ACCA Paper F1 Accountant in Business

AIM OF THE PAPER The aim of the paper is to introduce knowledge and understanding of the business and its environment and the influence this has on how organisations are structured and on the role of the accounting and other key business functions in contributing to the efficient, effective and ethical management and development of an organisation and its people and systems. OUTLINE OF THE SYLLABUS 1. Business organisation structure, governance and management 2. Key environmental influences and constraints on business and accounting 3. History and role of accounting in business 4. Specific functions of accounting and internal financial control 5. Leading and managing individuals and teams 6. Recruiting and developing effective employees.

pdf189 trang | Chia sẻ: thanhlam12 | Ngày: 05/01/2019 | Lượt xem: 58 | Lượt tải: 0download
Bạn đang xem trước 20 trang tài liệu ACCA Paper F1 Accountant in Business, để xem tài liệu hoàn chỉnh bạn click vào nút DOWNLOAD ở trên
ACCA Paper F1 Accountant in Business Class Notes June 2012 2 www.studyinteract ive.org © Interactive World Wide Ltd, January 2012 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Interactive World Wide Ltd. www.studyinteract ive.org 3 Contents PAGE INTRODUCTION TO THE PAPER 5 CHAPTER 1: RECRUITMENT AND SELECTION 7 CHAPTER 2: DIVERSITY 15 CHAPTER 3: TRAINING AND DEVELOPMENT 19 CHAPTER 4: PERSONAL EFFECTIVENESS 25 CHAPTER 5: PERFORMANCE APPRAISAL 39 CHAPTER 6: LEADING PEOPLE 47 CHAPTER 7: INDIVIDUALS AND GROUPS 63 CHAPTER 8: MOTIVATING PEOPLE 73 CHAPTER 9: THE ROLE OF ACCOUNTING 81 CHAPTER 10: MICRO-ECONOMIC FACTORS 103 CHAPTER 11: THE MACRO-ECONOMIC ENVIRONMENT 113 CHAPTER 12: THE BUSINESS ENVIRONMENT 119 CHAPTER 13: BUSINESS ORGANISATION 127 CHAPTER 14: ORGANISATIONAL CULTURE 137 CHAPTER 15: CORPORATE GOVERNANCE 145 CHAPTER 16: ETHICAL CONSIDERATIONS 151 CHAPTER 17: IT AND SYSTEMS 157 CHAPTER 18: CONTROL AND SECURITY 163 CHAPTER 19: FRAUD 171 ACCA STUDY GUIDE AND INDEX 177 4 www.studyinteract ive.org www.studyinteract ive.org 5 Introduction to the paper INTRODUCTION TO THE PAPER 6 www.studyinteract ive.org AIM OF THE PAPER The aim of the paper is to introduce knowledge and understanding of the business and its environment and the influence this has on how organisations are structured and on the role of the accounting and other key business functions in contributing to the efficient, effective and ethical management and development of an organisation and its people and systems. OUTLINE OF THE SYLLABUS 1. Business organisation structure, governance and management 2. Key environmental influences and constraints on business and accounting 3. History and role of accounting in business 4. Specific functions of accounting and internal financial control 5. Leading and managing individuals and teams 6. Recruiting and developing effective employees. FORMAT OF THE EXAM PAPER The syllabus is assessed by a two hour computer-based examination. The examination consists of 50 questions: each question is worth 2 marks. FAQS How do I get the most from my course? ● Try and be seated and pick up your handout by the start of the lecture. This will ensure we have the maximum lecture time. Your course notes will be in divided into chapters, please make sure you bring the relevant chapters with you to class. ● Manage your time effectively. If you have a busy work schedule use your study planner to catch up. Do not allow yourself to fall behind. ● If you have any difficulties or questions please do not hesitate to contact me either before the lecture or during the break as most students are in a desperate hurry to leave at the end of the lecture. Alternatively, you can always email me or phone me through our helpline. ● In the event of an emergency you can come for the same lecture on a corresponding part-time course as all the courses run parallel to each other. It is crucially important that you attend the full course of lectures. ● Try to read the business section of a decent newspaper at least once a week to get an idea of what is going on in the business world. ● Practice as many questions as you can. You should aim to have attempted every question in the revision kit at least twice before the exam. www.studyinteract ive.org 7 Chapter 1 Recruitment and selection SYLLABUS CONTENT (as set by ACCA’s study guide) D Leading and managing individuals and teams 2. Recruitment and selection of employees a) Explain the importance of effective recruitment and selection to the organisation. b) Describe the recruitment and selection process and explain the stages in this process. c) Describe the roles of those involved in the recruitment and selection processes. d) Describe the methods through which organisations seek to meet their recruitment needs. e) Explain the advantages and disadvantages of different recruitment and selection methods. CHAPTER 1 – RECRUITMENT AND SELECTION 8 www.studyinteract ive.org CHAPTER