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7 Cards in this Set
- Front
- Back
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What are the three main acts influencing vets in NZ?
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The Veterinarians Act
The Animal Welfare Act The ACVM act (Agricultural chemicals and veterinary medicine) |
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In the table we made with Tweed for financials - what are the table rows?
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Profitability:
Income Expense Profit Liquidity: Beginning Cash In Cash Out Ending |
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What are the two broad objectives required of financial business management?
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Maintain profitability while maintaining liquidity
Need to balance thses - increasing profitability = growing the business, can grow it fast but may be at the expense of liquidity because have to borrow money to buy more stock. So to maintain liquidity may have to grow business slower, this ensure you can ALWAYS pay your creditors on time. Businesses don't go bankrupt from not being profitable, they go bankrupt from not being able to pay creditors. Liquidity = important short term Profitability = important long term Maximise profitability while maintaining liquidity |
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Contrast a Statement of Financial Position with a Cash Flow Statement
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SFPosition aka Balance Sheet = snapshot in time; CFS (aka statement of financial performance, profit and loss statement) is over a PERIOD of time i.e. between SFPs.
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What is "Cost of Sales"?
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decrease in inventory when you sell something - ie the value of your inventory goes down because you have less now. Is balanced by putting the amount of cash in from the sales onto the statement too.
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What is Shrinkage?
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Inventory you thought you had but don't e.g. stolen or lost
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5 methods of maximising profitability
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Control costs
Pricing policies Increase sales Managing inventory |
