Small-business owners make decisions every day that impact the economics of the venture. Having proper accounting procedures in place makes it easy to track the money as it comes and goes and to have an up-to-date view of the company's financial health. Take this quiz to know more.
Supervisors of a business
Customers
Employees
Managers of a corporation
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Generally require complex, expensive accounting software systems
Only need to generate financial reports when requesting business financing
Can generally perform accounting and financial reporting manually or with a small accounting systemÂ
Do not normally have any accounting and financial reporting processes
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Accounting Records
Financial StatementsÂ
Banking Worksheets
Balance Sheet
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Long term investments
Current assets
Retained earnings
Stockholders’ Equity
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An accounting department that consists of 50 employees, 10 of whom are senior managers
An accounting department made up of 4 employees there is one person for each function including accounts receivable, accounts payable, general ledger, and financial reportingÂ
An accounting department for each division consisting of 25 employees each
An accounting manager for each line of service the company offers
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An asset
Loss
A liabilityÂ
Debt
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Income StatementÂ
Statement of Cash flows
Retained Earnings Statement
Balance Sheet
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Sherman Act
Stamp Act
BreakEven AnalysisÂ
Budget
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To ensure timely reporting of financial dataÂ
To mitigate the reporting of inaccurate financial data and fraud
To make sure each employee performs the tasks they have been assigned, without deviation
To make the accounting manager's job easier
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