3.2 Flashcards
What is adverse variance?
Where the actual figure is worse than the budgeted figures
What is favourable variance?
Where the actual figure is better than the budgeted figures
What is a bank statement?
Summarises transactions into and out of a bank account over a period of time
What is a budget variance support?
Summarises the difference between the budgeted income and expenditure and the actual income and expenditure figures
What is a delivery note?
Accompanies a shipment of goods and details the products and quantities delivered
What is a goods received note?
Used by customers for checking items received to ensure they match the purchase order
What is a payslip?
Employees record of the pay they have received
What is a receipt?
Evidence that goods or services have been purchased and the amount paid
What is remittance advice?
Notification sent by a customer to supplier informing them that their invoice has been paid
