Basic Bookkeeping Assessment
Basic Bookkeeping - Assessment 1
Will Oliver
1. An example of daily financial records that you would have to maintain is any transaction (in monetry terms) made by an organisation which encompasses the cash and cash equivalant you receive or spend on any day. It is essential to keep separate evidence of each transaction. This evidence is called a source document i.e invoices, reciepts, cheques etc. Also, maintaining and updating your accounts receivable and accounts payable daily is another example.
2. The requirements regarding identifying and rectifying errors in documentation are to use the right accounting method such as cash and accrual and proffesional bookkeeping methods. Other requirements include: saving reciepts of small
Will Oliver
1. An example of daily financial records that you would have to maintain is any transaction (in monetry terms) made by an organisation which encompasses the cash and cash equivalant you receive or spend on any day. It is essential to keep separate evidence of each transaction. This evidence is called a source document i.e invoices, reciepts, cheques etc. Also, maintaining and updating your accounts receivable and accounts payable daily is another example.
2. The requirements regarding identifying and rectifying errors in documentation are to use the right accounting method such as cash and accrual and proffesional bookkeeping methods. Other requirements include: saving reciepts of small