Beruflich Dokumente
Kultur Dokumente
NAME OF STUDENT
REGISTRATION NO.
UNIT TITLE
ASSIGNMENT TITLE
ASSIGNMENT NO
NAME OF ASSESSOR
SUBMISSION DEADLINE
Owlish Group
Unit 2: Managing Financial Resources and Decisions
Financial Decisions and Financial Performance Analysis
Assignment 2 0f 2
Mr. JUN ALEJO BATHAN
10th January, 2013
Name of Students
Student Number
Signature
Date
VHngVn
F05-250
10/1/2013
VAnhTrang
F05-231
10/1/2013
PhmThKhnhHuynF05-090
NguynPhngHoa
10/1/2013
F09-078
10/1/2013
----------------------------------------------------------------------------------------------------------------
Date:
Page | 1
Unit Outcomes
Outcome
Be able to
make
financial
decisions
based on
financial
information
(L03)
Evidence
for the
criteria
Analyse
budgets and
make
appropriate
decisions
Explain the
calculation unit
costs and make
pricing
decisions using
Feedback
Assessors
decision
Internal
Verification
3.1
3.2
relevant
information
Assess the
viability of a
project using
investment
3.3
appraisal
techniques
Be able to
evaluate the
financial
performanc
e of a
business
(L04)
Discuss the
main financial
statements
Compare
appropriate
formats of
financial
statements for
different types
of business
4.1
4.2
Page | 2
Outcome
Evidence
for the
criteria
Assessors
decision
Feedback
Internal
Verification
4.3
Interpret
financial
statements
using
appropriate
ratios and
comparisons
both internal
and external
Assignment
( ) Well-structured; Reference is done properly / should be done (if any)
Overall, youve
M1
M2
M3
D1
D2
D3
ASSESSOR SIGNATURE
DATE
NAME:...............................................................................
(Oral feedback was also provided)
STUDENT SIGNATURE
DATE
NAME :..............................................................................
FOR INTERNAL USE ONLY
VERIFIED
YES
NO
DATE
: .................................................................
VERIFIED BY : .................................................................
NAME
: .................................................................
Page | 3
Prepared for
LecturerMr. JunAlejoBathan
Unit 1: Managing Finance Resources and Decisions
Banking Academy, Hanoi
BTEC HND in business (Finance)
Prepared by:
Owlish Group
Registration No: F05-090
No of words: 3000
Submission Date: 10th January, 2013
Page | 4
TABLE OF CONTENTS
EXECUTIVE SUMMARY.............................................................................................................8
INTRODUCTION...........................................................................................................................9
MAIN BODY................................................................................................................................10
TASK 1: Ability of making price decision based on financial information...............................10
Outcome 3.1: Analysis of budgets and appropriate decisions...................................................10
3.1.1: Flexible budget and budgetary control........................................................................10
3.1.1: Brief summary of the possible causes of variances......................................................12
Outcome 3.2: Explanation of the calculation unit costs and pricing decisions using relevant
information.................................................................................................................................13
3.2.1: Specification of production costs.................................................................................13
3.2.2: Explanation of F05 Ltd costs which should be used for decision-making...................14
TASK 2: Ability of making price decision based on financial information...............................15
Outcome 3.3: Assessment of the viability of a project using investment appraisal techniques.15
3.3.1: Average rate of return..................................................................................................15
3.3.2: Net present value..........................................................................................................16
3.3.3: Summary for the capital investment committee, advising it on the relative merits of
the two projects.......................................................................................................................18
TASK 3: Ability of evaluating the financial performance of a business...................................18
Outcome 4.1: Discussion of the main financial statements.......................................................18
4.1.1: Balance sheet...............................................................................................................18
4.1.2: Income statement..........................................................................................................19
4.1.3: Cash flow statement.....................................................................................................20
Page | 5
Outcome 4.2: Difference among formats of financial statements for different types of business
....................................................................................................................................................20
4.2.1: Balance Sheet...............................................................................................................20
4.2.2: Income Statement.........................................................................................................21
4.2.3: Statement of Cash Flows..............................................................................................21
Outcome 4.3: Interpretation of financial statements using appropriate ratios and comparisons
both internal and external...........................................................................................................21
4.3.1 Profitability and return on capital.................................................................................21
4.3.2 Borrowings....................................................................................................................23
4.3.3 Liquidity and working capital ratios.............................................................................25
CONCLUSION..............................................................................................................................29
APPENDICES...............................................................................................................................30
A. REFERENCES...................................................................................................................30
B. FINANCIAL STATEMENTS OF BURBERRY CORPORATION...................................33
Page | 6
EXECUTIVE SUMMARY
Making financial decisions is not easy at all. To make a decision, the decision maker has to
gather and analyze a lot of financial information. This takes a lot of time and effort. Moreover,
the decision has to be accurate otherwise; the business will have to suffer from difficulties such
as not having enough money or losing a lot of money due to inaccurate calculation and
prediction of cost. The worst result of a wrong decision is the bankruptcy of the business.
