TYPE it individuals and businesses often use math to help solve problems or to p
ID: 3198516 • Letter: T
Question
TYPE it
individuals and businesses often use math to help solve problems or to provide information when planning for future expenditures. For example, if your landlord were to let you know that there will be an 8% increase in rent when your lease renews, you could use math to determine how much more you would have to earn - or how much you would have to reduce spending on other expenses – to cover the additional cost. Describe an example of how you have used math to solve problems and provide information when planning a purchase. Why is it important to keep track of deposits, withdrawals, payments, fees, and the current balance available for a bank account? If a person keeps track of their bank account, why would they need to prepare a reconciliation of their account against the bank statement?
Explanation / Answer
We are use math eeryday, whether we'e aware of it rent:
1. For instnce, is telling time we need to know that there are 24 hours in a day.
2. Split into 12 hour hales, having 60 minutes per hour with 60 seconds per minute.
3. When we purchase an item, basic knoledge of maths come into fore play.
4. suppose, it advertises 8% sale with 5% tax,
5. we need to make a rugh estimate of the purchase before having to the cashier.
6. The money is ours so it is importnat to keep trak.
7.we need to same our receipts and post them in the register of transations.
8. Add your deposits, subtracts your with drawbacks, and keep a check on the current balance.
9. If the expenditure exceeds the deposits there will be an overdraft which brings penalities that are expensive.
10.It is also important 30 that you can tally your recipts to make sure that your records and the bank records agree. common reasons to maintain a bank reconstiations of bank statement are as follow
i) Unpresented cheques: whenever cheques are issued for payment they enter in the credit side of the bank column of the case book immediately. where as the recipise night not present the cheque on the same day. this causes differnce between cash book and passbook
ii) Unrealized cheques: Seposited cheques are debited by the fim immediately. this increases their bank balance where as bank credits firm's account when these cheques are actually realized.
Other reasons night includes errors in recording transations. Dishonour of cheque bening informed later, state cheques, etc.
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