Changing the way you learn

Question	Answer
Management Accounting	Used 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
Financial Accounting	Used 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
Payroll	Calculation of gross pay Deductions such as NIC and PAYE Pension HMRC Pension providers Preparing payslips Preparing payroll statistics
Efficiency	Achieving objectives with the minimum use of resources
Working Capital	Current Assets - inventory; trade receivables; cash in hand; cash in bank and Current Liabilities - trade payables; liabilities; loans
Solvency	Ability of a business to pay it's debts
Laws concerning how an organisation does business	Contract Law Data Protection Intellectual Property
Laws concerning how an organisation treats its employees	Employment protection Health and Safety Working conditions pay and benefit Diversity and Equal Opportunities
Responsibilities to shareholder/stake holders	preparing and auditing financial statements keeping accounts maintaining records keeping documents

WEAF - AAT2

	Created by Liz Barraclough over 9 years ago