AAT LEVEL 2 FLASHCARDS SCORED A+
Public Sector Answer - Comprises organisations accountable to and controlled
by central or local government (the state)
Bookkeeping Answer - Mechanistic routine by which the financial transactions
of a business are processed and recorded. Must be effective, efficient and
secure.
Management accounting Answer - Not legal requirement, provides financial
information at a time, suitable for purpose of planning and controlling the
business.
Financial accounting Answer - Essential record keeping expected of all business
organisations by legal requirement and to prepare financial statements.
Private Sector Answer - the part of the economy that involves the transactions
of individuals and businesses
Sole trader Answer - A business entity owned by one person
Partnership Answer - A business owned by two or more persons associated as
partners.
Limited company Answer - A firm owned by shareholders who have limited
liability.
Public Sector Answer - Comprises organisations accountable to and controlled
by central or local government (the state)
Bookkeeping Answer - Mechanistic routine by which the financial transactions
of a business are processed and recorded. Must be effective, efficient and
secure.
Management accounting Answer - Not legal requirement, provides financial
information at a time, suitable for purpose of planning and controlling the
business.
Financial accounting Answer - Essential record keeping expected of all business
organisations by legal requirement and to prepare financial statements.
Private Sector Answer - the part of the economy that involves the transactions
of individuals and businesses
Sole trader Answer - A business entity owned by one person
Partnership Answer - A business owned by two or more persons associated as
partners.
Limited company Answer - A firm owned by shareholders who have limited
liability.
