Introduction

Accounting is the process of collecting, analyzing, and transmitting financial data. The
ultimate objective is to offer individuals the most up-to-date information so they may
make educated decisions. It is futile to generate knowledge that does not aid
individuals in making better decisions. The goal of accounting is to create accurate
and timely financial reporting. Accountants perform this type of work, although it is
not their sole role. The accountant has to provide users with financial data so they may
make more informed decisions. (Atrill, P., and McLaney, E., 2018)
Contents
Introduction...................................................................................................................2

Scenario 1:....................................................................................................................5

Task 1:.......................................................................................................................5

Task 2:.......................................................................................................................6

Scenario 2:..................................................................................................................11

Task 1: Calculate and present the following ratios for the year 2021:.....................11

Task 2: Compare the performance of TTG between 2021 and 2020........................13

Task 3: Evaluate the performance of TTG over time...............................................14

Scenario 3...................................................................................................................19

Task 1: Monthly cash budget for the second quarter...............................................19

Task 2: Advantages and limitations of budgets and budgetary planning.................19

Task 3: Corrective actions to problems revealed by budgetary planning and control

for effective organizational decision-making in SAA..............................................21

Task 4: Budgetary control solutions and their impact on organizational decision-

making to ensure efficient and effective deployment of resources in SAA..............21

Reference list..............................................................................................................23
Scenario 1:

Task 1:

HD Dental Clinic
Income statement
December 31, 2021
$ $
Revenue 111,500
Operating expense 54,000
Salaries and wages expenses 8,000
Depreciation expenses 6,000
Utilities expenses 11,000
Net income 32,500

HD Dental Clinic
Statement of financial position
December 31, 2021
Assets
Current assets
Cash 20,000
Supplies 9,500
Prepaid rent 30,000
Total current assets 59,500
Non-current assets
Equipment 84,000
Total Non-current assets 84,000
Total assets 143,500
Liabilities
Account payable 21,000
Total liabilities 21,000
Equity
Hoang Duong’s Capital 90,000
Retained earnings 32,500
Total equity 122,500
Total equity & liabilities 143,500

4
Task 2:

Cash 22,000 22,000

Medical Supplies 15,000 -3,000 12,000
Prepaid Rent 30,000 -10,000 20,000
Medical Equipment 99,000 99,000
Accumulated Depreciation - Medical Equipment 15,000 1,375 16,375
Accounts Payable 19,500 1,500 21,000
Hoang Duong’s Capital 121,500 121,500
Unearned Service Revenue 5,000 -3,200 1,800
Service Revenue 31,000 3,200 34,200
Owner’s withdrawals 20,000 20,000
Salaries and Wages Expense 6,000 2,000 8,000

Supplies Expense 3,000 3,000

Utiliy expense 1,500 1,500
Rent expense 10,000 10,000
Salaries and Wages payable 2,000 2,000
Depreciation expense 1,375 1,375
Total 192,000 192,000 9,750 196,875 196,875

Note:
Medical Equipment
Accumulated Depreciation - Medical Equipment
Accounts Payable
Hoang Duong’s Capital
Unearned Service Revenue
Service Revenue
Owner’s withdrawals
Salaries and Wages Expense

Supplies Expense
Utiliy expense
Rent expense
Salaries and Wages payable
Depreciation expense
Total

HD Dental Clinic
Income statement
January 31, 2022

5
 HD Dental Clinic
Income statement
January 31, 2022

$ $ Note
Service 31,000 + Adj f - Unearned revenue of
Revenue 3,200 $3,200 was recognized for
= 34,200 services performed before
January 31, so the Service
Revenue increased 3,200
Expense
Utility expense 1,500 Adj e - A utility bill for $1,500
has not been recorded and will
not be paid until next month, so
that the Utility expense will
increase by $1,500
Depreciation 1,375 Adj c - The equipment has a 6-
expense year life with no residual value
and depreciates at $1,375 per
month. Supplies expenses
increase by %1,375
Supplies 3,000 Adj b - A count on January 31
Expense shows $12,000 of medical
supplies. Supplies expenses will
be up to $3,000
Salaries and 6000 + 2000 Adj d - Salaries of $2,000 unpaid
Wages = 8000 on January 31 were not included.
Expense Salaries and Wages expense
increased by $2000
Rent expense 10,000 Adj a - HD Dental Clinic paid the
rent for the first quarter of 2022

