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Question 1

Name 2 types of documents a business may use day to day ?

Answer 1

• Financial docs

- Order forms

Question 2

What is a transaction document?

Answer 2

A transaction document records transactions between two parties such s a customer and supplier.

Question 3

What terms and abbreviations may a transaction document involve?

Answer 3

• COD ( CASH ON DELIVERY )
• E&OE ( ERRORS AND OMISSIONS EXPECTED)
• T&C’S
• TERMS (WHEN PAYMENTS EXPECTED)

Question 4

What sort of things does a typical document include ?

Answer 4

• Invoice
• Credit note
• Purchase order
• Statement of account

Question 5

What kind of form does an employee need when claiming expenses back for travel to do with work ?

Answer 5

Travel expenses claim form

Question 6

Name 4 internal documents

Answer 6

• Petty cash voucher
• Stock requisition form
• IT requisition form
• Reprographics requisition form

Question 7

What is a petty cash voucher ?

Answer 7

A petty cash voucher is is held for staff to make small purchases on behalf of a business. A voucher records the amount removed from the petty cash float.

Question 8

What is a stock requisition form ?

Answer 8

A stock requisition form is completed when the goods need to be ordered for relevant use for example printer paper.

Question 9

What is an IT requisition form ?

Answer 9

An IT requisition form requests for IT equipment to be ordered or purchased.

Question 10

What is a reprographics requisition form ?

Answer 10

Reprographics requisition forms are completed by employees requiring something such as photocopying done.

Question 11

Define cheque?

Answer 11

A doc requesting specific mount of money to be paid from one persons account into another

Question 12

Define credit card?

Answer 12

Enables someone to make payments for goods or services but effectively borrowing the money from the credit card company.

Question 13

Name an advantage and disadvantage of a cheque?

Answer 13

A- Cn be sent vi post and large mounts of cash don’t need to be handled
D- Often need to be signed by two people

Question 14

Name an advantage and disadvantage of a credit card?

Answer 14

A- Payment can be made even with insufficient funds in the payers bank account
D- May be charged interest if the full amount isn’t paid when requested

Question 15

Define debit card?

Answer 15

Can be used for payments online and at a credit/debit card machine

Question 16

Name an advantage and disadvantage of debit card?

Answer 16

A- Large amounts of cash don’t need to be handled
D- Some businesses charge a paying fee for using debit card
chance of fraud

Question 17

What should be involved in arranging a meeting ?

Answer 17

• Notice of the meeting
• Agenda
• Minutes
• Conference documentation

Question 18

What should the notice of the meeting include ?

Answer 18

• Date
• Time
• Location
• Purpose

Question 19

What is an agenda ?

Answer 19

An agenda lists the items that will be discussed in the meeting, confirm date, time and location.
Everyone will be provided with an agenda

Question 20

What is a minutes ?

Answer 20

The minutes are a summery of what is discussed and agreed during the meeting.
Includes date, time, location, names of attendees, items

Question 21

What is COD (cash on delivery)?

Answer 21

Pay for goods on delivery rather than before of after delivery

Question 22

What is E&OE (errors and omissions)?

Answer 22

A disclaimer on an invoice or similar transaction document showing that the supplied is attempting to reduce any legal liability due to administrative errors or inaccuracies

Question 23

What are T&Cs (terms and conditions)?

Answer 23

Restrictions or statements relating to delivery charges, delivery arrangements or payments terms

Question 24

What are terms (e.g. Terms 30 days)?

Answer 24

The time by which payment is expected

Question 25

What is a purchase order?

Answer 25

A legally binding document between a supplier and a customer/buyer It lists the items that the buyer has ordered and the agreed purchase price also states the delivery date and payment terms from the buyer

Question 26

What is an invoice?

Answer 26

A document that a business issues to customers requesting payment for goods and services

Question 27

What is a credit note?

Answer 27

- Is sent by a seller/supplier to a customer - e.g. Goods received by a customer have been damaged in a transit - an error has been made on the invoice such as an incorrect discount being applied or a customer returns an item - credit note can be offset against future purchases or a refund can be given

Question 28

What is a statement of account?

