How does the business maintain its financial records? Who does the accounting for the business? What accounting or record system is used?

| June 8, 2014

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Question 1: How does the business maintain its financial records? Who does the accounting for the business? What accounting or record system is used?
Business Owner/Manager’s Answer 1:
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Question 2: Who periodically reviews and analyzes the accounting records? What reports are generated? How are thy used to manage the business?
Business Owner/Manager’s Answer 2:
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Question 3: How well do you understand the financial reports generated by your accounting system? How well do you utilize the information to make business decisions?
Business Owner/Manager’s Answer 3:
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Question 4: What information would you like to obtain from your financial accounting system; besides how much income you are producing?
Business Owner/Manager’s Answer 4:
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Question 5: Have you had any formal instruction or training as to how to record your business transactions, understand the information, and or review and analyze the data?
Business Owner/Manager’s Answer 5:
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Question 6: Is your financial information detailed and organized enough to give adequate management information? How do you utilize this information?
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Question 7: (Student Assignment)
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How has the business owner determined the book value of the business’s short-term and long-term assets?
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