AAT Level 2 Weaf Assignment 1

34 Questions | By Woodfrank | Last updated: May 6, 2013 | Total Attempts: 1568

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Before attempting this assignment you should have read chapters 1 to 3 of your Osborne Book ”WORKING EFFECTIVELY IN ACCOUNTING” Tutorial and attempted the relevant chapter activities in your WORKBOOK. The pass mark for the assignment is 70% - should you fail then please review the areas where you are weak. If you are still having problems then please do not hesitate to contact AATFree. Good luck!

Questions and Answers

1.

Recording, analysing and reporting financial information is called:
- A.
  
  Finance
- B.
  
  Accounting
- C.
  
  Auditing
- D.
  
  Taxation
2.

Analysis and reporting of past financial transactions in financial statements, is called:
- A.
  
  Financial accounting
- B.
  
  Management accounting
3.

Providing past and projected financial information for managers to help with planning, decision making and control, is called:
- A.
  
  Financial accounting
- B.
  
  Bookkeeping
- C.
  
  Management accounting
- D.
  
  Auditing
4.

A person or organisation that has an interest in the financial performance of a business, is called a stakeholder.
- A.
  
  True
- B.
  
  False
5.

External checking of the financial records by independent Accountants is called:
- A.
  
  Auditing
- B.
  
  Bookkeeping
- C.
  
  Mananging
- D.
  
  Taxing
6.

The line of communication between different levels within an Organisation is called the reporting line.
- A.
  
  True
- B.
  
  False
7.

Achieving the right result with the minimum of wasted time, effort or expense is called 'solvency'
- A.
  
  True
- B.
  
  False
8.

________ means paying debts when they become due. (it begins with 's')
9.

Organisations should draw up formal policies and ___________ which are documents which regulate a wide variety of areas of the business, for example accounting records and accounting procedures, health and safety in the workplace, confidentiality and conduct.
10.

The accounting and finance function will be subject to external regulations, some of them set down in law, which must be complied with. Failure to do so may result in fines and extra work by accounting and finance staff.
- A.
  
  True
- B.
  
  False
11.

Policies and procedures also affect the working area in the accounting and finance function. Strict regulation of issues such as health and _______, organisation of the workspace, secure storage of documents and confidentially of information must be complied with if the organisation is to remain efficient.
12.

• Guidance policies and procedures may also be drawn up by the organisation to ensure that the office becomes ‘green’ – in other words ____________________ friendly.
13.

The day-to-day funds that a business has available to pay debts when they are due is called
- A.
  
  Efficiency
- B.
  
  Accountancy
- C.
  
  Solvency
- D.
  
  Working capital
14.

Regulations set down by an organisation for the running of defined areas of activity, eg payroll, are called
- A.
  
  Health and safety
- B.
  
  Policies and procedures
- C.
  
  Data protection
15.

The need for all employees not to reveal any information relating to customers and other employees to people who are not authorised to have that information, is called
- A.
  
  Confidentiality
- B.
  
  Data protection
- C.
  
  Health and safety
- D.
  
  Payroll
16.

The legal requirements not to reveal without authorisation personal information held on computer or on paper records by an organisation, is called ____ _________
17.

‘Per Cent’ means ‘out of every hundred,’ so a percentage is the top number of a fraction where the bottom number is ___
- A.
  
  100
- B.
  
  1
- C.
  
  10
- D.
  
  0.100
18.

Decimal place means the number of digits to the _____ of the decimal point.
19.

Mean average is the sum of a series of figures multiplied by the number of figures.
- A.
  
  True
- B.
  
  False
20.

A series of data collected regularly over a period of time, eg annual sales figures is called a ____ ______
21.

A circle divided into sectors to represent in the correct proportion the parts of a whole – like a cake divided into ‘slices’, is called a ___ _____
22.

Calculate the 'mean' hourly rate of employees’ pay from the following figures: Alfie £12.50 Beth £9.75 Colin £12.60 Don £7.85 Elsie £8.70 Felix £12.00 George £10.50 Hannah £11.90
23.

Asam took 7 maths tests and got scores of 68, 71, 71, 84, 53, 62 and 67. What was Asam's mode score?
- A.
  
  63
- B.
  
  68
- C.
  
  71
24.

What is the mean average of these numbers: 18, 12, 10, 10, 25?
- A.
  
  10
- B.
  
  12
- C.
  
  15
25.

The mean average of three numbers is 8. Two of the numbers are 11 and 7. What is the third number?
- A.
  
  6
- B.
  
  7
- C.
  
  8