Types of business organizations
What is PUBLIC and PRIVATE sector organization
Private sector organizations are owned by individuals or stakeholders meanwhile
Public sector organization is owned by the government
Two advantages of using technology in accounting
more organized
more secured
more efficient
What is meant by 'Professional Ethics'?
Professional ethics are the personal and corporate rules that govern behaviour within a particular organisation or proffesion
What business document is sent to a credit customer?
In which book of original entry are irrecoverable debts recorded
Journal
What does 'Ltd' stand for?
Private Limited Company
Name 3 functions of accounting software
revenue, purchases, online banking, payroll, inventory control, management report
Name 3 code of ethics
Gather information and intelligence
Take action and review what happened
Identify options and contigencies
Consider powers and policy
Assess threat and riskmand develop a working strategy
Name two documents that are sent from seller to customer
Statement of account
Purchase invoice
When you pay bank charges, what book of original entry will you record this transaction on?
cash book
Name 5 Disadvantages of being a Sole Trader
No seperate legal status
Lack of capital
Unlimited liability
Lack of appropriate skills
No continuity of business
Name 2 functions carried by inventory control
live tracking
keeps track of different inventory
keeps inventory organized
Briefly explain what is meant by the term 'objectivity'
All accountants must make their own judgements on the accounts
Accountants must be free of bias or conflict of interest and must not beunder the influence of others
What business document records proof that the money has been paid?
receipt
Is there such a thing as a four-column cash book?
No
What is a limited liability company?
A limited liability company is a business stucture that offers limited liability protection and pass-through taxation
Name 5 threats to data security
physical damage
hackers
spyware
viruses
loss of data due to human negligence
Name all of the 6 types of professional ethics
Integrity
Objectivity
Professional competence and due care
Confidentiality
Adopt professional behaviour
Public interest
Name 3 contents of a purchase order
name of seller
address of the company
item description
quantity
signature
What kind of values are recorded in the petty cash book and by whom?
minor values by minor cashier
Name 5 Advantages of Private Limited Company
Reduced risk of personal liability
Higher business profile
Lower taxation
Easier access growth funds
Protected business name
Name 4 solutions to data threats
install firewall
install anti-virus
install anti-spyware
use strong passwords
regular data back ups
Briefly explain why an accountant needs professional ethics
Ethics are important because they promote accuracy,openness,responsibilty and
professionalism.when it comes to accounting, companies that put ethics first
are more likely to build trust with their stakeholders, avoid financial losses and
be successful on the long run.
Name 5 contents of a credit note
customer name
date
credit note number
amount deducted
customer address
total
subtotal
Name all columns in a three-column cash book
date
description
bank
discount allowed
discount received
ledger folio
cash