Mathew Has Recently Graduated from University and Started a Full-Time

question 6

Essay

Mathew has recently graduated from university and started a full-time job.He has used the information on his bank statement for the past two months to start a personal financial plan because he wants to figure out when he can buy a car.The report he prepared for the past two months is shown below.Mathew is frustrated because he can't figure out how the plan is going to help him."I wasted time adding up all my deposits and withdrawals for nothing," he complained."Accounting is just not worth it!"
Mathew's Personal Financial Plan: Goal-to buy a car! $\begin{array}{lrr} & \text { September } & \text { October } \\\text { Deposits } & \$ 3,200 & \$ 3,200 \\\text { ATM withdrawals } & 1,200 & 1,600 \\\text { Cheques written } & 1,400 & 1,375\\\text { Difference }&\$600&\$225\end{array}$ Required:
Explain to Mathew how an accounting system could help him determine when he can buy a car.What suggestions would you make to him to improve his current system?

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Definitions:

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