expenses can’t be used to pay current liabilities.
The quick ratio is the indicator of a company’s short-term liquidity. It measures the dollar amount of liquid assets available for each dollar of current liabilities, when calculated in terms of dollar. Thus, when quick ratio is 2, it represents that a company has $2 of liquid assets available to cover each $1 of current liabilities.
The ideal quick ratio or acid-test ratio or liquid ratio should be 1:1 or higher. The ideal quick ratio differs from industry to industry; hence quick ratio of companies working under different industries will be different.
The lower the liquid ratio or quick ratio or acid-test ratio means that company’s liquidity position is not satisfactory, where as higher the liquid ratio or acid-test ratio or quick ratio, the better the company’s liquidity position.
The quick ratio is considered to be more reliable as compare to current ratio in terms of testing the short – term solvency as quick ratio shows the ability of business to pay short term debts immediately.
The basic difference between current ratio and quick ratio is that quick ratio offers more moderate view of company’s ability to pay off its liabilities.
In the above example, different current ratio and quick ratio is been calculated for different years of James Bond Ltd (Subramanyam, 2014). The current and quick ratio of different years can be presented in tabular form. The different years are- 2010, 2011, 2012, 2013, 2014, and 2015.
Year 2010 2011 2012 2013 2014 2015
Current ratio 1.867 1.07 2.80 1.76 1.09 0.825
Quick ratio 1.283 0.48 1.31 0.525 0.474 0.26
In year 2010, the current ratio of James Bond Ltd is 1.867 times. It indicates that company is in better position to repay back its obligations. In other words it means that company has sufficient assets to pay its debts. Hence company is capable of repaying its liabilities on time without any delay.
In year 2010, the quick ratio of James Bond Ltd is 1.283 times. It indicates that company is in better position to pay its short term liabilities. In other words company is capable of paying its short term liabilities on due time.
In Year 2011, the current ratio of James Bond Ltd is 1.07 times. It indicates that company is in position to repay all its debt obligations. In other words company is in condition to pay its debt. The company is not utilizing its current assets in a manner which it could have been able to utilize. On time, company can pay its current liabilities.
In the year 2011, the quick ratio of James Bond Ltd is 0.48 times. It indicates that company’s liquidity position is not satisfactory. Hence the company is not in good position to repay its short term liabilities (Sherman, 2015). Company must take adequate measure in order to increase its liquidity position. It also indicates that company liquid assets are not satisfactory.
As compare to last year 2010, both current ratio as well as quick ratio has decreased, hence in year 2010 company’s liquidity was more favorable as compare to year 2011.
In year 2012, the company’s current ratio is 2.80 times. It indicates company’s is capable of repaying its liabilities in efficient manner. In other words company is in condition to pay its debt. The company is also utilizing its current assets in efficiently manner.
In year 2012, the quick ratio of James Bond Ltd is 1.31 times. As it more than 1, therefore the company is again capable of paying its short term liabilities. The company has the ability to convert its receivables into cash quickly. The company has sufficient liquid asset i.e. cash available to pay its short term debts.
As compare to both the years stated above that is year 2010 and 2011, the company has best current ratio and quick ratio. The company is at its best position of repaying its obligations. Liquidity as well as solvency position in year 2012 is best.
In year 2013, the company’s current ratio is, 1.76 times. As it is more than 1, hence again in year 2013, company is in good position repay its debt obligations. Therefore company has sufficient of cash to meet out its obligations whether short term or long term.
In year 2013, the company’s quick ratio is .525 times. Lower quick ratio, indicates that company’s liquidity is not satisfactory. The company is not capable to pay its short term obligations.
As compare to previous year 2012, the current ratio has reduced where as liquid ratio has too has reduced (Soyode & Bande, 2016). Hence there is decrease in both the ratios; therefore company’s liquidity as well as solvency position is not satisfactory as compare to earlier years.
In year 2014, the company’s current ratio is 1.09 times. It indicates the company’s capability to pay off all its liabilities on time but company faces difficulty in paying off the liabilities.
In year 2014, the company’s quick ratio is 0.474times. The quick ratio of the company for the year 2014 is low; hence it indicates the company’s incapability to pay off its short term liabilities. Company’s assets are not sufficient to pay off its liability.
As compare to earlier years, current ratio and quick ratio in year 2014 is comparatively low. It indicates the company is incapable to pay off its debts. The current assets are not sufficient to pay off its obligations. Trade receivables are not paying off their liabilities on time; inventory is taking considerable amount of time to be converted into cash.
In year 2015, the company’s current ratio is 0.825 times. It indicates that company is on edge of being declared as bankrupt as company has no sufficient amount of cash to pay back all its liabilities. Company’s assets are not enough to pay all its debts. As the company is unable to pay off its liabilities, the company may be declared as bankrupt anytime.
In year 2015, the company’s quick ratio is 0.26. It again indicates that company is unable to pay back all its short term liabilities. The company’s assets are not sufficient to pay off its short term liabilities (Sherman, 2015). Even the company is not utilizing all its assets or using its assets in an efficient manner in order to work properly.
As compare to all above years, the year 2015 is the year in which company has lowest financial ratios i.e. both current ratio as well as quick ratio. It indicates that company in its earlier years was working in an efficient manner and was having considerable amount of cash in order to meet out all liabilities whether short term or long term, but in every passing year company is unable to meet all its liabilities.
The reason behind the fall of both current ratio and quick ratio is accounts payables have increased over the years and the account payables are not recoverable on time (Soyode & Bande, 2016). Another reason for fall of current ratio and quick ratio is that wages outstanding have increased over the period of time, since 2010 to 2015 the wages outstanding have increased from $1500 to $7900. Similarly accrued liabilities have also increased from $2000 to $4000. Hence as compare to liabilities, assets have been either in increasing order or decreasing order, For example cash availability in earlier years is increasing but after year 2012, the cash availability has decreased. In case of Accrued income, there is sudden decrease in year 2015 from 2014. Hence due to change of liabilities and assets over the period of years, both ratios have changed or been fluctuating.
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