The Ústí region
Where is the Ústí Region located?
In the north-west of the Czech Republic.
What are the four basic functions of a manager?
Planning, organizing, leading, and controlling.
What is the primary purpose of accounting in an organization?
To track and manage financial resources and determine the financial position and performance of the organization.
What are the main environmental problems caused by mining and industry in the Ústí Region?
Surface mining destroys villages and landscape, produces dust and heavy metals, and coal-fired power plants and chemical plants pollute the air, soil, and water.
What is the main focus of the accounts receivable role in accounting?
Ensuring that all money owed to the business is received on time and tracking unpaid invoices.
What is the capital city of the Ústí Region?
Ústí nad Labem.
What key skills should a good manager have?
Technical skills, communication skills, organisational skills, and interpersonal skills.
Why is bookkeeping essential for the accounting department?
Because it records all financial transactions accurately, ensuring that financial information is timely, complete, accurate, and reliable.
Explain how unemployment, education levels, and the Roma minority situation are interconnected problems in the region.
After the decline of heavy industry, many people—including Roma residents—lost jobs, especially unskilled workers. The region has a low percentage of people with higher education, making it harder for residents to find new employment. High unemployment among Roma communities led to social problems, prejudice, and the formation of ghettos, which further worsens job opportunities and continues the cycle of poverty.
What are some examples of financial reports prepared by the accounting department for internal and external use?
Budgets, forecasts, the income statement, statement of financial position, cash-flow statement, and reports for investors or banks.
Which industries traditionally played an important role in the region? Name 4.
Mining, chemical industry, glass and ceramics, textile industry, metal industry, and mechanical engineering.
What is the difference between autocratic and democratic management styles?
Autocratic: The manager makes decisions alone, communication is top-down, and supervision is strict.
Democratic: Subordinates take part in decision-making, communication is two-way, and employees are encouraged to express ideas.
Name three types of documents or reports that a business prepares using accounting records.
Financial statements, tax returns, and internal management reports.
Explain how a good manager’s communication skills influence both motivation and problem-solving within a team. Give 3 examples.
Good communication skills help managers clearly explain goals and expectations, which motivates employees and makes them feel valued. Effective communication also helps express criticism appropriately, encourages feedback, and supports fast problem-solving by allowing open discussion and sharing of ideas.
What does the term 'internal audit' refer to, and why is it significant?
It refers to checking financial procedures to ensure compliance and protect against fraud and theft.
What natural feature makes the region important for agriculture, especially in Louny and Litoměřice?
The lowlands along the Labe river and suitable climate conditions that support growing hops, fruit, vegetables, and grapes.
Why does the liberal (laissez-faire) management style work only in some situations?
Because it requires employees who are highly self-motivated and able to manage their work independently without supervision.
What is the role of the Chief Finance Officer (CFO) or Financial Director (FD) in a large company?
They head the financial department and oversee all financial activities and decisions.
Explain how unemployment, education levels, and the Roma minority situation are interconnected problems in the region.
After the decline of heavy industry, many people—including Roma residents—lost jobs, especially unskilled workers. The region has a low percentage of people with higher education, making it harder for residents to find new employment. High unemployment among Roma communities led to social problems, prejudice, and the formation of ghettos, which further worsens job opportunities and continues the cycle of poverty.
How have modern technologies impacted the management of financial information in accounting?
Specialized accounting software makes managing financial data faster, more accurate, and more efficient.
Why is the TRIANGLE industrial zone important for the region?
It attracts foreign investors and hosts companies such as Panasonic and Hitachi that produce electronic and car components, helping create new jobs after the decline of heavy industry.
What are two typical characteristics of German management style?
Strong, clear leadership and formal relations at work; decisions and instructions must be precise and direct.
What are the main responsibilities of the payroll function in the accounting department?
Calculating wages, paying employees on time, and determining correct deductions such as income tax, social security, and health insurance.
Why is it important for the accounts payable role to maintain good relationships with trade partners?
To avoid late payment costs, build trust, and ensure smooth business operations.
What are the two main activities of financial accounting?
Financing and financial reporting.