L4 Agribusiness Part 2 Answers to Assessment hlayiso.com

AGRIBUSINESS L4 INTERGRATED MANAGEMENT OF A SMALL AGRICULTURAL SEFIKENG CAMPUS ENTERPRISE (Responses to Presentation 1 assessment) Downloaded from hlayiso.com

A SIMPLE COMPUTERISED ACCOUNTING SYSTEM MODEL ANSWERS –SO 1.1 –LO 1.1.2 Downloaded from hlayiso.com

A SIMPLE COMPUTERISED ACCOUNTING SYSTEM MODEL ANSWERS MODEL ANSWERS TO ACTIVITY: 1. DEFINE THE FOLLOWING TERMS: a. Income statement: is the statement of company’s revenue that shows profit or loss over a specific period √√ b. Balance sheet: is a statement that list the assets, liabilities and owners equity at a particular point in time, √ it illustrate business net worth √ c. Cash flow statement: is a financial statement that provides aggregate data regarding cash Inflows √ a company receives from its ongoing operations and Outflows √ d. Individual enterprise budget: is a financial management tool used to project costs and return on each and every enterprise of a business √√ Downloaded from hlayiso.com

MODEL ANSWERS cont… 2. Please explain the purpose of Individual enterprise budget in accounting: a. Provides an estimate of potential revenues, expenses and profit for a single enterprise √ b. Can be used to help making decision such as pricing product √ c. Can also be used for comparing production practices √ d. Is useful when developing a product mix that match business goal √ 13] Downloaded from hlayiso.com

Thank you Moshodi M.L Downloaded from hlayiso.com