Business Documents and Cash Control

Business information, customer information, item description, and costs.

It serves as a receipt confirming the deposit of cash into the business account.

To facilitate small payments without needing cheques for every minor expense.

<p>They fill out a voucher for cash and provide a receipt for their purchase.</p> Signup and view all the answers

<p>Regular bank deposits and requiring two signatures for cheques over a certain limit.</p> Signup and view all the answers

<p>By writing another cheque for cash to restore the petty cash back to its initial amount.</p> Signup and view all the answers

<p>Count cash in a secure location away from customers and avoid large amounts on premises.</p> Signup and view all the answers

<p>Details about the account, date, and amount deposited.</p> Signup and view all the answers

<p>To provide a record of the transaction for both the buyer and the seller.</p> Signup and view all the answers

<p>To ensure accurate financial reporting and to identify any potential theft or errors.</p> Signup and view all the answers

<p>A petty cash system allows for small, routine expenses to be paid without using the cash register, preventing cash flow disruptions.</p> Signup and view all the answers

<p>Checking and matching the business's records of income and expenses against the bank statement.</p> Signup and view all the answers

<p>By comparing total income to total expenses on the Income Statement.</p> Signup and view all the answers

<p>It shows the total income and expenses over a specific period, indicating profit or loss.</p> Signup and view all the answers

<p>These items should be further investigated or reconciled to ensure accurate accounting.</p> Signup and view all the answers

<p>Costs such as advertising, repairs, petrol, and fertiliser would be considered expenses.</p> Signup and view all the answers

<p>An invoice should include the amount owing, date, quantity, price, any GST, discounts, address, terms of sale, and must state that it's a Tax Invoice.</p> Signup and view all the answers

<p>Receipts are important because they serve as proof of payment for the amount owing on an invoice, confirming that payment has been made.</p> Signup and view all the answers

<p>An order form is used to communicate a purchase request, detailing the items or services needed and the quantities required.</p> Signup and view all the answers

<p>A bank deposit slip usually includes the account number, deposit date, amount being deposited, and the signature of the depositor.</p> Signup and view all the answers

<p>A petty cash system allows a small business to manage minor cash expenses efficiently, simplifying reimbursements and tracking small transactions.</p> Signup and view all the answers

<p>A reconciliation statement compares a business's internal records with bank records to ensure accuracy and consistency in financial reporting.</p> Signup and view all the answers

<p>An effective invoice should be clear, neatly organized, and include all necessary transaction details, such as payment terms and due dates.</p> Signup and view all the answers

<p>Accurate financial records are crucial as they provide insights into profitability, assist in planning future financial activities, and support lawful compliance.</p> Signup and view all the answers