Accounting Principles And Proceedures And Business Planning Flashcards
What is the difference between profit and loss, cash flow and a balance sheet?
P&L - is an annual summary of a business’s income and expenditure typically prepared annually
Cash flow statement - shows actual receipts and expenditure including vat
Balance sheet - a statement of the business’s financial position showing assets and liabilities at a given date
What financial statements must all companies provide?
Balance sheet and profit and loss statement.
What do you do with forecast information?
Use it so plan ahead.
How do you fit in your company’s business plan?
I fit as a junior with clear progression through the business up to senior positions working through all of the levels. My company has clear targets you must meet to progress.
What is a business plan?
An analysis of the opportunities and risks of the business and resource required to service clients.
How have you used your company accounts at work?
When formatting the performance of my team.
What is a SWOT analysis?
The analysis of a business’s or teams strengths, weaknesses, opportunities and threats.
How do you think an up to date business plan can help a company in the current economic climate?
An up to date business plan helps a business to understand its current liabilities and can help forecast in a downturned market.
What is included in a set of public limited company accounts?
Chairman’s statement
Independent auditors report
Income statement (profit and loss)
Statement of financial position (balance sheet)
Corporate governance report
Remuneration report
Other statutory information
What are smart goals?
Specific
Measureabke
Attainable
Realistic
Timely
What is a pestle analysis?
Political
Esconomic
Social
Technical
Legal
Environmental
What are the different types of business?
Sole practitioner
Partnership
Limited Liability Partnership
Plublic Limted company
Private Limited Company
What is a KPI?
A key performance indicator
Is your business doing anything at the moment to reflect the current market?
Yes, reducing unnecessary spending
What is more commonly used, accrual accounting or cash accounting?
Accrual accounting
