Types of Organizational Functions

Which of the following three would be a staff function within an organisation?

• Human resources

• Manufacturing

• Stores control

• Accounting and finance

• Information technology

Match the elements of accounting to either financial or management accounting.

• Management Accounting

• Prepares information for internal use

• Financial Accounting

• Provides information for managers to make decisions

• Management Accounting

• Production of financial statements

• Financial Accounting

• Prepares information for external use

• Financial Accounting

• Processing and recording transactions

From the following list, determine :

Information required by the Payroll department from the HR department and other departments where people are employed

• Total wage/salary and overtime costs

• Employees’ National Insurance details

• Date of commencement of employment

• Information for individual employees about pay and deductions

Which of the following might be typical tasks involved in payroll?

• The calculation of gross pay

• Bank reconciliations

• Writing cheques to suppliers

• Distributing payslips to employees

Which two of the following laws, regulations or standards are most likely to be relevant to staff working in the Financial Accounting department of a UK retail business selling clothes in the UK?

• Health and safety regulation

• Pollution emission regulations

• HMRC VAT rules

• Regulations over the export of goods

The most appropriate description of the finance function in an organisation is:

• It is limited to cash handling and the raising of finance

• It is limited to financial records and financial reports

• It deals with financial records, financial reports and customer marketing

• It deals with cash, financial records, financial reports, costing and budgets

Indicate with a tick which of the following would be considered an external stakeholder of a limited company:

• The board of directors of the company

• HMRC

• The company's bank

• The suppliers of the business

• The customers of the business

A financial accountant is a person who:

• Prepares the financial statement of a business

• Sets budgets for the next financial year

• Checks the accounting procedures used within the business

An (a)   auditor is normally an employee of the organisation being audited.

The meaning of effective working is as follows:

• Being successful in achieving what you set out to do

• Completing what you have to do as soon as possible

• Creating the maximum effect in order to improve performance

• Always complying with the requests of colleagues