Reference no: EM132626418

Identify the purpose of the following financial records:

1. Bank deposit documentation
2. Bank statements
3. Banking summaries
4. Business Activity Statements
5. Cheque books
6. Credit card transaction statements
7. Journal entries
8. Labour and wages reports
9. Merchant statements
10. Merchant summaries
11. Transaction reports.

Problem 1: What are the requirements for a tax invoice in Australia?

Problem 2: Research three common accounting software applications that small businesses use and summarise their functions and features.

Problem 3: Describe three techniques commonly used for making estimates of expense budgets.

Problem 4: Identify and outline the steps in the accounting cycle.

Problem 5: Give three examples of negative changes in the internal organisational environment which may have to be taken into account when reviewing budgets with a view to making necessary changes.

Problem 6: Budget formats can vary between organisations and accounting programs: list two ways a negative situation can be indicated in figures on a budget.

Problem 7: Discuss the role of a budget and financial reports for a business.

Problem 8: Discuss how changes in legislation can impact on a budget. Give three examples of legislation changes in the last decade that have had an impact on the hospitality industry and the profitability margins.

Problem 9: Discuss how a hospitality business might manage and recover their profit margin in a downturn in the economy.