By Andrew M. McCosh, Michael J. Earl
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Additional resources for Accounting Control and Financial Strategy: A Casebook
The index of short-term chartering prices is known as the 'World Scale'. This index moved from 100 in early 1973 to 300 in September 1973 to 95 in November 1973, and stood at 35 in December 1974. As the short-term chartering trade was extremely profitable during 1973, a large number ofnew vessels were ordered during the boom period. The short-term market collapsed in the summer of 1974, so there was an acute over-supply oftanker capacity in early 1975. No early recovery from the present low level seemed likely.
This second point matched comments which had been made at the Cresta board meeting that production managers needed measures which they did not have at the moment. BUDGETS The accountant also had work to do on accounting returns for head office. The statements in Exhibit 1 include a budget and actual trading statement return, prepared to the group uniform pattern. The budget is an annual affair and worries the accountant somewhat, since he believes that it should have its roots in departmental budgets.
Overhead costs are categorised as fixed or variable on a basis specified by head office, and this analysis is a requirement of the trading statement prepared and submitted to head office. The appointment was made in 1968 of a new man to the post of company secretary / chief accountant. He has proved to be quite an innovator, and one ofthe first tasks he undertook was to review the financial and cost accounting procedures. At one of the early board meetings he attended it was stressed that better financial controls were needed.
Accounting Control and Financial Strategy: A Casebook by Andrew M. McCosh, Michael J. Earl