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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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