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F1: Accountant In Business > F1 > Flashcards

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1
Q

Mitzberg identified 3 key management roles

A

Interpersonal
Informational
Decisional

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2
Q

What 3 types of control can be built into IT systems?

A

Security
Integrity
Contingency

Hint: acronym SIC

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3
Q

What are transaction audits?

A

To detect fraud snd uses only substantive tests

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4
Q

What are system audits?

A

They test and evaluate internal controls. Typically these are two types of test, compliance and substantive.

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5
Q

What is an operational audit

A

Monitors managements performance

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6
Q

What aspects of information must be considered to ensure its quality

A 
Accurate
Complete
Cost beneficial
User targeted
Relevant
Authoritative
Easy to use

Hint: acronym accurate

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7
Q

What is high masculinity culture?

A

Status is more important than work life balance

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8
Q

What 4 key cultural differences does the Hofstede model consider?

A

Power distance
Individualism- collectivism
Masculinity - femininity
Uncertainty avoidance

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9
Q

What are Schein’s 3 determinants of culture?

A

Assumptions or unspoken rules
Values and beliefs
Observable elements

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10
Q

The marketing mix comprises of four P’s which are

A

Product
Place
Promotion
Price

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11
Q

What is Charles handy’s ‘shamrock’ organisation to encourage flexibility?

A

Professional core
Self employed specialists
Contingent workforce

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12
Q

Harrison classified organisation culture into what4 types that relate structure to culture?

A

Power culture- zeus
Role culture- apollo
Task culture- athena
Person culture- dionysus

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13
Q

According to Mintzberg what 5 components can all organisations be analysed into?

A 
Strategic apex
Technostructure
Operating core
Middle line
Support staff
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14
Q

What are Porter’s 5 competitive forces?

A 
Substitites
Potential entrants
Buyer power
Supplier power
Competition and rivalry
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15
Q

What are the support activities in Porter’s value chain?

A

Procurement
Technology
Human resource managemnt
Firm infrastructure

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16
Q

What are the primary activities in Porter’s value chain?

A 
Inbound logistics
Operations
Outbound logistics
Marketing and sales
Service
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17
Q

Frederick Taylor identified which 4 principles of scientific management?

A

Development of the true science of work, with written done methods and procedures
Application of scientific techniques to job design
Scientific and development of worker and motivation through financial reward
Co-operation of management and workers

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18
Q

Henri fayol suggested all management revolved around carrying out which 5 functions?

A 
Planning
Organising
Commanding
Coordinating
Controlling
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19
Q

What 7 sources of power did french and raven identify?

A 
Legitimate power
Coercive power
Reward power
Referent power
Expert power
Resource power
Negative power
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20
Q

Pestel analysis covers which areas?

A 
Political
Economic
Social
Technology
Environmental
Legal
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21
Q

Johnson and scholes identified what 3 types of stakeholder?

A

Internal
Connected
External

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22
Q

Mendlow’s matrix- what relationship should the organisation have with stakeholders in category D

A

Key players as they have high power and high interest

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23
Q

Mendlows’s matrix- what relationship should the organisation have with stakeholders in category C

Study These Flashcards
A

Keep satisfied as they have high power and low interest

24
Q

Mendlow’s matrix- what relationship should organisation have with stakeholders in category B

Study These Flashcards
A

Keep informed as they have high interest and low power

25
Mendlow’s matrix- what relationship should the organisation have with stakeholders in category A
Minimal effort as they have low interest and low power
26
What is Porter’s 5 forces model and what does it do?
It analyses industry attractiveness. - competition - buyer pressure - supplier pressure - potential entrants - substitute products
27
What is the cultural web and who coined the term
Its the way we do things around here coined by charles handy
28
What is corporate governance
It is how companies are directed and controlled and the separation of ownership and control- stewardship
29
What are the 5 main principles of corporate governance
``` 1- leadership- board, CEO, chairman, NED 2- effectiveness - time, skills nomination committee 3- accountability- audit committee 4- remuneration- remuneration committee 5 - relations withstakeholders- AGM ```
30
What are the 5 fundamental principles of the ACCA code of ethics and conduct?
``` 1 integrity 2 objectivity 3 professional competence 4 confidentiality 5 professional behaviour ```
31
What are the 3 main factors to detect and prevent fraud?
1 control systems( internal audit) 2 ethics 3 training
32
What is SPAMSOAP and what does it stand for?
``` It is 8 types of control levels 1 S egregation of duties 2 P hysical control 3 A uthorisation and approval 4 M anagement controls 5 S upervisory controls 6 O rganisation as a control 7 A rithmetical and accounting controls 8 P ersonal control ```
33
What is management?
Management is getting things done through other people - rosemary stweart
34
Who are the 4 main contributors to style theories?
Peter drucker Minzberg Ashbridge management college Blake and mouton
35
According to drucker what are the 3 functions of management
1 managing a business 2 managing managers 3 managing workers and work
36
According to drucker what are 5 categories of management work
``` 1 setting objectives 2 organising the group 3 motivating and communicating 4 measuring performance 5 developing people ```
37
What are the 4 types leadership style according to the ashbridge management college model?
1 tells 2 sells 3 consults 4 joins
38
Who are the 5 main contributors to contingency theories?
``` 1 adair 2 handy 3 bennis 4 heifetz 5 fiedler ```
39
Who coj ed the best fit theory and what is it?
``` Handy Youcan be either loose or tight on the below 4 variables: 1 leadership- participants / autocratic 2 subordinates- contribute/told 3 task- complex/ routine 4 environment- generous/ short ``` Will work well it all match
40
Who coined action- centred leadership and what does it entail?
Adair It adds a 3rd variable to blake and mouton’s managerial grid by jncluding concern for group as well as tasks and individuals. He says you will concentrate more on one area depending on the situation.
41
What are the differences between managers and leaders as per bennis?
``` 1 admin/ innovates 2 maintains/ develops 3 focus on systems/ people 4 ST view / LT view 5 keeps control/ inspires trust 6 asks how and when/ what and why 7 eye on bottom line / horizon ```
42
WhT is 5 management roles?
``` Planning Organising Commanding Controlling Coordinating ```
43
Fayol 14 rules of managerial conduct
``` Division of work Authority Discipline Unity of command Unity of direction Subordinationof general interests Etc ```
44
Porters value chain - primary activities..
``` Inbound logistics Operations Outboundogistics Marketing and sales Service ```
45
Porters chain- support activities
Technology- innovation Hrm - human resources Procurement - sourcing raw material Infrastructure- finance, gen management
46
Monopoly..
One producer supplies the entire market
47
Oligipoly...
Few large firms dominate market Results in uncertainty
48
Duopoly..
Two usually large firms dominate
49
Inflation..
Increase in price of goods and services
50
Causes of your inflation...
Demand pull Cost push Monetary Import cost push
51
Advantages of decentralisation..
Faster decision Expert decision Motivation Development Frees up strategic apex
52
Disadvantages of decentralisation..
``` Duplication Comparison Training Inconsistency Dysfunctional decisions ```
53
Levels of planning
Strategic Tactical Operational/ functional
54
Whats corporate governance?
Systems by which organisations are directed and controlled
55
Approaches to ethics
Egoism Utilitarianism Pluralist

F1: Accountant In Business (1 decks)

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