1. Relate the importance of keeping records. 2. Compare and contrast receipts an
ID: 331190 • Letter: 1
Question
1. Relate the importance of keeping records.
2. Compare and contrast receipts and invoices.
3.Briefly describe the difference between cash and accrual methods of record keeping.
4.Briefly discuss the fundamental purpose of accounting principles in effective recordkeeping.
5. Design a human resource management system for a very small employer with 10 employees or less.
6. The if–then construct is often used to describe a business process. For example, “if the person is a Member, then enrollment proceeds. “ This is an example of which business process element?
Explanation / Answer
1. Relate the importance of keeping records.
2. Compare and contrast receipts and invoices.
Both the receipt and the invoice are non negotiable commercial factors that are used to when the course of transaction. The invoices are the documents which are mad e by the seller which are issued to the buyer for the buying the product or service. It contains all the details of product or services , price , discount, date, dates of delivery of the item and address of the parties of the transaction. In contrast to the receipt , it is the simple acknowledgement given to the buyer that shows the goods or the service has been received. It is prepared by the seller or vendor and given to the customer, that shows the ownership of the product or service.
3.Briefly describe the difference between cash and accrual methods of record keeping.
It is common that in all the business only the transaction related to the money are recognized and recorded. There are two account system are there in business based on which the transactions are recognized and recorded. those are cash system of accounting and the accrual system of accounting.
4.Briefly discuss the fundamental purpose of accounting principles in effective record keeping.
A set of guidelines ,accounting standards and procedures are used to keep the effective record keeping in both government and non government bodies. Usually the accepted record keeping principles are the frameworks that are used to manage the records in such a way that that will help the organization future and also for the immediate use, This will help to legal and risk mitigation and operational and environmental requirements. There are some accounting principle that helps to keep the good recording are as follows
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