Mandatory Flashcards
What is a profit and loss account?
A summary of business income and expenditure transactions prepared on an annual basis
What is a cash flow statement?
Shows actual receipts and expenditure including VAT - prepared for management purposes
What is a balance sheet?
A statement of a company’s financial position, showing its assets and liabilities at a given date (usually at the end of the year)
What is an audited account?
Accounts that have been audited by a chartered accountant on an annual basis
What is the IFRS?
International financial reporting standards.
Required for listed companies in the EU (specifically 102 for uk and Ireland - general purpose of financial statements and reporting
What is the role of the IFRS?
To bring consistency in accounting language, practice and statements to help businesses and investors to make educated financial decisions
What is GAAP?
General accepted accounting principles.
Body for accounting principles, standards and regulation.
What is GAAPs role?
Provides principles and standards to improve clarity, consistency and comparability of the communication of financial information
What is arbitration?
When is it appropriate?
Formal, private and binding process where the dispute is resolved by a 3rd party - can involve Tribunal.
Appropriate when the parties agree and abide by an arbitration decision, win-lose situations
What is mediation?
Informal process where a mediator attempts to move the parties to reach a dispute and settlement though compromise, highlighting problems and risks of each respective case.
More of a guide rather than five outcome - can be appointed as facilitators, helps preserve relationships
What is litigation?
Court proceedings where they are legally binding
Appropriate: when negotiations are unsuccessful, no dispute resolution in contract
What is an advocate?
Someone who presents a case on behalf of client who represents and promotes their case and interest however not acting as expert.
What is an expert witness?
Expert who is impartial and uninfluenced by client however duty to court overrides this.
Must give expert opinion regardless of client.
What is the health and safety work act 1974?
U.K. legislation relating to health and safety that places a duty on employees to ensure health and safety and well being of employees and others is not at risk.
Who is the H&S act policed by?
What are the penalties?
Health and safety executive
Fines, imprisonments, disqualification as director
What are the H&S refs?
- Management of health and safety at work
- display screen equipment
- Manual handling procedures
- PPE
- provision of use of work equipment
- Workplace health, safety and welfare
Risk assessment method?
Key concepts set out in health and safety executive?
- Identify
- Consider
- Evaluate
- Record
- Review
Structure of surveying safely?
- personal and corporate responsibilities
- relevance to RICS professional groups
- Assessing risks and hazards
- RICS members places at work
- occupational health and hygiene
- visiting premises or sites
- fire safety
- residential property surveying
RICS regulation firms must provide…?
Under surveying safely?
- safe working environment
- safe working equipment
- safe systems at work
- competent staff
What is Clients Money Handling oct 2019 about?
Rule 8 of rules of conduct
PS reinforces the importance and sets out mandatory requirements of ensuring RICS members and firms that deal with clients funds are appropriately protected
What section does it say in CRCA who VOA can act for?
Section 10 states who they can provide valuations for
What is the definition of sustainability?
The ability to meet our own needs without prejudicing the ability and needs of future generations
How is sustainability promoted in the built environment?
The standards and measures that are currently in place such as BREEAM, it is not mandatory however it is a desirable rating to achieve
What is EPC?
Energy performance certificate, a ranking of a property’s energy levels that is required by law on all sold and let properties when marketed
