U2 AOS1 Flashcards
legal compliance
the process by which a business ensures that it observes and complies with the external statutory laws and regulations
corporate citizenship
acceptance by a corporate entity of its responsibility to stakeholders for actions and decisions
domain name
a unique name identifying the website in a web address
licence
a document or permit that gives official permission to do, use, or own something
by-laws
local government laws/regulations relating to activities within a municipality
occupational health and safety
laws concerned with the safety and welfare of people engaged in work or employment
workcover
a compulsory insurance scheme that provides employers with insurance cover for the cost of benefits if workers are injured or become ill because of their work
accountants
help prepare financial statements, monitor banking, follow up on overdue payments and provide advice
book keeper
responsible for maintaining the day-to-day activities of a business
bank managers
a valuable source of financial advice and assistance. They can assist with loan applications and managing business bank accounts. They can also give advice on the feasibility of a business expansion
the ATO
an excellent source of information regarding taxation matters, with their website providing free accessible information
advertising consultants
work on developing product advertising campaigns that attempt to engage new customers
marketing consultants
develop campaigns to build a business brand by advising on the best ways to reach engage and retain customers
graphic designers and printers
may be employed to design and produce logos, letterheads, pamphlets, business cards, and advertisements
financial management
managing financial activities relating to the operation of a business
record keeping
maintaining accurate records of all matters related to business activities
separate entity
involves the separate recording of transactions of a business from its owners
cash flow
tracking the cash or money coming into and going out of the business
source documents
documents that provide evidence of transactions
cash book
one of the simplest forms of financial record keeping; sets out all the cash transactions of a business including receipts and payments
balance sheet
an accounting report that sets out the assets, liabilities and proprietorship (owner’s equity) of a business at a given date
price
lower input costs enable a business to produce at a lower cost, thereby increasing competitiveness
quality
quality inputs enable high quality in a finished product, enhancing competitiveness
reliability
suppliers who are reliable reduce the risk of production delays. This means increased productivity and business reputation
social responsibility
environmental sustainability and other social responsibility considerations are also criteria in selection of suppliers
policy
a written statement detailing the processes, procedures, rules and regulations that are expected to be followed in certain situations
procedures
the steps used to implement a policy
business routines
processes that are regularly practiced in a business
code of conduct
guidelines to regulate standards of behaviour and conduct either within an organisation or within an industry
customer database
the collection of information gathered from each customer
corporate social responsibility
relates to a business going above and beyond it’s legal requirements to be socially accountable towards itself, to stakeholders and to society.
what a business should do as part of the control over the cash and financial system
- cash registers should be used and cash stores securely
- cash should be banked regularly, preferably daily
- if possible, the tasks of handling cash, banking and writing cheques should be completed by different people
- bank statements and cash books should be checked regularly and balanced
- correct procedures should be put in place for petty cash
advantages of choosing a reliable supplier with high-quality inputs
quality, timeliness, competitiveness, innovation, finance
strategies to maintain positive relationships with suppliers
settle bills on time, allow adequate lead times for orders, maintain transparent, open and frequent communication