6
 ($30,000) on December 31, 2021.
Rent expenses will increase by
10,000
Total Expense 23,875
Net income 10,325 Total Revenue – Total Expense
= Net income

HD Dental Clinic
Statement of statement
December 31, 2021

Assets Amount Note

Current asset
Cash 22,000
Medical supplies 12,000 Adj b - A count on January 31
shows $12,000 of medical
supplies on hand
Prepaid rent 20,000 Adj a - HD Dental Clinic paid
the rent for the first quarter of
2022 ($30,000) on December
31, 2021. Prepaid rent is 30,000
- 10,000 = 20,000
Total current assets 54,000
Non-current assets
Medical Equipment 99,000
Accumulated -16,375 Adj c - The equipment has a 6-
Depreciation - year life with no residual value
Medical Equipment and depreciates at $1,375 per
month. Supplies expenses is

7
 15,000 + 1,375
Total non-current 82,625
assets
Total assets 136,625
Liabilities
Accounts Payable 21,000 Adj e - A utility bill for $1,500
has not been recorded and will
not be paid until next month so
the Utility expense is 19,500 +
1,500 = 21,000
Unearned Service 1,800 Adj f - Unearned revenue of
Revenue $3,200 was recognized for
services performed prior to
January 31 so the Service
Revenue is 5,000 - 3,200 =
1,800
Salaries and Wages 2,000
Expense
Total Liabilities 24,800
Owner's equity
Hoang Duong’s 121,500
Capital
Retained earnings -9,675
Total owner's 111,825
equity
Total Liabilities 136,625
and owner's equity

8
Scenario 2:

Task 1: Calculate and present the following ratios for the year 2021:
a) Total assets turnover
= Revenue/Average Total Assets

= 146,000/ ((87.500 + 101.000) /2)

= 1.55 times

b) Average inventory turnover period

= 365*Average Inventory/COGS

= 365 * (20,000 + 12,000) /2 /87,600

= 66,67 days

c) Average settlement period for trade receivables

= Average Trade Receivables/Revenue*365

= (3,000+2,500)/2/146,000 * 365

= 6,88 days

d) Average settlement period for trade payables

= Average Trade Payables/COGS*365

= (8,000+5,000)/2/87,600 *365

= 27.1 days

e) Net profit margin

= Net Income/Revenue*100

= 25,344/146000 *100

= 17,4%

f) Gross profit margin

= (Revenue – COGS)/Revenue*100

9
= 58400/ 146000 *100

= 40%

g) ROA
= Net Income / Average Total Assets *100

= 25,334/ ((101,000 + 87,500)/2) *100

= 26,89%

h) ROE
= Net Income / Average Total Equity *100

= 25,334/ ((49,000+50,000)/2) *100

= 50,94%

i) Current ratio
= Current Assets/ Current Liabilities

= 27.000/ 20.000

= 1.35 times

j) Quick ratio
= (Quick Assets)/ Current Liabilities

= (3,000+4,000)/ 20,000

= 0,35 times

k) Debt-to-equity ratio
= Long-term Liabilities / Total Equities

= 32,000 /49,000

= 0,65 times

l) Interest cover ratio

= Operating Profit / Interest Expenses

= 33,580 /1,900
10
 = 17,67 times

Task 2: Compare the performance of TTG between 2021 and 2020.

2021 2020 2019 Industry

average
Total assets turnover 1.55 1.85 1.95 1.65
(times)
Average inventory 66.67 32.2 30.5 38
turnover period (days)
Average settlement period 6.88 6.15 6.05 6.5
for trade receivables
(days)
Average settlement period 27.1 25 24.5 26
for trade payables (days)
Net profit margin 17.40% 22.20% 23.00% 18.00%
Gross profit margin 40% 43.00% 43.20% 41.00%
ROA 26.89% 28.50% 29.40% 27.00%
ROE 50.94% 51.20% 51.40% 50.00%
Current ratio (times) 1.35 1.71 1.83 1.5
Quick ratio (times) 0.35 0.71 0.78 0.65
Debt-to-equity ratio 0.65 0.5 0.48 0.55
(times)
Interest cover ratio (times) 17.67 112 115 50

Various financial measurements may track a company's success over time. The
numbers show that activity will directly influence TTG Fashion Center's efficacy in
2021 and 2020.
First, compare the asset turnover ratios for 2021 and 2020. In 2021, the balance will
grow somewhat. Keep track of how long the latest items take to reach the market.
According to the graph above, the inventory turnover ratio in 2021 will be 34.4 days
greater than 2020. It takes considerable work to establish how many significant

11
differences exist in this dataset. The average payment duration for trade receivables
increased by 0.73 days in 2021 compared to the previous year. This section will
investigate how long it takes to fulfill trade commitments. According to the graph, this
rate will be 2,1 days greater in 2021 than 2020. There isn't much of a distinction.
Following that is the net profit margin. The net profit ratio will be 4.8 percent lower in
2021 than 2020, a considerable decrease. The gross profit ratio is presented in the
following table. TTG's gross profit in 2021 will be 3% lower than it was in 2020, a
considerable decrease. The return on assets ratio, expressed as a percentage of total
assets, is shown below (ROA). Thus, TTG's ROA is just 1.61 percent lower than in
2020. The second figure we'll look at is the return on equity (ROE) (ROE). The ROE
of TTG in 2021 is 0.26 percent lower than the ROE in 2020. This tendency is reflected
in the current ratio. TTG's current balance in 2020 is 0.36 percentage points higher
than it was in 2021. The latest recent figures are shown below. TTG's quick ratio is
0.36 percent higher in 2020 than in 2021. This tendency is reflected in the debt-to-
equity ratio. A 0.15 rise in TTG's debt-to-equity ratio may be seen as significant. It is
now time to examine the interest-to-capital balance. TTG's interest cover ratio in 2021
is 94.3 percent lower than it was in 2020.

Task 3: Evaluate the performance of TTG over time

Efficiency ratios

60
40
20
0
d s e s er
rio bl
e bl ov
e
iva ya rn
rp ce pa tu
ve re de s
no ra s et
ur de t as
yt tra fo
r l
tor fo
r d ta
n rio To
ve d e
in e rio tp
a ge tp en
er en em
Av le
m ttl
tt se
se e
ag
ge ver
era A
Av
2021 2020 2019 Industry average

12
 Profitability ratios
60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
Net profit margin Gross profit margin ROA ROE

2021 2020 2019 Industry average

Between 2019 and 2021, the average inventory turnover length grew from 32.2 to 66.6
days, with the 2021 rate being 28.6 days above the industry average of 38 days. A
corporation is in the greatest possible position when its inventory turnover rate and
gross profit rate are high. During periods of high market rivalry, it is common for a
business to prioritize one of these variables above the other (Marijan Karic & Ivan
Kristek & Maja Vidovic, 2013). TTG's gross profit has decreased by 3.2% compared
to its 2019 level. In addition, TTG's gross profit ratio is less than 1% of the industry
average. The measurement of the gross profit margin ratio is indicative of a company's
financial health. It informs investors of the gross profit per dollar of sales earned by a
firm. A smaller margin relative to the industry average might imply that a firm is
underpricing; hence, TTGs should be more concerned with formula, measurement,
selling price, sales, and cost of goods sold.

TTG's total asset turnover ratio is likely to decrease from 1.85 to 1.55. A lower
percentage indicates that the assets of the organization are underused. This might
result from excess manufacturing capacity, inefficient collecting procedures, or
inadequate inventory management. This number is even lower than the average for the
industry. As a result, TTG must continue to exert more effort to meet the industry's
minimal income requirements, as this ratio demonstrates how efficiently a company
generates income from its assets. As the asset turnover rate rises, so does the

13
company's capacity to employ its assets to boost sales and, consequently, revenue.
However, due to the decline in the total assets turnover ratio, the company's net profit
declined from 22,2 percent to 17,4 percent. A low-profit margin indicates that the firm
is ineffective at cost control or that its pricing mechanism is inefficient. Consequently,
a low ratio may result from inadequate management, mismanaged spending, or poor
pricing methods. To determine the core reason for increasing or reducing a company's
total net profit margin, TTG must dig deeper and not just depend on surface-level
data. (Mulyawan, F., Hajah, S. N., Anggraeni, R., Elvariani, L., Tasya, Y., & Rahmah,
A, 2021)

Between 2019 and 2021, the ratio of TTG's trade receivables with the longest average
settlement time will not vary significantly. This demonstrates the effectiveness and
efficiency of TTG's accounts receivable administration in collecting money from
clients. Additionally, TTG's ratio to the industry average has not changed. To remain
competitive, TTG must continue to enhance its client revenue collection and
administration.

