Chapter 12 Financial

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  1. Revenue
    all income that a business receives over a period of time
  2. Expenses
    the cost of operating a bussiness
  3. Budget
    detailed plans for the financial needs of individual, families and businesses
  4. start-up budget
    plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
  5. Operating Budget
    describes the financial plan for ongoing operations of the business for a specific period.
  6. cash budget
    an estimate of the actual money received and paid out for a specific period.
  7. Financial records
    used to record and analyze the financial performance of a business
  8. balance sheet
    assets, liabilities, owner's equity for a specific date
  9. assets
    what a company owns
  10. liabilities
    what a company owes
  11. Owners equity
    value of the owners investment in the business
  12. Income statement
    to report the revenue, expenses, and net income or loss from operations for a specific period
  13. payroll
    financial record of employee compensation, deductions, and net pay
  14. Payroll records
    the documentation used to process earning payments and records each employee's pay history
  15. direct deposit
    employer transfers net pay electronically into the employee's bank account
  16. financial performance rartio
    comparisons of a company's financial elements that indicate how well the business is performing
  17. discrepancies
    difference between actual and budgeted performance
  18. asset records
    the buildings and equipment owned by the business, their original and current value
  19. Depreciation records
    the amount assets have decreased in value due to their age and use
  20. inventory records
    the type and quantity of resources and products on hand along with the current value of each
Card Set:
Chapter 12 Financial
2013-10-01 14:56:57
accounding financial magenment

financaial magenment
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