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61 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What are the types of source documents? |
1. Cash Receipt Records 2. Cash Payment Records 3. Cash Transactions |
Cash - RR, PR, T |
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What are Cash Receipt records? |
When a business sells goods or services cash flows into the business and it is called a cash receipt. |
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What are the 3 methods of paying not including cash? |
1. Credit card 2. Eftpos 3. Payment by cheque |
1. c 2. e 3. p via c |
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What are Cash sales? What do you give them? |
What the customer pays in return for the goods or service. - Cash register receipt - Cash sales docket |
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What are Credit Card Sales? what do you and the customer do? |
Transactions recorded on a credit card sales voucher. - Customer puts in pin - you give a duplicate receipt to them |
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Whats 'eftpos' and what does it do? |
- Electronic funds transfer sale - Transfers money from customer bank to businesses bank |
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What will a customer receive back from a payment via cheque? |
Either a cash receipt or cash sales docket. |
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What should all cash receipts show? |
1. Date 2. general details about transaction 3. Authorisation signature on behalf of the business 4. Amount of cash received in numbers and words 5.Payers name and signature |
1. there are 5 things 2. -d - d - s - c r - n |
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What are cash payment records? |
When a business buys goods and services cash flows out of the business and its called cash payment. |
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Whats a cheque butt? |
the potion of the cheque that stays in the book for the businesses record. |
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What is a credit transaction? is it available to everyone. What is the invoice? |
only some businesses offer it. The money does not come into the business immediately but at a later date. An invoice is a primary record issued by a supplier showing the details of the charges. |
invoice |
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Whats recorded in a cash book? |
- cash received by business - Cash receipt journal - Cash payments in cheque butt - All transactions |
4 |
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What on each side of a cash book? |
Reciepts on left payments on right |
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What is 'cash flow'? |
The money going in and coming out of the bisiness |
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Name each of the commonwealth government taxes. |
1. Income tax (PAYG) 2. Company tax 3. Capital Gains Tax (CGT) 4. Fringe benefits tax (FBT) |
1. 4 2. I, C, CG, FB = T |
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Describe the income tax. |
is a system where tax is taken directly out from an employees salary or wage. |
Where is it taken from |
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Describe the company tax. |
- is charged against the earnings of a company - From proprietary and public incorporated companies - 30% - Share holders will also be taxed on personal business income |
1. Charged against.... 2. From what companies 3. % 4. Shareholders ....... |
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Describe the company gains tax. |
- Is a tax calculated on transactions involving profit earned the sale of assets - Theres no separate tax because of partnerships and sole traders. - Included on personal income tax return |
1. Calculated on ...... assets 2. separate tax |
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Describe the Fringe Benefits tax. |
Is a benefit provided by an employer to an employee on their wife or husband in addition to wages, superannuation or other traditional rewards. - 46.5% of the value of benefit provided |
1. who does it effect 2. % |
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Name each of the state government taxes on a business. |
Payroll Tax Stamp Duty Land Tax |
1. 3 2. PT, SD, LT |
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Describe the Payroll Tax |
- its charged against a business based on the payroll of that organisation - 4.90% - For businesses that pay wages over $550, 000 |
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Describe the Stamp Duty |
- Is payable by individuals and businesses for transactions involving the purchase of items such as lands, buildings, and motor vehicles. - Charged at a flat rate or value of the transaction |
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Describe the Land Tax |
- Is a tax on land owned by individuals or organisations - except for land used for primary production or individuals primary residence - Tax is calculated on Land value. |
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What does GST stand for |
Goods and services Tax |
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What is GST? |
Gst is a broad based tax at 10% on all goods and service. - Paid at each step of the supply chain - Must be included in price - Can claim it back |
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Whats input tax credit? |
an allowable deduction that a business can claim for any gst included in the price before business input. |
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What does BAS stand for |
Business activity statement |
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What is the BAS? |
Records a business's claim for input tax credits and accounts for GST payable. - Done monthly or 1/4 - Failure to claim = lost $ |
Failures when |
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What are the financial Reports? |
Income statement Balance sheet Cash flow statement |
3 IS BS CFS |
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What is an Income Statement? |
Is used to primarily help the business to calculate how much profit it has made over a period of time. - Profit and loss report |
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What does an Income Statement show? |
-Amount or income or revenue earned - Costs or expences incurred in earning that revenue - Whether a profit/ loss has been incurred in the period under review |