Answer 28

- is issued by a supplier to a customer usually at the end of the month - this states all transactions over the last period including details of invoices issued, payments received and credits applied - the final balance shows the total amount owed by that customer on that date

Question 29

What an employee claiming expense include?

Answer 29

- Petrol costs - train fares - taxi fares - car parking - sometimes refreshments

Question 30

What is a bank statement?

Answer 30

- summarises transactions into and out of a bank account over a period of time, usually a month - the accounts function will monitor the businesses banks accounts by carrying out bank reconciliations by checking the inflows and outflows recorded on the bank statement against the businesses own financial records - also indicates the funds available for making purchases or paying bills

Question 31

What is a budget variance report?

Answer 31

- a budget variance is the differences between budgeted income and expenditure and the actual income and expenditure figures - the budget variance report summarises these differences and is useful in the decisions making process

Question 32

What is a delivery note?

Answer 32

- is a document that accompanies a shipment of goods - it details the products and the quantities delivered - the customer will sign the delivery note to confirm that the correct items/number of items were delivered - any issues, such as missing or damaged products, will be highlighted - the supplier the refers to the delivery note when issuing the invoice for this delivery

Question 33

What is a goods received note?

Answer 33

- this is a document used by the customer for checking items received to ensure that they match the purchase order - once checked and any discrepancies highlighted, a copy will be returned to accounts staff, who check the goods received note against the invoice form the supplier to ensure that payment is made for the correct number of items - today many businesses use electronic systems to check deliveries and transfer this information to the accounts function

Question 34

What is a payslip?

Answer 34

- an employee's record of the pay they have received - gross pay is the amount before deductions - net lay is the amount the employee will actually be paid after deductions - any deductions will be listed, including income tax, national insurance contributions, pension contributions, charity contributions and student loans repayments

Question 35

What is a receipt?

Answer 35

- evidence that goods and services have been purchased and the amount paid for these - likely to detail the date, the business that the goods or services have been supplied by, and the payment method use

Question 36

What is remittance advice?

Answer 36

- notification sent by a customer to a supplier informing them that their invoice has been paid - traditionally, payments made by cheque and remittance advice was sent in post with cheque - now the remittance advice is more likely to be sent to the supplier once electronic payment has been made

Question 37

What is a request for the repair form?

Answer 37

- internal document: e.g. If a projector breaks down then a request for repair form can be completed and sent to the maintenance teams - external document: is competed and then sent to an external repair company E.g. If a business leases a photocopier and the contract includes maintenance, then a request for repair form may be sent to the leasor detailing the issues, - a form sent to an external business will require additional details to an internal form such as the company's name and address

Question 38

What is a online payment method?

Answer 38

- Via credit and debit cards and digital payment methods such as PayPal - increasingly popular with internet shoppers

Question 39

What is a digital payment method?

Answer 39

- offer ease of use to customers as once an account is set up they need to log in only when purchasing rather than entering credit/debit card details each time - beneficial to small businesses that want the security of knowing that once authorised payments has been received - fees increase costs for the business receiving the payment

Question 40

What is a standing order?

Answer 40

An instruction given by an account holder to the bank to pay a specific amount to another account on a regular basis e.g. Gym membership

Question 41

What is a direct debit?

Answer 41

An instruction given by an account holder to the bank to allow another account holder to withdraw funds from that account

Question 42

what are some documents that might be needed at a conference for delegates ( people attending)?

Answer 42

- details may emailed to internal staff, or if events to discuss changes if will need to be published, - invitations may be produced and sent to potential delegates - conference instructions will be given to delegates, include information of date, time and location - evaluation forms given to delegates at end of night

Question 43

what are some documents that might be needed at a conference for staff?

Answer 43

- staff working at the conference will require documentation for them on the staff, such as an attendance register - any information sheets or resources needed by delegates will be given to staff

Question 44

what are some documents that might be needed at a conference for presenters?

Answer 44

- presenters need documentation during their presentations such as copies of the sliders or notes, could also be given to audience