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Explain the purpose of financial reporting procedures

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Reference no: EM132993100

Questions -

Q1. Describe the purpose of each of the following budgets: Budget type Purpose

a. Cash/Cash flow budget

b. Departmental budget

c. Event budget

d. Project budget

e. Purchasing budget

f. Sales budget

g. Wages budget

h. Organisation wide budget.

Q2. Define each of the following budget terminology.

Budget type terminology

Definition

a. Budget variance

b. Balanced scorecard

c. Financial forecast

Q3. Describe why companies may choose to develop budgets.

Q4. Explain the use of electronic spreadsheets in developing budgets and give two of their key features.

Q5. List five ways to improve cash inflow and give examples.

Q6. Identify and explain three types of financial statements and their purpose.

Q7. Describe the type of entity that is required to have financial reports audited.

Q8. Explain three key principles relating to the management of a chart of accounts.

Q9. Explain the purpose of a profit and loss statement and give two of its key features.

Q10. Explain the purpose of financial reporting procedures.

Reference no: EM132993100

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