CONTENTS THE RECRUITMENT AND SELECTION PROCESS ------------------------- 9 THE DIFFERENCE BETWEEN RECRUITMENT AND SELECTION 9 STAGES IN THE RECRUITMENT AND SELECTION PROCESS 9 DETAILED RECRUITMENT STAGES 10 POSSIBLE METHODS OF RECRUITMENT ------------------------------- 11 JOB ADVERTISEMENTS 11 RECRUITMENT AGENCIES 11 DETAILED SELECTION STAGES 12 POSSIBLE METHODS OF SELECTION ----------------------------------- 13 INTERVIEWS 13 ASSESSMENT CENTRES 13 REFERENCES 14 CHAPTER 1 – RECRUITMENT AND SELECTION www.studyinteract ive.org 9 THE RECRUITMENT AND SELECTION PROCESS No organisation will be successful without the correct staff. Choosing incorrect staff can result in: ● Poor quality work ● Poor morale ● High staff turnover ● Wasted time and money in recruiting more staff. There are a number of ways to obtain the correct staff: ● Promote from inside the organisation ● Recruit from outside the organisation. The difference between recruitment and selection Recruitment is the process of establishing that vacancies exist and communicating these vacancies to an appropriate pool of candidates. (Recruit or promote?) Selection is the process of filtering candidates in order to select the individual best suited to a particular vacancy. Stages in the recruitment and selection process The first consideration is the type of job to be offered. ● If the job already exists then it will be important to start with a job analysis ● If the job requires getting specific tasks done then again a job analysis would be a sensible place to start ● If the role of the job is likely to change then a person specification may be more appropriate ● A job description will mean looking for someone with particular skills and experience ● A person specification will mean looking for someone with a particular personality. Rodgers’ 7 point person specification Rodgers gives a list of 7 qualities that might be important: ● Physical make-up ● Attainments ● General intelligence ● Special aptitudes ● Interests ● Disposition ● Background/Circumstances. CHAPTER 1 – RECRUITMENT AND SELECTION 10 www.studyinteract ive.org Detailed recruitment stages ● Gap analysis (if the job does not already exist) ● Identify vacancies ● Make decision to recruit ● Job analysis (if the job is new) ● Advertise. CHAPTER 1 – RECRUITMENT AND SELECTION www.studyinteract ive.org 11 POSSIBLE METHODS OF RECRUITMENT The main two methods of recruitment are either: ● The organisation doing its own recruitment by placing job adverts. ● The organisation using a recruitment agent to carry out the recruitment. Job advertisements Jobs should be advertised in an appropriate way. Possible places include: ● Internet ● Specialist journals ● Local press ● National press. Job advertisements normally contain the following: ● Job description ● Brief overview of the organisation ● Salary ● Person specification ● Contact information. A variation on this is where the organisation ‘advertises’ at a recruitment fair (this is often used for graduate recruitment). Recruitment agencies There are two main approaches to using recruitment agencies: ● Potential candidates go to the agency. The agency then tries to place them in a job. ● The organisation goes to the agency with a high level role. The agency then tries to find a person to fill that role. This is often referred to as ‘headhunting’. The advantages of using an agency include: ● It is less distracting for managers ● It may be faster ● Gaining access to all the people on the agency’s books ● The agency has knowledge of how to recruit staff ● The agency has knowledge of salaries expected. Disadvantages of using an agency include: ● The agency will not know what the organisation is like ● The agency may recommend people so it can meet its own targets ● It can be expensive. CHAPTER 1 – RECRUITMENT AND SELECTION 12 www.studyinteract ive.org Detailed selection stages ● CVs reviewed ● Interviews / Assessment centres carried out ● Selection of candidate ● Offer letter to candidate ● Induction. CHAPTER 1 – RECRUITMENT AND SELECTION www.studyinteract ive.org 13 POSSIBLE METHODS OF SELECTION The main methods of selecting staff are: ● Application forms / CVs ● Interviews ● Aptitude tests ● Assessment centres. Whichever method is chosen it is normal to ask the candidate to supply references. Interviews Interviews are still used as part of the main selection process in most jobs. The reasons for this include: ● They are flexible enough to allow for different approaches ● They allow the interviewer to ask questions ● They allow the interviewer to assess interpersonal skills. There are a number of difficulties with interviews ● They are artificial ● They require the interviewer to be skilled and well-prepared ● They can lead to the halo effect and cloning ● They are time consuming. Types of Interviews: ● Individual ● Panel ● Selection Boards. Assessment centres An assessment centre is NOT a place. An assessment centre is where a variety of