MCS 2100 Chapter Notes - Chapter 2: Financial Statement, Financial Institution, Cash Flow

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Jian Zhou

Document Summary

Storing and maintaining personal financial records and documents. Creating personal financial statements (balance sheets and cash flow statements of income and outflows) Creating and implementing a plan for spending and saving (budgeting) A system for personal financial records: an organized system of financial records provides a basis for: Handling daily business a airs, including paying bills on time. Determining available resources for current and future buying: most financial records are kept in one of three places: a home file, a safety deposit box or a home computer. Home files should be used for current needs for documents with limited value. Safety deposit box is a private storage area at a financial institution with maximum security for valuables and difficult to replace documents. Access requires two keys: financial records and documents can be divided into 10 categories. Personal financial statements for measuring financial progress: the main purpose of these is to. Summarize value of items you have and amounts you owe.