Competency Flashcards
Do you prefer on-the-job training or educational training?
On the job-training.
Learning and working at the same time boosts productivity. Education has limitations on practicality
Walk me through the three financial statements?
Balance sheet: Company’s liability, assets and equity
Income statement: Company’s revenues and expenses
Cash flow: Cash flows from operating, investing, and financing activities.
What happens on the income statement if inventory goes up by $10?
Nothing
What is VLOOKUP?
Looking up a piece of information in a table and extracting some corresponding information
Lookup value
Range containing the lookup value
The column number in the range containing the return value Approximate match or exact match
Limitations of VLOOKUP?
It is easily broken if column numbers of data set change
What is a pivot table?
Pivot tables group, calculate, and analyse data in a user-friendly way
e.g. a table of vegetable products. Filter fields to only show name of products and price
What is an accounts assistant role?
Sales ledger - Records all sales regardless of whether you receive the payment. Customer queries and driver schedules
Purchase ledger - processing invoices in Sage
Credit control - Chasing late payments
Banking tasks - Reconciling the company accounts
VAT return?
Done quarterly and how much VAT a company is due to pay HMRC
Prepayment?
Payment in advance
Common prepayments are wages and rent
Accruals?
Revenue or expenses earned, not yet recorded in the company’s financial statements
What is Eisenhower matrix?
What to do first - Done immediately
What to schedule - For the long-term
What to delegate - Need help from others
What to delete - ultimately irrelevant
What is fixed asset register?
Record of all the fixed assets that a company owns
How is my telephone manner?
Handle conflict by removing emotion, don’t be angry
Answer the phone promptly, don’t leave customer waiting
Speak clearly to address customer’s issue, don’t ramble
What is made note of in a credit control call?
Invoice reference number
Goods / services the invoice is for
Invoice issue date
Number of days overdue (if applicable)
Record of communication
What is a credit controller?
Maintaining customer relations
Account reconciliation
Creating and upholding payment procedures and policies
What is the name of our CEO?
(Name here)
VAT rates?
Standard rate: 20%. For most goods and services
Reduced rate: 5%. Children’s car seats and home energy
Zero rate: 0%. Most food and children’s clothes
VAT inclusive - includes tax as part of the purchase order
VAT exclusive - tax is added onto the purchase order
CIS returns?
Contractors are expected to withhold 20% to 30% of payment due to a subcontractor, so it can be paid to HMRC via CIS monthly return
What is BACS?
Owned by PayUK
Clearing and settlement of UK automated direct debit
What are invoices?
A time-stamped commercial document that itemizes and records a transaction between a buyer and a seller
What is exclusive to bookkeeping?
Data entry
Bank reconciliation
Invoicing
Paying bills
What is included in bookkeeping and accounting?
Monthly reports
Payroll
Tax preparation
What is exclusive to accounting?
End of year report
What is made note of in a credit control call?
Invoice reference number
Invoice issue date
Goods/services the invoice is for
Number of days overdue
Communication had so far
What is in a sales invoice?
Invoice to
Invoice date
Invoice number
Description
Unit Price
Total
If VAT registered:
VAT registration number
VAT rate per item
VAT amount
Aged receivables report?
Date of the report
Customer name
Amount due
What is SUMIF?
SUMIF function in Excel sums cells based on one criteria
Range of cells then criteria (e.g. values greater than 5)
