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ACCA > ABCD > Flashcards

ABCD Flashcards

1
Q

3 leadership theories

A

trait: born with traits
behavioural: patterns of behaviour
contingency: the environment affects type of leader needed

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2
Q

2 leadership styles

A

transformational: touches lives
transactional: focuses on systems

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3
Q

entrepreneurship:

A

businesses set up by individuals wanting to take risks

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4
Q

intrapreneurship:

A

integrates risk taking amongst employees within a company

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5
Q

WHY is a firm unable to adapt to change?

A

cultural web

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6
Q

corporate code of ethics

A

set by business

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7
Q

professional code of ethics

A

set by profession

IESBA code of ethics

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8
Q

UK ethics

A

principle based approach, allowing room for interpretation

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9
Q

USA ethics

A

SOX approach, if broken, law is broken

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10
Q

IS profit being made in an ethical way?

A

tuckers 5 Qs

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11
Q

IS this a good strategy?

A

JSW model

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12
Q

ANALYSE macroenvironment of firm?

A

PESTEL

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13
Q

WILL this allow the firm to be global or move locations?

A

porters diamond

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14
Q

SHOULD i enter this market?

A

Porters five forces

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15
Q

CUSTOMER analysis?

A

segmentation, motivation and unmet needs

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16
Q

ACHIEVE performance requirements and fundementals to success

A

CSF and KPI, for products and services

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17
Q

WHICH activities contribute to competitive advantage?

A

value chain

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18
Q

ASSESS strategic objectives

A

SFA

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19
Q

WHERE to allocate cash?

A

BCG matrix

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20
Q

HOW to grow?

A

ansoff matrix

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21
Q

corporate governance

A

the systems by which companies are directed and controlled

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22
Q

Agency - Principal theory

A

directors, managers, auditors VS shareholders

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23
Q

agency costs

A

cost arising from agent acting on behalf of principal

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24
Q

corporate stakeholder

A

someone thats affected by actions of corporation

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25
Q

internal stakeholder

A

director, employee, management

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26
Q

external stakeholder

A

auditors, government, regulators

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27
Q

WHICH stakeholders shall we focus on

A

stakeholder map

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28
Q

CSR 5 aspects

A 
operate ethically
treat employees fairly
respect human rights
responsible citizen
sustain environment
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29
Q

insider system

A

family run

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30
Q

outsider system

A

principal, agent

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31
Q

AGM

A

required annually by law to go over election of directors and appointment of auditors

32
Q

EGM

A

Extraordinary general meeting, usually called on short notice to deal with an urgent matter

33
Q

FCA full cost accounting for sustainability

A

takes into account economic, environmental and social costs of production
need lots of data, how to cost environ and social costs

34
Q

TBL Triple bottom line accounting for sustainability

A

report 3 aspects. economic indicators, environmental indicators and social indicators. Recognises issues in business model (rather than accounting for them as costs)

35
Q

IR- INTEGRATED REPORTING

A

IR is the future of accounting, it focuses on the future and how to add value, information is accessible to everyone.
very resilient and idenitifies critical relationships

36
Q

Board of directors: multi tier

A

1 board of execs and 1 board of NEDs,
clear and formal separation
BUT execs may have too much power

37
Q

NED

A

challenge strategy, monitor performance, decide on remuneration of exec directors

38
Q

reasons for main commitees

A

to delegate time consuming and detailed work

separate aspects where they may have conflicts of interest

39
Q

Main committees

A

remuneration
nomination
audit and risk

40
Q

public sector governance focus - 3 Es

A

economy, on budget
effectiveness, deliver what’s planned
efficiency, deliver an acceptable return

41
Q

NGOs, non governmental organisations

A

task oriented, usually with humanitarian function e.g. red cross

42
Q

remuneration committee

A

remuneration should be sufficient enough to attract people and provide an incentive to work hard

43
Q

audit committee

A

should over see internal audit
liaison with external auditors
all members should be independent

44
Q

nominations committee

A

identify candidates with the correct background and skills to fill the committee

45
Q

public sector governance

A

they carry out activities on behalf of those that pay taxes, problem is how much should be allotted to what activities

46
Q

enivornmental management system EMS

A

aims may be to: minimise environmental impact, comply with laws and regulations, make continual improvements.

47
Q

mendlow matrix

A

-

48
Q

board of directors: unitary board

A

UK and US have this structure, one whole board of directors and half should be NEDS, they all contribute and all have legal status

49
Q

responsibility of board of directors

A

skill, care, attendance, no conflicts of interest and no personal gain

50
Q

directors remuneration components

A 
basic salary
bonuses
shares, share options
benefits 
pensions
51
Q

Risk committee

A

approve organisations risk management and risk policy

52
Q

Risk definition

A

risk is assosciated with the possibility that things might go wrong

53
Q

Risk Management

A

process of managing all kinds of risks that an organisation might face

54
Q

Speculative Risk

A

the outcome could be positive or negative

55
Q

Pure Risk

A

the outcome can only be negative

56
Q

Fundamental Risk

A

the risks that impact society as a whole or a large group of people

57
Q

Particular Risk

A

risks by choice of action, where individuals have control

58
Q

Risk appetite

A

set by the board and its the level of risk you should take

59
Q

Risk Management Process

A

identification: list
analysis: prioritise
planning: contingency
monitoring: assessment

60
Q

COSOERM

A

strategic, operations, reporting and compliance

61
Q

Key risks

A

market, product, environmental, financial, political

62
Q

Operational risks

A

relate to matters that can go wrong on a day to day basis

63
Q

Strategic risks

A

risks relating to the fundamental and key decisions that directors make about the future

64
Q

Business risk

A

relating directly to the business e.g. product, currency, interest rate, political

65
Q

Financial risk

A

gearing risk and liquidity risk

66
Q

Risk appetite is based on

A

risk capacity (amount) and risk attitude (extent)

67
Q

Analysing risk

A

analyse the impact AND likelihood which allows more control over impact

68
Q

Risk Manager

A

provides info, assistance and advice on how to improve risk awareness

69
Q

Risk managers activties

A

identifies risk, prepare risk reports and establishing models for risk assessment

70
Q

Risk awareness

A

crucial at all parts of an organisation, ensures people know what to do when a risk occurs

71
Q

embedding risk

A

effective communication and lack of blame culture

72
Q

hedging

A

equal and opposite = neutralises risk

hedgin is the theory to create an opposite situation to get rid of risk

73
Q

TARA

A

transfer, avoid, reduce and accept

74
Q

Ansoff Matrix

A

market penetration is least risk and diversification is very risky

75
Q

porters 5 forces

A

supplier demand, buyer demand, threst of new entrants, threat of subs, competitive rivalry

ACCA (4 decks)

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