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DeanieB > Mandatory > Flashcards

Mandatory Flashcards

1
Q

Accounting: Main Document?

A

International Financial Reporting Standards

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2
Q

Accounting: 4 Principles of IFRS?

A
  • Clarity
  • Relevance
  • Reliability
  • Comparability
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3
Q

Accounting: Purpose of IFRS?

A

Set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent and easily comparable around the world.

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4
Q

Accounting: Contents of a set of company accounts?

A
  • Chairmans Statement
  • Auditor Report
  • Income Statement (Income and Loss)
  • Statement of Financial Position (Balance Sheet)
  • Corporate governance report
  • Remuneration report
  • Other statutory information
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5
Q

Accounting: What is a balance sheet?

A

A statement of the business financial position, showing assets and liabilities at a given date.

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6
Q

Accounting: What is included in assets?

A

Cash, property, debtors & other investments.

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7
Q

Accounting: What is included in liabilities?

A

Borrowing, overdrafts, loans and creditors.

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8
Q

Accounting: What is a profit and loss accounts?

A

Summary of a businesses income and expenditure transactions.

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9
Q

Accounting: What is a management account?

A

Accounting report for internal use only and not audited.

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10
Q

Accounting: What is an audited account?

A

Reports prepared by a chartered or certified accountant.

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11
Q

Accounting: What is a cash flow statement?

A

Showing all actual receipts and expenditure, including VAT.

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12
Q

Accounting: What does IFRS 16 state?

A

Lease accounting standard in which full costs of leases over 12 months have to be accounted for on a balance sheet.

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13
Q

Business Planning: What are the benefits of business planning?

A
  • Help focus on key priorities.
  • Set priorities for an organisation.
  • Manage change efficiently and effectively.
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14
Q

Business Planning: What is included in a business plan?

A
  • Goals and Objectives
  • Analysis of Opportunities and Risks (SWOT)
  • Resources required to undertake work.
  • Method statement.
  • Key Performance Indicators.
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15
Q

Business Planning: What are the VOA’s strategic objectives?

A
  • Produce reliable property valuations
  • Produce clear and consistent experience for our customers, clients and stakeholders.
  • Design and deliver a professional, efficient and engaged organisation.
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16
Q

Business Planning: What is the purpose of KPIs?

A

KPI’s are quantifiable measures of an organisations performance against a set of targets and objectives.

17
Q

Business Planning: What is the VOA KPIs?

A
  • Volume of cases completed.
  • Timeliness targets.
  • Utilisation rate of billable work in DVS.
  • Quality Assurance.
18
Q

Conflict: What precautions to take to avoid conflict?

A
  • Set out clear and concise contracts and Terms of Engagements.
  • Proactive conflict avoidance and risk analysis.
  • Manage expectations, understanding objectives and identify early warning signs.
  • Keep good records.
  • Negotiate contractual obligations, transparently to enable efficient resolution.
19
Q

Conflict: Types of Dispute Resolution?

A
  • Negotiation
  • Mediation
  • Arbitration
20
Q

Conflict: What are the advantages to ADR?

A
  • Speed
  • Informal
  • Opportunity to Negotiate
  • Cost Effective
  • Confidentiality
21
Q

Conflict: What are the 5 forms of ADR?

A
  • Mediation
  • Arbitration
  • Independent Expert
  • Adjudication
  • Early Neutral Evaluation
22
Q

Conflict: What is mediation?

A

Use of neutral mediator to facilitate discussion with no decision make authority.

23
Q

Conflict: What is arbitration?

A

Quasi-judge role in accordance with Arbitration Act 1996. Parties bound by decision.

24
Q

Conflict: What is Independent Expert?

A

Expert appointed by parties to investigate and determine opinion. Bound by decision.

25
Q

Conflict: What is adjudication?

A

Use own knowledge to reach legally bound conclusions in a contractual process. Strict 18-day timescale.

26
Q

Conflict: What is Early Neutral Evaluation?

A

Independent person, experienced but non-binding opinion.

27
Q

Diversity: What act regulates Diversity?

A

Equality Act 2010

28
Q

Diversity: What are the 9 protected characteristics?

A
  • Gender Assignment
  • Sex
  • Sexual Orientation
  • Age
  • Disability
  • Race
  • Religion
  • Marriage and Partnership
  • Pregnancy and Maternity
29
Q

Diversity: What is unconscious bias?

A

Prejudice or unsupported judgements in favour of or against one thing, person or group compared to another.

30
Q

Diversity: What makes a good team player?

A

Listening, Respecting, sharing information, participation, communication skills and identifying strengths and weaknesses.

31
Q

Sustainability: What is an EPC?

A

Theoretical measure of how efficient a building is and can be.

32
Q

Sustainability: When is an EPC required?

A
  • All commercial buildings over 50m2
  • When newly built, sold or let for a term more than 6 months
  • When refurbished and heating/cooling is altered
  • Sale lease or refurbishment of residential building.
  • Subletting or assignment of a lease.
33
Q

Sustainability: How long does an EPC last?

A

10-Years

34
Q

Sustainability: What are the exemptions of an EPC?

A
  • Listed Building
  • Building with no heating/cooling
  • Religious Buildings
  • Temporary buildings
  • Buildings due to be demolished or redeveloped.
  • Residential buildings not occupied for more than 4-months of a year.
35
Q

Sustainability: What does MEES stand for? Legislation?

A

Minimum Energy Efficiency Standards Regulations 2015

36
Q

Sustainability: What does the MEES regulations state?

A

Requires all let property, either domestic or commercial, to have a minimum EPC rating of E.

37
Q

Sustainability: Future MEES for commercial and domestic?

A

Commercial: C by 2027 & B by 2030
Residential: C by 2030

38
Q

Sustainability: What does BREEAM stand for?

A

Building Research Establishment Environment Assessment Method

39
Q

Sustainability: What document for sustainability?

A

RICS Sustainability & ESG in Commercial Property Valuation & Strategic Advice, 3rd Edition, December 2021.

DeanieB (10 decks)

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