Accounting Principles and Procedures Flashcards
What is a profit of loss statement
Is a financial statement that summarizes the revenues, costs, expenses, and profits/losses of a company during a specified period.
What is a balance sheet
A financial statement that reports a company’s assets, liabilities, and shareholder equity
What is a cash-flow statement
A cash flow statement tracks the inflow and outflow of cash, providing insights into a company’s financial health and operational efficiency.
What are the types of financial statements
Profit and loss statement, balance sheet, and cash flow statement
What is the key primary legislation relating to construction contract law?
Housing Grants, Construction and Regeneration Act
Please can you expand on how setting out contractual provisions can prevent conflict?
EWN’s NEC, Collaborative working supplementary option JCT?
Please can you expand on what is meant by dispute resolution strategies you mentioned in your summary of experience? How do you apply these?
Dispute solution is a strategy to resolve conflicts between parties, I am aware of adjudication, arbitration and meditation.
Adjudication – for quicker resolution, simpler disputes
Arbitration - for more complex disputes, longer decision process
Mediation – Where a third party is appointed to encourage the parties to com together to reach an agreement
If alternative dispute resolution was to arise, please can you name the types of alternative dispute resolution available to you?
Mediation, Adjudication, Arbitration & Litigation
What is dispute resolution?
Process of resolving a dispute or conflict between different parties. Crucially, dispute resolution can be a way of solving a conflict without having to go to court.
Can you explain the difference between a balance sheet and profit and loss statement?
P&L - Statement of income and expenditure
Balance sheet - Statement of asset, liability and shareholder equity
