Question: List 10 commitments an organisation might have. Why is it necessary to document and record financial commitments? Explain the difference between a sales volume variance

  1. List 10 commitments an organisation might have.
  2. Why is it necessary to document and record financial commitments?
  3. Explain the difference between a sales volume variance and a sales price variance.
  4. What is a materiality threshold, and how might the level set for negative deviations differ between small and large business?
  5. What financial data might be collected and used to contribute to new budgets? List as many as you can, at least 20 items.

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