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Question 1

How is performance of business determiend>

Answer 1

by its profitability by deducting income from expenses which is shown in the Income Statement

Question 2

How is financial position determiend

Answer 2

The Balance Sheet assesses the financial position of a business. It shows what a business owns and what it owes indicating the financial strength of the owner’s capital investment. If assets exceed Liabilities this is indicator of financial strength.

Question 3

What is in a receipt

Answer 3

• serial number of th
• date the receipt was written
• name of the person to whom the receipt is issued
• amount of money received
• the discount allowed (if any)
• the method of payment (cash or cheque)
• signature of the person issuing the receipt

Question 4

What is cash register summary?

Answer 4

cash register summary is taken from a business’s cash register at the end of a day’s trading. It shows the total amount received for that day.

Question 5

What is cheque

Answer 5

A cheque is an order in writing addressed to the bank to pay the person named

Question 5

What is credit note

Answer 5

credit note is sent from the seller to the buyer to let him/her know an amount of money is to be taken off what he/she owes

Question 5

What is in an invoice

Answer 5

• date
• an invoice number
• buyer’s order number
• name and address of the buyer
• quantity, description, unit price and total amount for each item
• total value of the order less any trade discount (if applicable) plus any GST

Question 6

What is inovice

Answer 6

Invoices are made out by the seller of goods and sent to the buyer when goods are bought