Accoutning pt1

Question 1

what is transaction

Answer 1

Exchange of goods for money

Question 2

when is the reporting period in aus

Answer 2

1st of July to 30thof June

Question 3

why fininacial records

Answer 3

so owners can keep track of money and business reports can be preapred
Businesses also need records for taxation purposes
Finincial records are also important as they help business owners plan for the future

Question 4

what are the different business reports

Answer 4

cash flow statement
income statement
balance sheet

Question 5

what are the account process steps

Answer 5

1. source documents
2. recording
3. reporting
4. advice

Question 6

what are the account stages

Answer 6

1. input
2. processing
3. input
4. advice

Question 7

why do prices need to be adjusted

Answer 7

due to demand or popularity
avialablity of supply of goods and services
cost of producing goods

Question 8

whow to calculate proft

Answer 8

revenue- expenses = profit

Question 9

what is sundries

Answer 9

loans, capital , drawings

Question 10

what is drawings

Answer 10

all cash and non cash items withdrawn by owner for personal use

Question 11

what is capital

Answer 11

all cASh contributed by owner is called capitl