Therefore, it is very important to analyze the financial information carefully. Furthermore,
investors or businesss owners has to know how to analyze and evaluate the financial
performance of a business. The analysis and evaluation are made based on the financial
statements that the business publishes every accounting/fiscal year to show the operation of the
company during the year, the cash flow which shows the sources of money coming in and
coming out, and how it generates profits from its activities like financing, investing, or operating.
The financial statements also help the readers know the financial health of the company, whether
it is doing well or it is going to go bankrupt. Finally, it helps investors know whether to invest in
the company or not so that they do not lose their money.
Therefore, this paper is to provide information on how to make financial decisions by giving
examples of budget analysis and making decisions, theory of costs relevant to pricing decision,
and evaluation of the viability of a project based on investment appraisal techniques. Moreover,
the paper provides a brief introduction of financial statements including the purposes, the
differences between the format of financial statements for different types of business (sole trader,
partnership, and company), analysis of financial statements with appropriate ratios, and using the
ratios to compare internally (within the company, by years) and externally (within the industry,
using industrial ratios or the ratios from the companies in the same industry). To help readers feel
easier when making the analysis of financial statements, Burberry, which is in the personal goods
industry, is chosen as an example. In this example, the paper uses the financial statements of five
fiscal years, from 2008 to 2012, to calculate the ratios and making the comparison. The
calculation and formulas are also written in detail so that it is much easier for readers to interpret
and apply in their own companies.
Page | 7
INTRODUCTION
Managing Financial Resources and Decisions is a unit designed to give understanding of how
finance is managed within business organizations. It includes the way to evaluate different
sources of finance, compare the ways in which these are used, how to use financial information
to make decisions, consideration of pricing and investing decisions as well as budgeting. Finally,
it gives leaners techniques to evaluate financial statement.
In this assignment, as a financial analyst in XYZ Company, financial consultancy firm in the UK,
we are required to review, analyze and provide report to the three companies which are assigned
the chief financial comptroller of the companies and to extract the latest financial statements of
any company of our choice that is listed in the London Stock Exchange. The chosen company
here is Burberry, an infamous and old company in clothing and accessories industry of UK.
This report is divided into three main tasks. Each task covers particular topics.
Task 1 covers two topics:
Explanation of the calculation unit costs and pricing decision making using relevant
information
Task 2 covers assessment of the viability of a project using investment appraisal techniques
Task 3 covers topics related to Burberry, the chosen company:
Page | 8
MAIN BODY
TASK 1: Ability of making price decision based on financial information
Outcome 3.1: Analysis of budgets and appropriate decisions
3.1.1: Flexible budget and budgetary control
Budget
4,000
12,000
8,000
2,000
4,000
3,000
9,500
38,500
Production (units)
Direct materials
Direct labor
Maintenance
Depreciation
Rent and rates
Other costs
Total costs
Actual results
6,000
10,500
8,500
2,500
4,500
3,500
5,000
34,500
Variance
2,000
(1,500)
500
500
500
500
(4,500)
(4,000)
Based on the estimated cost, the budgetary control (variance) analysis is as follows:
Fixed budget
Flexible budget
Actual results
Budget variance
(a)
(b)
(c)
(b) - (c)
Page | 9
Production (units)
Variable costs
Direct materials
Direct labor
Maintenance
Semi variable costs
Other costs
Fixed costs
Depreciation
Rent and rates
Total costs
4,000
6,000
6,000
12,000
8,000
2,000
18,000
12,000
3,000
10,500
8,500
2,500
7,500(F)
3,500(F)
500(F)
9,500
13,500
5,000
8,500(F)
4,000
3,000
38,500
4,000
3,000
53,500
4,500
3,500
34,500
500(A)
500(A)
19,000(F)
8,500
100 63
13,500
Some of the reasons could be F05 Ltd set standard cost too high compared to reality. The
company should reconsider to set more suitable standard cost.
d) A full variance analysis statement would be as follows:
OWLISH GROUP F05A
Page | 10
Fixed budget costs
Budgeted difference due to increased production
level (11,000 + 4,000)
Flexible budget costs
Variances
Direct material cost
Direct labor cost
Maintenance cost
Other costs
Depreciation
Rent and rates
38,500
15,000
53,500
7,500(F)
3,500(F)
500(F)
8,500(F)
500(A)
500(A)
Actual costs
19,000
34,500
Material and material usage: The company may not predict the amount of materials used
and the efficiency of using those materials. Theprice decision does not consider discounts
rates, salary. Besides, machine maintenance or breakdown can also result in an idle time.
