Bonus!
Who was the first Straw Hat to be shown in One Piece?
Nami
Which internal control considers independently checking that records are accurate?
Verification
Which internal control considers that physical assets require controls which physically safeguard them.
Physical Controls and Security
Which internal control considers employing qualified staff who are able to do their job.
Reliable, Competent Personnel
What date is Christmas?
December 25th
Guess the clash royale card with a bad description - "A Rocky Beast"
Lavahound
Which internal control considers that employees should have clear roles, so that actions can be traced back to the relevant person.
Responsibility
Which internal controls considers that different people should perform interrelated tasks to avoid fraud or errors.
Separation/Rotation of Duties
Which internal control considers having someone in a position of authority to validate certain items.
Authorisation
Guess the clash royale card with a bad description - "Lands with a Blow"
Mega Knight
Joe Exotic is better known as
The Tiger King
Explain the effect of a net loss in the Statement of Profit or Loss
- is negative profitability, and can cause liquidity issues
- ongoing net losses will likely lead to insolvency
How would failure to pay accounts payable affect a company's performance?
- Signals a liquidity issue
- Damages reputation with that supplier, could refuse us service
- We might run out of stock to sell, hurting profitability
How does poor accounts receivable controls (credit policies) affect profitability and liquidity?
Poor credit controls will:
- affect profitability, as debts are more likely to be written off or require time and effort to chase.
- affect liquidity as we are waiting a long time to receive the money owed.
What artist recently released 'The Life of a Showgirl'?
Taylor Swift herself
Which devil fruit was the first to appear after Luffy's?
Chop Chop Fruit
How does non-payment from accounts receivable affect a company's performance?
- Reduces cash flow and cash at bank
- The longer a debt is unpaid, the more likely it will become a bad debt. This is an expense and will affect profitability.
How does good inventory controls affect profitability and liquidity?
Good controls mean:
- only purchasing the inventory needed, helping with liquidity and minimising storage or damage expenses.
- purchasing within an appropriate timeframe so there are no delays or impacts on our sales, helping profitability.
How would a low gross profit figure impact business performance?
- Low gross profit means there is a low amount of funds to pay all business expenses.
- High chance of making a net loss if insuffience gross profit.
- Increase sales prices, or decrease COGS to fix this.
Which ancient civilisation built Machu Picchu?
The Inca
(only yes gets points)
How can significant drawings from the Owner affect a business?
- significant drawings can reduce cash at bank and therefore impact on a business' liquidity.
- investors may not want to invest in a business where the owner takes significant drawings as this impacts on their ROI.
How can a low inventory turnover ratio impact on a business' performance?
- items on the shelf for long times are more likely to become damaged, out of date, or otherwise unsellable.
- ^ this can be expensive, and therefore impact on profitability.
- poor liquidity for the business because funds are tied up in inventory.
How can a low accounts receivable turnover ratio impact on a company?
- low liquidity, funds are tied up in outstanding debts rather than as cash in our account.
- low ratio might suggest people are taking a long time to pay, increases the risk of writing off the debt. This becomes an expense and impacts on profitability.
What is the 19th prime number?
67