During the prior decade, the average settlement time for trade payables at TTG grew
from 25 days to 27.1 days. This company has a day-to-day ratio that exceeds the
industry average of 1.1 and is also superior. This demonstrates that TTG's handling of
accounts payable is sufficient and well-balanced.

TTG's ROA ratio has fallen from 26.89 percent to 28.50 percent, 0.11 percent lower
than the industry average. ROA shows a company's capacity to maximize earnings
through asset use. A low ROA is a terrible indicator of a company's growth. A low
ROA indicates that the company is not optimizing asset use to maximize earnings. To
raise ROA, TTG must either increase profit margins or maximize the utilization of
company assets to create sales. A higher ratio is often preferable. This shows that the
firm is optimizing its net income through efficient asset use. (EduPristine, 2018)

The return on equity ratio of TTG decreased from 51.20 percent to 50.94 percent year
over year. However, it remained 0.94 percent above the industry average. Return on
equity compares the performance of a business over time to its total shareholders'
equity. This ratio compares the entity's net income to the average total equity of its
14
shareholders over time. The required rate, the preceding quarter, and the industry
averages all impact whether a ratio is favorable or unfavorable. TTG should boost
profit margins, increase asset turnover, and manage idle cash because a low ratio
indicates a low return. (How to Increase or Decrease the Return on Equity Ratio? 6
Areas That You Can Use - Wikiaccounting, 2022)

Liquidity ratios

2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
Current ratio Quick ratio

2021 2020 2019

Its liquidity is a company's capacity to cover its short-term commitments, such as

taxes, wages, and payments to suppliers. A company with high liquidity holds
sufficient cash and cash equivalents to pay its debt obligations. Inadequate liquidity
may hinder a business from paying its debts. Cash flow issues are a significant cause
of concern for businesses. Even though a company is successful, it may fail if it
cannot collect sufficient funds from its customers. The current ratio of TTG is
decreasing from 1.71 to 1.35, which is below the industry average of 0.15. The quick
ratio of TTG fell from 0.71 to 0.35, above the industry average of 0. The most general
approach for calculating liquidity is the current ratio. This calculation analyzes a
company's balance sheet to determine its liquidity. Coexisting consists of cash,
marketable securities, accounts receivable, inventory, and other assets converted to
currency shortly. Current commitments include salary, third-party payables, and short-
term loans. Because TTG’s current ratio is below one, you are considered illiquid.
(Avenir, n.d.)

15
 Solvency ratio
120

100

80

60

40

20

0
Debt-to-equity ratio Interest cover ratio

2021 2020 2019 Industry average

TTG's debt-to-equity ratio has risen over time, from 0.48 to 0.5 in 2019 to 2020, and
is expected to reach 0.65 in 2021, above the industry average of 0.1. This
demonstrates that TTG has a high debt-to-equity ratio and that the company is
experiencing operational and profitability issues. TTG plc must thus modify and
examine its long-term debt.

TTG's interest cover ratio has declined over time, from 115 times in 2019 to 112 times
in 2020, and continuously decreased to 17.67, less than the average 33.33 times. This
indicates that the company's earnings fell as compared to interest expenditure.
Solvency ratios vary across sectors and business types.

Diverse sectors have varying levels of corporate solvency. The lower an organization's
solvency ratio, the more likely it will not meet its financial obligations. Potential
investors use this figure in conjunction with others, such as the debt-to-equity ratio,
the debt-to-capital ratio, and others, to comprehensively understand the company's
liquidity and solvency. (Solvency Ratio, 2022)

16
Scenario 3

Task 1: Monthly cash budget for the second quarter

April May June

Cash sales of the month 216,000 219,000 213,000
Cash from credit sales of previous month 140,000 144,000 146,000
Total cash inflow 356,000 363,000 359,000
Cash paid for supplies -220,000 -240,000 -260,000
Cash paid for staff salary -63,000 -64,000 -64,500
Cash paid for utilities -8,000 -8,000 -8,000
Cash paid for rent -60,000
Cash paid for advertising -55,000
Cash paid for new equipment -20,000 -46,000
Total cash outflow -366,000 -312,000 -438,500
Net change in cash -10,000 51,000 -79,500

Task 2: Advantages and limitations of budgets and budgetary planning

Thakur and Vaidya (2022) list the following as benefits of financial planning:
Collaboration across departments has been enhanced.
In order to formulate a monthly, quarterly, or annual strategy, the finance and
accounting departments must be informed of upcoming plans and efforts. To
comprehend each other's roles and obligations, the company's departments must
organize meetings. Consequently, departmental cohesiveness will strengthen. The
finance department will be consulted, for instance, if the sales and marketing
departments modify the sales policy (terms of sale).

