book keeping exam study guide
what are financial statements based on? - Answer️️ -financial records
Financial records must... - Answer️️ --be maintained for all commercial transactions
undertaken by a business
- contain complete, accurate and valid financial information
what generates ...
what are financial statements based on? - Answer✔️✔️-financial records
Financial records must... - Answer✔️✔️--be maintained for all commercial transactions
undertaken by a business
- contain complete, accurate and valid financial information
what generates sales income - Answer✔️✔️-providing goods and services to customers
what happens when a business sells on credit - Answer✔️✔️-the business supplies
goods and services before payment is requested
what are the risks of credit sales - Answer✔️✔️--customers may not pay at the
appropriate time
-customers may not pay at all
when are credit notes issued - Answer✔️✔️-if goods are returned to the business or a
service is not satisfactory
what can happen if there are errors and omissions with the business documentations? -
Answer✔️✔️--Delay the sale of goods or the provision of services
-hinder payments for goods or services
lead to errors in accounting records
what to consider for these items on a business documentation. a) Name of the customer
or supplier - Answer✔️✔️-are these correct?
b)goods or services provided - Answer✔️✔️-Are the correct names given?
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