Which of the following correctly describes a profit center?
Which of the following correctly describes a profit center?
Profit center: A profit center authorizes to make decisions on the most significant operations cost, including power to choose its market and source of supply.
Which one of the following budgeting processes is least likely to motivate managers toward organizational goals?
Budgeting process: The budgeting process may be considered least likely to motivate the managers towards organizational goals would be having the top management set budget levels.
Which task should the General Ledger perform?
Task the general ledger perform: A general ledger system is required to perform the update of the general ledger. A journal records are transaction based on which a general ledger is posted.
Which file provides historical financial data for comparative financial reports?
General ledger history file
What responsibilities should the general ledger clerk not have?
What tasks should the general ledger clerk not be allowed to do? The general ledger clerk isn’t allowed to have responsibility of maintaining special journals or general ledgers, preparation of journal vouchers, control and custody of physical assets.
When preparing discretionary reports Organizations can choose what information to report and how do you present it?
Cards
| Term Information is a business resource | Definition True |
|---|---|
| Term Most of the inputs to the General Ledger System come from the Financial Reporting System. | Definition False |
| Term When preparing discretionary reports, organizations can choose what information to report and how to present it. | Definition True |
Who is responsible for establishing and maintaining the internal control system?
Management is responsible for establishing and maintaining internal control to achieve the objectives of effective and efficient operations, reliable financial reporting, and compliance with applicable laws and regulations.
Which of the following is the best reason to separate duties in a manual system?
Cards
| Term Which of the following is a business resource? | Definition Raw Material, Labor, Information |
|---|---|
| Term Which of the following is the best reason to separate duties in a manual system? | Definition to prevent the record keeper from authorizing transactions |
What is a non financial transaction?
Non-financial transactions are transactions that do not involve the flow of money or goods and services, for instance, the destruction of a plant by a natural disaster or the appointment of new staff. Non-financial transactions almost always have a related financial implication, but that is a separate transaction.
What are three main types of transactions?
Based on the exchange of cash, there are three types of accounting transactions, namely cash transactions, non-cash transactions, and credit transactions.
What is an example of a financial transaction?
Examples of financial transactions include cash receipts, deposit corrections, requisitions, purchase orders, invoices, travel expense reports, PCard charges, and journal entries.
Which of the following is non-financial transaction?
Non-financial transactions(NFTs) involve no transfer of funds between accounts. Change of user details, balance inquiry, mini statement printing, PIN change and cheque book request are the NFTs at ATM.
What is not a transaction?
An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business. An employee is dismissed from the job does not have any monetary impact so it is not a transaction.
What does financial transaction mean?
A financial transaction is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment.
What is meant by non-financial?
: not of or relating to finance or financiers : not financial rarely argued about nonfinancial matters For the first time in eight years, the balance sheets of nonfinancial corporations will end the year with more equity relative to debt than they had when the year started.— Fred R. Bleakley.
What are non-financial aims and objectives?
Non-financial aims and objectives are linked to anything other than making money for the business. These are usually linked to personal reasons behind an entrepreneur setting up a business. manner, or having a business whose sole purpose is to meet a social need.
Is gold a non-financial asset?
An asset with a physical value such as real estate, equipment, machinery, gold or oil. For example, gold is considered a nonfinancial asset because it has inherent value based on its use in jewelry, electronics, dentistry, ornamentation and historically as currency.
What is the difference between financial and non-financial compensation?
Indirect financial compensation includes all monies paid out to an employee that are not included in direct compensation. Non-monetary compensation differs from direct and indirect pay as it is has no monetary value. Non-financial incentives are the types of rewards that are not a part of an employee’s pay.
What are some of the non-financial ways of compensation for employees?
The top three financial rewards were performance-based cash bonuses, increase in base pay, and stock or stock options. The top three non-financial incentives were praise and commendation from immediate manager, attention from leaders, and opportunities to lead projects or task forces.
What is an example of indirect compensation?
What are indirect compensation examples? Examples of indirect compensation include, among other things, health care benefits, vacation/paid time off, meals, retirement funds, company cars, childcare and private school tuition, and stock options.
What are two to four examples of financial and non-financial tools to motivate staff?
These are also important in motivating employees as they bring in psychological and emotional satisfaction to them….Non-financial Incentives/Techniques:
- Job security:
- Challenging work:
- Recognition:
- Better job Titles:
- Opportunities for Advancement:
- Empowerment:
- Competition:
- Job Rotation:
What is a non-monetary motivating factor?
Non-monetary motivation In many cases non-monetary motivation are emotional factors with employees seeking affirmation and recognition. Many aspects such as employee personality, skills level and years of experience may or may not apply to or motivate an employee.
What are some non-financial characteristics factors that would make a job motivating?
Workers say that being treated with respect is the most important non-financial factor, followed by work/life balance, type of work, quality of co-workers and quality of leadership.
Which are non-financial motivator out of following?
Non-financial motivators, which are less common, are often intangible and do not involve money directly. Examples of these include recognition, added responsibility and trust in a role, participation in decisions, flexible schedules, mentorship, feedback, and others.
Is a non monetary motivating factor?
Job security is an important non-monetary motivator. Security of job means a feeling of permanence and stability. This is the reason why people prefer a permanent job with less salary to a temporary job with more salary.
Which is a financial motivating factor?
According to the McKinsey Quarterly survey – ‘Motivating people: Getting beyond money’, the respondents view three non-cash motivators: praise from immediate managers, leadership attention, and a chance to lead projects or task forces as more effective motivators than the three highest-rated financial incentives: cash …
Is financial benefit a motivator to you why or why not?
According to expectancy theory, money will motivate to the extent that employees perceive it as satisfying their personal goals and to the extent they perceive their pay as being dependent upon performance criteria. It is clear that money is a motivator of employee productivity.
What is the biggest motivator for employees?
- Increasing Communication. The most important workplace motivator for employees is communication.
- Offering Challenging Work.
- Recognising Achievement.
- Boosting Team Spirit.
- Increasing Independence.
What are two main advantages of financial motivation?
Increased business revenue, leading to increased employee pay. Higher productivity levels. Decreased turnover, with greater job satisfaction. Surging positive culture, based on achievement.
Can money act as a motivator?
For: Money is an effective, powerful and simple motivator. Self-evidently, money motivates and extra money motivates people to work extra hard. It’s natural to compete, and when rewarded with money for better work then productivity and standards are raised for all. Money talks, and it talks loudly and clearly.