Mandatory Flashcards
Accounting: Main Document?
International Financial Reporting Standards
Accounting: 4 Principles of IFRS?
- Clarity
- Relevance
- Reliability
- Comparability
Accounting: Purpose of IFRS?
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.
Accounting: Contents of a set of company accounts?
- Chairmans Statement
- Auditor Report
- Income Statement (Income and Loss)
- Statement of Financial Position (Balance Sheet)
- Corporate governance report
- Remuneration report
- Other statutory information
Accounting: What is a balance sheet?
A statement of the business financial position, showing assets and liabilities at a given date.
Accounting: What is included in assets?
Cash, property, debtors & other investments.
Accounting: What is included in liabilities?
Borrowing, overdrafts, loans and creditors.
Accounting: What is a profit and loss accounts?
Summary of a businesses income and expenditure transactions.
Accounting: What is a management account?
Accounting report for internal use only and not audited.
Accounting: What is an audited account?
Reports prepared by a chartered or certified accountant.
Accounting: What is a cash flow statement?
Showing all actual receipts and expenditure, including VAT.
Accounting: What does IFRS 16 state?
Lease accounting standard in which full costs of leases over 12 months have to be accounted for on a balance sheet.
Business Planning: What are the benefits of business planning?
- Help focus on key priorities.
- Set priorities for an organisation.
- Manage change efficiently and effectively.
Business Planning: What is included in a business plan?
- Goals and Objectives
- Analysis of Opportunities and Risks (SWOT)
- Resources required to undertake work.
- Method statement.
- Key Performance Indicators.
Business Planning: What are the VOA’s strategic objectives?
- Produce reliable property valuations
- Produce clear and consistent experience for our customers, clients and stakeholders.
- Design and deliver a professional, efficient and engaged organisation.
Business Planning: What is the purpose of KPIs?
KPI’s are quantifiable measures of an organisations performance against a set of targets and objectives.
Business Planning: What is the VOA KPIs?
- Volume of cases completed.
- Timeliness targets.
- Utilisation rate of billable work in DVS.
- Quality Assurance.
Conflict: What precautions to take to avoid conflict?
- 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.
Conflict: Types of Dispute Resolution?
- Negotiation
- Mediation
- Arbitration
Conflict: What are the advantages to ADR?
- Speed
- Informal
- Opportunity to Negotiate
- Cost Effective
- Confidentiality
Conflict: What are the 5 forms of ADR?
- Mediation
- Arbitration
- Independent Expert
- Adjudication
- Early Neutral Evaluation
Conflict: What is mediation?
Use of neutral mediator to facilitate discussion with no decision make authority.
Conflict: What is arbitration?
Quasi-judge role in accordance with Arbitration Act 1996. Parties bound by decision.
Conflict: What is Independent Expert?
Expert appointed by parties to investigate and determine opinion. Bound by decision.
