2.3 Bookkeeping systems- How do you record your cash sales and other money received in yourbusiness?- How do you record your cash purchases of merchandise and what sourcedocuments are used?• Do you operate a bank account? And if you do, how often do you go to thebank?2.4 How do they manage assets?- Do they own assets, and if so, which systems have they put in place to protectassets 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 theyand 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 handlethem?2.7 Conclusion2.7.1 Differentiate between a formal and an informal business by means of atabular form.2.7.2 Give advice to the owner to address the challenges in 2.6.

As per rule we provide solution to the first three-subparts or one question only and you have asked…

Answered: 2.3 Bookkeeping systems - How do you…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5DQ

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Similar questions

What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?
Which of these transactions requires a debit entry to Cash? A. paid balance due to suppliers B. sold merchandise on account C. collected balance due from customers D. purchased supplies for cash
Match the following assertions with their associated description: (a) existence/occurrence, (b) completeness. (c) rights and obligations, (d) valuation or allocation, (e) presentation and disclosure. 1. Cash accounts arc properly classified on the balance sheet and disclosed in the notes to the financial statements. 2. Cash balances exist at the balance sheet date. 3. The recorded balances reflect the true underlying economic value of those assets. 4. The company has title to the cash accounts as of the balance sheet date. 5. Cash balances include all cash transactions that have taken place during the period.
Name a source document that provides information about each of the following types of business transactions: a. Cash payment b. Cash receipt c. Sale of goods or services d. Purchase of goods or services
1. During the reconciliation of the company’s cash account with its bank statement, what should the account holders look for?
51. Why does a business prepare a Trial Balance? To show the financial position To calculate the profit and loss To check the arithmetical accuracy of the ledgers To check the cash and bank balance
Question: 1. what is the correct source documents for cash collection by business. 2. What is the correct source documents for Business sold goods for cash. reqiured: please answer this question by giving one of the correct source documents for this two questions.
What is the main purpose of factoring in accounts receivables? a. To meet immediate cash needs of the business b. To create an additional guarantee of collection c. To invest accounts receivable in another business d. To establish a legal proof for future use
27. Which of the following is/are helpful to control cash receipts of a company? a. Prepare a record of all cash receipts as soon as cash is received b. Deposit all cash receipts as soon as possible c. Encourage the cash receipts through cheque d. All the options
Why does the bank treat an account balance as a Credit when there is money in the account, while in the general ledger cash records of the business, the balance would show as a Debit?
What is the main purpose of accounts receivable in factoring? a. To meet immediate cash needs of the business b. To create an additional guarantee of collection c. To invest accounts receivable in another business d. To establish a legal proof for future use
Subject: FINANCIAL MANAGEMENT Answer the following questions: 1. Discussed in this chapter is the Imprest System. What is it and how does it help in managing the company's cash? 2. What is a compensating balance? Does it affect the company's disbursement policy? 3. In order to be classified as cash and cash equivalents, what are its requisites? Discuss each requisite briefly. See the attached link for reference: https://drive.google.com/file/d/1lT0HRXz4EKqT3le1AGT3oda98n3KCoQh/view?usp=drivesdk

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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?