KEEPING RECORDS Flashcards
A _____________- is a document (hardcopy or digital) that records business
dealings.
A ______________ includes the following:
meeting minutes
memoranda
employment contracts
accounting source documents
Business Records
This to closely _______________________ like its improvements, which items are selling, and changes to make.
Monitor the progress of the business
This includes the income statement and balance sheet
Prepare the financial statements
shows the income and expenses of the business for given period of time.
a. Income Statement
shows the assets, liabilities, and equity in the business on a given date.
Balance Sheet
this information will help to separate business from non-business receipts and taxable form non-taxable.
Identify sources of income
this will keep the record especially the expenses that will greatly needed when preparing the tax return.
Keep track of the deductible expenses
_________________/records usually have set of standards or reporting and any differences are very minimal.
Samples obtained from an existing similar project will definitely prove helpful for your design requirements.
Financial forms
these are valuable not only to decision on extension of credits, but also to make accurate billing and maintenance of good relations with customer. These records will reveal how effective if your firm’s credit and collection.
Accounts receivables
these records will be used to control your inventory items.
Inventory records
these liability records show what your firm owes.
Accounts payable
these could be used in the analysis of the effectiveness in advertising and promotions.
Sales records
these records provide a basis for your product costing and detect lost profits/costs as a result of idle manpower.
Production records
show the total payments you pay your employees and provide a basis for computing some legal payments.
Payroll records
show the total payments you pay your employees and provide a basis for computing some legal payments.
Payroll records