Profit maximization via increasing production and decreasing expenses.

Having clear strategies and striving to implement them might potentially improve
operational efficiency. In addition, planning may assist avoid unnecessary
expenditures. According to the approach, operating expenses might be decreased, and
operational efficiency would increase.

Helpful in achieving a company's long-term objective.

17
Short-term objectives are sometimes viewed as stepping stones to long-term goals.
Considered the essential aspect of a firm, the strategy requires the most care. The firm
will be able to adjust to adverse conditions with short-term planning, therefore finding
a workable solution. This will make preparing for the future more straightforward and
less hazardous.

Developing incentive programs based on performance indicators.

The cash budget can guide staff as they strive to achieve their objectives. For instance,
the following month's sales plan is projected to be greater than the previous month's,
which might be a tactic to push personnel to achieve their goals and obtain bonuses. In
the case of SAA, ten percent of the profits will be paid to the employees. Thus they
wish to grow sales as much as possible to receive further bonuses.

Providing information for a thorough examination and any required remedial

action.
Using plans and estimates, management will be able to assess business performance in
depth by comparing facts to expectations. If actual outcomes and forecasts diverge
significantly, the administration will alter the strategy to reflect the company’s present
state. These evaluations will enable management to be more effective and make
timely adjustments.

However, according to Tamplin (2021), budgets and fiscal planning are subject to the
following restrictions:

Lacking in flexibility.

Since the plan is prepared before project implementation, events will not be
incorporated into the program promptly, lowering the plan's adaptability.

Unusual incidents with a significant influence on operations are hard to forecast.

18
Unusual occurrences cannot be anticipated or prepared for beforehand. Natural
catastrophes, fires, closures, and pandemics will substantially impact the commercial
position of the business, but their results cannot be forecast in advance.

Budget planning and management are based on estimates and forecasts.

The strategy is based on guesses and hypotheses since it is difficult for the company to
precisely foresee the near-future business climate. Incorrect assumptions and
projections result in computation mistakes, whether unduly optimistic or pessimistic.
As a result, budgeting and forecasting become inaccurate.

Task 3: Corrective actions to problems revealed by budgetary planning and control

for effective organizational decision-making in SAA.

Budgetary control is planning, implementing, and evaluating a company's financial

resources. Each department's efforts can be tested against predetermined criteria and
standards to accomplish long-term and short-term business objectives. Budgetary
control is an approach to financial and accounting management. To ensure the budget
is accurate, it must be reviewed and updated regularly, such as monthly or quarterly,
to reflect the organization's current circumstances (Atrill and Mclaney, 2018).
Calculations based on estimation enhance the accuracy and precision of the original
estimate. In addition, the strategy must be continually revised to accommodate
unforeseen changes. To develop a more accurate prediction, explore the reason for the
event and assess its likelihood of recurring in the future.

To arrive at a suitable budget, the following procedures are necessary: (Siyanbola,

Trimisiu Tunji, 2013)

a) The availability of a budget manual;

b) the development of a budget committee comprised of the CEO and members from
many functional areas; and

c) the identification of the most crucial budget factor: the one that restricts the degree
of activity.

19
d) Selection of a budget officer

e) Establishment of the budget period

A budget for the entire business and each of its divisions can help long-term planning
and decision-making.

SAA creates your budget by assessing the most cost-effective methods to spend your
money at a convenient time. This technique is based on data and statistics.

To ensure balance, the SAA budget should be partitioned into smaller budgets. One is
required for, among other things, operational expenditures, sales, new equipment and
property acquisitions, marketing, new recruiting, and production. By assessing all of
these elements of your business collectively, SAA is able to make prudent judgments
based on a balanced understanding of the requirements of all of its components.

