Bank Accounts, Financial Control Systems, and Record-Keeping Strategies (VCE SSCE Business Management): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does the separate entity concept involve in business financial management?
What does the separate entity concept involve in business financial management?
Separate recording of business transactions
What are the three main purposes of internal controls in a business?
What are the three main purposes of internal controls in a business?
Safeguard assets, accurate info, compliance
What essential information must every source document include?
What essential information must every source document include?
Date, type, value, names of those involved
If petty cash float is £100, vouchers total £67.50, what should cash in tin be?
If petty cash float is £100, vouchers total £67.50, what should cash in tin be?
£32.50
Why is segregation of duties important in financial control?
Why is segregation of duties important in financial control?
Reduces fraud opportunity by requiring help
How often should cash be deposited into the bank as best practice?
How often should cash be deposited into the bank as best practice?
Daily
What does EFTPOS stand for in business transactions?
What does EFTPOS stand for in business transactions?
Electronic Funds Transfer at Point of Sale
What is the key difference between P&L statement and balance sheet?
What is the key difference between P&L statement and balance sheet?
P&L shows period performance, balance shows
What is a key benefit of having a separate business bank account?
What is a key benefit of having a separate business bank account?
Enables accurate financial monitoring
Which critical mistake should businesses avoid in financial management?
Which critical mistake should businesses avoid in financial management?
Same person handling payables & receivables