Accountancy Target Words and Definitions Quiz

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Questions and Answers

Which term refers to the part of a factory or workshop where production work is carried out, as opposed to administrative work?

The stock

The production floor (correct)

The works

The premises

What is the difference between a public limited liability company and a private limited liability company?

A public limited company has shares that can be bought by the general public, while a private limited company has privately owned shares. (correct)

A public limited company is a subsidiary of a private limited company.

A public limited company is larger than a private limited company.

There is no difference, they are the same type of company.

What is the meaning of the term 'the premises' in the context of a company or business?

The products or goods that a company manufactures or sells.

The buildings, land, and facilities that a company uses for its operations. (correct)

The inventory or stock of goods that a company has available.

The administrative offices or headquarters of a company.

Which of the following terms refers to the physical location or site where a factory or plant is located?

The site Signup and view all the answers

Which term refers to the storage space or facility where a company keeps its inventory or raw materials?

The warehouse Signup and view all the answers

What is the difference between a 'factory' and a 'plant' in the context of manufacturing and production?

A plant refers to a facility that produces a specific product, while a factory is a more general term. Signup and view all the answers

What is the term for putting in a fraudulent claim for compensation?

Een valse eis tot schadeloosstelling indienen Signup and view all the answers

What is the term for rescuing someone?

Redden Signup and view all the answers

What is the term for publicly or formally announcing something?

Declare Signup and view all the answers

Which term refers to taking out insurance?

Een verzekering afsluiten Signup and view all the answers

In legal terms, what does 'acquit' mean?

Vrijspreken Signup and view all the answers

'The accused' in legal contexts refers to:

'Beklaagde' Signup and view all the answers

What is the standard acronym for a Limited Company in the context provided?

bvba Signup and view all the answers

Which of the following is NOT considered a channel of distribution based on the information provided?

Manufacturer Signup and view all the answers

What is the purpose of a Memorandum of Association in the context of a company?

It is the legal document that establishes the company and defines its objectives and procedures. Signup and view all the answers

Which of the following is NOT considered a type of company organization based on the information provided?

Supplier Signup and view all the answers

What is the difference between a 'head office' and 'headquarters' in the context of a company's organization?

There is no difference, they are synonymous terms. Signup and view all the answers

Which of the following is the most accurate translation of the Dutch term 'grootwarenhuis' in the context of channels of distribution?

Department store Signup and view all the answers

What is the primary difference between an accountant and a bookkeeper?

Accountants analyze financial data, while bookkeepers record financial transactions. Signup and view all the answers

What is the primary purpose of a balance sheet?

To evaluate the overall financial health of a company at a specific point in time. Signup and view all the answers

What is the primary purpose of an audit?

To determine the accuracy of a company's financial statements. Signup and view all the answers

What is the meaning of the term 'depreciation' in the context of accounting?

The gradual decrease in the value of a company's assets over time. Signup and view all the answers

What is the meaning of the term 'outstanding accounts' in the context of accounting?

Accounts that have not yet been paid by customers. Signup and view all the answers

Which of the following is the primary purpose of a bookkeeper's role?

To maintain accurate and up-to-date records of the company's financial transactions. Signup and view all the answers

What is the primary purpose of conducting a field study, as described in the text?

To study the real-world application of a theoretical concept Signup and view all the answers

Which of the following is NOT a common fringe benefit mentioned in the text?

A company car Signup and view all the answers

What is the primary purpose of imposing tariffs on imports, as described in the text?

To promote domestic production and protect local industries Signup and view all the answers

What is the primary purpose of a forwarding agent, as described in the text?

To dispatch and send items to a different address Signup and view all the answers

What is the primary purpose of conducting desk research, as described in the text?

To review and synthesize existing information and data from secondary sources Signup and view all the answers

What is the primary purpose of an annual bonus, as described in the text?

To reward employees for their performance and contribution to the organization Signup and view all the answers

Study Notes

Manufacturing and Production Terms

Production Area: Refers to the section of a factory or workshop dedicated to manufacturing activities, distinct from administrative offices.
Factory vs Plant: A factory typically refers to a building where goods are produced, while a plant may encompass multiple factories and the entire production complex, including machinery and often the land they occupy.

Legal and Corporate Terminology

Public Limited Liability Company (PLC): A company whose shares can be publicly traded, allowing access to a wider pool of capital.
Private Limited Liability Company (Ltd): A company that restricts ownership to a small group, shares are not available to the general public.
'The Premises': In a business context, refers to the physical site or location where business operations occur.
Acquit: To legally clear someone of criminal charges, declaring them not guilty.
'The Accused': The individual charged with a crime in a legal proceeding.
Limited Company Acronym: The standard acronym for a Limited Company is "Ltd."
Channels of Distribution: The pathways through which products or services reach consumers; some entities may not qualify as traditional distribution channels.

Accounting and Financial Concepts

Memorandum of Association: A legal document required for the formation of a company; outlines the company's structure, purpose, and significant details.
Balance Sheet Purpose: To provide a snapshot of a company's assets, liabilities, and equity at a specific time, indicating its financial position.
Audit Purpose: A systematic examination of financial records to ensure accuracy and compliance with laws and regulations.
Depreciation: The systematic reduction of the recorded cost of a fixed asset over its useful life, reflecting wear and tear.
Outstanding Accounts: Refers to unpaid invoices or receivables that are due for payment.
Bookkeeper's Role: Primarily responsible for maintaining accurate financial records, transactions, and account balances.

Business Operations and Research

Field Study Purpose: To gather firsthand data through direct observation and interaction in real-world settings, enhancing research validity.
Desk Research Purpose: Focuses on collecting existing data and analyzing prior studies to inform business decisions.
Forwarding Agent Purpose: Acts as an intermediary for shipping goods, managing logistics, and ensuring efficient transport.
Annual Bonus Purpose: A reward to employees based on company performance, often providing motivation and retention incentives.

Miscellaneous Business Concepts

Fringe Benefits: Additional compensation provided to employees beyond salary, though specific benefits may vary in different contexts.
Tariffs Purpose: Imposed on imports to protect domestic industries, regulate trade, and generate government revenue.
Dutch Term 'Grootwarenhuis': Accurately translates to "department store," relevant in discussions about retail distribution channels.
Rescuing Term: Refers to the act of saving someone from danger or distress.
Public Announcement Term: The act of making information available publicly or formally disseminating news.

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Description

Test your knowledge of accountancy terminology with this quiz, including the difference between accountants and bookkeepers. Learn about assets and liabilities, audits, and objective analysis in the field of accounting.