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Question: what are the main components of a balance sheet and...

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  1. What are the main components of a balance sheet and how does it enable managers to make estimates of new items for inclusion in the budget?
  2. What are some of the reasons that cause a business to experience poor cash flow?
  3. What are the advantages of monitoring expenditure?
  4. Why do organizations need a good financial record keeping system?
  5. Name and give a brief description of 3 accounting software that an organization can use.
  6. Describe the following terms: a. Gross profit b. Net profit c. Stock turnover
  7. What are financial ratios, why are they important to managers?
  8. Why is it vital to interpreting an organization’s financial ratios based on its industry overall benchmarks ratios
  9. Define the term ‘What is Tax Liability’
  10. Effectively auditing a budget requires an estimation process that is acceptable and/or reasonable. What are some issues to consider?
  11. Explain the terms used to describe variations and what can the unfavorable variances be further classified into?
  12. What are 3 pieces of financial documentation necessary to verify expenditure? Give an explanation for each.
  13. To ensure that you are in a good position to negotiate your budget submission what should you do?
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