Exam (elaborations)
Importance of Bookkeeping Questions and Answers fully Solved
- Module
- Institution
Importance of Bookkeeping
[Show more]
Seller
Follow
Dreamer252
Reviews received
Content preview
Importance of BookkeepingImportance of Bookkeeping - answer good record keeping can help protect the
business, measure the performance and maximize profit.
Records - answer are the source documents, both physical and electronic, that specify
transactions dates and amounts, legal agreements, and private customer and business
details
Developing a system to log, store and dispose of records can benefit the business a
systematic recorded allowing to: - answer-Plan and work efficiently
-Meet legal and tax requirements
-Measure profit and performance
-Generate meaningful reports
-Protect your rights
-Manage potential rights
Best Practice and Record Keeping - answer depending on the industry, keeping the
following records may be a legal requirement, but it is best practice to keep them for 5-7
years
Employees accreditation certificates and license - answercopies of permits,
registrations, and license of employee who need to do their jobs
Employees resumes and job application - answer(must be kept) (2)
Performance reviews - answerinclude assessments of staff performance and
agreements between you and your employees
Position statement and job advertisement - answer(must be kept) (4)
Customer records - answerpersonal details, products purchased and product inquiries
that are useful fir for finding new customers
Customers compliants - answerdetail of conpliants about the products, service staff or
anything else, steps taken to resolve them
Details of any dispute with other businesses - answerinclude when how you went
resolving disputes
Quotes given and won - answerspecifics of jobs and time sepnt on them to the future
quoting
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Dreamer252. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £13.78. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76800 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now