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WKAF Final Revision Quiz Flashcards | StudBud
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WKAF Final Revision Quiz
WKAF Final Revision Quiz
30 terms
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StudBud Administration
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AAT level 2 Working Effectively in Accounting and Finance
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
A letter addressed 'Dear Sir' should be ended?
Yours faithfully
Yours sincerely
Kind regards
See you soon
2
In terms of ethical behaviour, active development of your accounting knowledge is known as:
Confidentiality
Professional competence and due care
Professional integrity
Professional behaviour
3
The 4 stages of AAT's CPD process in order are:
Assess, action, evaluate, plan
Plan, action, assess, evaluate
Assess, plan, action, evauate
Action, assess, plan, evaluate
4
Identify one action that could help to improve solvency?
Encourage debtors to pay promptly
Maximise stock levels
Issue statements to creditors
Pay creditors on receipt of invoices
5
You hear a colleague on a night out saying his manager is useless. This is a breach of:
the fundamental principle of confidentiality
the fundamental principle of equality
the fundamental principle of integrity
the fundamental principle of professional behaviour
6
Which of the following sustainability policies will also increase profitability?
Use of fuel-efficient company cars
Donating computers to local schools
Charitable donations
Use of more expensive bio-degradable packaging
7
Which person is the Accounts Manager most likely to report into?
Managing Director
Payroll Line Manager
Chief Cashier
Finance Director
8
The purchase ledger clerk is most likely to report to?
Managing Director
Finance Controller
HR Manager
Purchase Ledger Supervisor
9
Which of the following would NOT be classed as CPD?
Progressing to another job with the same employer
Studying for a further qualification
Reading AAT's magazine
Changing to the same job with a different employer
10
Forecast sales £400,000. Actual sales £420,000. The percentage difference is:
105.0%
95.2%
5.0%
4.8%
11
Which 2 of the following policies & procedures are most likely to be relevant to accounts dept?
Quality control & health and safety at work
Payroll confidentiality rules & health and safety at work
Quality control and heavy lifting guidance
Quality control and heavy lifting guidance
12
A conflict of interest is associated with which fundamental ethical principle?
Professional behaviour
Objectivity
Integrity
Equality
13
Which person is the chief cashier most likely to report into?
Sales Supervisor
Finance Director
Payroll Line Manager
Accounts Manager
14
£240,000 of annual sales of £400,000 was made at Christmas. % of total sales made at xmas was?
0.60%
60%
40%
140%
15
Auditing your cousins building business could result in?
Lack of integrity
Conflict of interest (objectivity)
Breach of rules on familiarity
Unprofessional behaviour
16
What is the correct order of AAT's CPD process?
Plan, action, evaluate, asses
Action, evaluate, assess, plan
Evaluate, assess, plan, action
Assess, plan, action, evaluate
17
What type of accounting information is the sales department likely to require?
Payroll costs
Amount owed to suppliers
Credit status of customers
The cost of materials
18
Identify one fundamental ethical principle from the options below?
Familiarity
Objectivity
Sustainability
Integrity
19
An Accounts Assistant working in costing will report to/produce reports and information for:
Any appropriate people in any department of the business
Costing Manager only
Costing Manager & Production Manager only
20
Section of report explaining how the report came about, the people involved & the deadline
Conclusions
Main findings
Introduction
Executive summary
21
Budgeted income £450,000, actual income was up 22%, actual income was?
£550,000
£549,000
£459,000
£490,000
22
Which of the following will help the solvency of an organisation?
Making sure suppliers are paid as soon as possible
Chasing credit customers for amounts due
Banking cheques monthly
Writing off irrecoverable debts
23
Short explanation summarising the areas covered by a report appears in which report section ?
Conclusions
Main findings
Executive Summary
Recommendations
24
Which of the following tasks is not part of the costing function?
Recording production data such as hours worked
Preparing sales reports for management
Preparing production reports for management
Calculating the cost of products
25
SMART objectives in CPD process stands for:
Specific, manageable, achievable, relevant, timely
Specific, measurable, achievable, timely
Specific, manageable, achievable, realistic, timely
Secure, meaningful, accurate, realistic, timely
26
Budgeted output 250,000 units, actual output 325,000. Difference as a % of budget?
25%
32%
18%
30%
27
You borrow money from petty cash for the weekend. Which ethical principle is being breached?
Integrity
Equality
Confidentiality
Professional behaviour
28
CPD stands for?
None of these
Continuing Professional Development
Career Path Development
Continued Planning Development
29
Which of the following would be classed as 'assess' (identifying needs) within the CPD process?
Discussing achievement of objectives with the manager
Deciding to go on a spreadsheet course
Examining weaknesses in knowledge and skills
Passing AAT level 2 exams
30
Restricting printing to only essential documents is an example of?
Cost cutting
Sustainability
Planning
Budgeting
