2526-SH2-Unit 2-4C-Singgasana

Full Name

Class

• SH COURTEOUS
• SH RESOURCEFUL

Number in the students list (alphabetical order)

Businesses should ensure certain financial considerations are in place as this allows them to achieve business objectives and can prevent the business from incurring financial losses.

• true
• false

Financial control systems enable a business to:

• assess a business’s ability to accurately manage and categorise its finances.
• control how much money the business spends.

There are different types of financial control systems, including:  (Select all that apply)

• budgeting
• cash books
• electronic record-keeping software
• auditing

Fill in the blanks with the following terms: - documenting - monitoring

Financial control systems focus on ____________ a business’s financial position, whereas record-keeping strategies focus on ____________ financial transactions.

Keeping detailed records of all financial transactions that occur within the business is important because:  (Select all that apply)

• the business must have proof of financial transactions to show the ATO when lodging a tax return.
• it indicates whether fraud has occurred.
• it enables a business to complete valid audits about this information.
• it allows a business to form accurate business reports.

Establishing a business bank account is important as it enables a business to separate personal and business spending and allows a business to accurately lodge tax returns.

• True
• False

Fill in the blank with one of the following terms: • a bank account • financial control systems

Establishing and maintaining _______ is important for a business as it can ensure financial mismanagement is avoided by realistically setting out expected earnings and expenses.