Bank Accounts, Financial Control Systems, and Record-Keeping Strategies (VCE SSCE Business Management): Flashcards

Keeping personal & business transactions entirely distinct

Safeguard assets, accurate info, ensure compliance

Documents providing evidence of transactions

Electronic Funds Transfer at Point of Sale

Keep small cash on hand for minor expenses

Record of all cash transactions: receipts & payments

Revenue less expenses for an accounting period

Assets, liabilities & proprietorship at a given date

Keeping certain functions separate to reduce fraud risk

Periodical statement itemising all account transactions