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discipline

more effective data collection (more accurate)

accountable

financial transparency

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Makes decision making easier in terms of donating to charities - may have to decrease donations

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More knowledge of what is happening financially in the business and find where the problems are more easily - may be able to see a trend in loss or outgoing costs

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Monthly reports allow the business to react faster to financial crisis

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more work doing 12, not 4 a year

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can see the profit and loss of each month

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- sally is in control of what's happening.

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Different types of costs for a business

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assets and liabilities

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The impacts different financial topics have on the business

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prediction for the business finances vs. the actual

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How a statement of financial position looks like

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Capital

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cash flow statements

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the impact a budget may have on shareholders + stkaeholders

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what types of questions will we be asked in the exam and how to answer them

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budget