customer payment options

Class Activity Book – STUDENT


Process financial transactions

Student copy (For Student use only) – SITXFIN001 – Process financial transactions:

Class discussion questions:


Question 1: What do you mean by cash float?

Question 2: Explain the different types of customer payment options.

Question 3: How to deal with more complex amounts paid by the customers?

Question 4: How do you record a cash sale in the journal?

Question 5: What is the best way to issue a receipt?

Question 6: Explain the features of accounting software in terms of organisational speed and customer service.

Question 7: What is the process of balancing customer accounts?

Question 8: Explain the process for separating the cash floats from takings prior to balancing.

Question 9: How does a point-of-sale (POS) system works?

Question 10: What are the steps for accurately counting consumer payments?

Question 11: What are the benefits of POS reconciliation?

Question 12: What are the tips to investigate the discrepancies in the reconciliation?

Question 13: What are the steps for record takings according to organisational procedures?

Question 14: What are the factors that contribute to an increase in cash-related incidents?