BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
asset records
|
|
|
inventory records
|
|
|
payroll records
|
Detailed explanation-1: -Business assets are itemized and valued on the balance sheet, which can be found in the company’s annual report. They are listed at historical cost, rather than market value, and appear on the balance sheet as items of ownership.
Detailed explanation-2: -Business assets are items of value that your business owns, creates or benefits from. Assets can range from cash, raw materials and stock, to office equipment, buildings and intellectual property.
Detailed explanation-3: -A balance sheet is a statement of a business’s assets, liabilities, and owner’s equity as of any given date. Typically, a balance sheet is prepared at the end of set periods (e.g., every quarter; annually).
Detailed explanation-4: -The best way to store your financial records is by scanning important documents and encrypting digital records. Then store any hard copies in a fireproof safe or safe deposit box.