selection methods are used to select candidates. These methods include: ● Interviews ● Group exercises ● Role playing ● Practical tests. The advantages of using assessment centres instead of just interviews include: ● They can be used to see how candidates deal with others ● The candidates can be observed over a longer period of time ● The candidates can be given practical tasks that reflect the job. CHAPTER 1 – RECRUITMENT AND SELECTION 14 www.studyinteract ive.org The disadvantages of using assessment centres include: ● Candidates will do well in some areas and not others ● It is possible to coach candidates to perform well at practical tests ● May be expensive. References There are a number of problems with using references as part of the section process. These include: ● They may be unsuitable ● They may be biased ● They may be too brief. www.studyinteract ive.org 15 Chapter 2 Diversity SYLLABUS CONTENT (as set by ACCA’s study guide) D Leading and managing individuals and teams 2. Recruitment and selection of employees f) Explain the purposes of a diversity policy within the human resources plan. g) Explain the purpose and benefits of an equal opportunities policy within human resource planning. h) Explain the practical steps that an organisation may take to ensure the effectiveness of its diversity and equal opportunities policy. CHAPTER 2 – DIVERSITY 16 www.studyinteract ive.org CHAPTER CONTENTS EQUAL OPPORTUNITIES ------------------------------------------------ 17 DIVERSITY --------------------------------------------------------------- 18 WHAT IS MEANT BY DIVERSITY? 18 DIVERSITY MANAGEMENT 18 CHAPTER 2 – DIVERSITY www.studyinteract ive.org 17 EQUAL OPPORTUNITIES Equal opportunities means ensure individuals are treated fairly in the employment process. In other words everyone has the right to be treated fairly at work. In many countries, this is enforced by legislation. For example, in the UK there is the Equality Act 2010 which outlaws discrimination on many grounds, such as sex, race and disability. There are a number of reasons why a company might wish to do more than they are legally obliged to. These include: ● Feeling they have a moral duty ● To keep customers happy. Obviously this is important for recruitment and selection but also includes: ● Equal opportunities for training ● Equal opportunities for promotion ● Equal treatment in times of redundancies. CHAPTER 2 – DIVERSITY 18 www.studyinteract ive.org DIVERSITY What is meant by diversity? The idea of diversity means the organisation recognising that people are different and looking for ways to use the different viewpoints this brings. The organisation may try to have a workforce with a variety of: ● Religions ● Races ● Marital status ● Genders ● Sexual orientations. The organisation might try to achieve this through numerical targets. Diversity management Diversity management means actively encouraging a diverse workforce. There are a number of benefits: ● More creative ideas ● More viewpoints considered when making decisions ● Better understanding of customers ● Increased chance of being successful in new markets. www.studyinteract ive.org 19 Chapter 3 Training and development SYLLABUS CONTENT (as set by ACCA’s study guide) D Leading and managing individuals and teams 6. Learning and training at work a) Explain the importance of learning and development in the workplace. b) Describe the learning process: Honey and Mumford, Kolb. c) Describe the role of the human resources department and individual managers in the learning process. d) Describe the training and development process: identifying needs, setting objectives, programme design, delivery and validation. e) Explain the terms ‘training’, ‘development’ and ‘education’ and the characteristics of each. f) List the benefits of effective training and development in the workplace. CHAPTER 3 – TRAINING AND DEVELOPMENT 20 www.studyinteract ive.org CHAPTER CONTENTS TRAINING AND DEVELOPMENT ---------------------------------------- 21 WHAT IS THE DIFFERENCE BETWEEN TRAINING AND DEVELOPMENT? 21 THE BENEFITS OF TRAINING AND DEVELOPMENT AT WORK 21 THE TRAINING AND DEVELOPMENT PROCESS------------------------ 22 METHODS OF EVALUATING TRAINING 22 TYPES OF DEVELOPMENT 22 CHAPTER 3 – TRAINING AND DEVELOPMENT www.studyinteract ive.org 21 TRAINING AND DEVELOPMENT What is the difference between training and development? Training is: ● needed so a person can carry out their present job ● mainly concerned with technical skills ● usually given by a superior. Development is: ● giving a person skills they may use in the future ● often concerned with soft skills ● the responsibility of everyone in the organisation. The benefits of training and development at work Training benefits the organisation since ● Staff will have more skills ● More work can be delegated to them ● They will require less supervision ● Work should be better quality ● Customer service should be improved. Training