What Are Functional Requisites? List and Discuss the Five Functional

question 31

Essay

What are functional requisites? List and discuss the five functional requisites each society must fulfill to survive.

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Definitions:

Cash Payments

Monetary transactions involving the outflow of cash to settle debts, purchase goods, or acquire services.

Bank Statement Balance

The ending balance on a bank statement for a particular period, reflecting all transactions including deposits, withdrawals, fees, and interest earned.

Cash Account Balance

Cash account balance represents the amount of cash or cash equivalents a company or individual holds in their account at any given time.

Outstanding Checks

Checks that have been written and recorded in a company's books, but not yet cleared or deducted from the bank account balance.