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Description
Flashcards by Katie Shellard, updated more than 1 year ago
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Created by Katie Shellard
almost 6 years ago
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| Question | Answer |
| What is the purpose of financial management? | - To comply with statutory accounting requirements - To enable managers to plan, organise and control finances |
| What are the 3 main types of accounts used for statutory and non-statutory purposes? | - Profit and loss account (or statement) - Balance sheet - Cash flow statement |
| Key concepts in a profit and loss account are x3? | Shows TRADING performance over time - Income - Expenditure. Even if NOT paid but NOT capital expenditure - Includes DEPRECIATION - Profit/loss. Before interest and tax and after interest and tax = Net profit |
| What is a balance sheet? | SNAPSHOT at end of an accounting period summarises Assets (what you own) Liabilities (what you owe) Accruals - incude a provision |
| Types of assets are..? | Fixed assets Current assets - short term such as cash |
| Liabilities include...? | Long-term liabilities - due to be paid over a year eg bank loan Short-term - due in less than 1 yr |
| Capital employed is? | Difference between assets and liabilities Also called equity, net worth or working capital |
| Cash flow statement shows? | Movement in cash during the accounting year Differs from P&L as it shows whether payment has actually been made or received |
| Companies Act 2006, requires co's to: | - Keep records to disclose financial position - Keep annual accounts, true & fair position - Send a/c to every member of co - File certain annual a/c info to Co's house - Director and auditor's reports Small co's satisfy any 2 |
| Accounting 'concepts' defined in FRS 18 | - true and fair view - going concern - accruals - realisation - relevance - reliability - comparability - understandability |
| Client accounts must include | Title of account paid into Date of payment Where the money is held Any payments out All dealings through the account Interested audited annually |
| What are the 2 main types of conflict in organisations? | - Work-based (substantive) - Relationship-based (affective) |
| Examples of typical work-based conflict x 6 | - unclear/conflicting goals - unclear/conflicting roles - inadequate resources - unfair treatment - performance issues - territorial matters |
| What are the Negative consequences of conflict? | Lack of team cohesion Fear, suspicion Decisions based on personal animosity Demotivation Poor work performance High Staff t/o Increased absence Legal penalties - employment tribunals |
| What are the symptoms of conflict? | Arguments Losing temper Offensive remarks Shunning someone Discourteous Violence Clock watching, absenteeism, morale, tension, poor work |
| What are the tactics of conflict? | Controlling information Distorting information Denigrating people Malicious communication |
| Practical changes? | - Redistributing or reorganise work - Change/increase responsibility - Standards, expectations, targets - Performance guidelines |
| Mediation - 7 points to remember? | Intervene quickly Stay cool Actively listen Keep an open mind Probe issues Give both sides equal time to speak Neutralise irrelevant/unfair comments |
| Dealing with difficult people - types are..? x 4 | Domineering Submissive Negative Selfish |
| The conflict management plan 6 stages | 1. Intervene 2. Separate 3. Mediate 4. Consult 5. Decide on solution 6. Monitor/control |
| Complaints handling procedure - what is the 6 step process? | - How the customer can complain to co - How to complain to ombudsman - Acknowledge complaint - Investigate - Deal with complaint - Keep records |
| What do you do to handle a complaint? | - Thank for bringing to attention - Apologise for inconvenience - Listen, gather facts - Keep cool - Positive body language - State what you'll do - Check customer agreement |
| HR alternatives to recruitment are? | - Manage with existing staff - Increase productivity - Training - Technology developments - Work reorganisation - Restructuring |
| A useful 4 stage forecasting and planning method for future HR needs would be? | - DEMANDCo objectives, external factors, competitors, mergers, new services, area - SUPPLY Staff t/o, office tx, retirement, alternatives - RECONCILE supply & demand - Draw up SCHEDULE for change |
| Equality Act 2010 - protected characteristics are? x 9 | Sex Pregnancy/maternity Marriage or partnership Gender reassignment Sexual orientation Race Disability Religion Age |
| Different types of discrimination would be discriminating less favourably BY..? | - Direct discrimination - less favourably - Associative - By perception - think that they have... - Indirect discrimination - Harassment - Harassment by 3rd party - Victimisation, supported a complaint |
| What should be included in writing a job description? | Job title Purpose of job Responsibility Office location Grade Basic terms and conditions, pay & hours |
| What should be in eluded in a Person specification? | Relate to the job description - attributes, skills, qualities |
| What are the benefits of appraisals? | Improved motivation Improved performance Ownership of business goals Recognition Clear priorities |
| What are SMART objectives? | S - specific M - measurable A - achievable R - relevant T - time related |
| Laws relating to disciplinary and grievance procedures are? | Employment Act 2008 Employment Tribunals Regulations 2008 ACAS code of practice also important |
| ACAS code emphasises..? | Fairness, transparency and reasonableness Clear written disciplinary & grievance procedures |
| ACAS disciplinary process is x 6 steps? | - Establish facts in the case - Inform employee in writing - Hold a meeting - Allow employee to be accompanied - Decide on appropriate action - Provide right to appeal |
| What are the TWO conditions of fair dismissal and what are the 5 categories? | 1. Fair reason for dismissal. 5 categories - lack of capability/qualifications - misconduct - redundancy - legal restriction eg in jail - Some Other Substantial Reason 2. Employer must have acted reasonably |
| What would be automatically unfair? | - grounds of discrimination - TU membership - Asserting flexible working - carrying out health & safety - maternity/paternity - asserting statutory right - employee not wanting to retire |
| Telephone conversations - what is TELL? | T - tell in a sentence purpose of call E - Explain briefly L - Let them know you need a response L - leave the call as soon as goal acvh'd |
| Dealing with stress x 8 | Be realistic what can be achieved Delegate wrok Exercise Work/life balance Accept occasional failures Express feelings |
| Five key techniques that can help time management? | - Scheduling - Prioritising - Eliminating time wasters - Delegating - Being assertive |
| What are self-organisational time wasters? | - Concern how you organise yourself, thoughts and workspace |
| What should NOT be delegated? | - Crises - Personal/confidential matters - Unpleasant/difficult |
| Learning style - what is the 'learning circle' | - David Kolb developed this EXPERIENTIAL learning model -EXPERIENCE - REFLECTION - CONCEPTUALISATION - EXPERIMENTATION |
| Honey & Mumford learning styles are? | - Activists (experience) - Reflectors (watch, review) - Theorists (conceptualisation) - Pragmatists (expérimentation) |
| In record keeping, what is 'designation'? | What you call a record to distinguish it from another record |
| Why is 'maintaining accuracy' important legally in record keeping? | To comply with the Data Protection act 1998 |
| Redundancy - What criteria for dismissal? | - Objective, fair, non-discriminatory - Include skills, experience, attendance, disciplinary record, work performance |
| Equality Act - what year? | 2010 Protected characteristics introduced |
| What are the FRS 18 accounting concepts? x 8 | True and fair view Going concern Accruals Realisation – only profits realised at balance sheet date Relevance Reliability, free from error Comparability – consistent across time periods Understandable |
| Constructive Dismissal is? Wrongful dismissal is? Unfair dismissal is? | Constructive - employee resigns over company breach of contract Wrongful - employer breaches contract when terminating contract Unfair - dismissal is not fair |
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