Flashcards
WEAF - AAT2
Cards in this deck (9)
- 1Management AccountingUsed internally in business
Management decide how information is presented
Help with planning, control and decision making
Look at past and future data
Not legally required
Include financial and non-financial information - 2Financial AccountingUsed for external reporting
Legal requirement for limited companies to prepare them
Look at past data only
Usually include only financial information
Detailed results for definite period - 3PayrollCalculation of gross pay
Deductions such as NIC and PAYE
Pension
HMRC
Pension providers
Preparing payslips
Preparing payroll statistics - 4EfficiencyAchieving objectives with the minimum use of resources
- 5Working CapitalCurrent Assets - inventory; trade receivables; cash in hand; cash in bank
and
Current Liabilities - trade payables; liabilities; loans - 6SolvencyAbility of a business to pay it's debts
- 7Laws concerning how an organisation does businessContract Law
Data Protection
Intellectual Property - 8Laws concerning how an organisation treats its employeesEmployment protection
Health and Safety
Working conditions pay and benefit
Diversity and Equal Opportunities - 9Responsibilities to shareholder/stake holderspreparing and auditing financial statements
keeping accounts
maintaining records
keeping documents