Identify which of the following would NOT be a strategy to help a business maintain accurate records*1 pointUsing bookkeeping software such as MYOB or QuickbooksEstablishing a good filing system and processing documents and transactions into your recordkeeping software regularlyIncluding as much detail as possible on all recordsObtaining all documents such as invoices at the time of the transaction and recording all of the necessary details as soon as possible

Apply the correct term to the following definition -  The keeping and processing of a business’s financial records.*1 pointBookeepingCash bookBalance sheetIncome statement

hrough careful record keeping, businesses can create an efficient system for monitoring progress towards their sustainability goals. Record keeping can be used to track continuous improvement in sustainability approaches. List at least four (4) types of documents that contain data or information a business could use to review and record information for monitoring.

Identify which of the following is considered a benefit of maintaining accurate records*1 pointIt makes it easier for the business to function as there is less likelihood of errors.It helps the business comply with its reporting requirements to the ATO.All answers are correctIt provides accurate information that can assist with decision making.

Which of the following control procedures would most likely be used to maintain accurate perpetual inventory records?Select one:a.Periodic independent reconciliation of control and subsidiary records.b.Periodic independent comparison of records with goods on hand. c.Independent storeroom count of goods received.  d.Independent matching of purchase orders, receiving reports, and vendors' invoices.

In recording transactions for a business, the accountant will follow the Accounting Entity principle. This means that the accountant will:a.record cash transactions separately from credit transactionsb.separate spending on purchases from spending on non-current assetsc.separate the financial activities of the business from those of the ownerd.record revenues and expenses separately to calculate profits and losses