Untitled Quiz

Comparing planned budgets with actual results to identify and correct performance issues.

A report detailing budgets, actual performance, commitments, and variances.

The process of making choices about achieving organizational goals and running the business.

Strategic choices impacting the organization's overall goals, typically within 5-10 years.

Daily operational choices supporting the organization's short-term goals.

A percentage showing profit relative to revenue.

Return on Capital Employed; a ratio measuring profitability per pound invested.

A liquidity ratio comparing current assets to current liabilities.

A liquidity ratio similar to current ratio, but excluding inventory.

The average number of days inventory is held before sale.

Key decisions are moved from top management to lower levels of the organisation.

The chain of command from top to bottom of an organization.

An organization with many layers of management.

An organisation with few layers of management.

The number of subordinates a manager has.

Improved local knowledge, motivation, and faster decision-making.

Lack of uniformity, potential for duplicated work, and sometimes less profitable decisions.

Demoralization potential due to feeling of powerlessness or distrust.

Average number of days a business takes to pay suppliers.

Percentage of debt to total financing (equity + debt).

Large percentage of financing comes from debt.

Information as precise as needed by the user.

Information with no missing details.

Information benefiting users more than it cost to acquire.

Information collected uniquely for a specific purpose.

Information gathered for a purpose distinct from the user's.

Financial reports assisting managers with planning, control, and decision-making.

Recording, summarizing, and presenting financial information for external stakeholders.

The department that calculates employee wages and ensures payments to employees and tax authorities.

The initial wage calculation before any deductions are made.

Amounts subtracted from gross pay, including taxes and other contributions.

Organizations run by the government to provide services to the community.

Organizations owned by individuals or groups, aiming for profit.

Key decisions made by top management, with limited input from lower levels.

The amount remaining after all deductions; the money employees receive.

A diagram showing connections and responsibilities in an organization.

A compulsory deduction from gross pay, based on income levels.

Compulsory deductions for social security programs.

Acting diligently and following professional standards in accounting services, respecting confidentiality, complying with laws, and upholding the profession's reputation

Protecting sensitive information acquired in professional relationships; not disclosing it to others without proper authority unless legally required.

Deliberately deceiving someone to gain something illegally.

Stealing company funds or resources.

Financial reports need full, honest, and clear information, showing true transactions according to accounting standards.

A situation where personal interests could influence professional judgment.

Being objective in judgment and appearance in professional activities.

Potential issues that could compromise objectivity in accounting (gifts, financial interests).

Skills mastery, ethical work approach, societal duty, objectivity, high-quality conduct, and public trust-building.

Following relevant laws and regulations, avoiding actions damaging the profession's reputation.

Analyzing political, economic, social, technological, legal, and environmental factors to understand how they affect a business.

Government policies, taxation, grants, trade regulations, and public spending that affect businesses.

Interest rates, exchange rates, income levels, and economic cycles affecting a business.

Demographics, health trends, consumer preferences, and cultural shifts that impact a business.

Innovations, new technologies, advancements, and obsolescence rates that affect a business.

Employment laws, health and safety regulations, competition laws, and data protection laws affecting a business.

Climate change, natural disasters, and sustainability concerns affecting a business.

Evaluating internal strengths and weaknesses, and external opportunities and threats to a business.

A flaw in a company's internal systems that could lead to mistakes, fraud, or poor management.

Strategies for effectively handling changes in policies, procedures, and systems within a company.