Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

AAT Access > Accounting in a professional environment > Flashcards

Accounting in a professional environment Flashcards

1
Q

What are the three different sectors of business organisations?

A
  • Private sector
  • Public sector
  • Charities
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the three main types of businesses in the Private sector?

A
  • Sole traders
  • Partnerships
  • Companies owned by shareholders
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a Sole trader?

A

A Sole trader is owned by one person, who normally invests their own money and is fully liable for any debts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a Partnership?

A

A Partnership is a business agreement between 2 or more people. They all take the same financial risks as Sole traders. There can be up to 20 partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the two main types of companies owned by shareholders?

A
  • Private limited companies (Ltd)
  • Public limited companies (Plc)
    These companies are not fully liable for debts they only loose what the have invested in the business
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the Private sector set up to do?

A

Businesses in the private sector are set up to make a profit for its owners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the Public sector set up to do?

A

The public sector is set up to provide essential services to the public, that are financed through taxes paid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the Charity sector set up to do?

A

Charities are set up to raise awareness of a particular issue, they provide services , research and promote their cause. They are financed through funds they raise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the difference private limited companies and a charity?

A

They both have different objectives. A private limited company makes a profit whereas a charity promotes and raises funds for a cause

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

How does a limited company differ from a sole trader or partnership?

A

Limited companies have limited liability of debts whereas sole traders and partnerships have full liability of its debts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How is the private sector different to the public sector?

A

The private sector focuses on making a profit whereas the public sector focuses on providing essential services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are external customers?

A

External customers are people from outside the organisation requesting financial information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are internal customers?

A

Internal customers are people from within the organisation requesting financial information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the function of the accounts department?

A

The accounts department controls the finances of an organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What different departments is the accounts department likely to deal with?

A
  • Sales
  • Production
  • Human Resources
  • Marketing
  • Administration
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What three words describes they way in which the accounting function should provide information?

A

Complete
Accurate
Timely

17
Q

Why is it important to keep some information confidential?

A

It is important because it could be misused if in the wrong hands, information could help competitors or the it could be used for fraud by criminals

18
Q

Give examples of what information should be kept confidential.

A 
Credit limits
Debts
Contact details
Bank details
Commercial information
19
Q

Why is it important for accounting professionals to act in an ethical way?

A

Because they hold a position of trust, so they must keep the trust of the people they serve

20
Q

What does being environmentally and socially responsible mean?

A

It means taking care of the environment and treating all people fairly and with respect

21
Q

Who’s responsibility is it to make sure a working environment is healthy and safe?

A

It is everyone’s responsibility

22
Q

What should you do if you see a risk to health and safety?

A

Do something about the risk if possible, or report it to your manager

23
Q

How might keeping your desk tidy help you in an accounting role?

A

Helps you be more organised and you are less likely to make mistakes

24
Q

what different ways can you protect personal information?

A
  • Use multi-level passwords on computers
  • Use alphanumeric passwords
  • Always lock computer screen when away from desk
  • Make sure unauthorised people cant see your computer screen
  • Limit the number of people receiving highly confidential information
  • shred confidential papers after use
  • lock filing cabinets
  • Don’t leave documents lying around
25
Q

What can you create to help you manage your time?

A

Work plans

26
Q

Why do accounting professionals have to be efficient?

A

Because their customers usually need financial information quickly, this needs to be done error free so that customers are able to make important decisions and meet deadlines

27
Q

Why is it important to tell colleagues when you actually will be able to complete a task if you can’t meet a deadline?

A

So that your colleagues are able to reschedule their work and create contingency plans if necessary. Your manager may also be able to get someone to help you

28
Q

Give examples of informal training.

A
  • Work shadowing
  • Reading journals
  • Learning from a work buddy
  • Reading from the internet
29
Q

Give examples of formal training.

A
  • Studying for qualifications
  • training at a college
  • in house training course
  • one-to-one tuition
30
Q

What is a SMART target?

A

It is a target that is Specific, Measurable, Achievable, Realistic and Timed

31
Q

Why is it important to set SMART targets?

A

Targets that are not smart tend not to be focused, by setting a realistic goal, a SMART target helps achieve what is set out

32
Q

Give examples of professional skills.

A
  • Numeracy
  • Good communication skills
  • Literacy
  • I.T skills
33
Q

Give examples of personal skills.

A
  • Reliable
  • Punctual
  • Willing to learn
  • Professionalism
  • Well-Organised
34
Q

Who owns a PLC?

A

Shareholders

35
Q

Who should you agree your training goals with?

A
  • Your line manager

- Your mentor

36
Q

When carrying out tasks, a professional person should ensure that the work is both correct and carried out to acceptable standards. This is a practice known as…

A

ethical

37
Q

An organisation that has implemented fuel efficiency policies is demonstrating an example of what?

A

Sustainability

38
Q

What will keeping your work area clean and tidy will help to promote?

A

Effective working practice

AAT Access (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions