Mr. Anderson was the chief financial officer (CFO) of a well-known multinational corporation. He was always proud of his ledger, which was maintained with impeccable accuracy. He had been working there for more than two decades and had an excellent reputation in the company.
One day, Mr. Anderson was informed that a significant amount of money was missing from the company’s accounts. The company was in a state of panic, and everyone was suspecting everyone. Mr. Anderson was called to the boardroom to give an explanation.
He was shocked to learn that all the invoices and receipts were missing. He was confident that the books were in order, but the absence of these documents left him with no proof. He had to figure out what happened and fast.
Mr. Anderson discovered that the missing clerk was responsible for the disbursement of funds, the maintenance of ledger, and the collection of receipts. He also found out that the clerk was in financial trouble and had been using the company’s money to pay off his debts.
The company was facing a major taxation problem, and an audit was underway. Mr. Anderson had to come up with a solution to rectify the situation and save the company’s assets. He had to examine the company’s expenses, transactions, and budget to determine how much money was missing and how to recover it.
Mr. Anderson worked tirelessly to rectify the situation. He was able to recover the missing funds and was praised for his quick thinking and excellent management skills. The company’s reputation was saved, and Mr. Anderson was a hero.
Meaning: A document that records the sale of goods or services and lists the items purchased, prices, and amounts owed.
- Issue invoices
- Pay invoices
- Generate invoices
Meaning: A book or computer file in which financial transactions are recorded.
- Maintain ledger
- Update ledger
- Balance ledger
Meaning: A piece of paper that serves as proof of payment for goods or services.
- Keep receipts
- Submit receipts
- Collect receipts
Meaning: The act of imposing taxes by a government.
- Pay taxation
- Avoid taxation
- Reduce taxation
Meaning: A systematic examination of the financial and administrative records of a company.
- Conduct audit
- Perform audit
- Undergo audit
Meaning: The cost of something, especially the cost of running a business or household.
- Monitor expenses
- Reduce expenses
- Track expenses
Meaning: Anything of value that is owned by a person or company.
- Protect assets
- Maximize assets
- Acquire assets
Meaning: A financial plan for a certain period of time, usually a year, detailing estimated income and expenses.
- Prepare budget
- Stick to budget
- Balance budget
Meaning: An exchange of goods, services, or financial assets.
- Record transactions
- Monitor transactions
- Verify transactions
Meaning: The act of paying out money, especially from a fund or budget.
- Approve disbursement
- Authorize disbursement
- Process disbursement