benefits the individual since ● Work should be more interesting ● The individual should have a higher self-esteem ● The skills will be transferable to other jobs. CHAPTER 3 – TRAINING AND DEVELOPMENT 22 www.studyinteract ive.org THE TRAINING AND DEVELOPMENT PROCESS Organisations and individuals will only receive the above benefits if training and development are planned properly. The process is: ● Assess the training needs of the organisation ● Decide what the objectives of any training should be ● Plan how the training will be carried out ● Deliver the training ● Evaluate the training. Methods of evaluating training Training can be evaluated by: ● Asking trainees what they thought ● Measuring what trainees have learned ● Measuring changes in job behaviour after attending training ● Impact of training on organisational results ● Impact on training on its value to the organisation. Types of development The types of development include: Management development Develop management skills and experience Career development Secondments and transfers Professional development Following CPD courses from professional bodies Personal development To improve competences Kolb’s experiential learning Kolb suggested that much of our learning comes from experience - ● Experience provides basis for ● Observation and reflection Which we convert into abstract concepts ● Hypothesis and conceptualisation Which provides ideas which can be tested ● Experimentation Which creates new experiences. CHAPTER 3 – TRAINING AND DEVELOPMENT www.studyinteract ive.org 23 Honey and Mumford’s learning styles Learning is the acquisition of knowledge to effect a change in behaviour. Honey and Mumford suggested 4 learning styles that individuals may exhibit - ● Activist – learns through doing ● Reflector – learns through watching ● Theorist - learns through understanding theories ● Pragmatist – learns through applying theories. Learning Organisation Is an organisation that facilitates the acquiring & sharing of knowledge. CHAPTER 3 – TRAINING AND DEVELOPMENT 24 www.studyinteract ive.org www.studyinteract ive.org 25 Chapter 4 Personal effectiveness SYLLABUS CONTENT (as set by ACCA’s study guide) . E Personal effectiveness and communication in business 1. Personal effectiveness techniques a) Explain the importance of effective time management. b) Describe the barriers to effective time management and how they may be overcome. c) Describe the role of information technology in improving personal effectiveness. 3. Competence frameworks and personal development a) Describe the features of a ‘competence framework’. b) Explain how a competence framework underpins professional development needs. c) Explain how personal and continuous professional development can increase personal effectiveness at work. d) Explain the purpose and benefits of coaching, mentoring and counselling in prompting employee effectiveness. e) Describe how a personal development plan should be formulated, implemented, monitored and reviewed by the individual. CHAPTER 4 – PERSONAL EFFECTIVENESS 26 www.studyinteract ive.org 5. Communicating in business a) Define communications. b) Identify methods of communication used in the organisation and how they are used. c) Explain how the type of information differs and the purposes for which it is applied at different levels of the organisation: strategic, tactical and operational. d) List the attributes of good quality information. e) Explain a simple communication model: sender, message, receiver, feedback, noise. f) Explain formal and informal communication and their importance in the workplace. g) Identify the consequences of ineffective communication. h) Describe the attributes of effective communication. i) Describe the barriers to effective communication and identify practical steps that may be taken to overcome them. j) Describe the main methods and patterns of communication. CHAPTER 4 – PERSONAL EFFECTIVENESS www.studyinteract ive.org 27 CHAPTER CONTENTS WHAT IS COMMUNICATION? ------------------------------------------- 28 THE COMMUNICATION PROCESS 28 FORMAL AND INFORMAL COMMUNICATION 28 FEATURES OF EFFECTIVE COMMUNICATION 29 BARRIERS TO EFFECTIVE COMMUNICATION 30 CONSEQUENCES OF INEFFECTIVE COMMUNICATION 30 METHODS AND PATTERNS OF COMMUNICATION -------------------- 31 TECHNIQUES FOR IMPROVING PERSONAL EFFECTIVENESS -------- 33 THE PERSONAL DEVELOPMENT PLAN 33 COMPETENCE FRAMEWORKS 34 WHAT IS TIME MANAGEMENT? ----------------------------------------- 35 TOOLS AND METHODS TO ENCOURAGE EFFECTIVE TIME MANAGEMENT 36 HOW IT CAN HELP TIME MANAGEMENT 36 MENTORING, COACHING AND COUNSELLING ------------------------ 37 WHAT IS MENTORING 37 WHAT IS COACHING 37 WHAT IS COUNSELLING? 37 CHAPTER 4 – PERSONAL EFFECTIVENESS 28 www.studyinteract ive.org WHAT IS COMMUNICATION? A process which involves the exchange of information between people. Communication is an essential process within an organisation. It is used to ● share idea