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ACCA Paper F1 Accountant in Business Class Notes June 2012 © 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. 2 www.studyinteractive.org 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 www.studyinteractive.org 3 4 www.studyinteractive.org Introduction to the paper www.studyinteractive.org 5 IN T R O D U C T I O N T O T H E P A P E R 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. 6 www.studyinteractive.org 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. www.studyinteractive.org 7 CHAPTER 1 – RECRUITMENT AND SELECTION 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 8 INTERVIEWS 13 ASSESSMENT CENTRES 13 REFERENCES 14 www.studyinteractive.org CHAPTER 1 – RECRUITMENT AND SELECTION 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. www.studyinteractive.org 9 CHAPTER 1 – RECRUITMENT AND SELECTION 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. 10 www.studyinteractive.org