Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(A) Spending Plan ( 5 marks ) Cash is an asset. If you spend it, the asset decreases. A good way to safeguard your cash

image text in transcribed
(A) Spending Plan ( 5 marks ) Cash is an asset. If you spend it, the asset decreases. A good way to safeguard your cash is to create a spending and savings plan, and then follow it. ACTIVITY Suppose you want to save $20.00 per month. You have kept track of your personal finances for several months and you see the following pattern: Money coming in each month: allowance, $20.00; part-time job, $112.00 Money going out each month: lunches, $25.00; snacks, 88.50; bus fare, $8.00; CDs, $28.00; contributions to charity, $10.00; movie theatres, $22.00; pizza, $18.00; school supplies, $14.50 Using the above information, create a spending plan that allows you to save $20.00 per month. (B) Accounting and Entrepreneurships (5 marks) Robert's Creative Toys keeps all the books and records using a manual accounting system. The business has grown and the owner realizes that a computerized accounting system would be helpful. However, he knows little about the advantages of using a computer. What advantages would there be by using a computer accounting system over a manual accounting system? ACTIVITY Discuss the advantages and disadvantages of integrating technology into the company's accounting system. What are the advantages and disadvantages of computerized accounting

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Practical Approach

Authors: Robyn Moroney

1st Canadian Edition

978-1118472972, 1118472977, 978-1742165943

More Books

Students also viewed these Accounting questions