Acca

Front 1

What is meant by systematic sampling?

Back 1

Every n'tg item is selecte, after a random starting item

Front 2

What is meant by random sampling?

Back 2

Each item in the population has an equal chance of being selected.

Front 3

When sampling, what is meant by a sampling frame?

Back 3

A sampling frame is a numbered list of all items in a population.

Front 4

What are the porpuses of costing (calc the cost of prod a product or a service)?

Back 4

To enable a selling price to be set

To calc a profit per unit

To value inventory

Front 5

What is the difference between data and information?

Back 5

Data consists of facts that have been gathered

Information is data that has been processed in a way that is meaningful to the person who receives it.

Front 6

What are the attributes of good information?

Back 6

Good info should be

Accurate

Complete

Cost-effective

Understandable

Relevant

Accessible

Timely

Easy to use

Front 7

What is the purpose of management accounting?

Back 7

To help the management run the business in a way that achieves the objectives of the business.

Front 8

What is meant by incremental cost?

Back 8

An incremental cost is an extra cost (and is relevant for investment decisions).

Front 9

In assesing value for money, what are the 3 E's?

Back 9

Economy

Efficiency

Effectiveness

Front 10

What is meant by the term benchmarking?

Back 10

Benchmarking is the conparison with best practice.

Front 11

What are the 4 perspetives covered by the Balance Scorecard?

Back 11

Financial

Customer

Internal

Innovation and learning

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