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What are the cost of goods sold? |
the value of stock that the business has sold to the customer |
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What is Gross Profit |
its a part of a business's profit that represents revenue - cost of goods sold |
_ - _ |
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What is Net Profit |
the difference between the gross profit and operating expenses. |
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What does a balance sheet show? |
- the financial position of a business at a particular time - records 3 different accounts |
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What are the 3 different accounts of a balance sheet? |
Assets Liabilities Owners Equity |
A L OE |
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What are assets? what are the two different types |
Items owned by a business - Current assets: will be used up in one year - non current assets: will not be used up in one year. |
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What are liabilities? |
Depts owed by the business to others |
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What is Owners Equity? |
- Represents the value of the business to the owner - Money that the owner has invested in the business -Equity is the funds provided by the owner to the business |
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Whats a Cash flow statement? |
- shows the movement of cash receipts and cash payments over a period of time - Shows if a business pays depts on time |
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Whats Ethically and socially responsible management of accounting practices? types? |
Record keeping GST obligations Reporting Practices Pricing strategies Responsibilities towards employees |
5 RK GST O RP PS R E S |
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What is social and ethically responsible Record keeping? |
- Honest and accurate entries - Recorded in journals from source documents and posed to Ledger accounts and then financial reports |
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What is social and ethically responsible GST obligations? |
- Obligation to do BAS monthly or quarterly - not getting Gst is unethical and illegal |
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What is social and ethically responsible reporting practices? |
Need to be accurate for taxation other stakeholders are entitles to access a businesses financial information. |
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What is social and ethically responsible pricing strategies? |
- Fair combo of pricing strategies - Maintain positive consumers |
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What is social and ethically responsibility towards employees and other stake holders? |
- Dont ask book keepers to break the law - don't provide false info to accountants in which may threaten their reputation. |
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What's a job analysis? |
A systematic study of each employees duties , tasks and work environments |
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What is job description? |
its a written statement describing the employees duties and task and responsibilities associated with the job |
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What is a job specification? |
its a list of the key qualifications needed to perform a particular job in terms of education, skills and experience. |
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Whats Recruitment? |
it is the process of attracting qualified job applicants by using advertising, websites employment agencies and word of mouth from with to select the most appropriate person for the job. |
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What are the two types of recruitment? |
Internal External |
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Whats Internal Recruitment? |
Involes filling in job vacancies with a present employee rather than looking outside of the business |
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What's External Recruitment? |
Involves filling job vacancies with people from outside of the business. |
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What's employee selection? |
Involves gathering info on each applicant then use that to close the most appropriate one. |
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What are the 4 selection steps? |
1. Written Application - detailed form, resume 2. Interviews- Most important, well constructed, common questions. 3. Testing- different tests, psychological, personality, may be written or asked to do tasks. 4. Background check- Referees contacted |
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Types and overview of different interviews? |
Structured- Prepared questions based on the job. Unstructured- No prepared questions, interviewee does most of the talking |
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Interview Steps and importance |
1. Who will conduct it ? - one person or a panel? - needs experience 2. Meet before the interview - Determines who to interview - Helps arrange questions to ask 3. Provide an appropriate setting - private, free from interruptions - Comfortable and eases nerves 4. Put applicant at ease - be friendly/relaxed - gives a more accurate interpretation 5. Be impartial - Dont let personal opinions or first impressions influence the decisions 6. Encourage Questions - dont let them think anything is being left unsaid or hidden 7. Finish the interview appropriately - positively and give some indication of where they stand so they dont go searching for other jobs 8. Make careful selections after the interview. - Compare notes - Background checks - Choose the best |
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Whats a Permanent Employee? |
Have an employment contract with an indefinite duration |
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Whats a fixed term employee? |
Are employed on a contract for specific duration |
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Whats a casual employee? |
Have contracts with employers for short term, irregular or seasonal work |
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3 differences between casual and permanent employees. |
- Paid Holidays -Period of notice if Jobs Cancelled -Higher pay per hour |
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