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The flashcards below were created by user
marbanc0721
on FreezingBlue Flashcards.
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Revenue
all income that a business receives over a period of time
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Expenses
the cost of operating a bussiness
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Budget
detailed plans for the financial needs of individual, families and businesses
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start-up budget
plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
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Operating Budget
describes the financial plan for ongoing operations of the business for a specific period.
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cash budget
an estimate of the actual money received and paid out for a specific period.
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Financial records
used to record and analyze the financial performance of a business
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balance sheet
assets, liabilities, owner's equity for a specific date
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assets
what a company owns
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liabilities
what a company owes
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Owners equity
value of the owners investment in the business
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Income statement
to report the revenue, expenses, and net income or loss from operations for a specific period
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payroll
financial record of employee compensation, deductions, and net pay
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Payroll records
the documentation used to process earning payments and records each employee's pay history
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direct deposit
employer transfers net pay electronically into the employee's bank account
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financial performance rartio
comparisons of a company's financial elements that indicate how well the business is performing
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discrepancies
difference between actual and budgeted performance
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asset records
the buildings and equipment owned by the business, their original and current value
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Depreciation records
the amount assets have decreased in value due to their age and use
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inventory records
the type and quantity of resources and products on hand along with the current value of each
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