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2.3 Bookkeeping systems - How do you record your cash sales and other money received in your business? - How do you record your cash purchases of merchandise and what source documents are used? Do you operate a bank account? And if you do, how often do you go to the bank?

2.3 Bookkeeping systems - How do you record your cash sales and other money received in your business? - How do you record your cash purchases of merchandise and what source documents are used? Do you operate a bank account? And if you do, how often do you go to the bank?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2.3 Bookkeeping systems - How do you record your cash sales and other money received in your business? - How do you record your cash purchases of merchandise and what source documents are used? • Do you operate a bank account? And if you do, how often do you go to the bank? 2.4 How do they manage assets? - Do they own assets, and if so, which systems have they put in place to protect assets from loss due to damage and theft? - Do they keep records of assets that they own and how much are they worth? 2.5 Labour costs - Do you have any other workers in your business to help you? - How much do you pay them? How do you keep a record of how much you pay in wages? 2.6 Competitors and challenges which they face - Do you have the other competitors, and if there are competitors who are they and what do you do to ensure that customers continue buying from you? - What are the problems or challenges for the business and how do you handle them? 2.7 Conclusion 2.7.1 Differentiate between a formal and an informal business by means of a tabular form. 2.7.2 Give advice to the owner to address the challenges in 2.6.
Transcribed Image Text:2.3 Bookkeeping systems - How do you record your cash sales and other money received in your business? - How do you record your cash purchases of merchandise and what source documents are used? • Do you operate a bank account? And if you do, how often do you go to the bank? 2.4 How do they manage assets? - Do they own assets, and if so, which systems have they put in place to protect assets from loss due to damage and theft? - Do they keep records of assets that they own and how much are they worth? 2.5 Labour costs - Do you have any other workers in your business to help you? - How much do you pay them? How do you keep a record of how much you pay in wages? 2.6 Competitors and challenges which they face - Do you have the other competitors, and if there are competitors who are they and what do you do to ensure that customers continue buying from you? - What are the problems or challenges for the business and how do you handle them? 2.7 Conclusion 2.7.1 Differentiate between a formal and an informal business by means of a tabular form. 2.7.2 Give advice to the owner to address the challenges in 2.6.
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