Manage Finance

In: Business and Management

Submitted By JessicaPaes1
Words 2094
Pages 9
ASSESSMENT 1: STRUCTURED ACTIVITES
Activity 1
Objective To provide you with an opportunity to identify and interpret the range of financial information and reports required for the organization to monitor business performance.
Activity

Answer the following questions, giving as much detail/explanation as you can to support your answer:
(a.) What reports are used at your company to monitor business performance?
At the restaurant where I work at, a few different types of reports are used to monitor the business performance such as: account summaries and balances, balance sheets, bank statements, banking summaries and business activity statements.
(b.) What are they used for?
Financial reports are used to keep track of the business operation. These reports are produced to reflect the business's earnings and spending within the given fiscal year.
(c.) What do they reveal about the condition of the business?
The reports reveal the impacts the financial information may have on operational activities in the restaurant.
Activity 2
Objective To provide you with an opportunity to interpret financial information and reports applicable to operational or departmental activities.
Activity

Name five types of information, such as a bank statement or balance sheet that you may have to interpret at work.
1. Profit and loss statements
2. Invoices
3. Bank Statements
4. Balance sheets
5. Business activity statements
What kind of information can you gain from each document?
Profit and loss statements: summarizes the revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year.
Invoice: record of purchase that allows a customer to pay a company for goods or services they have provided to him.
Bank Statements: a printed record of the balance in a bank account and the amounts that have been paid into it and…...

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