Lo.1 Flashcards
What is the definition of protocol
Procedures or rules that must be followed
What is a liner manager
The superior to whom an employee reports
What does embezzlement mean
Theft by an employee of assets that belong to the employer. Such as money, stock and stationary
What does plagiarism mean
Using someone else’s work and leading others to believe that it is your own
What does payment terms mean
When the payment should be made by the buyer/customer to the supplier
What is the formula for variance
Actual - Budget
What is this formaula for variance%
Variance - Actual
What does budget mean
Planned income and expenditure over a period of time
What does favourable variance mean
Where the actual figure is better than the budgeted figures
What does adverse variance mean
Where the actual figure is worse than the budgeted figures
What are the organisational procedures to maintain confidentiality
- Only those who need to see specific information have access to it
- Using the blind copy (bcc) line in emails to several external recipients so that email addresses are not shared
- Requiring employees to sign a non-discourse agreement (NDA) E.g. If they have signed it they have access to confidential information
- businesses can include in a job description that disclosing confidential information will be deemed gross misconduct
What are the implications of breaching confidentiality
- Gross misconduct which can result in an employees dismissal
- if the breach includes confidential information such as personal or bank details then implications include risk of identity and loss of trust in the business
What are the voluntary constraints
- organisational - businesses may have specific requirements to ensure consistency in all employees
- ethical - businesses have guidelines relating to stereotypes, whistle-blowing or privacy that affect how some documents are worded
- codes of practice - some job roles and business have codes to follow
Who should check documents
- more senior employees - to check financial figures
- specialists eg solicitor for a legal contract
- those to whom the document refers e.g. A mangers report
- a proofreader eg to ensure the professionalism of a report for shareholders
- external communications company e.g. A press release
What should happen when arrangements are made
When arrangements are made e.g. For meeting, training or travel, arrangers must ensure that all relevant staff have received the details themselves have been copied accurately