Sales: Market and economic conditions can result in variance of sales. Emergence of new
competitors, intense rivalry among existing firms may cause a decrease in sales.
Selling overheads: include all indirect materials, wages and expenses incurred in
promoting sales and retaining customers (BPP, 2010). Eg: printing catalogues, website
Page | 11
Outcome 3.2: Explanation of the calculation unit costs and pricing decisions using relevant
information
3.2.1: Specification of production costs
Cost of production is a cost incurred by a business when manufacturing a good or producing a
service(Investopedia, 2012).It can be classified into two types: direct cost and indirect cost
a. Direct cost
Material: is cost of those materials which can be identified in the product and can
be conveniently measured and directly charged to the product. (Assar, 2012). For
example, component parts purchased for a particular jobs, primary packing
Page | 12
3.2.2: Explanation of F05 Ltd costs which should be used for decision-making
The costs that should be used for decision-making are often referred to as relevant costs. F05
Ltds relevant cost can be divided into two costs, including incremental cost and opportunity
cost.
a. Incremental cost.
Incremental cost is a cost associate with producing an additional unit (Hafeezrm, 2012). It
includes many different direct and indirect costs depending on the situation. For example, if F05
Ltd produces at full capacity, the incremental cost of adding production units might include costs
of equipment, workers salary, electricity to run the production line to make more products.
b. Opportunity cost
Opportunity cost is the cost of a foregone alternative. If you chose one alternative over another,
then the cost of choosing that alternative is an opportunity cost (Peavler, 2012). When F05 Ltd
decides to go for a particular project, it will ignore other projects and will lose opportunities for
them.
c. Fixed cost and variable cost
As BPP (2010) pointed out, in decision-making, the distinction between fixed cost and variable
cost becomes very important. Contribution (to fixed cost) is the difference between selling price
and variable cost.
Page | 13
Total profit
Less depreciation
Total net profit
Average annual profit
Average investment
ARR
Project A
Project B
124,000
(80,000)
44,000
8,800
40,000
22%
122,000
(80,000)
42,000
8,400
40,000
21%
The formula:
Total net profit = Total profit Total depreciation
TotalNetProfit
Average annual profit = Totalnumberofyear
Average investment =
Totaldepreciation + Remainingcapital
2
Note: In this case, after 5 years, the company will get back total 80,000 it invested. The
money returns completely. Therefore, the remaining capital will be zero.
ARR =
Estimatedaverageannualprofit
100
Estimatedaverageinvestment
Conclusion: ARR of two project is higher than 0. However, the company should choose project
A because project As ARR (22%) is higher than project Bs (21%)
OWLISH GROUP F05A
Page | 14
Year
Payback capital
Discount rate
Present value
(r = 15%)
(PV)
0
1
80,000
22,000
(1+15 )1
19,130.43
25,000
(1+15 )2
18,903.59
26,000
(1+15 )3
17,095.42
24,000
(1+15 )4
13,722.08
27,000
(1+15 )5
13,423.77
The formula:
Present value in year (t)
PVt= Ct
1
(1+ r)t
t
(1+r ) =Ct
NPV = PVtCo
t=1
In project A:
NPV = (PV1 + PV2 + PV3 + PV4 + PV5) C0
OWLISH GROUP F05A
Page | 15
Payback capital
Discounted rate
Present value
(r = 15%)
(PV)
0
1
80,000
29,000
(1+15 )1
25,217.39
26,000
(1+15 )
19,659.74
24,000
(1+15 )3
15,780.39
24,000
(1+15 )
13,722.08
19,000
(1+15 )5
9,446.36
In project B:
NPV = (PV1 + PV2 + PV3 + PV4 + PV5) C0
= (25,217.39 + 19,659.74 + 15,780.39 + 13,722.08 + 9,446.36) 80,000
= 3,825.96
Therefore, Net present value of project B is 3,825.96
Conclusion: It can be seen that NPV of two projects is higher than 0. However, the company
should choose project B because project Bs NPV (3,825.96) is higher than project As
(2,275.30)
3.3.3: Summary for the capital investment committee, advising it on the relative merits of the
two projects
ARR has some of advantages as focus on return, flexible time frame, Simple
Comparison(Hartman, 2012). This calculation is quiet easy for investors to understand, it clearly
shows what they get if they invest in projects. However, the ARRhas disadvantages,
(Accountingexplained ,2012):
Page | 16
Should not be used in big projects because it uses accounting income instead of
Assets include cash in hand and cash anticipated (receivables), inventories of supplies
and materials, equipment, and whatever else the company uses to conduct business.
Assets also need to reflect depreciation in the value of equipment such as machinery that
has incurred.
Owners' Equity consists of capital invested by owners over the years and profits (net
income) or internally generated capital, which is referred to as "retained earnings".
Page | 17
Revenue: The revenues (sales) during the period are recorded here. Sometimes referred
to as the top line revenue shows the total value of sales made to customers.
Cost of sales: The direct costs of generating the recorded revenues go into cost of sales.
This would include the cost of raw materials, components, goods bought for resale and
financed.
Finance expenses: Interest paid on bank and other borrowings, less interest income
Page | 18
Outcome 4.2: Difference among formats of financial statements for different types of
business
4.2.1: Balance Sheet
The main differences among different types of business in balance sheet are assets and owners
equity (Anthony, 2012)
Assets: Assets are shown on the top half of balance sheet, including fixed assets, current
asset and net current assets. However, the company has to comply with layouts of
Company Act, and use particulars wordings. Sole traders and partnership are quite free
Page | 19
company. Financing activities includes offering preference share capital, which two other types
do not have.
Outcome 4.3: Interpretation of financial statements using appropriate ratios and
comparisons both internal and external
4.3.1 Profitability and return on capital
a. Profit before interest and taxes (PBIT)
PBIT represents earnings (income) of the company from its on-going operations,
2008
201.7 million
-
2009
(9.9) million
(4.9%)
2010
216.5 million
2,286.9%
2011
302.1 million
139.5%
2012
376.9 million
124.8%
PBIT illustrates an increase of 186.6% over the last five years. Except for 2009, Burberry
increases its PBIT every year.
b. Return on capital employed (ROCE)
ROCE is a profitability or performance ratio that measures how much investors in
a business are earning on the capital they have invested in that business (Peavler,
2012)
Formula
PBIT
ROCE = Capital employed
Page | 20
Year
Total assets (m)
Total current liabilities (m)
Capital employed (m)
PBIT (m)
ROCE
2008
953.2
457.9
495.3
201.7
40.72%
2009
1,125.70
581.8
543.9
-9.9
-1.82%
2010
1,139.60
501.8
637.8
216.5
33.94%
2011
1,364.40
534.3
830.1
302.1
36.39%
2012
1,610.60
596.8
1013.8
376.9
37.18%
Burberrys ROCE decreases over the five years even though the ROCE is pretty high. This
shows that Burberry has been earning profits.
c. Profit margin and asset turnover
These two factors contribute towards a ROCE
Profit margin gives the business owner a lot of important information about the
firm's profitability, particularly with regard to cost control(Peavler, 2012).
- Formula
PBIT
Profit margin = Revenue
Year
Revenue (m)
PBIT (m)
Profit margin
2009
1201.5
-9.9
-0.8%
2010
1279.9
216.5
16.9%
2011
1501.3
302.1
20.1%
2012
1857.2
376.9
20.3%
Asset
turnover measures the ability of a company to use its assets to efficiently generate
sales (Peavler, 2012).
- Formula
Asset turnover =
-
Revenue
Capital employed
Year
Revenue (m)
Capital employed (m)
Asset turnover
2008
995.4
495.3
2.0
2009
1201.5
543.9
2.2
2010
1279.9
637.8
2.0
2011
1501.3
830.1
1.8
2012
1857.2
1013.8
1.8
4.3.2 Borrowings
a. Liabilities ratio: shows how much a business is in debt (Ward, 2012).
Formula
OWLISH GROUP F05A
Page | 21
Liabilities ratio =
Total liabilities
Total assets
Year
Total
Total assets
Liabilities ratio
2008
2009
2010
2011
2012
debts
million
457.9
581.8
536.1
630.7
719.2
million
953.2
1,125.70
1,139.60
1,364.40
1,610.60
48.0%
51.7%
47.0%
46.2%
44.7%
The liabilities ratio is pretty safe for Burberry because its liabilities do not exceed its assets.
