Why are financial records important? How does keeping organized financial records contribute to successful money management?

1 answer:

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Supposing that financial records refer to source documents for accounting such as sales vouchers, invoices and such, it is important to the organisation of accounting data and helps accountants make detailed and correct accounts, which can then be translated into financial statements such as balance sheets and income statements which help managers and other stakeholders to make crucial financial and business decisions.

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Havermill Co. establishes a $460 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei

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Answer: Debit Petty cash $408; Credit Cash $408.

Explanation: Petty cash is a small amount of fund set aside for immediate or urgent minor expenses. In most organizations, there is a limit to the petty cash amount that a business unit can have. And someone is always saddled with the responsibility of managing the fund. It has its business rule in the sense that the amount should not be withdrawn beyond zero balance to throw it into debit.

In the instance of the question, the petty cash is $460 and within September, total expenses of $316 were incurred and paid for, leaving a balance of $144. However, the accountant determines that this cash should be increased by $92 on 1 October, so reimbursement to the fund would be the amount already spent ($316) and the proposed increment ($92), making $408.

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Natalia's role with her new team was to produce periodic reports on the team's progress. Her reports were not in the preferred f

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The most likely cause of Natalia's poor performance is the lack of feedback

<h3>What is lack of feedback in communication?</h3>

In communication, the lack of feedback means the situation whereby a sender fails to get an acknowledgement that his/her message was sent.

Therefore, in conclusion, the most likely cause of Natalia's poor performance is the lack of feedback.