Question 4

Identify the purpose of the following financial records:

Bank deposit documentation

Bank statements

Banking summaries

Business Activity Statements

Cheque books

Credit card transaction statements

Journal entries

Labour and wages reports

Merchant statements

Merchant summaries

Transaction reports.

Question 5

What are the requirements for a tax invoice in Australia?

Question 6

Research three common accounting software applications that small businesses use and summarise their functions and features.

Question 7

Describe three techniques commonly used for making estimates of expense budgets.

Question 8

Identify and outline the steps in the accounting cycle.

Question 9

Give three examples of negative changes in the internal organisational environment which may have to be taken into account when reviewing budgets with a view to making necessary changes.

Question 10

Budget formats can vary between organisations and accounting programs: list two ways a negative situation can be indicated in figures on a budget.

Question 11

Discuss the role of a budget and financial reports for a business.

Question 12

Discuss how changes in legislation can impact on a budget. Give three examples of legislation changes in the last decade that have had an impact on the hospitality industry and the profitability margins.

Question 13

Discuss how a hospitality business might manage and recover their profit margin in a downturn in the economy.