Q1

Provide a description of each of the following types of

financial records:
Bank deposit A Bank deposit slip is a small paper form that a bank customer includes when
slip depositing a funds into a bank account.it contains date, name of the
depositer ,the depositor's account number ,and the amounts being deposited.

Bank A Bank statement is an official summary of financial transactions occuring

statement within a given period for each bank account held by a person or business with
a financial institution. It is a document that is issued by a bank once a moth to
it's customers.

Banking Bank is an industry that handles cash, credit, and other financial transactions.

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summary Bank provide a safe place to store extra cash and credit.they offer savins

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accounts, certificates of deposit, and checking accounts.

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Business The business activity statement is a form submitted to the Australian Taxation
activity Office(ATO) by registered business entities to report their their tax

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statement
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obligations,including GST, pay as you go with holding (PAYGW) pay as you go
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instalments(PAGYI),fringe benefits tax (F

Cheque book A checkbook is a small book containing preprinted paper instruments issued to
checking account holders and used to pay for goods or services. our
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organisation's cheque books for payments made; you may need to make an
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additional record of all cheques paid out (and those received) to document
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payees, amounts paid and the date these were generated.

fCredit card shows items that have been bought on credit. it is a summary of how you've
statement used your credit card for a billing period
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Invoice used to evidence sales and money activities with customers and own
suppliers/contacts; these will be invoices sent out to customers/clients for
goods or sales made and where money is owed, or invoices received for
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services or goods bought which your financial department will need to make
payment for.
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Journal entry a record of financial activities documented in a financial journal; these are
made in chronological order, whereas accounts documented in a ledger are
recorded by accounts
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Payroll / clearly shows wage costs at different levels of the organisation's hierachy.
wages report

Merchant shows the banking activities of the organisation, i.e., the financial trading
statement activities.

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 Merchant shows the summary of the organisation's trading financial activities.
summary

Transaction reports detailing where, when and to whom organisational transactions have
report been made, these may be made daily, weekly and monthly.

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Trainer Comments

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Q2

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Provide a description of each of the following types of

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budget:

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Cash budget an estimation of cash inflows and outflows for a specific period. A cash budget
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is an estimation of the cash flows of a business over a specific period of time.
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This budget is used to assess whether the entity has sufficient cash to continue
operating over the given time frame.
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Cash flow an estimation of all cash receipts and cash expenditures that are expected to
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budget occur in a certain period .A cash flow budget is an estimate of all cash receipts
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and all cash expenditures that are expected to occur during a certain time
period. Estimates can be made monthly, bimonthly, or quarterly, and can
include nonfarm Income and expenditures as well as farm items.
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Department estimates Income and expenses for a single department within an

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budget organisation. A departmental budget is a department-level financial plan that

lays out spending for the upcoming quarter or fiscal year.

Event budget Event budget is really a forecast, or projection, of all expenses and revenues
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that will incur at our event. we won't be able to forecast all expenses and
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revenues from the beginning, and some of these might even change over
time.

Project an estimation of the costs associated specifically with one project.The Project
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budget Budget is a tool used by project managers to estimate the total cost of a
project. A project budget template includes a detailed estimate of all costs
that are likely to be incurred before the project is completed. Large
commercial projects can have project budgets that are several pages long.

Purchasing an estimation of the costs associated with buying stock and other physical

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 budget assets. A purchases budget contains the amount of inventory that a company
must purchase during each budget period. ... At the simplest level, the
purchases budget can simply match the exact number of units expected to be
sold in the budget period.

Sales budget An estimation of sales revenue and expenditure.it is important that you know
you have the financial means to carry out planned activities.

Wages budget An estimation of the cost of employees' wages .money designated over a
specific amount of time, with which to pay salaries. When structure
adjustments or individual employee adjustments are being planned, the
wages budget must be taken into consideration.

Total or It is the sum total of all the divisional budgets that is prepared by all the
master divisions. Further, it also includes the financial planning, cash-flow forecast
budget and budgeted profit and loss account and balance sheet of the organization.

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Trainer Comments

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