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Hi, I am working in a job that i have to answer a few questions. The theme is Maintain financial records The questions are: Question

Hi, I am working in a job that i have to answer a few questions.

The theme is Maintain financial records

The questions are:

Question 1:What are the basic records that need to be kept?

Question 1: What is a discrepancy? Give an example.

Question 2: If the discrepancy needs referring over to designated person, who could that be?

Question 1: Outline the difference between credit and debit transactions.

Question 2: What is double-entry bookkeeping?

Question 3: Define the following terms:

Assets

Liabilities

Equity

Revenue

Expenses

Question 7: Isabella purchases TV sets to resell in her shop.She purchased them from JB HiFi on credit.Using the rules of double entry which is correct?

(a)Assets increased - Liabilities increase

(b)Expenses increased - Liabilities decreased

(c)Assets decreased - Liabilities increased

(d)Expenses increased - Liabilities increased

Why?

Question 1: Briefly outline what a general ledger is.

Question 2: Give five examples of common general ledger accounts you may come across.

Question 1: Give examples of what transactions are.

Question 2: When using the more complicated spreadsheet to complete the process, how many columns should there be? Name each of them.

Question 1: Why is reconciliation necessary?

Question 2: Outline the process of reconciling accounts payable with the general ledger.

Question 1: What is a trial balance?

Question 2: Give three reason to carry out a trial balance.

Question 1: What is cash flow?

Question 2: Give 2 examples of ways to increase cash flow.

Question 3: A cash flow statement has three sections. What are they?

Question 4: What documents are needed before a cash flow statement is carried out?

Question 1: Describe three examples of methods of payments .

Question 2: Outline 3 examples of organisational and legislative requirements in relation to making and receiving payments.

Question 3: Describe two Privacy Principles for handling personal information and why each is important. https://www.oaic.gov.au/privacy/australian-privacy-principles/australian-privacy-principles-quick-reference/

Question 1: Give two examples of designated timelines.

Question 2: Outline four ways in which you could minimise the chances of not getting paid.

Question 3: List three things that are crucial in a collection strategy.

Question 4: What are the steps of the collection process.

Question 1: What needs checking within payment documentation?

Question 2: Describe the process of sending payment documentation.

Question 1: Explain the principles of double entry bookkeeping.

Question 2: Describe the difference between creditors and debtors.

Question 3: Name four aspects of a process to identify any discrepancies and calculate the correct figures.

Question 4: Describe five legislative and organisational requirements for processing and documenting financial records, including confidentiality.

Question 5: Outline five strategies to ensure that your clients pay on time.

Question 6: What is a Cash Flow statement?

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