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Finance for NAB

QuestionAnswer
Task carried out by the finance department payment of wages and salaries: making sure that all employees are paid the right amount at the right time
Task carried out by the finance department payment of accounts: covers both making payments and collecting amounts owed to the firm from customers
Task carried out by the finance department maintenance of financial records and accounts: includes recording financial transactions and preparing final accounts
Four reasons for using a cashflow statement shows how much cash the organisation has available, shows what money came in to the business, shows what money came out of the business, is used to help make decisions
four ways cashflow can be improved taking out loans, sale and lease back, tight stock control, tight credit control
five users of information and why they use it managers - help meet organisations objectives shareholders - lets them know the amount of profit creditors - highlights trends in sales and profits employees - reassures them that there is job security government - inland revenue will calculate taxes
gross profit profit earned by selling
fixed assets items owned by the firm which will last a long period of time
current liabilities anyone to whom the firm owes money in the short term
current assets more liquid - more easily converted into cash - than fixed assets
Created by: KarenSumal