However, it should try to lower the liabilities ratio to make sure the company does have too
many liabilities.
b. Interest cover ratio is a measure of the adequacy of a company's profits relative to interest
payments on its debt (Pietersz, 2012)
Formula
Interest cover =
PBIT
Interest paid
Year
PBIT
Interest paid
Interest
cover
2008
2009
2010
2011
2012
OWLISH GROUP F05A
million
201.7
-9.9
216.5
302.1
376.9
million
11.8
13.6
6.1
5.1
3.3
17.09
(0.73)
35.49
59.24
114.21
Page | 22
Overall, Burberrys interest cover is high. It illustrates that Burberry can easily meet its interest
obligations from its profits. It can make enough profits to pay for its interest.
4.3.3 Liquidity and working capital ratios
a. Liquidity ratios
Current ratio is an excellent diagnostic tool as it measures whether or not a
business has enough resources to pay its bills over the next 12 months(Ward,
2012)
- Formula
Current ratio =
-
Current assets
Current liabilities
Year
Current assets
Current liabilities
Current
ratio
2008
2009
2010
2011
2012
million
588.4
742.4
767
870.1
1024.8
million
436.2
546.8
501.8
630.7
596.8
134.89%
135.77%
152.85%
137.96%
171.72%
The current ratios are good. It shows that the company can manage to pay the due liabilities.
Quick (acid-test) ratio, is a more stringent test of liquidity than the current
ratio(Peavler, 2012)
- Formula
Quick ratio =
-
Year
Current assetsStocks
Current liabilities
Current assets
million
2008
588.4
OWLISH GROUP
2009 F05A
742.4
2010
767
2011
870.1
2012
1024.8
Current
Stocks
liabilities
million
436.2
546.8
501.8
630.7
596.8
million
268.6
262.6
166.9
247.9
311.1
Quick ratio
73.31%
87.75% Page | 23
119.59%
98.65%
119.59%
The quick ratios are high, especially in 2010 and 2012. This indicates that Burberry can pay its
due debts more easily.
b. Efficiency ratios
Trade debtors day is the number of days the debtors take to pay (Pietersz, 2012)
- Formula
Trade debtors
Trade debtors day =
x 365 days
Sales
-
Year
Trade
Sales
2008
2009
2010
2011
2012
debtors
million
141.3
154.1
109.1
100.7
103
million
995.4
1201.5
1279.9
1501.3
1857.2
days
51.8
46.8
31.1
24.5
20.2
The trade debtors day decreases over the last five years. It shows that Burberrys management
has been getting better because it can make the debtors take less time to pay.
Stock turnover period indicates the number of days the stocks are held for
- Formula
Page | 24
Stocks
Cost of sales x 365days
Year
2008
2009
2010
2011
2012
Stock
Cost of
Stock turnover
million
268.6
262.6
166.9
247.9
311.1
sales
million
377.7
535.7
475.9
491.6
558.3
period
days
259.6
178.9
128.0
184.1
203.4
The periods are long. The reason for the long period may be Burberrys stocks are luxurious;
therefore, they take longer time to be sold than other goods.
Creditors turnover indicates the number of days the company take to pay its bills
- Formula
Trade creditors
Creditors turnover =
x 365 days
Cost of sales
-
Year
Cost of sales
million
2008
377.7
2009
535.7
2010
475.9
OWLISH
F05A
2011GROUP491.6
2012
558.3
Trade creditors
Creditors
million
turnover
days
62.5
54.8
62.1
85.8
118.8
60.4
37.3
47.6
63.7
77.7
Page | 25
The company takes more days to pay its bills in 2008, 2011, and 2012 than in 2009 and 2010.
This might be because of the lack of long-term finance, which leads to the use of extended credit
from suppliers, bank overdraft.
Page | 26
CONCLUSION
In general, the report has successfully met all of its goals and completed three tasks properly. In
task 1, it provided the flexible budget and budgetary control with variance analysis and possible
causes of them. We also specified costs for the given companies and explained them in detail. In
task2, we computed average return rates and net present values for the two given projects and
have made decision to choose one of them based on those statistics. And finally, in task 3,
Burberrys main financial statements were discussed. Important ratios were calculated and
compared with five previous years to give the general ideas of the companys business
performance.