Change Management Plan: A comprehensive budget is indicative of an organization's

success. The revenues are the budget's linchpin. If the company discovers that it is
falling short of your sales objectives and must lower expenses, it demonstrates that
they need to make better financial management decisions. (Johnston, n.d.)

Task 4: Budgetary control solutions and their impact on organizational decision-

making to ensure efficient and effective deployment of resources in SAA.
Regular budget planning and evaluation at the end of each month or quarter will allow
for improvements to be made in a timely way. In addition, departments within the
organization should communicate with one another on the firm's development strategy
and planned projects to budget and spend in a manner that correctly reflects actual
company performance while being neither excessive nor insufficient.

As a second phase, the business should develop a cash flow budget that indicates
when costs are due, as opposed to when they arise, and when cash sales are received,
as opposed to when credit sales are made. The budgeting mistake is committed when
business owners fail to manage their cash and depend only on their annual budget to
determine whether or not their firm is financially stable (Milano, 2022).

20
Additionally, the success of the organization's actions should be evaluated regularly
by utilizing a budget variance analysis. Due to the focus on disparities between
expectations and actual results in these reports, management may better understand
why estimates are off and adjust to budgeting procedures.

If the situation is continuously monitored and updated, it is feasible for management

to change plans if problems are discovered immediately. Compiling reports comparing
actual results to those projected by management facilitates the development of reliable
projections for the next business quarters.

21
Reference list

Anon., n.d. Wikiaccounnting. [Online]

Available at: https://www.wikiaccounting.com/how-to-increase-or-decrease-return-
on-equity-ratio/
[Accessed 2022].

Atrill, P. and Mclaney, E, 2018. Accounting and Finance for Non-Specialists.11th Ed.
Harlow: Pearson.

Avenir, R., n.d. Chron. [Online]

Available at: https://smallbusiness.chron.com/effects-liquidity-ratios-57308.html
[Accessed 6 May 2022].

Clive Emmanuel, D., Merchant, K. and Otley, D., 2013. Accounting for Management
Control. New York, NY: Springer.

Corporate Finance Institute. 2022. Solvency Ratio. [online] Available at:

<https://corporatefinanceinstitute.com/resources/knowledge/finance/solvency-ratio/>
[Accessed 6 May 2022].

EduPristine, 2018. Calculate good “Return of Assets” – ROA. [Online]

Available at: https://www.edupristine.com/blog/roa#:~:text=A%20low%20ROA
%20indicates%20that,higher%20ratio%20is%20always%20better.
[Accessed 6 May 2022].

Johnston, K., n.d. Chron. [Online]

Available at: https://smallbusiness.chron.com/differences-between-forecasting-
budgeting-57667.html
[Accessed 7 May 2022].

Marijan Karic & Ivan Kristek & Maja Vidovic, 2013. "Measuring The Inventory
Turnover In Distributive Trade,” Business Logistics in Modern Management, Josip
Juraj Strossmayer University of Osijek, Faculty of Economics, Croatia, pp. vol. 13,
pages 83-93.

22
Mulyawan, F., Hajah, S. N., Anggraeni, R., Elvariani, L., Tasya, Y., & Rahmah, A,
2021. The Effect of Production Costs, Promotional Costs, Operational Costs, Sales
Results, and Total Assets Turnover on Net Income in Indonesia Stock Exchange (Idx)
Manufacturing Companies 2009–2016. Review of International Geographical
Education Online, 11(5), pp. 2417-2436.

Milano, S., 2022. Budgeting Process Improvements & Recommendations. [online]

Available at: https://smallbusiness.chron.com/budgeting-process-improvements-
recommendations-62975.html. [Accessed 7 May 2022]

Siyanbola, Trimisiu Tunji, 2013. The Impact Of Budgeting And Budgetary Control
On The. Journal of Business Management & Social Sciences Research, 2(12), pp. 8-
16.

Tamplin, T. (2021). Discuss the Budgetary Control Limitations. Definition and

Discussion. [online]. Available at:
https://learn.financestrategists.com/explanation/management-accounting/budgetary-
control-limitations/. [Accessed 7 May 2022]

Wikiaccounting. 2022. How to Increase or Decrease the Return on Equity Ratio? 6

Areas That You Can Use - Wikiaccounting. [online] Available at:
<https://www.wikiaccounting.com/how-to-increase-or-decrease-return-on-equity-
ratio/> [Accessed 6 May 2022].

23