1. Prepare a checklist for team members that is suitable for giving at an induction that defines the following basic accounting terms and principles, and explains their importance in the financial process in respect of your organisation. Attach examples with this response. Using the following table or produce your own.
CRICOS Code: 03243A ©Harvest Education Technical College 2015
07 3172 7257 www.hetc.edu.au
BSBFIM501A Manage Budgets and Financial Plans Assessment 21042015 Page 2
Term Definition Definition and Examples e.g. how to work with and interpret
Chart of accounts
Revenue and
Expenses
Profit and loss
Statement
Liabilities
Invoices
Ledgers
Cash flow
Financial audit
CRICOS Code: 03243A ©Harvest Education Technical College 2015
07 3172 7257 www.hetc.edu.au
BSBFIM501A Manage Budgets and Financial Plans Assessment 21042015
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