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FNBA - Probationary task 2 > Revision for Access - Level 1 > Flashcards

Revision for Access - Level 1 Flashcards

1
Q

What is an Asset

A

It is something that an organisation owns - it has value

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2
Q

What is the term given to money that is owed by an organisation?

A

Liability

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3
Q

Give an example of an Asset

A

Building; Motor Vehicles; Trade Receivables; Bank

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4
Q

Give an example of a Liability

A

Loan; Trade Payables; Monies owed to HM Revenue and Customs; a bank overdraft

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5
Q

What is a customer?

A

A person or organisation that buys goods or services

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6
Q

What is the term given to a person or organisation that sells goods or services?

A

A supplier

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7
Q

What is a debtor?

A

A person or business that owes an organisation money.

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8
Q

What is a trade receivable?

A

Another term for a debtor?

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9
Q

What is a creditor?

A

A person or business that is owed money by an organisation

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10
Q

What is another term for a creditor?

A

A trade payable

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11
Q

What is a cash sale?

A

Where a customer pays for goods or services at the time of the sale

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12
Q

What is the term when an organisation pays for goods/services immediately at the time of the purchase transaction

A

A cash purchase

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13
Q

What is a credit sale?

A

Where a customer is allowed to pay for goods/ services some time after the sale - they will be a debtor (trade receivable) until they have paid.

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14
Q

What is a credit purchase?

A

Where an organisation pays for goods/ services some time after the initial purchase transaction. The purchaser will be a creditor (trade payable) of the organisation until payment is made.

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15
Q

What is income?

A

Money an organisation receives for selling it’s goods or services

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16
Q

What is expenditure?

A

Money paid by an organisation to purchase goods or services

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17
Q

What is profit?

A

Where an organisation earns more money than it spends

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18
Q

What is the term where an organisation spends more money than it earns?

A

A loss

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19
Q

How do you calculate Gross Profit?

A

Sales - Cost of Sales = Gross Profit

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20
Q

What is Cost of Sales

A

The cost of items necessary to make sales - in a retail organisation this would be goods bought to resell and in a manufacturing business it would be the raw materials and labour costs to make a product

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21
Q

How do you calculate the Net Profit?

A

Gross profit - Expenditure = Net Profit

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22
Q

What is a Purchase Order?

A

A document sent from the customer to a supplier detailing the goods that the customer wants to purchase

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23
Q

What is an Invoice?

A

A business document sent from the supplier to the customer detailing the goods or services supplied and requesting payment

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24
Q

What is a Credit note?

A

A document sent from the supplier to the customer detailing any goods refunded due to returned goods or correcting errors on the invoice

25
Q

What is a Remittance advice?

A

A document sent to inform from the customer to the supplier informing them of monies that have been paid in respect of an invoice

26
Q

What is a Statement of Account?

A

A document that summarises the transactions between a supplier and customer - invoice, credit note, payments received and any outstanding balance

27
Q

What document is given as proof of a cash sale?

A

A receipt

28
Q

Which book of prime entry would you record an invoice sent to a customer?

A

Sales Day Book

29
Q

What is recorded in the sales returns daybook?

A

Credit notes sent out to customers

30
Q

What is recorded in the Cash Receipts book?

A

All income and receipts received by an organisation

31
Q

Which book of prime entry would you record invoices received from suppliers?

A

Purchase Daybook

32
Q

Where would you record a credit note received from a supplier?

A

Purchase Returns Daybook

33
Q

What is recorded in the Cash Payments book?

A

All payments made by an organisation

34
Q

What is an alphabetical code?

A

Codes that only use letters

35
Q

What type of code uses letter and numbers?

A

Alphanumerical codes

36
Q

What is a numerical code?

A

Codes that only use numbers

37
Q

What is batch processing?

A

Similar transactions are dealt with at the same time and so are processed together rather than individually thus saving time

38
Q

What is the main purpose of a private organisation?

A

To make a profit

39
Q

What are the three main types of private organisations?

A

Sole trader; Partnership & Limited Company

40
Q

What is the main difference between a sole trader and a partnership?

A

A sole trader organisation is owned and run by an individual whereas a partnership is owned and run by two or more partners

41
Q

Who owns a Limited Company?

A

The shareholders - the people who own shares in the company

42
Q

Who runs the Limited Company?

A

Managers are appointed to run a company

43
Q

What is the main aim of organisations in the public sector?

A

To provide value for money to the public

44
Q

What are charities?

A

A type of business organisation which is set up to raise awareness of a particular cause and aims to raise funds to promote their cause

45
Q

Who are the internal customers of an accounts department?

A

Those internal to the organisation: managers; Human Resources department; marketing department; sales department etc

46
Q

Give examples of external customers of an accounts department

A

Customers; Suppliers; HM Revenue and Customs; Bank

47
Q

How would you keep a document stored on your laptop secure?

A

Password protect the document

48
Q

Where should you keep sensitive paper documents relating to employees?

A

In a locked filing cabinet

49
Q

Being a professional accountant means that you should have up to date technical knowledge, how could you do this?

A

Attend training courses; read technical magazines

50
Q

What is the term used to describe the correct and acceptable way of doing something?

A

Ethical

51
Q

What ways could an organisation act in an environmentally and socially responsible way?

A

Recycling facilities; reducing printing; installing energy-saving light bulbs; car sharing

52
Q

Why might it be useful to use a template in creating documents?

A

It means documents can be created quickly, easily and in a consistent style with a reduction of errors

53
Q

If you start a letter with Dear Sir/Madam, how will you close the letter

A

Yours faithfully

54
Q

If you start a letter with Dear Mr/Mrs, how will you close the letter

A

Yours sincerely

55
Q

What is a house style for documents?

A

It is a set of guidelines for presenting documents - it may contain information about the use of logos, font, font size, date format etc

56
Q

How would you communicate with colleagues advising them of a meeting the following day?

A

Email

57
Q

How would you communicate with a customer?

A

Letter

58
Q

What type of communication is formal?

A

A Letter

59
Q

How is informal communication different to formal

A

Less structured and informal language

FNBA - Probationary task 2 (1 decks)

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