The report was thorough and detailed. However, it has some drawbacks. Because there is a lack
of statistics from the same industry as Burberry, we could not make comparisons externally. Next
time, if we have sufficient sources of information, this report will be improved much better.
Page | 27
APPENDICES
A. REFERENCES
Anthony, L., 2012. Chron. [Online] Available at: http://smallbusiness.chron.com/formatfinancial-statement-3768.html [Accessed 2 January 2013].
Assar, R., 2012. Publish Your Articles. [Online] Available at:
http://www.publishyourarticles.net/knowledge-hub/cost-accounting/what-do-you-meanby-direct-materials.html [Accessed 26 December 2012].
Assar, R., 2012. PublishYourArticles. [Online] Available at:
http://www.publishyourarticles.net/knowledge-hub/cost-accounting/what-are-theoverheads.html [Accessed 7 January 2013].
Bizfinance, 2012. Bizfinance. [Online] Available at:
http://bizfinance.about.com/od/glossaryo/g/opportunity-cost-definition.htm [Accessed 1
January 2013].
BPP, 2010. Managing Financial Resources and Decisions. BPP.
DIYAccounting, 2012. DIY Accounting. [Online] Available at:
http://www.diyaccounting.co.uk/SoletraderaccountsincomeandexpenditurebasictaxArticle.do [Accessed 2 January 2013].
Gartenstein, D., 2012. eHow. [Online] Available at:
http://www.ehow.com/about_6160746_define-labor-cost.html [Accessed 26 December
2012].
Gupta, N., 2008. slideshare. [Online] Available at: http://www.slideshare.net/nitinji1980/Cashflow-statement-763366 [Accessed 2 January 2013].
Hafeezrm, 2012. HubPages. [Online] Available at:
http://hafeezrm.hubpages.com/hub/Managerial-Accounting-Decision-Making-RelevantCosts-Benefits [Accessed 27 December 2012].
Hartman, D., 2012. Chron. [Online] Available at: http://smallbusiness.chron.com/advantagesaverage-rate-return-method-21482.html [Accessed 28 December 2012].
Investopedia, 2012. Investopedia. [Online] Available at:
http://www.investopedia.com/terms/p/production-cost.asp [Accessed 26 December 2012].
OWLISH GROUP F05A
Page | 28
Johnson, S., 2012. eHow. [Online] Available at: http://www.ehow.com/how_6834182_calculateeconomic-rate-return.html [Accessed 1 January 2013].
Keythman, B., 2012. eHow. [Online] Available at:
http://www.ehow.com/how_2187130_calculate-net-present-value-npv.html [Accessed 1
January 2013].
Money Terms, 2012. Money Terms. [Online] Available at: http://moneyterms.co.uk/debtor_days/
[Accessed 28 December 2012].
Murray, J., 2012. About.com. [Online] Available at:
http://biztaxlaw.about.com/od/glossarye/g/ebitdef.htm [Accessed 30 December 2012].
NASDAQ, 2012. NASDAQ. [Online] Available at:
http://www.nasdaq.com/investing/glossary/e/earnings-before-interest-and-taxes
[Accessed 28 December 2012].
Peavler, R., 2012. About.com. [Online] Available at:
http://bizfinance.about.com/od/yourfinancialposition/f/what-is-return-on-investedcapital.htm [Accessed 30 December 2012].
Peavler, R., 2012. About.com. [Online] Available at:
http://bizfinance.about.com/od/financialratios/f/Operating_Profit_Margin.htm [Accessed
30 December 2012].
Peavler, R., 2012. About.com. [Online] Available at:
http://bizfinance.about.com/od/financialratios/f/Total_Asset_Turnover.htm [Accessed 30
December 2012].
Peavler, R., 2012. About.com. [Online] Available at:
http://bizfinance.about.com/od/financialratios/f/finratioanal4.htm [Accessed 30
December 2012].
Pietersz, G., 2012. Money Terms. [Online] Available at: http://moneyterms.co.uk/interest_cover/
[Accessed 30 December 2012].
Pietersz, G., 2012. Money Terms. [Online] Available at: http://moneyterms.co.uk/debtor_days/
[Accessed 28 December 2012].
Rawes, E., 2012. eHow. [Online] Available at: http://www.ehow.com/info_10017656_causesvariances-budgeting.html [Accessed 26 December 2012].
Riley, J., 2012. Tutor2u. [Online] Available at:
http://www.tutor2u.net/business/accounts/balance_sheet.htm [Accessed 11 December
2012].
OWLISH GROUP F05A
Page | 29
Page | 30
Page | 31